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GMRAIRPORT Diversified 15 May 2026

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
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Revenue ₹3,938 Cr +36%
EBITDA ₹1,550 Cr +38%
PAT ₹400 Cr
EBITDA Margin 37%
Duration 54 min
Read Time 1 min read

✓ Verified against BSE filing

Risk Intelligence

Material risks this quarter

Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.

Risks

R

Prolonged geopolitical tensions impacting traffic

Ongoing Iran conflict and airspace closures have reduced passenger traffic and increased costs; if not resolved, could continue to suppress demand.

high · management_commentary
R

Potential traffic cannibalization from Noida airport

Analyst raised concern about cargo traffic moving to the new Noida airport; management downplayed risk but acknowledged possible impact on cargo.

medium · analyst_question
R

Softness in Hyderabad traffic and margins

Hyderabad airport saw traffic softening and margin compression in Q4; management expects H1 FY27 to remain soft before recovery in H2.

medium · data_observation
R

Debt increase from Bhogapuram and Nagpur capex

Net debt may rise by ~INR 1,000 crore in FY27 due to final payments for Bhogapuram and Nagpur, though management highlights net debt/EBITDA as key metric.

low · management_commentary