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GMR Airports (GMRINFRA) investor relations material
GMR Airports Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary14 Nov, 2025
Executive summary
Air travel demand in India remains robust, making it the fifth-largest aviation market globally, with strong growth in both domestic and international segments.
Q2 FY26 saw significant operational and financial momentum, including new routes, expanded duty-free operations, and infrastructure upgrades at major airports.
Q2FY26 marked the first positive PBT in over three years, with a net profit of INR 351 million, reversing a loss of INR 4.3 billion in Q2 last year.
Passenger traffic at operated airports (excluding Cebu) fell 3.5% year-on-year to 27.8 million due to temporary disruptions, mainly at Delhi Airport.
Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, with auditor review reports issuing unqualified conclusions.
Financial highlights
Total income for Q2 FY26 was INR 37.5 billion, up 45% year-on-year, with EBITDA growing 59% to INR 15.3 billion and margin improving to 53%.
Profit from continuing operations was INR 351 million, with a net profit after tax for Q2 FY26 of ₹35.06 crore; six-month net loss was ₹(102.05) crore.
Passenger traffic at GAL-operated airports declined 3.5% YoY in Q2FY26 to 27.8 million.
Net debt increased by INR 11.8 billion quarter-on-quarter to INR 340 billion, mainly due to refinancing and project capex.
Duty-free spend per passenger at Delhi increased to INR 1,046 and at Hyderabad to INR 777 for H1 FY26.
Outlook and guidance
Q3 is expected to be strong due to seasonal factors and resumption of full operations at upgraded facilities.
Non-aero revenue growth target is set at a minimum of 15% year-on-year, with current quarter exceeding this benchmark.
Hyderabad Airport expansion (INR 14,000 crore) is planned, with master planning underway and expected to commence in 2027.
Management expects revenue and margins to improve in subsequent years post receipt of tariff orders for DIAL and GHIAL.
Focus on cost rationalization, margin expansion, and optimizing cost of debt.
What is the expected EBITDA margin for Cargo City?
When will Hyderabad's
14,000 Cr expansion begin?
Conditions for Delhi Airport concession renewal?
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Next GMR Airports earnings date
Q3 25/2628 Jan, 2026
Next GMR Airports earnings date
Q3 25/2628 Jan, 2026
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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.
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