Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — Q3 FY2026 Earnings Presentation
56 slides from Gmr Airports's earnings presentation, Feb 13, 2026
Slide 1: Regulation 30 disclosure cover letter to exchanges
GMR AIRPORTS LIMITED (Formerly GMR Airports Infrastructure Limited) February 13, 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
Slide 2: GMR Airports Limited Investor Presentation Q3FY26
GMR Airports Limited (GAL) Formerly known as GMR Airports Infrastructure Limited INVESTOR PRESENTATION Q3FY26 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 across the airport value chain
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 27.2%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: 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 8: Beyond Inflection: Entered a Phase of Sustained Value Creation
Beyond Inflection: Entered a Phase of Sustained Value Creation Present in most lucrative Asian markets – Long Organic growth visibility given completed 1 term airport concessions to capitalize on the 5 expansion at Delhi and Hyderabad – Leading to growth in aviation market strong EBITDA growth Matur
Slide 9: Business Highlights
BUSINESS HIGHLIGHTS 8
Slide 10: GAL Key Highlights – Q3FY26 (1/4)
GAL Key Highlights – Q3FY26 (1/4) Hyderabad ▪ The Board of Directors of GMR Hyderabad International Airport Ltd. (GHIAL), a subsidiary of GAL, in its board meeting Airport Declared held on 29 Jan’26 have declared an interim dividend of INR 7.5/share, aggregating to INR 2.8bn Dividend ▪ Duty Free: •
Slide 11: GAL Key Highlights – Q3FY26 (2/4)
GAL Key Highlights – Q3FY26 (2/4) ▪ DIAL: • Construction underway on: o Self-development project – Commercial office building with ~1mn sq.ft. built-up area o Build to suit Luxury Hotel (~380 keys) with ~0.6mn sq.ft. built-up area ▪ GHIAL: Airport Land • Safran’s MRO (0.46mn sq.ft. built-up area) fa
Slide 12: GAL Key Highlights – Q3FY26 (3/4)
GAL Key Highlights – Q3FY26 (3/4) ▪ GAL: Published the sustainability report for FY25. Key highlights being: • Environment: o 100% clean electricity sourcing at Delhi and Hyderabad Airports o 2,18,747 tCO2e emissions avoided in FY25 through clean energy o 42% of water consumption through recycled wa
Slide 13: GAL Key Highlights – Q3FY26 (4/4)
GAL Key Highlights – Q3FY26 (4/4) ▪ DIAL: Adjudged as the “Best Airport of the Year” at Wings India 2026 and named “Sustainability Champion” ▪ GHIAL: • GMR Aero Technic awarded as “Best MRO Services” at Wings India 2026 • GMR Hyderabad Air Cargo (GHAC) awarded the Gold Award for "Time Critical Logis
Slide 14: GAL Operated Airport - Passenger Traffic
GAL Operated Airport - Passenger Traffic Record Quarterly Traffic Handled by Delhi and Mopa (Goa) Airports Q3FY26 Pax Traffic and YoY Growth 9MFY26 Pax Traffic and YoY Growth ▪ In Q3FY26, GAL owned airports handled 31.9mn passengers, up 2.5% YoY (9MFY26 traffic was 89.9mn, up 1% YoY) • Domestic pax
Slide 15: Passenger Traffic
Passenger Traffic Growth in International Traffic continues to be stronger than Domestic in CY25 Delhi Airport – Monthly Pax 1, 2 Hyderabad Airport – Monthly Pax 2 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
Slide 16: Financial Highlights
GAR AERO FINANCIAL HIGHLIGHTS CT | SOS
Slide 17: GAL Q3FY26 Consolidated Results at a Glance
GAL Q3FY26 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 31.9mn 195.9 INR 430 ▲ 3% YoY ▲ 4% YoY ▲ 62% YoY INR 666 ▲ 15% QoQ ▲ 10% QoQ ▼ 8% QoQ Gross Income EBITDA Net Debt4 Capex Progress5 INR 40.8bn INR 17.9bn INR 345bn ▲ 49% YoY ▲ 16% YoY GVIAL6 – 95.8% ▲ 65% Y
Slide 18: GAL 9MFY26 Consolidated Results at a Glance
GAL 9MFY26 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 89.9mn 563.7 INR 432 INR 585 ▲ 1% YoY ▲ 2% YoY ▲ 60% YoY Gross Income EBITDA Net Debt4 Capex Progress5 INR 112bn INR 46bn INR 345bn GVIAL6 – ~95.8% ▲ 42% YoY ▲ 16% YoY Crete – ~65% ▲ 50% YoY 1Includes Delhi
Slide 19: GAL Consolidated Financial Highlights
GAL Consolidated Financial Highlights Q3FY26 Gross Income & EBITDA 9MFY26 Gross Income & EBITDA ▪ EBITDA: ▪ EBITDA: • Q3FY26: ▲65% YoY; ▲17% QoQ to INR 17.9bn • 9MFY26: ▲50% YoY to INR 46bn • Quarterly EBITDA continues to create new records ▪ Net Profit After Tax ▪ Net Profit After Tax • Q3FY26: Pro
Slide 20: GAL Consolidated Financial Highlights: Revenue Composition
GAL Consolidated Financial Highlights 9MFY26 Revenue from Operations1 Proforma Composition INR mn Subsidiaries Non-Aero and Adjacency Businesses witnessing Strong Growth … 1 Excluding other income; * 9MFY26 includes Hyderabad Duty Free as GAL started operating Hyderabad Duty Free from 10 Sep’25 Humi
Slide 21: GAL Consolidated Financial Highlights: EBITDA Composition
GAL Consolidated Financial Highlights 9MFY26 EBITDA1 Proforma Composition INR mn Subsidiaries 2 … Leading to Healthy EBITDA and Cash Flow Generation Consolidated EBITDA incl. JVs (Proforma Attributable) at ~INR 48.1bn 1 Including other income; 2 Key JV businesses of DIAL include Advertisement, Fuel
Slide 22: Adjacency Business Platforms: Multiple assets under each platform
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: Key Non-Aero Business Performance
GAL Financial Highlights Q3FY26 Key Non-Aero Business Performance Delhi Airport Hyderabad Airport Hyd / Goa Q3FY26 Advertise- Food & Car Advertise- Food & Cargo MRO Hotel (INR mn) -ment Beverage Park -ment Beverage Accounted as JV JV Subsidiary Subsidiary Subsidiary Subsidiary JV Subsidiary GAL Stak
Slide 24: GAL Consolidated Debt – Q3FY26
GAL Consolidated Debt – Q3FY26 Gross & Net Debt ^ Net Debt Break-up ^ (INR bn) (in INR bn) 44 ▪ Net Debt increased by INR 4.7bn QoQ • INR 1.8bn net debt increase at Bhogapuram Airport ▪ “Others” mainly includes net debt of GMR Airports Greece • INR 1.5bn net debt increase at GLPPL* to refinance (INR
Slide 25: Asset-wise Performance
GAR AERO ASSET-WISE PERFORMANCE
Slide 26: Domestic Airports Key Highlights
DOMESTIC AIRPORTS K e y H i g h l i g h t s 25
Slide 27: Delhi Airport (DIAL) Key Highlights – Q3FY26
Delhi Airport (DIAL) Key Highlights – Q3FY26 ▪ Destinations Connected: • Domestic: 85; International 72 Total Income Revenues ▪ Resumed direct connectivity to China – Shanghai and Guangzhou Q3FY26: INR 20.2bn; ▪ Aero Revenues up substantially driven by revised tariffs implemented from Aero Revenue m
Slide 28: Delhi Airport (DIAL) Build to Suit / Self-Development Projects
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 29: Hyderabad Airport (GHIAL) Key Highlights – Q3FY26
Hyderabad Airport (GHIAL) Key Highlights – Q3FY26 ▪ Declared1 an interim dividend of INR 7.5/share, aggregating to INR 2.8bn ▪ Destinations Connected: Total Income • Domestic: 74; International 26 Revenues ▪ Raised2 INR 21bn 15-year Non-Convertible Debentures (NCDs) carrying coupon Q3FY26: INR 6.6bn
Slide 30: Hyderabad Airport (GHIAL) Projects Under Construction
Hyderabad Airport (GHIAL) Self-Development / EPC Projects Under Construction Artist’s Impression Actual Images Self – Development Interchange Retail Built up Area: ~0.77mn sq. ft. Leasable Area: ~0.55mn sq. ft. EPC Safran MRO Built up Area: ~0.46mn sq. ft. Humility | Entrepreneurship | Teamwork & Re
Slide 31: Mopa (Goa) Airport – GGIAL Key Highlights – Q3FY26
Mopa (Goa) Airport – GGIAL Key Highlights – Q3FY26 Total Income ▪ Destinations Connected: • Domestic: 24; International 13 Q3FY26: INR 1,061mn; Revenues ▪ Aero Revenue includes impact of special initiative program to attract airlines ▼14.7% YoY ▪ Captured ~47% market share (of Goa system traffic) in
Slide 32: Bhogapuram Airport – Visakhapatnam, Andhra Pradesh
Bhogapuram Airport – Visakhapatnam, Andhra Pradesh Key Highlights Commercial Validation ▪ Physical progress of ~95.8% achieved by Dec’25: Flight • Airside works ~100% complete • Terminal building ~95.5% complete and • Air Traffic Control tower ~94% complete ▪ Declared as a ‘Major Airport’ by AERA in
Slide 33: Operational & Financial Highlights – Q3FY26
Operational & Financial Highlights – Q3FY26 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn Q3FY2025 Q2FY2026 Q3FY2026 Q3FY2025 Q2FY2026 Q3FY2026 Q3FY2025 Q2FY2026 Q3FY2026 Net Income 7,967 10,479 12,212 5,848 6,474 6,324 1,159 632 793 EBITDA 4,3
Slide 34: Operational & Financial Highlights – 9MFY26
Operational & Financial Highlights – 9MFY26 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn 9MFY2025 9MFY2026 9MFY2025 9MFY2026 9MFY2025 9MFY2026 Net Income 23,190 32,759 16,915 18,796 3,084 2,196 EBITDA 12,260 21,344 11,174 12,493 1,437 771 Inte
Slide 35: Key Parameters – ATM Movements
Key Parameters – ATM Movements Continue to Trend Upwards Delhi Airport Hyderabad Airport ATMs increased 4% YoY in Q3FY26 ATMs increased 2% YoY in Q3FY26 Domestic International (Nos '000) Domestic International (Nos '000) 115.5 120.4 52.7 51.7 26.9 28.0 7.3 8.1 88.5 92.4 44.5 44.5 Q3FY2025 Q3FY2026 Q
Slide 36: Consolidated EBITDA (Proforma Attributable) – 9MFY26
Consolidated EBITDA (Proforma Attributable) – 9MFY26 Delhi Airport Hyderabad Airport INR mn INR mn Standalone JVs / Subsidiaries Consolidated Standalone JVs* / Subsidiaries Consolidated (Proforma) (Proforma) ▪ Delhi Airport: INR 22.6bn ▪ Hyderabad Airport: INR 17.3bn ▪ Increased 53% YoY ▪ Increased
Slide 37: Non-Aero Revenues Performance – 9MFY26
Non-Aero Revenues Performance – 9MFY26 Delhi Airport Hyderabad Airport Non-Aero Revenue Break-up INR 26.9 bn Non-Aero^ Revenue Break-up INR 5.8 bn Others Others 16% 12% Ground Handling Retail (incl Retail (incl 7% Duty Free) Duty Free) 26% F&B 30% 21% F&B 11% Space Rentals 19% Advt. Advt. 7% Cargo 1
Slide 38: International Airports Key Highlights
INTERNATIONAL AIRPORTS K E Y H I G H L I G H T S 37
Slide 39: Medan Airport (Indonesia) Key Highlights
Medan Airport (Indonesia) Key Highlights Q3FY26 Passenger Traffic ▪ Traffic: • Q3FY26 at 1.76mn, ▼3.1% 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: ▲7.2% YoY to INR 1.4bn in Q3FY26 • Aero r
Slide 40: 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 ~65% achieved as of 31 Dec’25: • Passenger Terminal: Mechanical, Electrical, Plumbing, a
Slide 41: 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 – Q3FY26: ▲14% QoQ; ▲0.4% YoY to 3.0mn pax; 9MFY26: ▼0.7% Y
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 S&P Corporate Sustainability Assessment (CSA), Sustainalytics ESG Risk Ratings, and MSCI ESG Ratings driven by focused ESG initiatives, enhanced transparency and public disclosures; became a member of FTSE4Good Index Series
Slide 44: GMR Airports – At the Forefront of Climate Action
GMR Airports – At the Forefront of Climate Action ACI ACA Level 5 Airports* • 30 Airports Certified Globally* • 7 Airports Certified in Asia-Pacific & Middle East* • 4 Airports Certified in India* DIAL is the largest airport in the world to achieve the highest Level 5 certification How we got here?
Slide 45: ESG Reporting – Highlights from Sustainability Report
ESG Reporting – Highlights from Sustainability Report • Framework Adopted: GRI Universal Standards, 2021 and alignment with SDGs • Assurance Provider: Grant Thornton • Assurance Provided: ISAE 3000 Limited Assurance (globally most well accepted assurance framework) Humility | Entrepreneurship | Team
Slide 46: Key Achievements in Q3FY26
Key Achievements in Q3FY26 India’s 1st Mobile Ambient Hyderabad Cargo Wins Gold Delhi Airport Achieves DIAL Bags Platinum Award Quality Monitoring System at for Time-Critical Logistics Water-Positive Status for Continuous Improvement RGIA Excellence • First-of-its-kind initiative in Indian • Reached
Slide 47: Key Focus Areas
Key Focus Areas ▪ Rationalise costs and focus on margin expansion Improve Profitability ▪ Work towards further optimizing the cost of debt Develop & ▪ Accelerate the progress in greenfield projects at Crete and Bhogapuram Operationalize Adjacencies business at ▪ Strengthen non-aero adjacencies busin
Slide 48: For further information, please visit
For further information, please visit Website: www.gmraero.com or Contact: investor.relations@gmrgroup.in 47
Slide 49: Annexures
GR AERO Pe _ ANNEXURES Pegi
Slide 50: 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 51: Annexure A: GAL Profitability Statement (Consolidated)
Annexure A : GAL Profitability Statement (Consolidated) INR mn Quarterly Analysis Particulars Q3FY2025 Q2FY2026 Q3FY2026 9MFY2025 9MFY2026 Revenue from Operations 26,532 36,700 39,940 75,509 1,08,693 Other Income 950 844 888 3,083 2,886 Gross Income 27,482 37,544 40,828 78,592 1,11,579 Less: Revenue
Slide 52: 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 ▲51% YoY; ▲9% QoQ to INR 39.9bn Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence - F
Slide 53: Annexure C: GAL Profitability Statement (Standalone)
Annexure C : GAL Profitability Statement (Standalone) INR mn Particulars Q3FY2025 Q2FY2026 Q3FY2026 9MFY2025 9MFY2026 Revenue from Operations 2,709 9,451 12,387 7,557 26,618 Other Income 2 25 161 14 317 Gross Income 2,711 9,476 12,548 7,571 26,935 Less: Revenue Share 857 3,000 4,116 1,974 8,298 Net
Slide 54: Annexure D: Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) INR mn Quarterly Analysis Particulars Q3FY2025 Q2FY2026 Q3FY2026 9MFY2025 9MFY2026 Aero Revenue 2,950 7,424 8,045 8,539 21,810 Non Aero Revenue 8,594 8,532 9,582 24,201 26,895 CPD Rentals 1,979 2,365 2,392 5,958 7,067 Other Income 772 170 171 2,269 566 Gross I
Slide 55: Annexure E: Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) INR mn Quarterly Analysis Particulars Q3FY2025 Q2FY2026 Q3FY2026 9MFY2025 9MFY2026 Aero Revenue 3,992 4,228 4,215 11,637 12,689 Non Aero Revenue 1,682 2,048 2,080 4,617 5,824 Other Income 414 465 290 1,357 1,059 Gross Income 6,088 6,741 6,585 17,611 19,571
Slide 56: Annexure F: Mopa (Goa) Airport (Standalone)
Annexure F : Mopa (Goa) Airport (Standalone) INR mn Quarterly Analysis Particulars Q3FY2025 Q2FY2026 Q3FY2026 9MFY2025 9MFY2026 Aero Revenue 857 562 722 2,365 2,024 Non Aero Revenue 210 206 273 548 684 CPD Rentals 119 15 17 119 45 Other Income 57 54 49 136 169 Gross Income 1,243 836 1,061 3,168 2,92