GMR Airports posts first annual profit in over a decade
The airport operator swung to a net profit of ₹472 crore as passenger traffic hit a record 121.6 million, supported by new commercial concessions.
— 2 earlier stories on GMR Airports Ltd. →What's new
- Consolidated revenue climbed 40% to ₹15,201 crore.
- EBITDA hit a record ₹6,150 crore on high passenger volumes.
- Bhogapuram airport is 98.7% complete, targeting Q2 FY27 operations.
Why this matters
A decade of losses ends here. The shift to profitability confirms that GMR's heavy investment in high-margin commercial concessions and capacity expansion is finally paying off.
What we're watching
- Interest cost savings from the Hyderabad debt refinancing.
- The official opening date for the Bhogapuram greenfield project.
- Sustainability of non-aeronautical revenue growth in FY27.
The full read
GMR Airports has finally broken a decade-long streak of losses. For the fiscal year ended March 31, 2026, the company reported a consolidated net profit of ₹472 crore. This turnaround rests on a 40% jump in revenue to ₹15,201 crore and a record EBITDA of ₹6,150 crore. The engine behind these numbers was record passenger traffic of 121.6 million and the successful rollout of high-margin cargo and duty-free operations. Capacity expansion at Delhi’s Terminal 3 provided the necessary scale to capture this demand. Beyond the P&L, the company is nearing the finish line on its Bhogapuram greenfield project, which is 98.7% complete and slated for a Q2 FY27 launch. Management also moved to clean up the balance sheet by refinancing dollar debt at the Hyderabad unit, a step expected to shave 150 basis points off interest costs. The decade of waiting is over.
Questions answered
- What drove the return to profitability?
- Record passenger traffic of 121.6 million combined with new cargo and duty-free operations at Delhi and Hyderabad hubs. A 50% capacity expansion at Delhi's Terminal 3 also contributed to the result.
- How much did revenue grow compared to the previous year?
- Revenue from operations rose 40% to reach ₹15,201 crore for the fiscal year ended March 31, 2026.
- What is the status of the new Bhogapuram airport?
- Construction is nearly finished at 98.7% completion. Management targets operational status by the second quarter of fiscal 2027.
- Did the company manage its debt load?
- Yes, GMR refinanced dollar-denominated debt at its Hyderabad unit. This move is expected to lower interest costs by approximately 150 basis points.
Story so far
All notes on GMRAIRPORT →- 27 May 2026 · 10:29 PM IST GMR Airports posts first annual profit in over a decade
- today GMR Airports swings to profit as revenue climbs in FY26
- today GMR Airports swings to ₹472 cr profit as traffic and cargo recover