India · Delayed Price · Currency is INR GMR Airports Earnings Call Transcripts
Fiscal Year 2026
-
Strong year-over-year growth in income and EBITDA was achieved despite geopolitical and fuel cost headwinds, with positive PAT for the first time in over a decade. New airports and non-aero businesses are set to drive 5%-7% traffic growth and double-digit non-aero CAGR.
-
Q3 FY2026 delivered record income and EBITDA growth, with strong passenger traffic and robust Non-Aero expansion. Net debt is expected to decline from FY2027, and dividend distribution is on track as leverage improves. Major CapEx is planned for Hyderabad from FY2028.
-
Q2 FY26 saw a 45% year-on-year income surge, driven by revised tariffs, new duty-free operations, and strong non-aero revenue growth. EBITDA rose 59%, and profit turned positive despite temporary traffic disruptions and forex losses. Full impact of new operations and seasonal demand expected in Q3.
-
Q1 FY2026 saw 33% year-over-year income growth to INR 32.2 billion, with EBITDA up 26% and margin stable at 51%. Delhi Airport's revised tariffs and strong segment performance drove results, while forex losses and project investments increased net debt. Regulatory and supply chain developments present both risks and opportunities.
Fiscal Year 2025
-
Q4 FY25 saw 16% year-over-year income growth and 19% EBITDA growth, with strong passenger and non-aero revenue gains. New tariffs at Delhi Airport are set to boost profitability, while ongoing expansion and acquisitions drive higher debt. GAL targets dividend payouts from FY28.
-
Q3 FY25 saw 17% year-on-year income growth and 37% EBITDA growth, with robust passenger traffic and strong non-aero revenue. Delhi, Hyderabad, and Mopa airports all posted record or strong results, while debt and CapEx remain focused on expansion projects.
-
Q2 FY25 saw 20% YoY income growth and 17% EBITDA growth, driven by strong passenger traffic and tariff increases. Major expansions at Delhi and Hyderabad airports are complete, with further tariff hikes and debt reduction expected in coming quarters.
-
Q1 FY25 saw 19% year-over-year income growth and record passenger numbers, but higher finance costs led to a net loss. Expansion projects are nearly complete, with new terminal and retail capacity set to boost future earnings. Net debt is expected to peak in the next 12–18 months.