Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — Q1 FY27 Earnings Presentation
57 slides from Gmr Airports's earnings presentation, Aug 12, 2026
Slide 1: Regulation 30 disclosure cover letter
GMR AIRPORTS LIMITED (Formerly GMR Airports Infrastructure Limited) August 12, 2026 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 D
Slide 2: GMR Airports Limited Investor Presentation Q1FY27
GMR Airports Limited (GAL) Formerly known as GMR Airports Infrastructure Limited INVESTOR PRESENTATION Q1FY27 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
CORPORATE OVERVIEW 3
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 “Best Airport”5 in CY25 Largest in India and #96 DIAL: At Departures In Amongst the top No. of airport assets 27.3%3 Asia Pacific catering to globally under operations or
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: 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 REAL ESTATE CONSUMER BUSINESS PLATFORM PLATFORM Stable, Unlocking Value Gateway to Regulated from Premiumization Retu
Slide 8: Beyond Inflection: Entered a Phase of Sustained Value Creation
Beyond Inflection: Entered a Phase of Sustained Value Creation Organic growth visibility post completion of Present in most lucrative Asian markets – Long expansion at Delhi and Hyderabad and addition 1 term airport concessions to capitalize on the 5 of Nagpur and Bhogapuram Airports – Leading to gr
Slide 9: Business Highlights
BUSINESS HIGHLIGHTS 8
Slide 10: GAL Key Highlights – Q1FY27 (1/4)
GAL Key Highlights – Q1FY27 (1/4) Adding New ▪ Nagpur: Takeover of operations completed on 25 Jun’261. Initial focus on modernizing and upgrading existing Airports to infrastructure with aim to improve passenger convenience and safety Operational ▪ Bhogapuram: Inaugurated on 1 Aug’26 by Hon. Prime M
Slide 11: GAL Key Highlights – Q1FY27 (2/4)
GAL Key Highlights – Q1FY27 (2/4) ▪ DIAL: • Construction underway on: o Self-development project (Aerocity One) – Commercial office building with ~1mn sq.ft. built-up area; Pre-Leasing discussions underway with marquee clients. Expected handover in Q3FY27 o Build-to-suit Terminal Hotel (~380 keys) w
Slide 12: GAL Key Highlights – Q1FY27 (3/4)
GAL Key Highlights – Q1FY27 (3/4) ▪ GHIAL: Multi Year Tariff Proposal (MYTP) for Control Period 4 (CP-4) from 1 Apr’26 to 31 Mar’31 under review by AERA1 Regulatory ▪ Bhogapuram: • MYTP for CP-1, including pre-control period from 1 Jul’26 to 31 Mar’32 under review by AERA Updates • AERA has issued2
Slide 13: GAL Key Highlights – Q1FY27 (4/4)
GAL Key Highlights – Q1FY27 (4/4) ▪ DIAL: • Earned Level 5 Airport Customer Experience Accreditation from Airports Council International (ACI) – the highest level under ACI’s globally recognized customer experience framework • Featured1 in 7 Routes out of Top 10 Domestic Routes in India by Seats & 4
Slide 14: GAL Operated Airports - Passenger Traffic
GAL Operated Airports - Passenger Traffic GAL Share of India’s International Passengers for Q1FY27 Highest in 4 Years Q1FY27 Pax Traffic and YoY Growth FY26 Pax Traffic and YoY Growth ▪ In Q1FY27, GAL owned airports handled 30.5mn passengers, up 1.0% YoY • Domestic pax traffic up 2.0% YoY and Intern
Slide 15: Passenger Traffic: Delhi and Hyderabad Monthly
Passenger Traffic Traffic Recovery Underway Despite Recent Geopolitical Headwinds Delhi Airport – Monthly Pax 1, 2 Hyderabad Airport – Monthly Pax 2 Domestic (mn) 2.4 Domestic (mn) 5.4 5.1 2.2 4.8 2.0 4.5 1.8 4.2 3.9 1.6 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
Slide 16: Financial Highlights
GAR AERO FINANCIAL HIGHLIGHTS CT | SOS
Slide 17: GAL Q1FY27 Consolidated Results at a Glance
GAL Q1FY27 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 30.5mn 190.5 INR 445 INR 691 ▲ 1% YoY ▲ 1% YoY ▲ 12% YoY ▼ 4% QoQ ▼ 1% QoQ ▲ 3% QoQ ▲ 8% QoQ Gross Income EBITDA Net Debt4 Capex Progress5 INR 40.8bn INR 15.7bn INR 340bn ▲ 23% YoY ▲ 3% YoY Crete – 73.5% ▲
Slide 18: GAL FY26 Consolidated Results at a Glance
GAL FY26 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 121.6mn 756.1 INR 433 INR 600 ▲ 1% YoY ▲ 2% YoY ▲ 62% YoY Gross Income EBITDA Net Debt4 Capex Progress5 INR 152bn INR 62bn INR 340bn GVIAL6 – 98.7% ▲ 40% YoY ▲ 8% YoY Crete – 69.3% ▲ 47% YoY 1Includes Delhi,
Slide 19: GAL Consolidated Financial Highlights
GAL Consolidated Financial Highlights Q1FY27 Gross Income & EBITDA FY26 Gross Income & EBITDA ▪ EBITDA: ▪ EBITDA: • FY26: ▲47% YoY to INR 62bn • Q1FY27: ▲22% YoY; ▲ 1% QoQ to INR 15.7bn • FY26 EBITDA at record high • EBITDA margins at 50%, stable YoY ▪ Net Profit After Tax ▪ Net Profit After Tax • F
Slide 20: GAL Consolidated Financial Highlights: Revenue
GAL Consolidated Financial Highlights Q1FY27 Revenue from Operations1 Proforma Composition INR mn Subsidiaries Pre-dominantly non-aero businesses Non-Aero and Adjacency Businesses witnessing Strong Growth … 1 Excluding other income Humility | Entrepreneurship | Teamwork & Respect for Individual | De
Slide 21: GAL Consolidated Financial Highlights: EBITDA
GAL Consolidated Financial Highlights Q1FY27 EBITDA1 Proforma Composition INR mn Subsidiaries 2 Pre-dominantly non-aero businesses … Leading to Healthy EBITDA and Cash Flow Generation Consolidated EBITDA incl. JVs (Proforma Attributable) at ~INR 16.1bn 1 Including other income; 2 Key JV businesses o
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 – Q1FY27
GAL Financial Highlights – Q1FY27 Key Non-Aero Business Performance GAL Platform Delhi Hyderabad Goa Q1FY27 Duty Free Cargo Duty Free Retail Car Park Duty Free Car Park Cargo (INR mn) Total Income 5,896 2,340 1,136 387 406 10 30 13 EBITDA (net of revenue share) 1,147 688 167 116 156 (4) 14 (16) PBT
Slide 24: GAL Financial Highlights – FY26
GAL Financial Highlights – FY26 Key Non-Aero Business Performance GAL Platform Delhi Hyderabad Goa FY26 Duty Free* Cargo Duty Free** Retail Car Park Duty Free Car Park Cargo (INR mn) Total Income 16,023 7,584 3,484 1,468 1,610 168 152 48 EBITDA (net of revenue share) 3,226 2,343 502 421 616 28 78 (7
Slide 25: GAL Consolidated Debt – Q1FY27
GAL Consolidated Debt – Q1FY27 Gross & Net Debt ^ Net Debt Break-up ^ (INR bn) (in INR bn) 55 ▪ Net Debt unchanged QoQ at INR 340bn ▪ “Others” mainly includes net debt of GMR Airports Greece • INR 5.9bn net debt decrease at DIAL and GHIAL (INR 3.9bn) and GLPPL* (INR 4.2bn) • INR 3.1bn net debt incre
Slide 26: Asset-wise Performance
GAR AERO ASSET-WISE PERFORMANCE
Slide 27: Domestic Airports
DOMESTIC AIRPORTS K e y H i g h l i g h t s 26
Slide 28: Delhi Airport (DIAL) Key Highlights – Q1FY27
Delhi Airport (DIAL) Key Highlights – Q1FY27 ▪ Destinations Connected: • Domestic: 89; International 70 Net Income ▪ Handled highest ever: Revenues • Q1 pax in Q1FY27 Q1FY27: INR 11.5bn; Aero Revenue • Passenger ATMs1 of ~120,900 in Q1FY27 ▲14.0% YoY ▲23.8% YoY • Cargo volumes of ~310.6 kT2 in Q1FY2
Slide 29: Delhi Airport: Projects Under Construction
Delhi Airport (DIAL) Build-to-suit / Self-Development Projects Under Construction Artist’s Impression Actual Images 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
Slide 30: Hyderabad Airport (GHIAL) Key Highlights – Q1FY27
Hyderabad Airport (GHIAL) Key Highlights – Q1FY27 ▪ Destinations Connected: • Domestic: 76; International 24 ▪ Traffic: International traffic declined in Q1FY27 primarily due to West Asian Net Income geopolitical instability and rising airfares. Domestic traffic declined due to Q1FY27: INR 6.0bn; Re
Slide 31: Hyderabad Airport: Projects Under Construction
Hyderabad Airport (GHIAL) Self-Development / EPC Projects Under Construction Artist’s Impression Self – Development GMR Interchange (Retail Project) Built up Area: Actual Image ~0.77mn sq. ft. Leasable Area: ~0.58mn sq. ft. Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver th
Slide 32: Mopa (Goa) Airport – GGIAL Key Highlights
Mopa (Goa) Airport – GGIAL Key Highlights – Q1FY27 ▪ Destinations Connected: Net Income • Domestic: 18; International 2 ▪ Increase in Aero Revenues driven by normalization of tariffs post Q1FY27: INR 941mn; Revenues discontinuation of special initiative program ▲ 22% YoY Aero Revenue ▪ Captured ~44%
Slide 33: Mopa (Goa) Airport: Third Party Hotel Developments
Mopa (Goa) Airport – GGIAL Third Party Hotel Developments Artist’s Impression Hotel 1: Radisson Blu (Keys: 225) Actual 4 Hotel Plots Progress 0.62mn sq ft + Total Built-up Area Hotel 2: Ginger by IHCL (Keys: 280) Hotel 3: Hyatt Place (Keys: 210) Hotel 4: Mariott (Keys: ~200) 900+ Total Keys Humility
Slide 34: Bhogapuram Airport – Visakhapatnam, Andhra Pradesh
Bhogapuram Airport – Visakhapatnam, Andhra Pradesh Key Highlights ▪ Airport inaugurated by Hon. Prime Minister Shri Narendra Modi on 1 Aug’26 Taj Vivanta – Artist Impression ▪ Commercial operations to begin shortly ▪ Initial capacity of 6mn passengers annually, scalable to 40mn ▪ Cargo handling capa
Slide 35: Nagpur Airport – Maharashtra
Nagpur Airport –Maharashtra Key Highlights ▪ Airport handover process to GMR Airports successfully completed on 25 Jun’261 ▪ Initial focus to be on modernization and upgradation of existing terminal and amenities thereby improving passenger convenience ▪ Phased expansion plan envisaged to increase t
Slide 36: Operational & Financial Highlights – Q1FY27
Operational & Financial Highlights – Q1FY27 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn Q1FY2026 Q4FY2026 Q1FY2027 Q1FY2026 Q4FY2026 Q1FY2027 Q1FY2026 Q4FY2026 Q1FY2027 Net Income 10,068 11,453 11,461 5,999 5,966 6,035 772 848 941 EBITDA 6,34
Slide 37: Operational & Financial Highlights – FY26
Operational & Financial Highlights – FY26 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn FY2025 FY2026 FY2025 FY2026 FY2025 FY2026 Net Income 32,378 44,212 22,572 24,762 3,986 3,045 EBITDA 17,529 28,824 14,754 16,142 1,689 1,273 Interest 16,872
Slide 38: Key Parameters – ATM Movements
Key Parameters – ATM Movements ATMs Continue to Increase in Delhi Delhi Airport Hyderabad Airport Q1FY27: ATMs increased 7% YoY Q1FY27: ATMs decreased 10% YoY Domestic International (Nos '000) Domestic International (Nos '000) 120.9 54.8 112.7 27.4 7.6 47.8 26.5 6.7 93.5 47.2 86.3 41.1 Q1FY2026 Q1FY
Slide 39: Airport Non-Aero Revenues Performance – Q1FY27
Airport Non-Aero Revenues Performance – Q1FY27 Delhi Airport Hyderabad Airport Non-Aero Revenue Break-up INR 9.9 bn Non-Aero^ Revenue Break-up INR 1.9 bn Others Others Retail (incl 11% 18% Retail (incl Ground Handling Duty Free) Duty Free) F&B 7% 25% 31% 21% F&B Space 11% Rentals Advt. Advt. 18% Car
Slide 40: International Airports
INTERNATIONAL AIRPORTS K E Y H I G H L I G H T S 39
Slide 41: Medan Airport (Indonesia) Key Highlights
Medan Airport (Indonesia) Key Highlights ▪ Traffic: Q1FY27 Passenger Traffic • Q1FY27 at 1.81mn, ▲ 2.4% YoY; ▲ 4.3% QoQ. • Domestic traffic constrained by delay in reactivation of fleets by airlines Domestic International 1.8 mn pax • Initiatives such as policy advocacy and constant airline engageme
Slide 42: 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 73.5% achieved as of 30 Jun’26: • Passenger Terminal: Flooring works ongoing in departur
Slide 43: ESG Practices
GAR AERO PRACTICES ann
Slide 44: ESG Ratings of GMR Airports
ESG Ratings of GMR Airports • Significant improvement across most ESG ratings across S&P Corporate Sustainability Assessment (CSA), Sustainalytics ESG Risk Ratings and MSCI ESG Ratings driven by focused ESG initiatives, enhanced transparency and public disclosures; GAL continues to be a constituent
Slide 45: GMR Airports – At the Forefront of Climate Action
GMR Airports – At the Forefront of Climate Action Manohar International Airports Creates hattrick for GMR Airports ACA in Numbers • 45 Airports across Asia Pacific and Middle East Region have received Level 3+ or above accreditation • Just 5 Indian Airports with Level 3+ or above accreditation • 3 o
Slide 46: Setting New Benchmarks – Delhi's 1st Platinum rated Green District
Setting New Benchmarks – Delhi’s 1st Platinum rated Green District GMR Aerocity has achieved the prestigious IGBC Green City - PLATINUM Rating under the Greenfield Cities Category to become the first Green District in Delhi to earn this honour. GMR Aerocity has established a new benchmark for green,
Slide 47: Key Achievements in Q1FY27
Key Achievements in Q1FY27 DIAL receives Management GMR Airports Shine at Skytrax 25,000 people positively impacted Accounting Award World Airport Awards 2026 in Q1 FY27 • Delhi International Airport Limited (DIAL) was • Delhi Airport retained its position as Best • Through CSR initiatives across lo
Slide 48: Key Focus Areas
Key Focus Areas ▪ Continuous focus on premiumization and margin expansion Improve Profitability ▪ Work towards further optimizing the cost of debt Stabilize New Airport ▪ Prioritize timely issuance of the regular tariff order for Bhogapuram Airport Operations ▪ Upgrade existing terminal and amenitie
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 ll ec.
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 Q1FY2026 Q4FY2026 Q1FY2027 FY2025 FY2026 Revenue from Operations 32,052 39,382 39,640 1,04,142 1,48,074 Other Income 1,155 1,047 1,205 4,217 3,933 Gross Income 33,207 40,429 40,845 1,08,359 1,52,008 Less: Revenue Share 8,109
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 ▲23.7% YoY; ▲ 0.7% QoQ to INR 39.6bn Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudenc
Slide 54: Annexure C: GAL Profitability Statement (Standalone)
Annexure C : GAL Profitability Statement (Standalone) INR mn Particulars Q1FY2026 Q4FY2026 Q1FY2027 FY2025 FY2026 Non-Aeronautical Income (Adjacencies) 2,137 10,042 10,143 3,819 30,392 Dividend Income 699 4,138 699 2,710 4,940 Others (Consultancy, EPC, etc.) 1,943 1,625 1,400 6,105 7,090 Revenue fro
Slide 55: Annexure D: Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) INR mn Particulars Q1FY2026 Q4FY2026 Q1FY2027 FY2025 FY2026 Aero Revenue 6,340 8,305 7,847 11,526 30,114 Non Aero Revenue 8,780 9,178 9,884 33,013 36,073 CPD Rentals 2,310 2,426 2,491 9,789 9,494 Other Income 225 285 458 3,011 851 Gross Income 17,656 20,194 20
Slide 56: Annexure E: Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) INR mn Particulars Q1FY2026 Q4FY2026 Q1FY2027 FY2025 FY2026 Aero Revenue 4,246 3,961 3,940 15,596 16,650 Non Aero Revenue 1,696 1,924 1,897 6,306 7,748 Other Income 304 328 429 1,602 1,387 Gross Income 6,245 6,213 6,267 23,504 25,785 Less: Revenue Share 24
Slide 57: Annexure F: Mopa (Goa) Airport (Standalone)
Annexure F : Mopa (Goa) Airport (Standalone) INR mn Particulars Q1FY2026 Q4FY2026 Q1FY2027 FY2025 FY2026 Aero Revenue 740 759 968 3,163 2,782 Non Aero Revenue 204 308 220 792 991 CPD Rentals 13 25 29 212 70 Other Income 66 46 45 204 215 Gross Income 1,024 1,137 1,263 4,370 4,058 Less: Revenue Share