GMR Airports Ltd(GMRAIRPORT)

NSE: GMRAIRPORTBSE: 532754

₹ 89.9+3.33%refreshed 26 Oct, 03:51 pm ISTMarket cap: ₹ 95,842 crNext results: 28 Oct 2026Website: www.gmrgroup.inUpdated: 27 Oct 2026

About

GMR Airports Limited (GAL) is India's largest private airport operator, managing Delhi (Indira Gandhi International), Hyderabad (Rajiv Gandhi International), Mopa Goa, and newly acquired Nagpur airports, plus the Bhogapuram greenfield airport. GAL also holds a stake in Crete's new international airport under construction. Its audited consolidated turnover for FY26 was Rs 14,807.41 Crore, of which Delhi airport operator DIAL's standalone turnover was Rs 7,568.04 crore.^[1][2][3]

Business segments

All revenue came from a single Airports segment, which made up 100% of reported revenue in FY22, the latest period with segment data.^[4]
Airport revenue is split into aero (regulated landing, parking and user development fees) and non-aero (duty-free, cargo, retail, hospitality, real estate).^[5]
In FY26, Delhi's non-aero revenue grew 9% YoY to INR 36.1bn and Hyderabad's grew 23% YoY to INR 7.7bn.^[1]
Delhi airport operator DIAL had standalone FY26 turnover of Rs 7,568.04 crore and net worth of Rs 1,476.54 crore.^[2]

Airport operations and capacity

Delhi T3's international capacity rose 50% to 32mn passengers a year after Pier C was switched from domestic to international use in FY26.^[1]
Delhi Terminal 2 reopened on 26 Oct 2025 after an upgrade, and 47 new F&B concessions were awarded across T2 and T3.^[6]
Hyderabad airport handled 15.4mn passengers in H1FY26 (+11.3% YoY) and is nearing its current full capacity.^[7]
Mopa Goa airport had its highest-ever quarterly traffic in Q3FY26: 1.5mn passengers, up 21.6% YoY.^[6]
Bhogapuram greenfield airport in Andhra Pradesh opened on 1 Aug 2026 with initial capacity of 6mn passengers, scalable to 40mn.^[5]
Construction at Crete International Airport (Greece) was 73.5% complete as of Q1FY27.^[5]
Expansions at Delhi, Hyderabad and Goa airports and the merger with the former GAL were completed by FY25.^[8]

Key operating metrics

Passengers across GAL airports: 30.5mn in Q1FY27 (+1% YoY) and 121.6mn in FY26 (+0.9% YoY), compared with 120.6 mn in FY25.^[5][8]
Aero yield per passenger was INR 445 in Q1FY27 (+12% YoY) and INR 433 for FY26 (+62% YoY).^[5]
Non-aero income per passenger was INR 691 in Q1FY27 (+8% QoQ), compared with INR 666 in Q3FY26.^[5]
Duty-free spend per passenger: Delhi INR 1,116 in Q1FY27 vs INR 1,033 in Q1FY26; Hyderabad INR 956 vs INR 769.^[5]
Delhi handled 0.31mn tonnes of cargo in Q1FY27 (+12% YoY); Hyderabad handled 49.8 kT, its highest quarterly volume.^[5]
GAL's share of India's international passenger traffic was 36% in Q1FY27, its highest quarterly share in four years.^[5]
Hyderabad traffic fell 12.1% YoY to 7.1mn passengers in Q1FY27 because of West Asian instability and airline route cuts.^[5]

Non-aero and adjacency businesses

GAL runs five non-aero platforms itself: Delhi duty-free, Hyderabad duty-free, Delhi cargo, Goa duty-free and Goa car park.^[7]
Hyderabad Duty Free is enlarging its departures store from 400 sq mtr to 1,300 sq mtr.^[5]
GMR Hospitality won a Rs 49 crore F&B concession at Delhi T3 that runs to May 2036, with a possible 10-year extension.^[9]
A build-to-suit MRO facility of about 0.46mn sq ft for Safran at Hyderabad Aerocity was inaugurated in November 2025.^[6]
GMR Aero Technic signed a Honeywell licence to service 7 LRUs on the LEAP engines that power the A320neo and B737 MAX.^[5]

Tariff and regulation

Delhi's revised CP4 aero tariffs took effect in mid-April 2025.^[1]
Hyderabad's CP4 tariff proposal, which covers a planned INR 12,000-13,000 crore expansion, was under AERA review as of Q3FY26.^[6]
GMR is seeking a timely AERA tariff order for Bhogapuram airport.^[5]
CARE upgraded GAL's long-term rating to CARE A+ (Positive) from CARE A (Stable), and its short-term rating to A1+ from A1.^[5]

Expansion and capex

Hyderabad expansion (new terminal, runway, cross taxiways): INR 12,000-13,000 crore over about four years, with construction expected to start in FY28.^[6]
Nagpur airport is planned for phased expansion to 50mn passengers.^[5]
Delhi Aerocity One, a self-developed office building of about 1mn sq ft, is targeting handover in Q3FY27.^[5]
GMR Interchange in Hyderabad, a self-developed retail project with ~0.77mn sq ft built-up and ~0.58mn sq ft leasable area, is under construction.^[5]
Four third-party hotel projects with 900+ keys in total, plus a K-12 school, are being developed in the Goa airport precinct.^[5]
Delhi Cargo City Phase 1 (30.5 of 50.5 acres) has a concession to 2036 and a minimum revenue guarantee of INR 4.2bn to DIAL.^[7]

Funding

The FY26 annual report seeks an enabling approval to raise up to Rs 5,000 crore through a QIP or FCCB. No such funds were raised in FY26 under the previous year's approval.^[2]
GHIAL raised INR 21bn in 15-year NCDs at 7.6% to refinance dollar debt, and CRISIL revised GHIAL's outlook to Positive.^[1]
DIAL raised INR 10bn in 15-year NCDs at 8.75%, compared with 9.98% before.^[7]

Recent developments

GMR completed the operational takeover of Nagpur airport on 25 Jun 2026.^[5]
The Prime Minister inaugurated Bhogapuram airport on 1 Aug 2026.^[5]
GAL won the concession to upgrade and operate Delhi Cargo Terminal 1 in Q4FY26, having run it on an interim basis since May 2025.^[1]
Related-party transactions with DIAL were approved at Rs 1,700 crore for FY26 and are expected to increase significantly in FY27.^[2]

Market Cap

₹95,842 Cr

High / Low

₹116 / 84

Stock P/E

193.3

Price / Book

-37.0

Book Value

₹-2

EPS

₹0.2

No. of Shares

1,055.9 Cr

ROCE

10.5%

OPM

28.4%

Sales

₹14,807 Cr

Net Profit

₹472 Cr

Promoter holding

67.5%

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GMR Airports Ltd(GMRAIRPORT)

About

Business segments

Airport operations and capacity

Key operating metrics

Non-aero and adjacency businesses

Tariff and regulation

Expansion and capex

Funding

Recent developments

Signal history

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Company data

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