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Informist, Monday, Feb. 16, 2026

By Anand JC

NEW DELHI – GMR Airports Ltd. maintained its expectation of the company's debt peaking in 2025-26 (Apr-Mar) and reducing from FY27, its management told analysts in a post-earnings conference call. "Non-aero (business), as it grows, will continue to decrease (the company's) net debt number over a period of time. So momentum will surely come from there," a top executive said on Saturday.

GMR Airports expects its debt levels to decline once construction of its Bhogapuram airport, near Visakhapatnam in Andhra Pradesh, concludes. The company is not incurring capital expenditure at any of its other assets, except at Bhogapuram airport. While airside works at this airport are completed fully, work on its terminal building and air traffic control is in the final leg of completion. Around 96% of the work at the airport is completed, and it is expected to be operationalised in the September quarter, ahead of the original target of December, the company said. 

GMR Airports had a net debt of INR 345 billion as of Dec. 31, up 16% on year. "Despite debt slightly increasing, our interest cost for the quarter is lower versus quarter two fiscal 26 (September quarter of FY26), a trend which we had been communicating as our ratings continue to improve, which enables us to refinance debt at lower costs," the company said. 

GMR Airports holds a majority stake in airports situated in New Delhi, Hyderabad, Nagpur, Bhogapuram, and has complete ownership of airports in Mopa and Nagpur. When it comes to the ratings on its airports by agencies, GMR Airports said it is in a good spot currently. "You can see Hyderabad as AA+, Delhi, I think, in a very short period of time should go to AA. From a pure strategy perspective, the way we look at it in two years' time, we would like our businesses to be all AAA," the company said. This rating would help the company get debt at the lowest cost.

"Over FY27, as many of the refinancings happen, both at the Delhi Airport and GAL (GMR Airports Ltd.-level), you will see a reduction of interest rates as we go forward," the company said. 

GMR Airports declared its December quarter earnings late Friday. It reported a consolidated net loss of INR 1.22 billion on revenues of INR 39.94 billion. At 0928 IST, its shares traded at INR 98.60 on the National Stock Exchange, up 4.8%.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Vandana Hingorani

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