GMR Airports , a leading airport operator, has reported a total passenger traffic of approximately 68 million across its portfolio in the year-to-date (YTD) FY2026, showcasing a mixed performance across its various airports.

Key Highlights

• Overall Performance: GMR Airports served about 68 million passengers YTD FY26 across all its airports, with a slight overall growth year-over-year (YoY).
• Domestic vs. International Traffic: Domestic traffic saw a marginal decline of 0.4% YoY, while international traffic grew by 2.5% YoY.
• Delhi Airport: Handled 43.18 million passengers, down 3.5% YoY.
• Hyderabad Airport: Achieved record performance with 17.99 million passengers, up 10.1% YoY.

Airport-wise Performance

Infrastructure Upgrades

GMR Airports has completed significant infrastructure upgrades, positioning itself for improved operational efficiency and traffic recovery:

Delhi Airport

• Reopened the enhanced Runway 10/28 on September 16, 2025.
• Operationalized the upgraded Terminal 2 in October 2025.

Hyderabad Airport

• Recorded highest-ever passenger traffic and aircraft movements in YTD FY26.
• Both domestic and international passenger numbers reached record levels.

Mopa (Goa) Airport

• Showed strong growth with a 28.1% increase in October 2025 compared to the previous year.

Market Outlook

The overall traffic for GMR Airports (excluding Cebu) showed a positive trajectory with a 2.8% increase in October 2025 compared to the same month last year. The company expects this trend to continue, supported by the recent infrastructure enhancements.

GMR Airports' diverse portfolio demonstrates resilience in the face of market fluctuations, with some airports offsetting the challenges faced by others. The strong performance of Hyderabad Airport and the growth at Mopa (Goa) Airport are particularly noteworthy, indicating potential areas of strength for the company.

Investors and market watchers may want to monitor how these infrastructure upgrades and varying growth rates across different airports impact GMR Airports' overall performance in the coming quarters.

GMR Airports , one of the largest private airport operators globally, has announced an ambitious target to achieve at least 15% year-over-year growth in its non-aeronautical revenue streams. This strategic move, revealed during a recent conference call update, underscores the company's focus on diversifying revenue sources beyond traditional airport operations.

Expanding Beyond Traditional Revenue Streams

The company's push towards non-aeronautical revenues comes at a time when airports worldwide are looking to maximize income from retail, food and beverage, parking, and other non-flight related services. This strategy aims to create a more resilient business model that can better withstand fluctuations in air traffic.

Recent Developments Supporting Growth Strategy

GMR Airports has been actively pursuing opportunities to expand its non-aeronautical business:

1. Delhi Duty Free Operations: The company took over the operation of duty-free outlets at Delhi Airport on July 28, following a successful bid.

2. Hyderabad Airport Concession: GMR Airports was awarded a long-term master concession for non-aero commercial operations at Rajiv Gandhi International Airport, Hyderabad. The company began operating duty-free business at the airport from September 10.

3. Cargo Services Expansion: On May 15, GMR Airports was awarded the cargo services concession at Delhi International Airport, further diversifying its revenue streams.

Financial Implications

While specific financial projections were not disclosed, the 15% growth target for non-aeronautical revenues is expected to significantly impact the company's overall financial performance. In the quarter ended September 30, GMR Airports reported:

Industry Trends and Challenges

The focus on non-aeronautical revenues aligns with global airport trends, as operators seek to reduce dependency on volatile aeronautical income. However, achieving this growth target may face challenges such as:

1. Changing consumer behaviors post-pandemic
2. Competition from online duty-free retailers
3. Potential economic headwinds affecting passenger spending

Looking Ahead

GMR Airports' strategy to boost non-aeronautical revenues by 15% year-over-year reflects a proactive approach to creating a more balanced and resilient business model. As the company continues to expand its operations and diversify its revenue streams, investors and industry observers will be keenly watching to see if this ambitious target can be met in the coming years.

The success of this initiative could potentially set a new benchmark for airport operators in India and beyond, as the industry continues to evolve in response to changing market dynamics and passenger expectations.