GMR Airports posts record ₹152 bn revenue returns to profit in FY26

GMR Airports (GAL) reported a 40% year-on-year increase in total income to ₹152.01 billion in FY26, while EBITDA rose 47% to a record ₹61.50 billion. The company also reported a profit after tax (PAT) of ₹4.72 billion for FY26, its first positive annual PAT in more than a decade.

Among the key developments during the year, GAL was awarded the concession to upgrade, modernise, finance, operate, manage and maintain Cargo Terminal 1 at Delhi Airport after emerging as the selected bidder. The company said it had been handling cargo operations at the terminal on an interim basis since 15 May 2025 following the termination of the previous cargo concession, ensuring continuity of operations.

GAL also commissioned Cargo Terminal 2 at Hyderabad Airport in May 2026. The new facility has an initial handling capacity of around 50,000 metric tonnes per annum, with dedicated expansion space available to double capacity to 100,000 metric tonnes per annum. The terminal includes a large, fully temperature-controlled pharmaceutical zone designed to handle pharmaceutical and perishable cargo.

Delhi Airport handled its highest-ever cargo volumes of around 1.15 million metric tonnes during FY26, while Hyderabad Airport recorded its highest-ever annual cargo throughput of approximately 187,000 metric tonnes.

At Delhi Airport, total income increased 33.5% year on year to ₹76.53 billion in FY26, while EBITDA rose 64.4% to a record ₹28.82 billion. The airport reported a record PAT of ₹4.77 billion for the year, compared with a loss of ₹9.76 billion in FY25.

Hyderabad Airport reported total income of ₹25.78 billion in FY26, up 9.7% from the previous year. EBITDA increased 9.4% to a record ₹16.14 billion, while PAT rose to ₹4.27 billion from ₹1.90 billion in FY25, marking its highest profit since FY20.

During the year, Hyderabad Airport also raised ₹21.00 billion through 15-year non-convertible debentures carrying a coupon of 7.6% and used the proceeds to refinance dollar-denominated debt. The refinancing is expected to reduce interest costs by more than 150 basis points.

For the fourth quarter ended March 31, 2026, GAL reported total income of ₹40.43 billion, up 36% year on year, while EBITDA increased 38% to ₹15.49 billion.

GAL said the cargo developments formed part of its broader airport adjacency business strategy as it continued to expand its cargo infrastructure and handling capabilities across its airport network.