Risks
4 risks
Risk Intelligence
Prolonged geopolitical tensions impacting traffic
View Risks →
GMR AIRPORTS LIMITED — Q4 FY26
GMR Airports reported a resilient Q4 FY26 with total income of INR 40.4 billion, up 36% YoY, and EBITDA of INR 15.5 billion, up 38% YoY.
neutral
medium
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
GMR Airports reported a resilient Q4 FY26 with total income of INR 40.4 billion, up 36% YoY, and EBITDA of INR 15.5 billion, up 38% YoY. PAT turned positive at INR 4 billion versus a loss of INR 2.5 billion in Q4 FY25. Traffic across GAL-operated airports grew only 1% YoY to 31.7 million passengers, impacted by geopolitical conflicts, airspace closures, and fuel price spikes. Management expects a 5-7% traffic growth for FY27, with recovery in H2 as conditions normalize. Non-aero revenue momentum continues, with duty-free and cargo expansions. Risks include prolonged geopolitical tensions and potential traffic cannibalization from Noida airport. Capex for FY27 is guided at ~INR 1,400 crore, primarily for Bhogapuram and Nagpur airports.
जीएमआर एयरपोर्ट्स ने वित्त वर्ष 2026 की चौथी तिमाही में अच्छा प्रदर्शन किया। कुल आय 40.4 अरब रुपये रही, जो पिछले साल से 36% ज्यादा है। कंपनी की कमाई (EBITDA) 15.5 अरब रुपये थी, जो 38% बढ़ी। मुनाफा (PAT) 4 अरब रुपये रहा, जबकि पिछले साल 2.5 अरब का नुकसान था। यात्रियों की संख्या सिर्फ 1% बढ़कर 3.17 करोड़ रही, क्योंकि युद्ध, हवाई रास्ते बंद होने और ईंधन के दाम बढ़ने से असर पड़ा। अगले साल 5-7% यात्री बढ़ोतरी की उम्मीद है। शुल्क-मुक्त दुकानों और कार्गो से कमाई बढ़ रही है। जोखिम में लंबा तनाव और नोएडा एयरपोर्ट से प्रतिस्पर्धा शामिल है। अगले साल 1,400 करोड़ रुपये का निवेश भोगापुरम और नागपुर एयरपोर्ट के लिए होगा।
Risks4 trackedTranscriptfull text
Research workspace
Focused Modules
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
Passenger Traffic (GAL-operated airports)
31.7M
+1% YoY
Q4 FY26 passenger traffic at Delhi, Hyderabad, and Mopa airports, excluding Jeru.
Combined Aero Yield per Passenger (YPP)
INR 434
Combined aero yield per passenger for Delhi, Hyderabad, and Mopa in Q4 FY26.
Non-Aero Income per Passenger (IPP)
INR 640
Combined non-aero income per passenger for Delhi, Hyderabad, and Mopa in Q4 FY26.
Net Debt to EBITDA
5.5x
Net debt to EBITDA for FY26; expected to go below 4x in 18-24 months.
Fast read
Guidance and risk preview
Management expects overall traffic growth of 5-7% for FY27, driven by recovery in H2 and contributions from Bhogapuram and Nagpur airports.
Ongoing Iran conflict and airspace closures have reduced passenger traffic and increased costs; if not resolved, could continue to suppress demand.
View Risks →