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GMR Airports (GMRINFRA) investor relations material
GMR Airports Q1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Air travel demand remains robust and is accelerating, with supply constrained by aircraft production delays and near-exhausted capacity.
Strategic investments in capacity expansion, digitization, and passenger experience position the business for sustained growth.
Non-aero and adjacency businesses, including cargo, duty free, and F&B, showed strong growth.
Major ESG achievements include improved ratings, LEED Platinum certification for Hyderabad, and Level 5 carbon accreditation for Delhi and Hyderabad.
Board approved unaudited results for Q1FY26 and an enabling resolution for INR 6,000 crore non-convertible bonds for refinancing.
Financial highlights
Q1FY26 consolidated income reached ₹33,200 crore, up 33% year-over-year, with EBITDA up 26% to ₹12,800 crore and margin stable at 51%.
Net loss from continuing operations narrowed to ₹1,400 crore from ₹3,400 crore year-over-year; excluding forex impact, near breakeven was achieved.
Standalone revenue from operations was Rs. 477.97 crore, up from Rs. 202.34 crore year-over-year; consolidated revenue from operations was Rs. 3,205.23 crore, up from Rs. 2,402.20 crore year-over-year.
Standalone EBITDA was Rs. 122.60 crore, up from Rs. 88.88 crore year-over-year; consolidated EBITDA was Rs. 1,280.14 crore, up from Rs. 1,016.35 crore year-over-year.
Net debt increased to INR 329bn as of June 30, 2025, mainly due to project capex and new subsidiaries.
Outlook and guidance
Management expects continued robust growth in air traffic, margin expansion, and positive momentum in MRO and duty-free businesses.
Delhi Airport is expected to turn profitable in Q2 as revised tariffs are fully implemented and traffic recovers.
Free cash flow generation is anticipated for existing assets, with ongoing CapEx for new airport projects.
Revenue and margins are expected to improve following new tariff orders for DIAL and GHIAL.
Accelerated progress in greenfield projects at Crete and Bhogapuram; Nagpur Airport takeover expected in Q2FY26.
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