Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — Q2 FY2026 Earnings Presentation
57 slides from Gmr Airports's earnings presentation, Nov 13, 2025
Slide 1: Regulation 30 disclosure letter to exchanges
GMR AIRPORTS LIMITED (Formerly GMR Airports Infrastructure Limited) November 13, 2025 BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Plot no. C/1, G Block, Mumbai 400001 Bandra-Kurla Complex, Bandra (E) Equity Scrip: 532754 Mumbai - 400051
Slide 2: GMR Airports Limited Investor Presentation Q2FY26
GMR Airports Limited (GAL) Formerly known as GMR Airports Infrastructure Limited INVESTOR PRESENTATION Q2FY26 1
Slide 3: Disclaimer
Disclaimer All statements, graphics, data, tables, charts, logos, names, figures and all other information This Material and any discussions which follows may contain ‘forward looking statements’ relating to (“Contents”) contained in this document (“Material”) is prepared by GMR Airports Limited the
Slide 4: Corporate Overview
G.R AERO CORPORATE OVERVIEW
Slide 5: Leading global airports platform with end-to-end capabilities
Leading global airports platform with end-to-end capabilities across the airport value chain One of the Largest Airports Platform #96 “Best Airport” in CY24 2nd Largest1 globally No. of airport assets In Asia Pacific catering 27.5%5 Largest in India under operations or to 40mn+ pax (DIAL) share of p
Slide 6: Portfolio of World Class Assets
Portfolio of World Class Assets Faster ramp-up expected given old airports with existing traffic to be closed post COD of new airports Delhi Hyderabad Mopa (Goa) Medan Nagpur Bhogapuram Crete Airport / % GAL stake Mactan Cebu5 Bidar1 (74%8) (74%) (100%)6 (49%) (100%)2 (100%)6 (21.6%) Base city Delhi
Slide 7: Growth at an Inflection Point
Growth at an Inflection Point Present in most lucrative Asian markets – Long Organic growth visibility given expansion at 1 term airport concessions to capitalize on the 5 Delhi, Hyderabad and Goa completed – EBITDA to growth in aviation market improve Mature and predictable tariff regime for Aero M
Slide 8: A Multi-Faceted Investment Opportunity
Re-Imagining the Airport Operator A Multi-Faceted Investment Opportunity We View Ourselves as a Unique Blend of Steady Returns, Consumer Upside and Real Estate Value Creation UTILITY CONSUMER REAL ESTATE BUSINESS PLATFORM PLATFORM Stable, Gateway to Unlocking Value Regulated Premium from Returns Con
Slide 9: Business Highlights
BUSINESS HIGHLIGHTS 8
Slide 10: GAL Key Highlights – Q2FY26 (1/3)
GAL Key Highlights – Q2FY26 (1/3) ▪ Delhi: • Duty Free: Process of take over completed in Jul’25. GAL started5 operating from 28 Jul’25 “GAL Platform”: • Cargo City: Received a Letter of Intent to Award (LOIA)3 from Delhi International Airport Limited (DIAL) and Adjacency subsequently signed the con
Slide 11: GAL Key Highlights – Q2FY26 (2/3)
GAL Key Highlights – Q2FY26 (2/3) ▪ DIAL: • Construction underway on: o Self-development project – Commercial office building with ~1mn sq.ft. built-up area o Build to suit Luxury Hotel with ~0.6mn sq.ft. built-up area o Other third-party projects with ~12mn sq.ft. built-up area Airport Land ▪ GHIAL
Slide 12: GAL Key Highlights – Q2FY26 (3/3)
GAL Key Highlights – Q2FY26 (3/3) ▪ ESG Initiatives • Delhi Airport: o Became the first and only airport in India to receive the IGBC Net Zero Waste to Landfill Platinum Certification for all the 3 terminals • Hyderabad Airport: o Awarded Level 4 Accreditation in the Airports Council International (
Slide 13: GAL Operated Airport - Passenger Traffic
GAL Operated Airport - Passenger Traffic Resilient Pax Traffic Q2FY26 Pax Traffic and YoY Growth H1FY26 Pax Traffic and YoY Growth ▪ In Q2FY26, GAL owned airports handled 27.8mn passengers, down 3.5% YoY (H1FY26 traffic was 57.9mn, unchanged YoY) • Domestic pax traffic down 5% YoY (H1FY26 down 1% Yo
Slide 14: Passenger Traffic: Hyderabad Airport Continues to Achieve New Highs
Passenger Traffic Hyderabad Airport Continues to Achieve New Highs Delhi Airport – Monthly Pax 1 Hyderabad Airport – Monthly Pax Domestic (mn) Domestic (mn) 5.5 2.6 2.3 4.5 2.0 1.7 3.5 1.4 2.5 1.1 0.8 1.5 0.5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Slide 15: Financial Highlights
GAR AERO FINANCIAL HIGHLIGHTS CT | SOS
Slide 16: GAL Q2FY26 Consolidated Results at a Glance
GAL Q2FY26 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 27.8mn 178.2 INR 469 INR 415 ▼ 4% YoY ▼ 2% YoY ▲ 69% YoY ▲ 17% YoY ▼ 8% QoQ ▼ 6% QoQ ▲ 18% QoQ ▲ 10% QoQ Gross Income EBITDA Net Debt4 Capex Progress5 INR 37.5bn INR 15.3bn INR 340bn ▲ 45% YoY ▲ 19% YoY GVI
Slide 17: GAL H1FY26 Consolidated Results at a Glance
GAL H1FY26 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 57.9mn 367.8 INR 433 INR 395 Unchanged YoY ▲ 2% YoY ▲ 59% YoY ▲ 14% YoY Gross Income EBITDA Net Debt4 Capex Progress5 INR 70.8bn INR 28.1bn INR 340bn GVIAL6 – ~87.5% ▲ 38% YoY ▲ 19% YoY Crete – ~60% ▲ 42% Y
Slide 18: GAL Consolidated Financial Highlights
GAL Consolidated Financial Highlights Q2FY26 Gross Income & EBITDA H1FY26 Gross Income & EBITDA ▪ EBITDA: • Q2FY26: ▲59% YoY; ▲20% QoQ to INR 15.3bn ▪ EBITDA: • EBITDA at record high for the quarter • H1FY26: ▲42% YoY to INR 28.1bn ▪ Reported first positive PBT in more than 3 years ▪ Net Profit Afte
Slide 19: GAL Consolidated Financial Highlights: Revenue Composition
GAL Consolidated Financial Highlights H1FY26 Revenue from Operations1 Proforma Composition INR mn Non-Aero and Adjacency Businesses witnessing Strong Growth … 1 Excluding other income Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence
Slide 20: GAL Consolidated Financial Highlights: EBITDA Composition
GAL Consolidated Financial Highlights H1FY26 EBITDA1 Proforma Composition INR mn … Leading to Healthy EBITDA and Cash Flow Generation 1 Including other income Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility |
Slide 21: GAL Consolidated EBITDA incl. JVs (Proforma Attributable) – H1FY26
GAL Consolidated EBITDA incl. JVs (Proforma Attributable) – H1FY26 INR mn # 1 Consolidated EBITDA incl. JVs (Proforma Attributable) is ~INR 29.6bn #: also includes airport subsidiaries; 1: DIAL – Delhi International Airport Limited; GHIAL: GMR Hyderabad International Airport Limited Key JV businesse
Slide 22: Adjacency Business Platforms
Adjacency Business Platforms: Multiple assets under each platform Non-Regulated High Revenue Growth Potential Less Capital-Intensive Business Enable Entry Outside GMR Airports Both - Domestic and International GAL HYD Business Platform Perpetual Business Going Beyond Life of Existing Airport Concess
Slide 23: GAL Financial Highlights: Non-Aero Business Performance
GAL Financial Highlights Q2FY26 Key Non-Aero Business Performance Delhi Airport Hyderabad Airport Hyd / Goa Q2FY26 Advertise- Food & Car Cargo + Advertise- Food & Hotel (INR mn) -ment Beverage Park MRO -ment Beverage Accounted as JV JV Subsidiary Subsidiary Subsidiary JV Subsidiary GAL Stake (%) 49.
Slide 24: GAL Consolidated Debt – Q2FY26
GAL Consolidated Debt – Q2FY26 Gross & Net Debt ^ Net Debt Break-up ^ (INR bn) (in INR bn) 41 ▪ Net Debt increased by INR 11.8bn QoQ • INR 59 bn Non-Convertible Bonds raised1 by GAL to refinance debt of INR 50bn with redemption premium of INR 9bn ▪ “Others” mainly includes net debt of GMR Airports G
Slide 25: Asset-wise Performance
GAR AERO ASSET-WISE PERFORMANCE
Slide 26: Domestic Airports
DOMESTIC AIRPORTS K e y H i g h l i g h t s 25
Slide 27: Delhi Airport (DIAL) Key Highlights – Q2FY26
Delhi Airport (DIAL) Key Highlights – Q2FY26 ▪ Destinations Connected: • Domestic: 82; International 67 Total Income Revenues ▪ Aero Revenues up substantially driven by revised tariffs implemented from mid-Apr’25 resulting in Q2FY26 EBITDA beating last 4 years’ quarterly EBITDA Q2FY26: INR 18.5bn; A
Slide 28: Delhi Airport: Projects Under Construction
Delhi Airport (DIAL) Build to Suit / Self-Development Projects Under Construction Self – Development Commercial Building Built up Area: ~1mn sq. ft. Build to Suit Terminal Hotel (T3) Built up Area: ~0.6mn sq. ft. Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise |
Slide 29: Hyderabad Airport (GHIAL) Key Highlights – Q2FY26
Hyderabad Airport (GHIAL) Key Highlights – Q2FY26 ▪ Destinations Connected: • Domestic: 72; International 26 Total Income ▪ Strong performance resulting in record quarterly EBITDA reported in Q2FY26 Q2FY26: INR 6.7bn; Revenues ▪ Recognition by Airbus: GMR School of Aviation and its Basic Aircraft ▲1
Slide 30: Hyderabad Airport: Projects Under Construction
Hyderabad Airport (GHIAL) Self-Development / EPC Projects Under Construction EPC: Safran MRO with ~0.46mn sq. ft. Built up Area: Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - Frugalit
Slide 31: Mopa (Goa) Airport – Key Highlights – Q2FY26
Mopa (Goa) Airport – GGIAL Key Highlights – Q2FY26 Total Income ▪ Destinations Connected: • Domestic: 24; International 14 Q2FY26: INR 836mn; Revenues ▪ Aero Revenue includes impact of special initiative program to attract airlines ▼14.5% YoY ▪ Captured ~46% market share (of Goa system traffic) in Q
Slide 32: Bhogapuram Airport – Key Highlights
Bhogapuram Airport – Visakhapatnam, Andhra Pradesh Key Highlights ▪ Physical progress of ~87.5% achieved by Sep’25: • Airside works ~98% complete • Terminal building ~82% complete and • Air Traffic Control tower ~91% complete ▪ Declared as a ‘Major Airport’ by AERA in Aug’25 ▪ Target completion incl
Slide 33: Operational & Financial Highlights – Q2FY26
Operational & Financial Highlights – Q2FY26 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn Q2FY2025 Q1FY2026 Q2FY2026 Q2FY2025 Q1FY2026 Q2FY2026 Q2FY2025 Q1FY2026 Q2FY2026 Net Income 7,666 10,068 10,479 5,536 5,999 6,474 978 772 632 EBITDA 3,983
Slide 34: Operational & Financial Highlights – H1FY26
Operational & Financial Highlights – H1FY26 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn H1FY2025 H1FY2026 H1FY2025 H1FY2026 H1FY2025 H1FY2026 Net Income 15,222 20,547 11,067 12,473 1,925 1,404 EBITDA 7,905 13,096 7,306 8,203 803 353 Interest
Slide 35: Key Parameters – ATM Movements
Key Parameters – ATM Movements Continue to Trend Upwards Delhi Airport Hyderabad Airport ATMs decreased 7% YoY in Q2FY26 ATMs increased 5% YoY in Q2FY26 Domestic International (Nos '000) Domestic International (Nos '000) 113.2 48.2 50.7 105.5 26.5 7.5 8.1 25.5 86.6 40.7 42.6 80.0 Q2FY2025 Q2FY2026 Q
Slide 36: Consolidated EBITDA (Proforma Attributable) – H1FY26
Consolidated EBITDA (Proforma Attributable) – H1FY26 Delhi Airport Hyderabad Airport INR mn INR mn Standalone JVs / Subsidiaries Consolidated Standalone JVs* / Subsidiaries Consolidated (Proforma) (Proforma) ▪ Delhi Airport: INR 14.0bn ▪ Hyderabad Airport: INR 11.7bn ▪ Increased 48% YoY ▪ Increased
Slide 37: Non-Aero Revenues Performance – H1FY26
Non-Aero Revenues Performance – H1FY26 Delhi Airport Hyderabad Airport Non-Aero Revenue Break-up INR 17.3 bn Non-Aero^ Revenue Break-up INR 3.7 bn Others Others 16% Retail (incl 14% Ground Handling Retail (incl 7% Duty Free) Duty Free) 26% F&B 29% F&B 20% Space Rentals 11% 20% Advt. Cargo 13% Car Pa
Slide 38: International Airports
INTERNATIONAL AIRPORTS K E Y H I G H L I G H T S 37
Slide 39: Medan Airport (Indonesia)
Medan Airport (Indonesia) Key Highlights ▪ Traffic: Q2FY26 Passenger Traffic • Q2FY26 at 1.77mn - ▼3.4% YoY; ▲1% QoQ. Domestic pax growth continues to 1.8 mn pax Domestic International be impacted by delay in reactivation of fleets by airlines ▪ Gross Income: ▲10.6% YoY to INR 1.4bn in Q2FY26 • Aero
Slide 40: Crete Airport (Greece)
Crete Airport (Greece) Key Highlights ▪ 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 ~60.1% achieved as of 30 Sep’25: • Passenger Terminal: Mechanical, Electrical, Plumbing,
Slide 41: Cebu Airport (Philippines)
Cebu Airport (Philippines) Key Highlights ▪ GMR continues to operate as “Technical Services Provider” until Dec'26 and will be entitled to additional deferred consideration based on the performance of the airport during the period ▪ Traffic – Q2FY26: ▼8% QoQ; ▼4% YoY to 2.7mn pax; H1FY26: ▼1% YoY to
Slide 42: ESG Practices
GAR AERO PRACTICES ann
Slide 43: ESG Ratings of GMR Airports
ESG Ratings of GMR Airports • Significant improvement in ESG ratings across both S&P Corporate Sustainability Assessment (CSA) and Sustainalytics ESG Risk Ratings, driven by focused ESG initiatives, enhanced transparency and public disclosures • ‘Very High’ disclosure coverage underscores GAL’s alig
Slide 44: GMR Airports – At the Forefront of Climate Action
GMR Airports – At the Forefront of Climate Action ACI ACA Level 5 Airports* • 24 Airports Certified Globally • 4 Airports Certified in Asia-Pacific & Middle East • 3 Airports Certified in India DIAL is the largest airport in the world to achieve the highest Level 5 certification How we got here? Ene
Slide 45: ESG Performance Highlights - Environment
ESG Performance Highlights - Environment Environmental initiatives are guided by the policy on ‘Climate Resilience’ which commits to alignment with 1.5°C growth. This is further complemented by the site level Environment / EHS Policies. Sustainable Airport Management Net Zero Initiatives Waste and E
Slide 46: ESG Performance Highlights - Social
ESG Performance Highlights - Social Community and Social Welfare Employee Wellbeing Human Rights • Inaugurated “Tinker on Wheels” program at Delhi for • Employee Wellbeing: GAL continued its efforts to • Code of Conduct: Human rights issues, including providing Robotics and AI learning to about 10,0
Slide 47: ESG Performance Highlights - Governance
ESG Performance Highlights - Governance Transparent & Ethical Practices Compliance & Risk Management Sustainable Supply Chain • Ethics and Integrity: GMR has a dedicated Ethics and • Strict Regulatory Adherence: The Group rigorously • Code Implementation: Implemented a Supplier Code Integrity team t
Slide 48: Key Focus Areas
Key Focus Areas ▪ Rationalise costs and focus on margin expansion Improve Profitability ▪ Work towards optimizing the cost of debt Develop & ▪ Accelerate the progress in greenfield projects at Crete and Bhogapuram Operationalize Adjacencies business at ▪ Strengthen non-aero adjacencies businesses at
Slide 49: For further information
For further information, please visit Website: www.gmraero.com or Contact: investor.relations@gmrgroup.in 48
Slide 50: Annexures
GR AERO ~_ ANNEXURES
Slide 51: Annexures
Annexures Particulars No. ▪ GAL Profitability Statement (Consolidated) A ▪ Walkthrough of Quarterly Growth in Revenue from Operations B ▪ GAL Profitability Statement (Standalone) C ▪ Financial Performance • Delhi Airport (Standalone) D • Hyderabad Airport (Standalone) E • Mopa (Goa) Airport (Standal
Slide 52: Annexure A: GAL Profitability Statement (Consolidated)
Annexure A : GAL Profitability Statement (Consolidated) INR mn Quarterly Analysis Particulars Q2FY2025 Q1FY2026 Q2FY2026 H1FY2025 H1FY2026 Revenue from Operations 24,955 32,052 36,700 48,977 68,752 Other Income 1,026 1,155 844 2,227 1,999 Gross Income 25,981 33,207 37,544 51,204 70,751 Less: Revenue
Slide 53: Annexure B: Walkthrough of Quarterly Growth in Revenue from Operations
Annexure B: Walkthrough of Quarterly Growth in Revenue from Operations INR mn ▪ Revenue from Operations ▲47% YoY; ▲15% QoQ to INR 36.7bn Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence -
Slide 54: Annexure C: GAL Profitability Statement (Standalone)
Annexure C : GAL Profitability Statement (Standalone) INR mn Particulars Q2FY2025 Q1FY2026 Q2FY2026 H1FY2025 H1FY2026 Revenue from Operations 2,824 4,780 9,451 4,848 14,231 Other Income 9 131 25 12 156 Gross Income 2,834 4,911 9,476 4,859 14,387 Less: Revenue Share 659 1,181 3,000 1,117 4,182 Net In
Slide 55: Annexure D: Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) INR mn Quarterly Analysis Particulars Q2FY2025 Q1FY2026 Q2FY2026 H1FY2025 H1FY2026 Aero Revenue 2,796 6,340 7,424 5,589 13,765 Non Aero Revenue 7,903 8,780 8,532 15,607 17,313 CPD Rentals 1,984 2,310 2,365 3,979 4,675 Other Income 1,104 225 170 1,497 395 Gross
Slide 56: Annexure E: Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) INR mn Quarterly Analysis Particulars Q2FY2025 Q1FY2026 Q2FY2026 H1FY2025 H1FY2026 Aero Revenue 3,928 4,246 4,228 7,646 8,474 Non Aero Revenue 1,480 1,696 2,048 2,934 3,744 Other Income 357 304 465 943 769 Gross Income 5,765 6,245 6,741 11,523 12,986 Less:
Slide 57: Annexure F: Mopa (Goa) Airport (Standalone)
Annexure F : Mopa (Goa) Airport (Standalone) INR mn Quarterly Analysis Particulars Q2FY2025 Q1FY2026 Q2FY2026 H1FY2025 H1FY2026 Aero Revenue 766 740 562 1,504 1,302 Non Aero Revenue 173 204 206 342 411 CPD Rentals 0 13 15 0 28 Other Income 39 66 54 79 120 Gross Income 978 1,024 836 1,925 1,860 Less: