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GMR Airports (GMRINFRA) investor relations material
GMR Airports Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY27 operated-airport traffic was 28mn, up 0.6% YoY; record H1 traffic reached 58.4mn, up 0.8%. Q2 gross income rose 12% to INR 41.9bn and EBITDA was INR 15.7bn.
Q2 PAT was INR 654mn versus INR 351mn a year earlier; H1 PAT was INR 2.133bn versus a loss of INR 1.0bn.
Financial highlights
Q2 revenue from operations rose 11.6% YoY to INR 41.0bn; H1 revenue was INR 80.6bn versus INR 68.8bn.
Q2 EBITDA was INR 15.7bn, up 2% YoY; H1 EBITDA rose 12% to INR 31.4bn. Q2 PAT was INR 654mn, including INR 548mn from JVs and associates.
Standalone H1 revenue rose to ₹2,357.28 crore from ₹1,423.07 crore; PAT was ₹59.81 crore versus a loss of ₹311.38 crore.
Consolidated operating cash flow was ₹3,030.02 crore in H1 versus ₹2,312.95 crore; cash and equivalents were ₹4,100.46 crore at September 30, 2026.
Consolidated equity remained negative at ₹1,425.82 crore.
Outlook and guidance
H2 passenger traffic is expected to be ~10% above H1, with FY traffic growth guidance of 3%-4% YoY; management expects seasonal improvement in H2.
Non-aero revenue growth guidance is 15%-17%; consolidated non-aero EBITDA margin was indicated at ~20%.
No airport expansion or new-airport CapEx is planned; operational CapEx is expected at INR 1,000-1,500 crore annually across airports, with ~INR 1,000 crore for the FY27 balance period.
Priorities include premiumization, margin expansion, debt-cost optimization, stabilizing new airports, airport commercial land and non-aero adjacencies.
Delhi Aerocity’s 1mn sq. ft. commercial project is due for completion in Q4 FY27; leasing is expected within 6-9 months, with ~80,000 sq. ft. transacted at INR 270/sq. ft.
- Airport and road expansion boosted growth prospects but raised execution and funding risks.GMRINFRA
Q4 05/06 - Profitable power and advancing infrastructure projects offset weaker parent-level results.GMRINFRA
Q4 04/05 - Revenue surged 86% as airport and infrastructure projects expanded, despite Vemagiri’s gas-driven losses.GMRINFRA
Q4 06/07 - Revenue surged, Hyderabad airport opened, and global expansion accelerated amid rising project risks.GMRINFRA
Q4 07/08 - Revenue and EBITDA surged, but traffic weakness and investment demands weighed on the outlook.GMRINFRA
Q4 08/09 - Higher EBITDA and expansion, but rising finance costs cut net profit 43.32%.GMRINFRA
Q4 09/10 - Revenue grew, but the InterGen provision drove a ₹929.64 crore net loss.GMRINFRA
Q4 10/11 - Revenue grew 31%, but tariff delays and gas shortages kept FY12 in loss.GMRINFRA
Q4 11/12 - Asset recycling and airport growth lifted revenue, while fuel shortages and debt weighed on outlook.GMRINFRA
Q4 12/13
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