GMR Airports lifts second-quarter revenue 11.6% to 4,095.4 crore rupees
Key Facts
GMR Airports reported an 11.6% year-on-year increase in consolidated revenue from operations to 4,095.4 crore rupees in the second quarter of fiscal 2027, while EBITDA rose 2.4% to 1,568.6 crore rupees. The results, which cover the quarter ended September 30, 2026, showed a widening gap between revenue growth and operating profit growth. Net profit, meanwhile, rose 86.3% to 65.4 crore rupees, compared with 35.1 crore in the same period a year earlier. The improvement in net profit came alongside a narrowing of the EBITDA margin to 49% from 52.7% a year earlier. The company had said its board would consider the unaudited results for the quarter and half-year ended September 30, 2026.
The comparison between revenue and operating profit shows that business growth did not translate into a commensurate increase in EBITDA: revenue rose 11.6%, against 2.4% for EBITDA. EBITDA stood at 1,568.6 crore rupees for the quarter, while its margin fell to 49% from 52.7% in the corresponding quarter of the previous fiscal year. This marked the fifth consecutive quarter in which the company recorded a profit after tax, according to coverage of its results. These figures put the improvement in profitability in the context of operating performance in which profit growth lagged revenue growth.
For the first half of fiscal 2027, revenue from operations rose to 8,059.4 crore rupees from 6,875.2 crore in the same period a year earlier. EBITDA increased to 3,136.2 crore rupees, from 2,811.6 crore. The company posted a profit after tax of 213.3 crore rupees, following a loss of 102.1 crore in the first half of fiscal 2026. The comparison shows the first-half result moving from a loss to a profit, alongside increases in both revenue and operating profit. These results cover the period ended September 30, 2026, which was included in the board meeting convened to approve the unaudited results.
On operational expansion, Visakhapatnam Airport, also known as Bhogapuram Airport, began commercial operations on August 17, 2026. The start of operations adds a new airport to the group’s network at a time when quarterly results showed a divergence between revenue growth and operating profit growth. Passenger traffic data cited in coverage of the results showed total passenger numbers rising just 1%, with a marked variation among the group’s airports. The combination of limited growth in total passenger numbers and the opening of the new airport suggests that network expansion does not necessarily translate immediately into equal growth rates across airports. The available information did not include a numerical breakdown of traffic at each airport.
On financing, the company reported refinancing Delhi Airport at a disclosed cost and also cited credit upgrades for Hyderabad Airport. These steps come alongside a fifth consecutive quarter of profit, while the first half showed an improvement from a loss after tax to a profit. But the gap between revenue growth of 11.6% and EBITDA growth of 2.4%, together with the margin contraction, remains a key feature in assessing the quarterly results. The company announced its results on October 29, after the market close, according to coverage of the results. The available information included no figures confirming the share-price movement after the disclosure or comparable analyst forecasts.