GMR AIRPORTS LIMITED

Operates a portfolio of airports under long-term DBFOT (Design, Build, Finance, Operate, Transfer) concessions, with the consolidated Airports segment accounting for 100% of segment revenue in the most recent disclosed period. The largest asset is Delhi International Airport, which handled 78.7 million passengers in FY26, followed by Hyderabad at 30.5 million and the greenfield Mopa (Goa) airport at 5.4 million, with international holdings in Medan (Indonesia) and Cebu (Philippines). New concessions are expanding the footprint: operations at Nagpur commenced on June 25, 2026 and Bhogapuram International Airport in Andhra Pradesh is 98.7% complete and targeting a Q2 FY27 opening. Revenue is earned from regulated aeronautical tariffs set by AERA — Delhi's aero revenue surged 178% year-on-year in FY26 on revised tariffs under Control Period 4 — alongside non-aeronautical streams such as duty-free retail (newly launched at Delhi and Hyderabad), cargo terminals, real estate and parking. Total income reached Rs 15,201 crore in FY26 (up 40% year-on-year) and EBITDA was Rs 6,150 crore at a 40.8% margin. The cost base is dominated by other operating expenses (42.9% of revenue), depreciation (12.4%) and employee costs (11.6%), with capex absorbing 22.5% of revenue.