India · Delayed Price · Currency is INR GMR Airports Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY2026 delivered record revenue and EBITDA growth, driven by strong Aero and Non-Aero performance, with robust passenger traffic and successful refinancing lowering interest costs. Net debt is expected to decline from FY2027, and major CapEx is planned for Hyderabad in FY2028.
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Q2 FY26 saw a 45% year-on-year income surge and 59% EBITDA growth, driven by revised tariffs, new business takeovers, and strong non-aero revenues, despite temporary traffic disruptions. Major refinancing reduced interest costs, and expansion projects remain on track.
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Q1 FY2026 saw 33% year-over-year income growth to INR 32.2 billion, with EBITDA up 26% and margin stable at 51%, despite forex losses. Delhi Airport's revised tariffs and strong segment performance drove results, while credit upgrades and strategic investments support a positive outlook.
Fiscal Year 2025
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Q4 FY25 saw 16% year-on-year income growth and robust passenger traffic increases, with new tariffs at Delhi Airport set to drive profitability in FY26. GAL expanded its stake in Delhi, advanced major projects, and received credit rating upgrades, while non-aero revenues and sustainability initiatives strengthened.
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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.
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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.
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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.