Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — Q4 FY26 Earnings Presentation
60 slides from Gmr Airports's earnings presentation, May 27, 2026
Slide 1: Regulation 30 disclosure letter - Investor Presentation
---'-AERO GMR AIRPORTS LIMITED (Formerly GMR Airports Infrastructure Limited) May 27, 2026 BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Plot no. C/l, G Block, Mumbai 400001 Bandra-Kurla Complex, Bandra (E) Equity Scrip: 532754 Mumbai - 4
Slide 2: GMR Airports Limited Investor Presentation Q4FY26
GMR Airports Limited (GAL) Formerly known as GMR Airports Infrastructure Limited INVESTOR PRESENTATION Q4FY26 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”7 in CY25 #96 2nd Largest1 globally DIAL: At Departures In No. of airport assets 27.3%5 Largest in India Asia Pacific catering to under operations or share
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 post completion of 1 term airport concessions to capitalize on the 5 expansion at Delhi and Hyderabad – Leading to growth in aviation market strong EBITDA growth Ma
Slide 9: Business Highlights
BUSINESS HIGHLIGHTS 8
Slide 10: GAL Key Highlights – Q4FY26 (1/4)
GAL Key Highlights – Q4FY26 (1/4) ▪ Duty Free (DF): • Delhi: Achieved highest ever monthly sales in Jan’26 • Hyderabad: Achieved highest ever monthly SPP in Mar’26 • Commenced DF sales at International Lounge (at both Delhi and Hyderabad) in Jan’26 “GAL Platform”: • Implemented enhanced DF baggage a
Slide 11: GAL Key Highlights – Q4FY26 (2/4)
GAL Key Highlights – Q4FY26 (2/4) ▪ DIAL: • Executed License Agreement with M/s AIG Hospitals for development of 500+ beds healthcare facility • Construction underway on: o Self-development project (Aerocity One) – Commercial office building with ~1mn sq.ft. built-up area; Pre-Leasing discussions un
Slide 12: GAL Key Highlights – Q4FY26 (3/4)
GAL Key Highlights – Q4FY26 (3/4) Regulatory ▪ GHIAL: Multi Year Tariff Proposal (MYTP) for Control Period 4 (CP-4) from 1 Apr’26 to 31 Mar’31 under review by AERA1 Updates ▪ Bhogapuram: MYTP for CP-1, including pre-control period from 1 Jul’26 to 31 Mar’32 under review by AERA Fund Raise and ▪ GHIA
Slide 13: GAL Key Highlights – Q4FY26 (4/4)
GAL Key Highlights – Q4FY26 (4/4) ▪ 2025 ASQ1 Customer Experience Awards: • DIAL: Awarded “Best Airport” at departures (over 40mn pax) in Asia-Pacific region • GHIAL: Awarded “Best Airports” at arrivals, globally ▪ Skytrax Awards, 2026: • DIAL: o Named Best Airport in India and South Asia for the 8t
Slide 14: GAL Operated Airports - Passenger Traffic
GAL Operated Airports - Passenger Traffic Resilient FY26 Traffic Amid Transient Operational and Geopolitical Challenges Q4FY26 Pax Traffic and YoY Growth FY26 Pax Traffic and YoY Growth ▪ In Q4FY26, GAL owned airports handled 31.7mn passengers, up 0.7% YoY (FY26 traffic was 121.6mn, up 0.9% YoY) • D
Slide 15: Passenger Traffic
Passenger Traffic Traffic Momentum Consistently Re-establishes After Transient Disruptions Delhi Airport – Monthly Pax 1, 2 Hyderabad Airport – Monthly Pax 2 Domestic (mn) Domestic (mn) 2.5 5.3 2.3 2.1 4.8 1.9 1.7 4.3 1.5 3.8 1.3 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Ju
Slide 16: Financial Highlights
GAR AERO FINANCIAL HIGHLIGHTS CT | SOS
Slide 17: GAL Q4FY26 Consolidated Results at a Glance
GAL Q4FY26 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 31.7mn 192.4 INR 434 INR 640 ▲ 1% YoY ▲ 2% YoY ▲ 67% YoY ▼ 1% QoQ ▼ 2% QoQ ▲ 1% QoQ ▼ 4% QoQ Gross Income EBITDA Net Debt4 Capex Progress5 INR 40.4bn INR 15.5bn INR 340bn ▲ 36% YoY ▲ 8% YoY GVIAL6 – 98.7% ▲
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 Q4FY26 Gross Income & EBITDA FY26 Gross Income & EBITDA ▪ EBITDA: ▪ EBITDA: • FY26: ▲47% YoY to INR 62bn • Q4FY26: ▲38% YoY; ▼13% QoQ to INR 15.5bn • FY26 EBITDA at record high • EBITDA margins at 50%, stable YoY ▪ Net Profit After Tax ▪ Net Profit After Tax • Q
Slide 20: GAL Consolidated Financial Highlights: Revenue
GAL Consolidated Financial Highlights FY26 Revenue from Operations1 Proforma Composition INR mn Subsidiaries Non-Aero and Adjacency Businesses witnessing Strong Growth … 1 Excluding other income; * FY26 includes Hyderabad Duty Free as GAL started operating Hyderabad Duty Free from 10 Sep’25 onwards
Slide 21: GAL Consolidated Financial Highlights: EBITDA
GAL Consolidated Financial Highlights FY26 EBITDA1 Proforma Composition INR mn Subsidiaries 2 … Leading to Healthy EBITDA and Cash Flow Generation Consolidated EBITDA incl. JVs (Proforma Attributable) at ~INR 63.7bn 1 Including other income; 2 Key JV businesses of DIAL include Advertisement, Fuel Fa
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 – Q4FY26
GAL Financial Highlights – Q4FY26 Key Non-Aero Business Performance GAL Platform Delhi Hyderabad Goa Q4FY26 Duty Free Cargo Duty Free Retail Car Park Duty Free Car Park Cargo (INR mn) Revenue 5,918 2,153 1,173 319 401 76 41 17 EBITDA 1,273 631 241 114 158 29 27 (18) PBT 1,022 629 160 83 155 21 21 (2
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) Revenue 16,023 7,584 3,484 1,468 1,610 168 152 48 EBITDA 3,226 2,343 502 421 616 28 78 (75) PBT 2,582 2,337 281 302
Slide 25: GAL Consolidated Debt – FY26
GAL Consolidated Debt – FY26 Gross & Net Debt ^ Net Debt Break-up ^ (INR bn) (in INR bn) 53 ▪ Net Debt decreased by INR 4.7bn QoQ • INR 9.4bn net debt decrease in standalone debt • INR 4.2bn net debt increase at Bhogapuram Airport ▪ “Others” mainly includes net debt of GMR Airports Greece (INR 4.1bn
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 – Q4FY26
Delhi Airport (DIAL) Key Highlights – Q4FY26 ▪ Destinations Connected: • Domestic: 87; International 75 Net Income ▪ Handled highest ever passenger ATMs1 in Q4 and FY26 Revenues ▪ Handled highest-ever cargo volumes of ~1.15 MMT2 in FY26 Q4FY26: INR 11.5bn; Aero Revenue ▲24.6% YoY ▪ Aero Revenues up
Slide 29: Delhi Airport (DIAL) 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 – Q4FY26
Hyderabad Airport (GHIAL) Key Highlights – Q4FY26 ▪ Destinations Connected: • Domestic: 74; International 26 ▪ Handled highest ever passenger traffic and ATMs1 in FY26 Net Income ▪ Handled highest ever cargo volumes of ~1.87 Lakh Metric Tonnes in FY26 Q4FY26: INR 6.0bn; Revenues ▪ Signed agreement t
Slide 31: Hyderabad Airport (GHIAL) 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 – Q4FY26
Mopa (Goa) Airport – GGIAL Key Highlights – Q4FY26 ▪ Destinations Connected: Net Income • Domestic: 23; International 10 ▪ Aero Revenue includes impact of special initiative program to attract airlines Q4FY26: INR 848mn; Revenues ▪ Handled highest ever passenger traffic and ATMs1 in Q4 and FY26 ▼6.0
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 Passenger Terminal Building ▪ Physical progress of 98.7% achieved by Mar’26: • Airside works ~100% complete • Terminal building 98.8% complete and • Air Traffic Control tower 95.8% complete ▪ Validation flight successfully conducted ▪
Slide 35: Operational & Financial Highlights – Q4FY26
Operational & Financial Highlights – Q4FY26 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn Q4FY2025 Q3FY2026 Q4FY2026 Q4FY2025 Q3FY2026 Q4FY2026 Q4FY2025 Q3FY2026 Q4FY2026 Net Income 9,188 12,212 11,453 5,657 6,324 5,966 902 793 848 EBITDA 5,269
Slide 36: 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 37: Key Parameters – ATM Movements
Key Parameters – ATM Movements Annual ATMs Continue to Increase Delhi Airport Hyderabad Airport Q4FY26: ATMs increased 5% YoY Q4FY26: ATMs decreased 10% YoY Domestic International (Nos '000) Domestic International (Nos '000) 120.9 114.8 52.7 27.5 7.4 47.3 26.8 7.2 87.9 93.4 45.3 40.1 Q4FY2025 Q4FY20
Slide 38: Consolidated EBITDA (Proforma Attributable) – FY26
Consolidated EBITDA (Proforma Attributable) – FY26 Delhi Airport Hyderabad Airport INR mn INR mn Standalone JVs* / Subsidiaries Consolidated Standalone JVs* / Subsidiaries Consolidated (Proforma) (Proforma) ▪ Delhi Airport: INR 30.4bn ▪ Hyderabad Airport: INR 22bn ▪ Increased 45% YoY ▪ Increased 14%
Slide 39: Non-Aero Revenues Performance – FY26
Non-Aero Revenues Performance – FY26 Delhi Airport Hyderabad Airport Non-Aero Revenue Break-up INR 36.1 bn Non-Aero^ Revenue Break-up INR 7.7 bn Others Others 16% 12% Ground Handling Retail (incl Retail (incl 7% Duty Free) Duty Free) F&B 27% 21% 30% F&B 11% Space Rentals Advt. 18% Advt. 7% Cargo 13%
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)
Medan Airport (Indonesia) Key Highlights ▪ Traffic: • Q4FY26 at 1.73mn, ▼0.8% YoY; ▼1.6% QoQ. Q4FY26 Passenger Traffic • FY26 at 7.0mn, ▼1.1% YoY. 1.7 mn pax Domestic International • Domestic pax growth impacted by delay in reactivation of fleets by airlines • Initiatives such as policy advocacy and
Slide 42: 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 69.3% achieved as of 31 Mar’26: • Passenger Terminal: Mechanical, Electrical, Plumbing,
Slide 43: 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: • Q4FY26: ▲17% QoQ; ▲17% YoY to 3.6mn pax • FY26: ▲4% YoY
Slide 44: ESG Practices
GAR AERO PRACTICES ann
Slide 45: 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 46: 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? Ene
Slide 47: 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 48: Key Achievements in FY26 (1/2)
Key Achievements in FY26 (1/2) Environmental Leadership in Integrating Tech Focused Enhancing Air Quality Integrating Accessibility for All Waste and Water Management Initiatives • Indira Gandhi International Airport (IGIA) • 120 anti-smog fogger systems were • RGIA (Hyderabad) was awarded Airports
Slide 49: Key Achievements in FY26 (2/2)
Key Achievements in FY26 (2/2) Integrating Sustainability Recognition as ‘Sustainability GMR Receives Top Honours at GMR Airports Shine at CII Across Expansion Projects Champion’ 2025 ASQ Awards Excellence Summit 2025 • Alluri Sitarama Raju International Airport • At Wings India, country’s one of th
Slide 50: Social Impact of CSR Interventions in FY26
Social Impact of CSR Interventions in FY26 Education Health Livelihood Empowerment* • Gifted Children Scheme • Mobile Medical Unit • Skill and Vocational • EMPOWER (Enabling Marketing Training of Products of Women • Support to Government • Evening Medical Clinics Entrepreneurs) Initiatives schools a
Slide 51: Key Focus Areas
Key Focus Areas ▪ Rationalise costs and focus on margin expansion Improve Profitability ▪ Work towards further optimizing the cost of debt ▪ Operationalize Bhogapuram Airport by Q2FY27 Operationalize & ▪ Takeover operations at Nagpur Airport Develop ▪ Accelerate the progress in greenfield project at
Slide 52: For further information, please visit
For further information, please visit Website: www.gmraero.com or Contact: investor.relations@gmrgroup.in 51
Slide 53: Annexures
GR AERO ANNEXURES ll ec.
Slide 54: 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 55: Annexure A: GAL Profitability Statement (Consolidated)
Annexure A : GAL Profitability Statement (Consolidated) INR mn Particulars Q4FY2025 Q3FY2026 Q4FY2026 FY2025 FY2026 Revenue from Operations 28,633 39,940 39,382 1,04,142 1,48,074 Other Income 1,134 888 1,047 4,217 3,933 Gross Income 29,768 40,828 40,429 1,08,359 1,52,008 Less: Revenue Share 7,748 8,
Slide 56: 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 ▲37.5% YoY; ▼1% QoQ to INR 39.4bn Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence -
Slide 57: Annexure C: GAL Profitability Statement (Standalone)
Annexure C : GAL Profitability Statement (Standalone) INR mn Particulars Q4FY2025 Q3FY2026 Q4FY2026 FY2025 FY2026 Revenue from Operations 5,077 12,387 15,805 12,634 42,423 Other Income 23 161 217 37 535 Gross Income 5,100 12,548 16,023 12,671 42,957 Less: Revenue Share 808 4,116 3,766 2,783 12,063 N
Slide 58: Annexure D: Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) INR mn Particulars Q4FY2025 Q3FY2026 Q4FY2026 FY2025 FY2026 Aero Revenue 2,987 8,045 8,305 11,526 30,114 Non Aero Revenue 8,811 9,582 9,178 33,013 36,073 CPD Rentals 3,831 2,392 2,426 9,789 9,494 Other Income 742 171 285 3,011 851 Gross Income 16,371 20,190 20
Slide 59: Annexure E: Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) INR mn Particulars Q4FY2025 Q3FY2026 Q4FY2026 FY2025 FY2026 Aero Revenue 3,959 4,215 3,961 15,596 16,650 Non Aero Revenue 1,689 2,080 1,924 6,306 7,748 Other Income 245 290 328 1,602 1,387 Gross Income 5,893 6,585 6,213 23,504 25,785 Less: Revenue Share 23
Slide 60: Annexure F: Mopa (Goa) Airport (Standalone)
Annexure F : Mopa (Goa) Airport (Standalone) INR mn Particulars Q4FY2025 Q3FY2026 Q4FY2026 FY2025 FY2026 Aero Revenue 801 722 759 3,163 2,782 Non Aero Revenue 240 273 308 792 991 CPD Rentals 93 17 25 212 70 Other Income 68 49 46 204 215 Gross Income 1,201 1,061 1,137 4,370 4,058 Less: Revenue Share