Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — Q2 FY2027 Earnings Presentation
58 slides from Gmr Airports's earnings presentation, Oct 28, 2026
Slide 1: GMR Airports Limited – Regulation 30 Disclosure Letter
GMR AIRPORTS LIMITED (Formerly GMR Airports Infrastructure Limited) October 28, 2026 BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Plot no. C/1, G Block, Mumbai 400001 Bandra-Kurla Complex, Bandra (E) Equity Scrip: 532754 Mumbai - 400051
Slide 2: GMR Airports Limited Investor Presentation Q2FY27
GMR Airports Limited (GAL) INVESTOR PRESENTATION Q2FY27 1
Slide 3: Disclaimer
Disclaimer All statements, graphics, data, tables, charts, logos, names, figures and all other information the Company and the GMR Group and may include statements relating to future results of operation, (“Contents”) contained in this document (“Material”) is prepared by GMR Airports Limited financ
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”5 in CY25 Largest in India and #9 DIAL: At Departures In Amongst the top No. of airport assets 27.3%3 Asia Pacific catering to globally under operations or
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 Vizag (Bhogapuram) Crete Airport / % GAL stake Mactan Cebu5 Bidar1 (74%8) (74%) (100%)6 (49%) (100%)2 (100%)6 (21.6%) Base ci
Slide 7: Re-Imagining the Airport Operator
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 Perpetual Businesses UTILITY REAL ESTATE CONSUMER BUSINESS PLATFORM PLATFORM Stable, Unlocking Value Gateway to Regulated fro
Slide 8: Beyond Inflection: Entered a Phase of Sustained Value Creation
Beyond Inflection: Entered a Phase of Sustained Value Creation Organic growth visibility post completion of Present in most lucrative Asian markets – Long expansion at Delhi and Hyderabad and addition 1 term airport concessions to capitalize on the 5 of Nagpur and Vizag (Bhogapuram) Airports – growt
Slide 9: Business Highlights
BUSINESS HIGHLIGHTS 8
Slide 10: GAL Key Highlights – Q2FY27 (1/5)
GAL Key Highlights – Q2FY27 (1/5) ▪ F&B: GMR Hospitality Limited (GHL), a 70% owned subsidiary of GAL, won1 the bid for designing, financing, developing, setting up, operating, managing and maintaining the Food & Beverages Outlets at the Terminal 3 of Delhi GAL Non-Aero Airport for an initial period
Slide 11: GAL Key Highlights – Q2FY27 (2/5)
GAL Key Highlights – Q2FY27 (2/5) ▪ DIAL: • Construction underway on: o Self-development project (Aerocity One) – Commercial office building with ~1mn sq.ft. built-up area; Pre-Leasing discussions underway with marquee clients. Expected handover within FY27 o Build-to-suit Terminal Hotel (Taj - ~380
Slide 12: GAL Key Highlights – Q2FY27 (3/5)
GAL Key Highlights – Q2FY27 (3/5) ▪ GHIAL: Multi Year Tariff Proposal (MYTP) for Control Period 4 (CP-4) from 1 Apr’26 to 31 Mar’31 issued by AERA1 and implemented from 1 Sep’26 ▪ Vizag (Bhogapuram): Regulatory • AERA has issued2 ad-hoc tariff w.e.f. commercial date of operation until implementation
Slide 13: GAL Key Highlights – Q2FY27 (4/5)
GAL Key Highlights – Q2FY27 (4/5) Commenced Int’l ▪ International operations commenced at Pier C of Terminal 3 at Delhi Operations at Pier ▪ Terminal 3’s annual international capacity increased by 50% up to 32mn passengers with this operationalization. This has C of Delhi Airport also increased wide
Slide 14: GAL Key Highlights – Q2FY27 (5/5)
GAL Key Highlights – Q2FY27 (5/5) ▪ DIAL: • Climbed 11 places to rank # 28 in world's most connected international airport hubs as per OAG Megahubs 2026 report, the only Indian Airport in top 50. Also ranked #9 in Asia Pacific as well as in top 25 low-cost megahubs • ACI2 Airport Experience Summit 2
Slide 15: GAL Operated Airports - Passenger Traffic
GAL Operated Airports - Passenger Traffic Handled Highest H1 Traffic in H1FY27 Q2FY27 Pax Traffic and YoY Growth ▪ In Q2FY27, GAL owned airports handled 28mn passengers*, up 0.6% YoY • Dom. pax traffic unchanged YoY • Int. pax traffic up 2.1% YoY ▪ For H1FY27, traffic handled was up 0.8% YoY to 58.4
Slide 16: Passenger Traffic – Seasonality to Provide Sequential Uptick in H2FY27
Passenger Traffic Seasonality to Provide Sequential Uptick in H2FY27 GAL Operated Indian Airports Traffic Dom Int 30.2 30.0 29.8 29.3 28.6 28.4 27.0 26.4 26.0 Q2FY2025 Q3FY2025 Q4FY2025 Q1FY2026 Q2FY2026 Q3FY2026 Q4FY2026 Q1FY2027 Q2FY2027 Q2 is seasonally a soft quarter – Traffic is stronger in H2
Slide 17: Financial Highlights
GAR AERO FINANCIAL HIGHLIGHTS CT | SOS
Slide 18: GAL Q2FY27 Consolidated Results at a Glance
GAL Q2FY27 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 28.0mn 178.7 INR 497 INR 772 ▲ 0.6% YoY ▲ 0.3% YoY ▲ 6% YoY ▼ 8.2% QoQ ▼ 6.2% QoQ ▲ 12% QoQ ▲ 12% QoQ Gross Income EBITDA Net Debt4 Capex Progress5 INR 41.9bn INR 15.7bn INR 340bn ▲ 12% YoY Crete – 78% ▲ 2%
Slide 19: GAL H1FY27 Consolidated Results at a Glance
GAL H1FY27 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 58.4mn 369.2 INR 470 INR 728 ▲ 0.8% YoY ▲ 0.4% YoY ▲ 9% YoY Gross Income EBITDA Net Debt4 Capex Progress5 INR 83bn INR 31bn INR 340bn Crete – 78% ▲ 17% YoY ▲ 12% YoY Unchanged YoY 1Includes Delhi, Hyderabad
Slide 20: GAL Consolidated Financial Highlights
GAL Consolidated Financial Highlights Q2FY27 Gross Income & EBITDA H1FY27 Gross Income & EBITDA ▪ EBITDA: • Q2FY27: ▲2% YoY; unchanged QoQ at INR 15.7bn ▪ EBITDA: • EBITDA margins at 49%, down 4% YoY • H1FY27: ▲12% YoY to INR 31bn • EBITDA Margins at 50%, down 2% YoY ▪ Net Profit After Tax • Q2FY27:
Slide 21: GAL Consolidated Financial Highlights – Revenue Composition
GAL Consolidated Financial Highlights H1FY27 Revenue from Operations1 Proforma Composition INR mn Subsidiaries 3 2 Pre-dominantly non-aero businesses Non-Aero and Adjacency Businesses witnessing Strong Growth … 1 Excluding other income; 2 Operating F&B concessions at Hyderabad, Mopa (Goa), Vizag (Bh
Slide 22: GAL Consolidated Financial Highlights – EBITDA Composition
GAL Consolidated Financial Highlights H1FY27 EBITDA1 Proforma Composition INR mn Subsidiaries 2 Pre-dominantly non-aero businesses … Leading to Healthy EBITDA and Cash Flow Generation Consolidated EBITDA incl. JVs (Proforma Attributable) at ~INR 16.1bn 1 Including other income; 2 Key JV businesses o
Slide 23: Adjacency Business Platforms: Multiple assets under each platform
Adjacency Business Platforms: Multiple assets under each platform High Revenue Growth Potential Less Capital-Intensive Business Non-Regulated Enable Entry Outside GMR Airports Both - Domestic and International GAL HYD Business Platform Perpetual Business GAL Platform to ensure Higher Volumes, Better
Slide 24: GAL Financial Highlights – Q2FY27 Non-Aero Standalone
GAL Financial Highlights – Q2FY27 Key Non-Aero Business Performance Part of GAL Standalone Q2FY2027 H1FY2027 Business Total EBITDA (post Total EBITDA (post (INR mn) PBT PBT Income rev. share) Income rev. share) Delhi Duty Free 5,544 1,041 822 11,440 2,188 1,744 Delhi Cargo 2,368 676 646 4,707 1,364
Slide 25: GAL Financial Highlights – Q2FY27 Subsidiaries / JVs
GAL Financial Highlights – Q2FY27 Key Non-Aero Business Performance Subsidiaries / JVs Q2FY2027 (INR mn) H1FY2027 (INR mn) Business Ownership Airport Total EBITDA (post Total EBITDA (post PAT PAT Income rev. share) Income rev. share) Subsidiaries Duty Free GAL 100% Goa, Vizag, Kannur 51 7 (5) 66 7 (
Slide 26: GAL Consolidated Debt – Q2FY27
GAL Consolidated Debt – Q2FY27 Gross & Net Debt ^ Net Debt Break-up ^ (INR bn) (in INR bn) 93 ▪ Net Debt unchanged QoQ at INR 340bn ▪ “Others” mainly includes net debt of GMR Airports Greece • INR 3.8bn net debt decrease at DIAL and GHIAL (INR 3.8bn) and GLPPL* (INR 4.2bn) • INR 2.0bn net debt incre
Slide 27: Asset-wise Performance
GAR AERO ASSET-WISE PERFORMANCE
Slide 28: Domestic Airports
DOMESTIC AIRPORTS K e y H i g h l i g h t s 27
Slide 29: Delhi Airport (DIAL) Key Highlights – Q2FY27
Delhi Airport (DIAL) Key Highlights – Q2FY27 ▪ Destinations Connected: • Domestic: 90; International 70 Net Income ▪ Handled highest ever: Revenues • H1 pax in H1FY27 Q2FY27: INR 11.5bn; Aero Revenue • H1 Passenger ATMs1 in H1FY27 ▲10.0% YoY ▲4.7% YoY • Cargo volumes in Q2 and H1FY27 ▪ Reported posi
Slide 30: Delhi Airport – 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 31: Hyderabad Airport (GHIAL) Key Highlights – Q2FY27
Hyderabad Airport (GHIAL) Key Highlights – Q2FY27 ▪ Destinations Connected: • Domestic: 73; International 27 ▪ Traffic: International traffic declined in H1FY27 primarily due to West Asian Net Income geopolitical instability and rising airfares. Domestic traffic declined due to route Q2FY27: INR 6.1
Slide 32: Hyderabad Airport – 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 33: Mopa (Goa) Airport – GGIAL Key Highlights
Mopa (Goa) Airport – GGIAL Key Highlights – Q2FY27 ▪ Destinations Connected: Net Income • Domestic: 18; International 2 ▪ Increase in Aero Revenues driven by normalization of tariffs post discontinuation Q2FY27: INR 782mn; Revenues of special initiative program ▲ 24% YoY Aero Revenue ▪ Captured ~42%
Slide 34: Mopa (Goa) Airport – Third Party Hotel Developments
Mopa (Goa) Airport – GGIAL Third Party Hotel Developments Artist’s Impression Hotel 1: Radisson Blu (Keys: 225) 4 Hotel Plots: • Radisson Blu Actual • Ginger Progress • Hyatt • Mariott 0.62mn sq ft+ Hotel 2: Ginger by IHCL (Keys: 280) Total Built-up Area 900+ Total Keys Actual Progress Humility | En
Slide 35: Vizag (Bhogapuram) Airport Key Highlights
Vizag (Bhogapuram) Airport, Andhra Pradesh Key Highlights ▪ Airport inaugurated by Hon. Prime Minister Shri Narendra Modi on 1 Aug’26 Taj Vivanta – Artist Impression ▪ Commercial operations started from 17 Aug’26 ▪ Initial capacity of 6mn passengers annually ▪ Cargo handling capacity of 25,000 metri
Slide 36: Nagpur Airport – Key Highlights
Nagpur Airport –Maharashtra Key Highlights ▪ GMR Airports took over airport operations on 25 Jun’261 ▪ Initial focus to be on modernization and upgradation of existing terminal and amenities thereby improving passenger convenience • Passenger-centric initiatives: Across facilitation, Digi Yatra proc
Slide 37: Operational & Financial Highlights – Q2FY27
Operational & Financial Highlights – Q2FY27 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn Q2FY2026 Q1FY2027 Q2FY2027 Q2FY2026 Q1FY2027 Q2FY2027 Q2FY2026 Q1FY2027 Q2FY2027 Net Income 10,479 11,461 11,531 6,474 6,035 6,082 632 941 782 EBITDA 6,74
Slide 38: Operational & Financial Highlights – H1FY27
Operational & Financial Highlights – H1FY27 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn H1FY2026 H1FY2027 H1FY2026 H1FY2027 H1FY2026 H1FY2027 Net Income 20,547 22,991 12,473 12,116 1,404 1,723 EBITDA 13,096 14,619 8,203 7,918 353 648 Interest
Slide 39: Key Parameters – ATM Movements
Key Parameters – ATM Movements ATMs Continue to Increase in Delhi Delhi Airport Hyderabad Airport Q2FY27: ATMs increased 7% YoY Q2FY27: ATMs decreased 16% YoY Domestic International (Nos '000) Domestic International (Nos '000) 112.4 50.7 105.5 8.1 42.8 25.5 27.2 7.7 85.2 42.6 80.0 35.0 Q2FY2026 Q2FY
Slide 40: Airport Non-Aero Revenues Performance – H1FY27
Airport Non-Aero Revenues Performance – H1FY27 Delhi Airport Hyderabad Airport Non-Aero Revenue Break-up INR 20.1 bn Non-Aero^ Revenue Break-up INR 4 bn Others Others 18% Retail (incl 15% Retail (incl Ground Handling Duty Free) Duty Free) 7% 25% F&B 29% F&B 20% Space Rentals 10% 19% Advt. Advt. 7% C
Slide 41: International Airports
INTERNATIONAL AIRPORTS K E Y H I G H L I G H T S 40
Slide 42: Medan Airport (Indonesia) Key Highlights
Medan Airport (Indonesia) Key Highlights ▪ Traffic: Q2FY27 Passenger Traffic • Q2FY27 at 1.58mn, ▼ 11.1% YoY; ▼ 12.7% QoQ • H1FY27 at 3.38mn, ▼ 4.3% YoY Domestic International 1.6 mn pax ▪ Gross Income: • Q2FY27: ▲ 4.3% YoY to INR 1.5bn o Aero revenue ▲2.8% YoY; Non-aero revenue ▲11.7% YoY 35% • H1F
Slide 43: Crete Airport (Greece) Key Highlights
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 78% achieved as of 30 Sep’26: • Passenger Terminal - External stone cladding, IT / Multi
Slide 44: ESG Practices
GAR AERO PRACTICES ann
Slide 45: ESG Ratings of GMR Airports
ESG Ratings of GMR Airports • Significant improvement across most 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; GAL continues to be a constituent
Slide 46: Vizag (Bhogapuram) – A New Airport with Sustainability by Design
Vizag (Bhogapuram) – A New Airport with Sustainability by Design ▪ Green Terminals: Vizag (Bhogapuram) Airport is US LEED Platinum (pre-certified) with energy-efficient building systems integrating smart building management, high-efficiency HVAC, LED lighting and natural daylight ▪ Renewable energy:
Slide 47: Environment – Energy and Water Leadership across Airports
Environment – Energy and Water Leadership across Airports GHIAL – National Energy Leader for the 8th GGIAL – Honoured for energy management DIAL – TERI Water Sustainability Award 2025-26 consecutive year excellence • Recognised at the 27th CII National Award for • Honoured at the 27th CII National A
Slide 48: Social – Community Value, Inclusion and Safety
Social – Community Value, Inclusion and Safety GMRVF Skill Development Centre at Mobile Medicare Unit at Vizag Inclusive access and local DIAL – In-house innovation for EV fire Bhogapuram (Bhogapuram) employability safety • Inaugurated on 16th August 2026 • Covers 18 villages around the • Hyderabad
Slide 49: Key Focus Areas
Key Focus Areas ▪ Continuous focus on premiumization and margin expansion Improve Profitability ▪ Work towards further optimizing the cost of debt Stabilize New Airport ▪ Prioritize timely issuance of the regular tariff order for Bhogapuram Airport Operations ▪ Upgrade existing terminal and amenitie
Slide 50: For further information, please visit
For further information, please visit Website: www.gmraero.com or Contact: [email protected] 49
Slide 51: Annexures
GR AERO ANNEXURES ll ec.
Slide 52: 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 53: Annexure A: GAL Profitability Statement (Consolidated)
Annexure A : GAL Profitability Statement (Consolidated) INR mn Particulars Q2FY2026 Q1FY2027 Q2FY2027 H1FY2026 H1FY2027 Revenue from Operations 36,700 39,640 40,954 68,752 80,594 Other Income 844 1,205 931 1,999 2,136 Gross Income 37,544 40,845 41,885 70,751 82,730 Less: Revenue Share 8,511 9,779 9,
Slide 54: 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 ▲11.6% YoY; ▲ 3.3% QoQ to INR 41bn Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prudence
Slide 55: Annexure C: GAL Profitability Statement (Standalone)
Annexure C : GAL Profitability Statement (Standalone) INR mn Particulars Q2FY2026 Q1FY2027 Q2FY2027 H1FY2026 H1FY2027 Non-Aero Income 7,381 10,143 9,952 9,518 20,095 Refer Slide 23 for More Details Dividend Income 0 699 10 700 709 Others (Consultancy, EPC, etc.) 2,070 1,400 1,368 4,013 2,768 Revenue
Slide 56: Annexure D: Delhi Airport (Standalone)
Annexure D : Delhi Airport (Standalone) INR mn Particulars Q2FY2026 Q1FY2027 Q2FY2027 H1FY2026 H1FY2027 Aero Revenue 7,424 7,847 7,775 13,765 15,623 Non Aero Revenue 8,532 9,884 10,262 17,313 20,146 CPD Rentals 2,365 2,491 2,480 4,675 4,972 Other Income 170 458 318 395 775 Gross Income 18,492 20,680
Slide 57: Annexure E: Hyderabad Airport (Standalone)
Annexure E : Hyderabad Airport (Standalone) INR mn Particulars Q2FY2026 Q1FY2027 Q2FY2027 H1FY2026 H1FY2027 Aero Revenue 4,228 3,940 3,879 8,474 7,819 Non Aero Revenue 2,048 1,897 2,143 3,744 4,040 Other Income 465 429 300 769 728 Gross Income 6,741 6,267 6,321 12,986 12,587 Less: Revenue Share 267
Slide 58: Annexure F: Mopa (Goa) Airport (Standalone)
Annexure F : Mopa (Goa) Airport (Standalone) INR mn Particulars Q2FY2026 Q1FY2027 Q2FY2027 H1FY2026 H1FY2027 Aero Revenue 562 968 761 1,302 1,729 Non Aero Revenue 206 220 196 411 416 CPD Rentals 15 29 33 28 63 Other Income 54 45 51 120 97 Gross Income 836 1,263 1,041 1,860 2,304 Less: Revenue Share