GMR Airports Q4FY26 Results: EBITDA Up 38% YoY to ₹15.5 Bn, PAT Turns Positive
GMR Airports Limited (GAL) reported strong Q4FY26 results with EBITDA up 38% YoY to ₹15.5 Bn and PAT turning positive at ₹4.0 Bn, a significant turnaround from a loss in Q4FY25. FY26 EBITDA reached a record ₹62 Bn, and FY26 PAT was ₹4.7 Bn, the first positive PAT in over a decade. Passenger traffic remained resilient, with Delhi Airport's Q4FY26 traffic up 2.7% YoY and Mopa (Goa) up 21.3% YoY. Bhogapuram Airport achieved 98.7% completion and aims for Q2FY27 operationalization.
The reported positive net profit after a decade, record EBITDA, and substantial year-on-year growth in key financial metrics indicate a significant positive impact on the company's financial health and investor outlook. Progress on major airport projects also suggests future growth potential.
The company reported a significant increase in EBITDA, a turnaround to positive net profit after several years, record EBITDA for FY26, and progress on key infrastructure projects, indicating strong operational and financial performance.
GMR Airports Limited (GAL), formerly GMR Airports Infrastructure Limited, has announced its audited financial results for the quarter and year ended March 31, 2026. The company reported a significant year-on-year increase in EBITDA for Q4FY26, reaching ₹15.5 billion, a 38% rise from the previous year, although it saw a 13% sequential decrease. For the full fiscal year FY26, EBITDA reached a record high of ₹62 billion, marking a 47% year-on-year increase.
The company achieved a positive Net Profit After Tax (PAT) of ₹4.0 billion in Q4FY26, a substantial turnaround from a loss of ₹2.5 billion in Q4FY25. Excluding exceptional items, PAT stood at ₹4.1 billion, compared to a loss of ₹3.4 billion in the prior year period. For the full fiscal year FY26, GAL reported a profit of ₹4.7 billion, a significant improvement from a loss of ₹8.2 billion in FY25. This marks the first positive PAT reported by the company in over a decade. The company also noted a non-cash foreign exchange loss of approximately ₹2.6 billion in FY26 due to Euro appreciation.
Passenger traffic for GAL-operated airports showed resilience, with Q4FY26 handling 31.7 million passengers, a 0.7% year-on-year increase. For FY26, total passenger traffic was 121.6 million, up 0.9% year-on-year. Delhi Airport handled 21.2 million passengers in Q4FY26, a 2.7% year-on-year increase, and reported revenues up substantially driven by revised tariffs. Hyderabad Airport handled 7.3 million passengers in Q4FY26, a 7.4% year-on-year decrease, with non-aero revenue showing a 13.9% year-on-year increase. Mopa (Goa) Airport saw a significant 21.3% year-on-year increase in Q4FY26 passenger traffic, handling 1.5 million passengers.
Key operational highlights include the conversion of Pier C at Delhi Airport's Terminal 3 to an international pier, increasing its annual international capacity by 50%. GMR Hyderabad International Airport Ltd (GHIAL) commissioned its Cargo Terminal 2, with an initial handling capacity of 50,000 mtpa. GMR Aero Technic also signed an agreement with Boeing Defence India for heavy maintenance checks on the Indian Navy's P-8I maritime patrol aircraft fleet. The Bhogapuram Airport project has achieved 98.7% overall progress as of March 31, 2026, with an aim to operationalize by Q2FY27.
GHIAL raised ₹21 billion through 15-year Non-Convertible Debentures (NCDs) to refinance dollar-denominated debt, expected to save over 150 basis points in interest costs. CRISIL Ratings revised GHIAL's outlook to 'Positive' from 'Stable', reaffirming its rating at 'Crisil AA+'. The company also received numerous awards and recognitions, including "Best Airport" at departures in Asia-Pacific for Delhi Airport and "Best Airports" at arrivals globally for Hyderabad Airport at the 2025 ASQ Customer Experience Awards.
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