GMR Airports Limited
(formerly GMR Airports Infrastructure Limited)

Total Income increased by 23% YoY to INR 4,085 Crs in Q1FY27

EBITDA increased by 22% YoY to INR 1,568 Crs in Q1FY27

PAT of INR 148 Crs reported in Q1FY27, the fourth consecutive quarter of positive PAT

Improvement in Non-Aero and Aero performance despite muted traffic

GAL owned airports handled 30.5mn passengers in Q1FY27. Quarterly share of India’s international passengers handled by GAL highest in 4 years
▪ Delhi Airport - Handled 20.4mn passengers in Q1FY27
▪ Hyderabad Airport - Handled 7.1mn passengers
▪ Mopa (Goa) Airport – Handled 1.2mn passengers

Key Developments

Expanding Operational Portfolio with addition of 2 Airports

o Nagpur: Takeover of operations completed on 25 Jun’26 . Initial focus on modernizing and upgrading existing infrastructure with aim to improve passenger convenience and safety
o Bhogapuram: Inaugurated on 1 Aug’26 by Hon. Prime Minister of India. Commercial operations to commence shortly

Steady progress in Airport adjacency businesses (“GAL Platform”)

o Duty Free (DF):

• Delhi: Q1FY27 revenue at INR 5.8bn (stable vs Q4FY26 despite softness in international traffic). Q1FY27 SPP at INR 1,116 vs INR 1,038 in Q4FY26. Achieved highest monthly SPP in Jun’26
• Hyderabad: Q1FY27 revenue at INR 1.1bn (stable vs Q4FY26 despite softness in international traffic). Achieved highest ever quarterly SPP of INR 956 in Q1FY27. New larger store at departures ready, expanding store size from 400 sq. mtr. to 1,300 sq. mtr. - to enable new categories and products addition o Cargo:
• Mopa (Goa): On site packhouse is being established on the cargo land parcel area to enable incremental perishable food export volumes

Upgrade of Credit Ratings

o GAL: CARE upgraded GAL ratings to:

• CARE A+ (Positive) from CARE A (Stable): For INR 15bn NCBs issued by GAL as well as Long-Term Bank Facilities
• To CARE A1+ from CARE A1 for Short-Term Bank Facilities availed by GAL

Strategic MRO agreement signed for LRUs2 of Leap Engines

o GMR Aero Technic (subsidiary of Hyderabad Airport) signed license agreement with Honeywell Aerospace for maintenance, repair and overhaul of 7 Honeywell aerospace LRUs installed on LEAP engines powering Airbus A320neo & Boeing 737 MAX

o Scope includes full disassembly, inspection, repair, reassembly, and functional testing of critical engine control systems

Steadily advancing Airport Land Development activities

o DIAL:

• Construction underway on:
  
  ▪ Self-development project (Aerocity One) – Commercial office building with ~1mn sq.ft. built-up area
  (BUA); Pre-Leasing discussions underway with marquee clients. Expected handover in Q3FY27
  ▪ Build-to-suit Terminal Hotel (~380 keys) with ~0.6mn sq.ft. BUA
  ▪ Hospital Project (500+ beds) – Excavation and D-Wall works progressing

o GHIAL:

• Hand Over completed for build-to-suit industrial facility to Firan Technology Group (FTG) in SEZ
• Signed agreement to lease with XDLinx Space Labs for build-to-suit industrial facility in SEZ

Construction underway on:
▪ Self-development project – GMR Interchange (GAL’s First Retail Project) with ~0.77mn sq.ft. BUA and ~0.58mn sq.ft. leasable area
▪ Build-to-suit industrial in SEZ for Firan Technology Group

o Mopa (Goa):

• Signed Sub-license agreement for:
  ▪ Retail Interchange Development with Retail Orbit Pvt. Ltd.
  ▪ MICE Hotel with Glided Retreat Hotels Pvt Ltd.
  ▪ Development of K-12 Day School over 2.5acres in the Education District of Goa Aerocity with Podar Education Trust
• Third Party Hotel Projects with ~0.62mn sq.ft. BUA (4 hotel projects – 900+ keys) under various stages of construction and approvals

o Bhogapuram: ~160 key hotel under the Vivanta Brand in final stages of construction

Driving India's hub-and-spoke strategy

o Delhi Airport became India’s first and leading hub, connecting spoke cities such as Varanasi and Amritsar to a wide international network through seamless transfers via Air India’s “Easy Connect” services.
o International travelers can now complete check-in and immigration formalities at spoke airports, and enjoy seamless transfers through Delhi without having to re-check baggage or change terminals.

Temporary traffic decline at Hyderabad

o International traffic declined in Q1FY27 due to West Asian geopolitical instability and rising airfares
o Domestic traffic declined due to route rationalization by airlines

Awards, Recognition and Accomplishments - Continuing to innovate and excel

o DIAL:

• Earned Level 5 Airport Customer Experience Accreditation from Airports Council International (ACI) – the highest level under ACI’s globally recognized customer experience framework
• GAL Cargo Delhi awarded the ‘Global Air Cargo Infrastructure Shakti Award’ at the Logistics Shakti

Summit & Awards

o GHIAL:

• Earned Level 5 Airport Customer Experience Accreditation from ACI – the highest level under ACI’s globally recognized customer experience framework
• Ranked 4th most family-friendly airport in the world by UK-based AttractionTickets.com. It is also one of the only two Indian airports to feature in AttractionTickets.com’s ‘Happiest Airports Ranking’

o Mopa (Goa):

• Achieved the prestigious ACI Airport Carbon Accreditation Level 3+ certification, reinforcing its commitment towards sustainable and responsible airport operations
• Won 1st Position for Industry Best Practices by Goa State Pollution Control Board

ESG Initiatives

o DIAL:

• GMR Aerocity, New Delhi achieved IGBC’s4 Green City Platinum Rating, reflecting the strength of its Green Master Plan, design excellence and forward-looking policy interventions
• Conferred with the Management Accounting Award - 2026 by the Institute of Cost Accountants of India (ICMAI)

o Mopa (Goa): Achieved the prestigious ACI Airport Carbon Accreditation Level 3+ certification, reinforcing its commitment towards sustainable and responsible airport operations

o Bhogapuram:

• Started a new Skill Development Centre, with 250 youth enrolled across 12 vocational training programmes

Q1FY27 Performance Highlights
Domestic Airports

Delhi Airport (DIAL)

• Traffic Insight
  Q1FY27: Pax traffic at 20.4mn, up by 6.9% YoY from 19.1mn in Q1FY26
  o Domestic traffic increased by 9.5% while International traffic was almost unchanged YoY

• Key Financials
  Total Income
  o Q1FY27: Increased to INR 2,068 Crs, up by 17.1% YoY from INR 1,766 Crs in Q1FY26. Aero revenues rose 24% YoY while non-aero revenues rose 13% YoY in Q1FY27

EBITDA

o Q1FY27: Increased to INR 703 Crs, up by 10.8% YoY from INR 635 Crs in Q1FY26

PAT

o Q1FY27: Reported PAT of INR 70 Crs vs. INR 49 Crs in Q1FY26. Reported positive PAT for the 5th consecutive quarter

• Handled highest ever
  o Q1 pax in Q1FY27
  o Passenger ATMs of ~120,900 in Q1FY27
  o Cargo volumes of ~310.6 kT2 in Q1FY27
• Delhi Duty Free concession (operated by GAL) reported Q1FY27 revenue at INR 5.8bn (stable vs Q4FY26 despite softness in international traffic)

o SPP for the quarter at INR 1,116 vs INR 1,038 in Q4FY26o Achieved highest ever monthly SPP in Jun’26

• Featured in 7 Routes out of Top 10 Domestic Routes in India by Seats & 4 Routes out of Top 10 International Routes in India
• Became India’s first and leading hub, connecting spoke cities such as Varanasi and Amritsar to a wide international network through seamless transfers via Air India’s “Easy Connect” services
• State Government of Delhi has reduced VAT on ATF from 25% to 7% w.e.f. 16 May’26
• New routes and connectivity:
  o International: Tashkent (Uzbekistan) with 5x weekly frequency commenced by Centrum Air
  o Domestic: Ambikapur, Halwara (Ludhiana) and Jaisalmer
• Destinations connected – 89 Domestic destinations & 70 International destinations

Hyderabad Airport (GHIAL)

• Traffic Insight
  Q1FY27: Pax traffic at 7.1mn, down by 12.1% YoY from 8.1mn in Q1FY26

o Domestic traffic decreased by 12.5% while International traffic decreased by 10.1% YoY
o International traffic declined in Q1FY27 primarily due to West Asian geopolitical instability and rising airfares. Domestic traffic declined due to route rationalization by airlines

• Key Financials
  Total Income

o Q1FY27: Almost unchanged YoY at INR 627 Crs vs INR 625 Crs in Q1FY26 with Aero Revenue down 7.2% YoY and Non-Aero Revenue up 11.9% YoY

EBITDA

o Q1FY27: Almost unchanged YoY at INR 390 Crs vs INR 391 Crs in Q1FY26

PAT

o Q1FY27: Reported PAT of INR 85 Crs vs INR 63 Crs in Q1FY26

• Handled highest ever cargo volumes of 49.8 kT in Q1FY27
• Hyderabad Duty Free concession (operated by GAL) reported Q1FY27 revenue at INR 1.1bn (stable vs Q4FY26 despite softness in international traffic)
  o Achieved highest ever quarterly SPP of INR 956 in Q1FY27
  o New larger store at departures ready, expanding store size from 400 sq. mtr. to 1,300 sq. mtr. - to enable new categories and products addition
• Signed agreement to lease with XDLinx Space Labs for build-to-suit industrial facility in SEZ
• GMR Aero Technic (subsidiary of GHIAL) signed agreement with Honeywell Aerospace for the maintenance, repair and overhaul of seven Honeywell aerospace LRUs2 installed on LEAP engines powering Airbus A320neo and Boeing 737 MAX aircraft
• New routes and connectivity:

o International: Flyadeal commenced operations to Riyadh with 7x weekly frequency
o Domestic: IndiGo commenced operations to Noida with 7x weekly frequency

• Destinations connected – 76 Domestic destinations & 24 International destinations

Mopa (Goa) Airport

• Traffic Insight
  Q1FY27: Pax traffic at 1.16mn, down by 5.6% YoY from 1.23mn in Q1FY26

o Domestic traffic decreased by 3% while International traffic decreased by 43% YoY
o Captured ~44% market share (of Goa system traffic) in Q1FY27

• Key Financials:
  Total Income

o Q1FY27: Increased to INR 126 Crs, up by 23.4% YoY from INR 102 Crs in Q1FY26 as Aero Revenues increased 31% YoY driven by normalization of tariffs post discontinuation of special initiative program. Non Aero Revenues increased by 8% YoY

EBITDA

o Q1FY27: Increased to INR 40 Crs, up by 74% from INR 23 Crs in Q1FY26

• Enhancing terminal offerings:

o Started offering “Goa Prive Greet”. India’s 1st Airport to offer such integrated premium experience
o Launched Meeters & Greeters Area at arrival which went live on 1 Jun’26
o Operationalized Visitor’s Gallery in the Forecourt

• Signed Sub-license agreement for:

o Retail Interchange Development with Retail Orbit Pvt. Ltd.
o MICE Hotel with Glided Retreat Hotels Pvt Ltd.
o Development of K-12 Day School over 2.5 acres in the Education District of Goa Aerocity with Podar Education Trust

• On site packhouse is being established by GAL (operating the concession) on the cargo land parcel area to enable incremental perishable food export volumes
• Destinations connected – 18 Domestic destinations & 2 International destinations :

Bhogapuram Airport (Visakhapatnam, Andhra Pradesh)

• Construction completed ahead of schedule and Airport inaugurated by Hon. Prime Minister Shri Narendra Modi on 1 Aug’26
• Commercial operations to begin shortly
• Initial capacity of 6mn passengers annually, scalable to 40mn and cargo handling capacity of 25,000 metric tonnes annually
• AERA has issued ad-hoc tariff w.e.f. commercial date of operation until implementation of regular tariff for Control Period-1
• ~160 key hotel under the Vivanta Brand in final stages of construction

Nagpur Airport (Maharashtra)

• Airport handover process to GMR Airports successfully completed on 25 Jun’262
• Initial focus to be on modernization and upgradation of existing terminal and amenities thereby improving passenger convenience
• Phased expansion plan envisaged to increase the Airport capacity to 50mn3 passengers

International Airports

Medan Airport (Indonesia)

• Traffic Insight
  Q1FY27: Pax traffic at 1.81mn, up by 2.4% YoY from 1.76mn in Q1FY26
  o Domestic traffic increased by 3% YoY while International traffic increased by 2% YoY
  o Domestic pax growth constrained by delay in reactivation of fleets by airlines
• Key Financials
  Total Income

o Q1FY27: Increased to INR 147 Crs, up by 9.3% YoY from INR 134 Crs in Q1FY26 with Aero Revenue up 8% YoY and Non-Aero Revenue up 15% YoY

EBITDA

o Q1FY27: Increased to INR 44 Crs, up by 46% YoY from INR 30 Crs in Q1FY26

• A new premium transport lounge by Golden Bird launched from 16 Feb’26
• New F&B outlet – Kuisus launched operations from 18 Mar’26
• Destinations connected – 19 Domestic & 7 International destinations

Crete Airport (Greece)

• Project is fully funded mainly through State Grant (which is already received) and Airport Modernisation & Development Tax. It is a debt free project
• Overall progress of 73.5% achieved as of Jun’26. Work steadily progressing on multiple fronts

GAL Consolidated Financial Highlights
^{[INR Cr]}

Particulars	Quarterly			Yearly
	Q1	Q4	Q1	12M
	Jun’26	Mar'26	Jun’25	Mar’26
Total Income	4,085	4,043	3,321	15,201
Net Income	3,107	3,114	2,510	11,757
EBITDA	1,568	1,549	1,280	6,150
Interest & Finance Charges	938	950	949	3,859
Depreciation	456	452	489	1,837
PBT (Before exceptional items & share of JVs)	174	147	-158	455
Share of Profit from JVs / Associates	49	161	47	240
Exceptional Item	0	-6	46	-108
PBT	223	302	-65	586
Profit After Tax	148	400	-137	472

About GMR Airports Limited (Formerly GMR Airports Infrastructure Limited)

GMR Airports Limited (GAL) is a leading global airport platform company with over two decades of experience in designing, constructing, and operating world-class sustainable airports. Under the brand name “GMR AERO”, it offers pioneering aviation solutions in retail, aero services, and real estate. Groupe ADP joined the journey in 2020 as a strategic partner and is now a co-promoter in GAL.

As a platform business, GAL also provides a range of aero services including Duty Free, Retail, F&B, Cargo, Car Parking, O&M, and PMC services. Through its innovative Aerotropolis concept, it develops cutting-edge airport cities, shaping best-in-class real estate developments in South Asia. GAL operates India's largest third-party Maintenance, Repair, and Overhaul (MRO) facility through its subsidiary, GMR Air Cargo and Aerospace Engineering Limited ensuring operational excellence across the Asia Pacific region.

GMR Innovex, a GMR Group entity, is developing and introducing a range of digital solutions to enhance the passenger journey and airport experience. Through GMR Aero Academy and GMR School of Aviation, the company is creating the talent pool necessary to drive the growth of the aviation sector in India (the third largest in the world).

As one of the largest private airport operators in the world, GMR Airports Limited (GAL) served over 121 million passengers in FY26. Its commitment to operational excellence and service quality has been consistently recognized by ACI and Skytrax. With seven operational airport assets across India and overseas, GAL manages key aviation gateways including Delhi, Hyderabad, Goa, Nagpur, Bidar, and Visakhapatnam (Vizag) Airport in India, as well as Medan Airport in Indonesia. It is also extending technical services to the Mactan-Cebu International Airport in the Philippines. Further strengthening its global footprint, GAL is developing a transformative greenfield airport project in Crete, Greece.

GMR Group, the promoter of GAL has a significant presence in Energy, Transportation, Urban Infrastructure, and Sports. Through its CSR arm, GMR Varalakshmi Foundation, GMR supports local communities, reflecting its commitment to improving quality of life by enhancing skills, providing education, and developing healthcare infrastructure and services.

Groupe ADP develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly, and Paris-Le Bourget. In
2025, the group handled through its brand Paris Aéroport 107 million passengers at Paris-Charles de Gaulle and ParisOrly, and nearly 379 million passengers in airports in France and abroad. Boasting an exceptional geographic location and a major catchment area, the Group is pursuing its strategy of adapting and modernizing its terminal facilities and upgrading the quality of services; the group also intends to develop its retail and real estate businesses. In 2025, group revenue stood at €6,704 million and net income at €382 million.

For further information about GMR Group, visit http://www.gmrgroup.com

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For Further Information, please contact:

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• Prateek Chatterjee
• Subhendu Ray

• Group Chief Communications Officer
• AVP and COE Head-Media Relations

• Email: prateek.chatterjee@gmrgroup.in
• Email: subhendu.ray@gmrgroup.in

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