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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
GMR Airports
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.Q2 26/27 earnings summary29 Oct, 2026
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.
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Latest events from GMR Airports
- 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.GMRINFRAQ4 04/05
- Revenue surged 86% as airport and infrastructure projects expanded, despite Vemagiri’s gas-driven losses.GMRINFRAQ4 06/07
- Revenue surged, Hyderabad airport opened, and global expansion accelerated amid rising project risks.GMRINFRAQ4 07/08
- Revenue and EBITDA surged, but traffic weakness and investment demands weighed on the outlook.GMRINFRAQ4 08/09
- Higher EBITDA and expansion, but rising finance costs cut net profit 43.32%.GMRINFRAQ4 09/10
- Revenue grew, but the InterGen provision drove a ₹929.64 crore net loss.GMRINFRAQ4 10/11
- Revenue grew 31%, but tariff delays and gas shortages kept FY12 in loss.GMRINFRAQ4 11/12
- Asset recycling and airport growth lifted revenue, while fuel shortages and debt weighed on outlook.GMRINFRAQ4 12/13
Next GMR Airports earnings date
Q3 26/2713 Feb, 2027
GMR Airports
Next GMR Airports earnings date
Q3 26/2713 Feb, 2027
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Frequently asked questions
GMR Airports Limited, operating under the brand name "GMR AERO," is a leading global airport platform with over two decades of experience in designing, constructing, and operating sustainable airports. The company manages a portfolio of airports, including Indira Gandhi International Airport in Delhi, Rajiv Gandhi International Airport in Hyderabad, and Manohar International Airport in Goa. Additionally, GMR Airports is expanding its international presence with projects like Kualanamu International Airport in Medan, Indonesia, and Mactan Cebu International Airport in the Philippines. The company is headquartered in New Delhi, India, and its shares are listed on the NSE.