GMR Airports (GMRINFRA) Q1 26/27 earnings summary

Executive summary

• Added Nagpur and Bhogapuram airports to the operating portfolio, with Bhogapuram set to commence commercial operations in August 2027 and inaugurated in August 2026.

• Achieved a greenfield airport completion ahead of schedule, reflecting strong execution and operational expertise.

• Achieved credit rating upgrade to CARE A+ (Positive) and CARE A1+ for short-term facilities.

• Focus on modernization, premiumization, and margin expansion, with strong ESG performance and multiple sustainability awards.

• Board approved unaudited financial results for Q1 FY27 and enabling resolutions for fund raising up to ₹5,000 crore and INR denominated bonds up to ₹1,500 crore.

Financial highlights

• Q1 FY27 total income reached INR 40.8 billion, up 23% year-over-year; EBITDA grew 22% to INR 15.7 billion, with margin stable at 50%.

• PAT was INR 1.5 billion, reversing a loss of INR 1.4 billion in Q1 FY26; fourth consecutive quarter of positive PAT.

• Q1 FY27 revenue from operations was ₹3,963.99 crore, up from ₹3,205.23 crore in Q1 FY26.

• Net debt remained at INR 340 billion as of June 2026; Delhi and Hyderabad net debt decreased by INR 5.9 billion.

• FY26 gross income at INR 152 billion, up 40% year-over-year; EBITDA at INR 62 billion, up 47% year-over-year.

Outlook and guidance

• Expect traffic to remain soft in H1 FY27, with recovery anticipated in H2 FY27.

• Hyderabad Airport traffic projected to be flat year-over-year at 30.5–31 million passengers.

• Management expects further improvement in revenue and margins in subsequent years, supported by recent tariff orders and improved operating performance.

• Prioritize timely tariff order for Bhogapuram and upgrade Nagpur facilities, with focus on non-aero adjacencies and real estate monetization.

• Judicious participation in capex-light opportunities in South/South-East Asia and Middle East.