Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — Q1 FY26 Earnings Presentation
57 slides from Gmr Airports's earnings presentation, Jul 29, 2025
Slide 1: Regulation 30 disclosure letter to exchanges
GMR AIRPORTS LIMITED (Formerly GMR Airports Infrastructure Limited) July 29, 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 Deb
Slide 2: GMR Airports Limited Investor Presentation Q1FY26
GMR Airports Limited (GAL) Formerly known as GMR Airports Infrastructure Limited INVESTOR PRESENTATION Q1FY26 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
GAR 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: Breakout Growth Imminent
Breakout Growth Imminent 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 Multip
Slide 8: Business Highlights
GAR AERO BUSINESS HIGHLIGHTS
Slide 9: GAL Key Highlights – Q1FY26 (1/4)
GAL Key Highlights – Q1FY26 (1/4) ▪ Delhi Airport Control Period-4 (CP-4) revised tariff implemented resulting in significant improvement in Delhi Airport financials Regulatory ▪ TDSAT 1 has quashed and set aside the calculation of HRAB2 by AERA3 for DIAL Updates • TDSAT has directed AERA to include
Slide 10: GAL Key Highlights – Q1FY26 (2/4)
GAL Key Highlights – Q1FY26 (2/4) ▪ DIAL: • Signed an agreement with Hilton Hotels & Resort for the development of Hotels under Waldorf (150 rooms) & Hilton (350 rooms) brands • Construction underway on: o Self-development project – Commercial office building with ~1mn sq.ft. built-up area o Build t
Slide 11: GAL Key Highlights – Q1FY26 (3/4)
GAL Key Highlights – Q1FY26 (3/4) ▪ GHIAL: Consolidating • Concluded1 Share Purchase Agreement (SPA) to acquire 70% stake in ESR GMR Logistics Park Private Limited (“EGLPPL”) from other shareholders at a consideration of up to ~INR 413mn Stake in Assets • EGLPPL has now become a wholly owned subsidi
Slide 12: GAL Key Highlights – Q1FY26 (4/4)
GAL Key Highlights – Q1FY26 (4/4) ▪ ESG Ratings of GAL: 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. More details available in the
Slide 13: GAL Operated Airport - Passenger Traffic
GAL Operated Airport - Passenger Traffic Healthy Growth Continues Q1FY26 Pax Traffic and YoY Growth FY25 Pax Traffic and YoY Growth ▪ In Q1FY26, GAL owned airports handled 30.1mn passengers, up 4% YoY • Domestic pax traffic up 3% YoY and International pax traffic up 5% YoY ▪ Indian airports operated
Slide 14: Passenger Traffic: Monthly Pax Delhi and Hyderabad
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 1 FINANCIAL HIGHLIGHTS ann
Slide 16: GAL Q1FY26 Consolidated Results at a Glance
GAL Q1FY26 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 30.1mn 189.5 INR 399 INR 376 ▲ 4% YoY ▲ 6% YoY ▲ 50% YoY ▲ 10% YoY ▼ 4% QoQ Unchanged QoQ ▲ 53% QoQ ▲ 4% QoQ Gross Income EBITDA Net Debt4 Capex Progress5 INR 33.2bn INR 12.8bn INR 329bn ▲ 32% YoY ▲ 17% YoY
Slide 17: GAL Consolidated Financial Highlights
GAL Consolidated Financial Highlights Q1FY26 Gross Income & EBITDA FY25 Gross Income & EBITDA ▪ EBITDA: • Q1FY26: ▲26% YoY; ▲14% QoQ to INR 12.8bn • EBITDA at record high for the quarter ▪ EBITDA: • EBITDA margins at 51% • FY25: ▲22.5% YoY to INR 41.9bn • EBITDA margins at 51% ▪ Net Profit After Tax
Slide 18: GAL Consolidated Financial Highlights: Revenue
GAL Consolidated Financial Highlights Q1FY26 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 19: GAL Consolidated Financial Highlights: EBITDA
GAL Consolidated Financial Highlights Q1FY26 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 20: GAL Consolidated EBITDA incl. JVs (Proforma Attributable)
GAL Consolidated EBITDA incl. JVs (Proforma Attributable) – Q1FY26 INR mn # 1 Consolidated EBITDA incl. JVs (Proforma Attributable) is ~INR 13.8bn #: also includes airport subsidiaries; 1: DIAL – Delhi International Airport Limited; GHIAL: GMR Hyderabad International Airport Limited Key JV businesse
Slide 21: 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 22: GAL Financial Highlights: Key Non-Aero Business Performance
GAL Financial Highlights Q1FY26 Key Non-Aero Business Performance Key Non-Aero Business Performance - Standalone Delhi Airport Hyderabad Airport Hyd / Goa Q1FY26 Advertise- Food & Car Cargo + Duty Free + Advertise- Food & Duty Free (INR mn) -ment Beverage Park MRO Hotel -ment Beverage Accounted as J
Slide 23: GAL Consolidated Debt – Q1FY26
GAL Consolidated Debt – Q1FY26 Gross & Net Debt ^ Net Debt Break-up ^ (INR bn) (in INR bn) 34 ▪ Gross Debt increased by INR 10.1bn QoQ ▪ Net Debt increased by INR 14.0bn QoQ • INR 15 bn Non-Convertible Bonds raised1 by GAL - INR 11bn received in Q4FY25 and INR 4bn in Q1FY26 • INR 3.2bn net debt incr
Slide 24: Asset-wise Performance
GAR AERO s ASSET-WISE PERFORMANCE ually.
Slide 25: Domestic Airports
DOMESTIC AIRPORTS K e y H i g h l i g h t s 24
Slide 26: Delhi Airport (DIAL) Key Highlights – Q1FY26
Delhi Airport (DIAL) Key Highlights – Q1FY26 ▪ Destinations Connected: • Domestic: 79; International 69 Total Income Revenues ▪ Aero Revenues up substantially driven by revised tariffs implemented from mid-Apr’25 resulting in Q1FY26 EBITDA beating last 4 years’ quarterly EBITDA Q1FY26: INR 17.7bn; A
Slide 27: Delhi Airport: Build to Suit / Self-Development Projects
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 28: Hyderabad Airport (GHIAL) Key Highlights – Q1FY26
Hyderabad Airport (GHIAL) Key Highlights – Q1FY26 ▪ Destinations Connected: • Domestic: 71; International 25 Total Income ▪ Record traffic handled (both domestic and international) in Q1FY26 Q1FY26: INR 6.2bn; Revenues ▪ Strong performance resulting in record quarterly EBITDA reported in Q1FY26 ▲8.5
Slide 29: Hyderabad Airport: Self-Development / EPC Projects
Hyderabad Airport (GHIAL) Self-Development / EPC Projects Under Construction Self – Development Interchange Retail Built up Area: ~0.55mn sq. ft. EPC Safran MRO Built up Area: ~0.46mn sq. ft. Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Exc
Slide 30: Mopa (Goa) Airport – GGIAL Key Highlights
Mopa (Goa) Airport – GGIAL Key Highlights – Q1FY26 Total Income ▪ Destinations Connected: • Domestic: 19; International 6 Q1FY26: INR 1,024mn; Revenues ▪ EBITDA and Margins impacted by commencement of revenue share ▲8.2% YoY ▪ Captured ~43% market share (of Goa system traffic) in Q1FY26 Aero Revenue
Slide 31: Bhogapuram Airport – Visakhapatnam, Andhra Pradesh
Bhogapuram Airport – Visakhapatnam, Andhra Pradesh Key Highlights ▪ Physical progress of ~80% achieved by Jun’25: • Airside works ~95% complete • Terminal building ~72% complete and • Air Traffic Control tower ~87% complete ▪ Target completion including Operational Readiness and Airport Transfer (OR
Slide 32: Airports Operational and Financial Performance
Airports Operational and Financial Performance 31
Slide 33: Operational & Financial Highlights – Q1FY26
Operational & Financial Highlights – Q1FY26 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn Q1FY2025 Q4FY2025 Q1FY2026 Q1FY2025 Q4FY2025 Q1FY2026 Q1FY2025 Q4FY2025 Q1FY2026 Net Income 7,556 9,188 10,068 5,532 5,657 5,999 946 902 772 EBITDA 3,922
Slide 34: Key Parameters – ATM Movements
Key Parameters – ATM Movements Continue to Trend Upwards Delhi Airport Hyderabad Airport ATMs increased 1% YoY in Q1FY26 ATMs increased 17% YoY in Q1FY26 Domestic International (Nos '000) Domestic International (Nos '000) 111.7 112.7 54.8 46.8 7.6 25.6 26.5 7.1 47.2 86.2 86.3 39.7 Q1FY2025 Q1FY2026
Slide 35: Consolidated EBITDA (Proforma Attributable) – Q1FY26
Consolidated EBITDA (Proforma Attributable) – Q1FY26 Delhi Airport Hyderabad Airport INR mn INR mn Standalone JVs* / Subsidiaries Consolidated Standalone JVs / Subsidiaries Consolidated (Proforma) (Proforma) ▪ Delhi Airport: INR 7.0bn ▪ Hyderabad Airport: INR 5.4bn ▪ Increased 50% YoY ▪ Increased 11
Slide 36: Non-Aero Revenues Performance – Q1FY26
Non-Aero Revenues Performance – Q1FY26 Delhi Airport Hyderabad Airport Non-Aero Revenue Break-up INR 8.8 bn Non-Aero^ Revenue Break-up INR 1.7 bn Others Others 8% Ground Handling 16% Retail (incl Retail (incl 7% Duty Free) F&B Duty Free) 26% 23% 29% F&B 11% Space Rentals 21% Advt. Cargo 13% Advt. Ca
Slide 37: International Airports
INTERNATIONAL AIRPORTS K e y H i g h l i g h t s 36
Slide 38: Medan Airport (Indonesia) Key Highlights
Medan Airport (Indonesia) Key Highlights ▪ Traffic: Q1FY26 Passenger Traffic • Q1FY26 at 1.76mn - ▲3.2% YoY; ▲1% QoQ. Domestic pax growth continues to Domestic International 1.8 mn pax be impacted by delay in reactivation of fleets by airlines ▪ Gross Income: ▲9.1% YoY to INR 1.3bn in Q1FY26 • Aero
Slide 39: Crete Airport (Greece) Key Highlights
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 ~54.4% achieved as of 30 Jun’25: • Passenger Terminal: Mechanical, Electrical, Plumbing,
Slide 40: Cebu Airport (Philippines) Key Highlights
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 – Q1FY26: ▼5% QoQ;▲2% YoY to 2.9mn pax; FY25: ▲11% YoY to 1
Slide 41: ESG Practices
GAR AERO PRACTICES ann
Slide 42: 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 43: GMR Airports – At the Forefront of Climate Action
GMR Airports – At the Forefront of Climate Action ACI ACA Level 5 Airports • 20 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? Ener
Slide 44: 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 45: ESG Performance Highlights - Social
ESG Performance Highlights - Social Community and Social Welfare Employee Wellbeing Human Rights • Recognised by National and State Leadership: Won • Employee Wellbeing: GAL continued its efforts to • Code of Conduct: Human rights issues, including Runner-Up at the 6th ASSOCHAM Southern Region CSR e
Slide 46: 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 47: Upcoming Events
Upcoming Events Takeover of Nagpur ▪ GMR Nagpur International Airport Ltd. has achieved financial closure. GMR has met all its Airport conditions precedent to take over operations - expected in Q2FY26. Scaling adjacency ▪ GAL to take over operations of Duty-Free businesses of Hyderabad Airport in Q2
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
GAR 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 Particulars Q1FY2025 Q4FY2025 Q1FY2026 FY2025 Revenue from Operations 24,022 28,633 32,052 1,04,142 Other Income 1,201 1,134 1,155 4,217 Gross Income 25,223 29,768 33,207 1,08,359 Less: Revenue Share 5,563 7,748 8,109 26,348 Net Income 1
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 ▲33% YoY; ▲12% QoQ to INR 32.1bn ▪ YoY growth seen across Airports and Non-Aero Businesses Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner
Slide 54: Annexure C: GAL Profitability Statement (Standalone)
Annexure C : GAL Profitability Statement (Standalone) INR mn Particulars Q1FY2025 Q4FY2025 Q1FY2026 FY2025 Revenue from Operations 2,023 5,077 4,780 12,634 Other Income 3 23 131 37 Gross Income 2,026 5,100 4,911 12,671 Less: Revenue Share 459 808 1,181 2,783 Net Income 1,567 4,292 3,730 9,888 Total
Slide 55: Annexure D: Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) INR mn Particulars Q1FY2025 Q4FY2025 Q1FY2026 FY2025 Aero Revenue 2,793 2,987 6,340 11,526 Non Aero Revenue 7,705 8,811 8,780 33,013 CPD Rentals 1,995 3,831 2,310 9,789 Other Income 393 742 225 3,011 Gross Income 12,885 16,371 17,656 57,339 Less: Revenue Share
Slide 56: Annexure E: Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) INR mn Particulars Q1FY2025 Q4FY2025 Q1FY2026 FY2025 Aero Revenue 3,718 3,959 4,246 15,596 Non Aero Revenue 1,454 1,689 1,696 6,306 Other Income 586 245 304 1,602 Gross Income 5,758 5,893 6,245 23,504 Less: Revenue Share 226 236 247 932 Net Income 5,532 5,
Slide 57: Annexure F: Mopa (Goa) Airport (Standalone)
Annexure F : Mopa (Goa) Airport (Standalone) INR mn Particulars Q1FY2025 Q4FY2025 Q1FY2026 FY2025 Aero Revenue 742 801 740 3,163 Non Aero Revenue 165 240 204 792 CPD Rentals 0 93 13 212 Other Income 39 68 66 204 Gross Income 946 1,201 1,024 4,370 Less: Revenue Share 0 299 252 383 Net Income 946 902