Earnings Review
GMR Airports Q4 PAT INR 3.02 bln, revenue rises 38% YoY
This story was originally published at 10:01 IST on 28 May 2026
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--GMR Airports Jan-Mar consol net profit INR 3.02 bln vs loss INR 2.38 bln
--GMR Airports Jan-Mar consol revenue INR 39.38 bln vs INR 28.63 bln yr ago
--GMR Airports FY26 consol net profit INR 1.75 bln vs loss INR 3.93 bln
--GMR Airports FY26 consol revenue INR 148.07 bln vs INR 104.14 bln yr ago
--GMR Airports Jan-Mar consol operating margin 39.34% vs 39.21% year ago
--GMR Airports Jan-Mar consol EBITDA INR 15.5 bln vs INR 11.2 bln yr ago
--GMR Airports Jan-Mar consol EBITDA margin 50% vs 51% yr ago
--GMR Airports consol net debt INR 340 bln on Mar 31
By Anand JC
NEW DELHI – GMR Airports Ltd. reported a net profit for the March quarter, having reported a loss in the year-ago quarter. Its revenue grew at a healthy rate year-on-year but was the slowest in three quarters.
The company reported a consolidated net profit of INR 3.02 billion for the March quarter compared with a loss of INR 2.38 billion in the year-ago quarter. The company's bottom line was expected between INR 469 million and INR 3.66 billion, according to three brokerage estimates.
Its consolidated top line grew 38% on year to INR 39.38 billion for the quarter under review. Its revenue from operations was projected between INR 39.75 billion and INR 41.90 billion, according to three brokerage views.
The company's consolidated earnings before interest, tax, depreciation, and amortisation for the March quarter grew 38% on year to INR 15.50 billion. Its consolidated EBITDA margin contracted by about a percent on year to 50% in the March quarter.
GMR Airports' net debt grew 8% on year but fell 1% on quarter to INR 340 billion. This includes a gross debt of INR 393 billion. The company said its standalone debt decreased INR 9.4 billion in the March quarter but debt at Bhogapuram Airport grew INR 4.2 billion.
GMR Airports said rationalising costs and focusing on margin expansion is a key focus area, alongside working towards optimising the cost of its debt. The company is working on operationalising the Bhogapuram Airport by the September quarter of 2026-27 (Apr-Mar). Taking over operations at the Nagpur Airport going ahead is also a key focus area, the company said in its investor presentation.
"Strengthen non-aero adjacencies businesses at platform level by selectively participating in opportunities at GMR and non-GMR airports," the company said. "Judiciously participate in capex light opportunities (especially services) mainly in India, South & South-East Asia and Middle East," it added.
Passenger traffic at the company's airports grew 1% on year to 31.70 million in the March quarter. Aero yield per passenger in the March quarter surged 67% on year to INR 434 while non-aero income per passenger stood at INR 640.
For FY26, the company reported a net profit of INR 1.75 billion compared with a loss of INR 3.93 billion in FY25. Its revenue in FY26 surged 42% on year to INR 148.07 billion. On Wednesday, shares of the company closed around 2% higher at INR 97.84 on the National Stock Exchange. End
Edited by Akul Nishant Akhoury
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