GMR Airports (GMRINFRA) Q4 24/25 earnings summary

Executive summary

• Total income for Q4 FY25 reached INR 29.8 billion, up 16% year-over-year, with EBITDA up 19% to INR 11.2 billion, driven by robust passenger traffic and non-aero revenue growth.

• FY25 total income rose 18% year-over-year to INR 108 billion, and EBITDA increased 22.5% to INR 42 billion, with EBITDA margin improving to 51% in Q4 FY25 from 48% in Q4 FY24.

• GMR Airports Limited (GAL) operates one of the largest airport platforms globally, with 96 assets and a 27.5% share of Indian passenger traffic in FY25.

• The company completed a major merger and rebranding, with the new name effective from September 2024.

• Passenger traffic grew 9% year-over-year in Q4 FY25, reaching 31.5 million, with domestic up 9% and international up 11%; full-year group traffic rose 9% to 120.5 million.

Financial highlights

• FY25 consolidated revenue from operations rose 19% year-over-year to INR 104.1 billion; Q4 FY25 revenue up 17% year-over-year to INR 28.6 billion.

• FY25 EBITDA increased 22.5% year-over-year to INR 41.9 billion, with margins at 51%; Q4 FY25 EBITDA up 19% year-over-year to INR 11.2 billion.

• Consolidated net loss after tax from continuing operations for FY25 was INR 8.2 billion, nearly unchanged year-over-year, due to higher interest and depreciation from expansion projects.

• Net debt stood at INR 315 billion as of March 31, 2025, up INR 18 billion quarter-over-quarter, mainly due to expansion and acquisitions.

• Non-aero and adjacency businesses showed strong growth, with non-aero revenue up 12% year-over-year at Delhi and 11% at Hyderabad.

Outlook and guidance

• Management expects improved revenue and margins in subsequent years, citing recent tariff orders and project capitalizations.

• Delhi Airport's new tariffs and increased aero yield per passenger projected to drive significant improvement in profitability and cash flow in FY26.

• GAL expects to become a dividend-paying entity from FY28, with Hyderabad already declaring dividends and Delhi expected to follow in three years.

• GAL to take over Nagpur Airport in Q1 FY26 and expand duty-free operations at Delhi and Hyderabad in Q2 FY26.

• Accelerate greenfield projects at Crete and Bhogapuram; strengthen non-aero adjacencies and monetize real estate.