GMR AIRPORTS LIMITED has informed the Exchange about Investor Presentation
GMRAIRPORT · price
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GMR Airports filed its Q3FY26 investor presentation showing strong financial performance. Consolidated Gross Income rose 49% YoY to INR 40.8bn, with EBITDA up 65% YoY to INR 17.9bn (margins of 68% at Delhi and Hyderabad airports). Net Profit stood at INR 1.7bn versus INR 2.0bn in Q3FY25; excluding exceptional items, PAT was INR 3.6bn versus a loss of INR 2.1bn a year ago. Passenger traffic grew 3% YoY to 31.9mn, with record quarterly traffic at Delhi and Goa airports. Key updates include revised tariff implementation at Delhi driving a 173% jump in aero revenue, Hyderabad Airport raising INR 21bn via NCDs to refinance dollar debt (saving 150bps), and GHIAL declaring an interim dividend of INR 7.5/share aggregating INR 2.8bn. Capex at Bhogapuram reached 95.8% completion with target operationalization by Q2FY27, while Crete Airport is at 65% progress. Net debt rose 16% YoY to INR 345bn.
Strong quarter with sharp margin expansion driven by revised tariffs at Delhi and improving non-aero businesses signals positive earnings momentum. Investors should note the elevated net debt of INR 345bn, though management is focused on optimizing cost of debt through refinancing. Overall, the presentation reflects a company entering a sustained value creation phase with multiple growth levers from tariff hikes, real estate monetization, and greenfield airport commissioning.