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GMR Airports
GMR Airports (GMRINFRA) investor relations material
GMR Airports Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary14 Feb, 2026
Executive summary
Q3 FY2026 saw record financial and operational performance, with consolidated gross income rising 49% YoY to INR 40.8 billion and EBITDA up 65% YoY to INR 17.9 billion, reversing a prior year loss.
Passenger traffic at operated airports reached 31.9 million in Q3 FY2026, with international growth outpacing domestic and major airports posting EBITDA margins above 50%.
Strategic focus on expanding Non-Aero businesses, duty-free operations, and real estate monetization is driving sustainable growth.
Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.
Auditors issued unqualified review reports, with emphasis on ongoing DIAL and GHIAL litigations.
Financial highlights
Total income for Q3 FY2026 was INR 40.8 billion, up 49% YoY; EBITDA grew 65% YoY to INR 17.9 billion, with margins improving to 55%.
PAT (excluding exceptional items) was INR 3.6 billion, a turnaround from a INR 2.1 billion loss in Q3 FY2025.
Delhi Airport’s total income rose 41% YoY to INR 20.2 billion, with Aero revenues up 173% YoY and EBITDA margin at 68%.
Hyderabad Airport’s total income was INR 6.6 billion (up 8% YoY), with Non-Aero revenues up 24% YoY and EBITDA margin at 68%.
Mopa Airport’s traffic rose 21.6% YoY, Non-Aero revenues grew 30% YoY, but total income declined 15% YoY due to special initiatives.
Outlook and guidance
Non-Aero revenue growth is expected to sustain at 15%+ annually, supported by new store openings and terminal expansions.
Net debt is projected to peak in FY2026 and start declining from FY2027 as major CapEx projects complete.
EBITDA base of INR 18 billion per quarter is expected to be sustainable, with further growth anticipated.
Management expects further improvement in revenue and margins post receipt of tariff orders for DIAL and GHIAL.
Accelerated progress in greenfield projects at Crete and Bhogapuram, with Bhogapuram nearing completion.
When will DIAL/GHIAL tariff matters finalize?
Outlook for new duty-free and cargo operations
What is profit impact excluding depreciation change?
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Next GMR Airports earnings date
Q4 25/2622 May, 2026
GMR Airports
Next GMR Airports earnings date
Q4 25/2622 May, 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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