GMR Airports Ltd achieved a remarkable turnaround in Q4 FY26, posting a net profit of ₹400.49 crore compared to a loss of ₹252.66 crore in the same period last year. According to the latest regulatory filing, total income for the quarter climbed to ₹4,042.90 crore from ₹2,976.76 crore in Q4 FY25. The company reported sales of ₹39,381.6 million for the quarter compared to ₹28,633.4 million a year ago, with net income of ₹3,023.5 million versus a net loss of ₹2,375.9 million in Q4 FY25. Basic earnings per share from continuing operations improved to ₹0.29 from a basic loss per share of ₹0.23 a year ago, while diluted earnings per share was ₹0.23 compared to a diluted loss per share of ₹0.23 in the previous year.
Delhi airport emerged as the star performer, reporting a profit of ₹476.9 crore for FY26 compared to a loss of ₹976.2 crore in the previous year. According to Mint reports, non-aero revenue stood at ₹3,607 crore, representing a 9% increase over the previous year and accounting for an 81% share of net income. The retail segment was the primary driver, contributing 27% of non-aero revenue and growing 9% year-on-year. The fastest-growing segment was food & beverages with 18% growth, ending the year with ₹390 crore revenue. Space rentals, cargo, and food & beverage segments reinforced the 'mall in an airport' concept, with spend per passenger increasing to ₹1,063 in FY26 from ₹1,010 in FY25. AERA's tariff revisions for DIAL helped the entity swing from loss to profit, while the airport's aero revenue increased to ₹3,011 crore from ₹1,152 crore in the previous year.
GMR Airports significantly outpaced rival Adani Airports Holdings Ltd in FY26 revenue growth, reporting 40% growth compared to Adani's 28% growth. According to company disclosures, GMR Airports achieved total revenue of ₹15,200.75 crore in the year ended March 2026, up from ₹10,835.89 crore in the previous year. Adani Airports reported revenue of ₹13,081 crore, representing an increase from ₹10,224 crore in FY25. The contrasting performance reflects the differing expansion and monetisation strategies of India's two largest private airport operators. GMR's growth was primarily driven by tariff revisions at Delhi airport and the successful diversification into non-aero revenue streams, with the company's non-aero revenue share significantly exceeding the global average of around 40%.
Both companies achieved significant financial improvements in FY26. According to Business Standard reports, GMR Airports swung to profitability, posting a profit before tax of ₹472 crore compared with a ₹816.9 crore loss in FY25. For the full year, GMR Airports reported net income of ₹1,754.9 million compared to a net loss of ₹3,928.5 million in FY25. Basic earnings per share from continuing operations improved to ₹0.17 from a basic loss per share of ₹0.43 a year ago, while diluted earnings per share was ₹0.13 compared to a diluted loss per share of ₹0.43 in the previous year. Adani Airports reported a profit of ₹1,427 crore, versus a ₹5 crore loss a year earlier.
GMR Airports is expanding its network with the Bhogapuram airport in Andhra Pradesh being brought forward to the July–September quarter from October–December, as reported by Mint. The company is also planning to take over operations of Nagpur airport around the same period. Saurabh Chawla, CFO of GMR Airports, indicated that the company expects a 5-6% increase in passenger traffic including the addition of two new airports. Capex across Bhogapuram, Nagpur and ongoing real estate projects at Delhi is pegged at about ₹1,400 crore for the current fiscal. The company runs Delhi, Hyderabad, and Goa-Mopa as major airports in India, taking over Nagpur airport after a long legal battle, and will operationalise Bhogapuram airport in the coming months, apart from investments in Crete, Greece and Medan, Indonesia. Across India, passenger traffic stood at 420.9 million in FY26, with more than one in three air travellers passing through a GMR-operated airport.
According to Ankita Shah, vice president at brokerage firm Elara Capital, GMR Airports expects the first quarter to be soft due to the impact of war in the Middle East, with airlines reducing domestic capacities affecting passenger traffic. However, passenger traffic growth is expected in the later half of the year. In Q2 FY27, the airport operator will add two airports to its portfolio, adding around 4 million passengers and 2 million incremental growth from existing three airports. Shah noted that GMR's investments in Delhi expansion, while Hyderabad and Mopa are greenfield airports, differ from Adani's portfolio of operating assets. The company's resilient FY26 performance despite challenging operating conditions including evolving airspace conditions, isolated aviation incidents, and global geopolitical developments demonstrates strong operational adaptability. Delhi airport continues to be a jewel in the crown for GMR Airports Ltd, as it pursues more opportunities worldwide for investments to hedge market dynamics and dependency on just one airport and country.
