GMR Airports (GMRINFRA) Q2 26/27 earnings summary

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.