GMR Airports Ltd

- No fresh capex except for Bhogapuram greenfield airport, where construction is ongoing. - Debt is expected to peak at around INR 30,000 to 31,000 crores by end of FY26, primarily due to Bhogapuram construction, balance payments at Delhi Airport, and corporate-level debt for the purchase of the Fraport stake. - Recent refinancing included converting $450 million high-cost dollar debt into domestic bonds at 9.5% interest. - The company continuously seeks opportunities to reduce interest costs by shifting from dollar bonds to cheaper rupee bonds. - Abu Dhabi Investment Authority (ADIA) has extended a loan against pledged shares, with no immediate voting rights; conversion option exists after 5-8 years at a price determined by SEBI preferential allotment pricing. - No immediate new equity fundraising reported; ADIA facility removes refinancing risk.

- Bhogapuram Airport: Ongoing greenfield airport construction with 55% physical progress as of December. Capex continues here (Page 4, Page 9). - Nagpur Airport: Recently acquired; upgradation and development plan underway for FY26 and beyond. Evaluation for further upgradation capex is in progress (Page 3, Page 9). - Goa Airport: Capacity expansion at Mopa Airport completed; ongoing hotel development projects with 2 more hotels under development (Page 3, Page 6). - Delhi Airport: Majority of capex completed. Terminal hotel under construction at Aerocity. No fresh capex planned apart from balance payments and operational enhancements (Page 4, Page 9). - Strategic digital investments: AI-powered digital twin platform launched at Hyderabad Airport to optimize operations (Page 3). - Overall, no major fresh capex except Bhogapuram and Nagpur evaluation; peak consolidated debt expected by FY26 in line with current business plans (Page 9).

- Current year is an inflection point for GMR Airports as majority of capex is completed, de-risking the model. - Robust traffic growth despite aircraft supply constraints, with aircraft operating above 85-90% load factors. - Positive EBITDA and healthier P&L expected driven by new Delhi Airport tariff notification in the next 3-4 years. - Non-aero revenues expected to grow, contributing to top-line expansion. - Traffic growth anticipated to be strong at Delhi Airport post aircraft deliveries, especially wide-bodied international aircraft. - Hyderabad Airport’s non-aero revenue per passenger expected to grow towards Delhi levels, supported by expanded duty-free area. - Goa Airport revenue share has started from December, estimated INR24-25 crores revenue in Q4. - Expansion of international connectivity and increasing business class bookings signal ongoing demand growth. - Overall, GMR expects sustained revenue growth supported by traffic, tariff increases, and non-aero revenue expansion.

- The current year (FY25) is seen as an inflection point with major capex largely complete, leading to a de-risked business model and robust traffic growth despite aircraft supply challenges. - Growth will be driven by increased traffic and growth in spend per passenger (SPP), especially in non-aero revenues which are growing around 14-15%. - The new Delhi Airport tariff, expected to be notified in Q1FY26, will significantly enhance EBITDA and profitability. - EBITDA for non-top 3 assets (beyond Delhi, Hyderabad, Goa) shows a recurring run rate of around INR 200 crore quarterly, with an upward trajectory expected. - Hyderabad airport’s non-aero per pax and duty-free sales per passenger are growing, expected to trend closer to Delhi Airport levels in the next 2-3 years. - Overall, a healthier P&L and balance sheet with improved profitability are projected over the next 3 to 4 years.

- The transcript does not explicitly mention a specific current or expected order book or pending orders for GMR Airports. - However, it references ongoing and upcoming projects including: - Bhogapuram Airport: Construction at 55% physical progress (Page 4). - Mopa (Goa) Airport: Capacity expansion to 7.7 million passengers completed (Page 4). - Crete Airport: 43% progress achieved (Page 4). - There is a mention of planned or ongoing capex focused mainly on Bhogapuram with no fresh capex other than greenfield Bhogapuram and considerations for Nagpur airport (Pages 9). - The company also completed an equity divestment of Cebu Airport and now operates as a technical services provider until December 2026 (Page 4). - No detailed order book figures or specific pending orders are disclosed in the discussed transcript.