GMR AIRPORTS LIMITED Earnings Summary — Q4 FY2026
GMR Airports Transitions to Quarterly Profit Amid Expansion into Cargo and Duty-Free Segments
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 0.7% sequentially in Q1 FY2027.
- Revenue of ₹3,967 Cr is 23.8% higher year-on-year.
- Revenue has compounded at 24.0% annualised over the last 10 quarters.
- Net profit of ₹91 Cr is 143.0% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Operating margin stands at 36.5% in Q1 FY2027.
- Operating margin expanded by 21 bps year-on-year.
- Over the last two years operating margin has contracted by 76 bps.
- PBT margin is 5.6%.
- Expense growth of 23.3% remained below revenue growth of 23.8%.
- Operating profit of ₹1,450 Cr is 24.5% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 65/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 3,967 | 3,938 | 3,994 | 3,670 | 3,205 | 2,863 | 2,653 | 2,495 | 2,402 | 2,447 |
| Expenses | Improving | 2,517 | 2,493 | 2,293 | 2,223 | 2,041 | 1,854 | 1,662 | 1,636 | 1,506 | 1,630 |
| Operating Profit | Improving | 1,450 | 1,445 | 1,701 | 1,447 | 1,165 | 1,009 | 992 | 859 | 896 | 817 |
| Operating Margin | Stable | 36.5% | 36.7% | 42.6% | 39.4% | 36.3% | 35.3% | 37.4% | 34.4% | 37.3% | 33.4% |
| Other Income | Volatile | 167 | 260 | -73 | 130 | 208 | 241 | 562 | 260 | 160 | 263 |
| Interest | Stable | 938 | 950 | 917 | 1,043 | 949 | 955 | 829 | 1,031 | 889 | 823 |
| Depreciation | Stable | 456 | 452 | 465 | 431 | 489 | 491 | 479 | 474 | 466 | 405 |
| Profit Before Tax | Volatile | 223 | 302 | 246 | 103 | -65 | -196 | 246 | -386 | -300 | -148 |
| Tax | Volatile | 75 | -98 | 72 | 68 | 72 | 57 | 44 | 43 | 38 | 19 |
| Net Profit | Volatile | 91 | 302 | 122 | -37 | -212 | -238 | 267 | -280 | -142 | -121 |
| Net Margin | Volatile | 2.3% | 7.7% | 3.0% | -1.0% | -6.6% | -8.3% | 10.1% | -11.2% | -5.9% | -4.9% |
Key Takeaways
- Standalone net profit surged to ₹402.97 crore in Q4 FY26, a significant jump from ₹30.56 crore in the prior quarter.
- The company successfully operationalized new non-aero business streams, including duty-free outlets at Delhi and Hyderabad airports.
- GMR emerged as the selected bidder for the operation and development of Cargo Terminal 1 at Delhi Airport (LOA received in Q4 FY26).
- Favorable legal outcomes regarding Monthly Annual Fees (MAF) for DIAL were upheld by the Delhi High Court, though under appeal by AAI.
- Interest service coverage ratio improved to 2.47x for the quarter, compared to 0.88x in the same period last year.
- The company recorded an exceptional charge of ₹7.61 crore related to the implementation of new Labour Codes and gratuity provisions.
- Operating margins saw robust expansion to 44.85%, driven by higher non-aero revenue contributions and operational efficiencies.
Management Guidance
Management remains focused on executing long-term master concessions for non-aero operations and managing regulatory tariff transitions (CP4) for key assets. The focus is on deleveraging the balance sheet through operational cash flows and strategic business segment growth.
Sentiment Shift
Improving
The transition from persistent annual losses to a strong quarterly profit, coupled with the securing of long-term non-aero concessions, indicates a positive structural shift.
Outlook
The outlook is positive for non-aero revenue growth as duty-free and cargo operations ramp up. However, the high debt burden (₹43,283 Cr annually) and ongoing tariff litigations at the Supreme Court level remain key monitorables.
From the Annual Report (Key Quotes)
“The Hon'ble High Court of Delhi vide its judgment dated March 07, 2025 has upheld the Arbitral Award and dismissed the petition of AAI.”
“Company emerged as the Selected Bidder for operation, management and development of Cargo Terminal 1 at the Delhi Airport.”
“Profit/(Loss) after tax for the quarter ended March 31, 2026 stood at Rs. 402.97 crore.”
Official Quarterly Documents
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This summary is AI-generated from GMR AIRPORTS LIMITED's latest quarterly filing and earnings call. For informational purposes only — not investment advice.