Any current/future new fundraising through debt or equity?

No major new debt raising is planned except for final payments related to Bhogapuram and some for Nagpur airports. Bhogapuram final payments expected around INR 700-800 crores in FY27, leading to some increase in debt. Nagpur may add approximately INR 200 crores of debt. No other significant debt raising beyond these two projects. Overall net debt may increase by around INR 1,000 crores due to these payments but will be partly offset by mandatory debt repayments. Focus will be on managing net debt to EBITDA ratio rather than absolute debt. Equity conversion of FCCBs (held by ADP promoters) wil

Any current/future capex/capital investment/strategic investment?

FY27 expected capex around INR450 crores, mainly for real estate projects including a million sq ft commercial building recently started. Combined capex for Bhogapuram, Nagpur, and real estate estimated at ~INR1,400 crores for FY27, fully funded through construction finance in SPVs. Bhogapuram airport final project cost ~INR4,700 crores, with remaining capex of INR700-800 crores to be spent in FY26-FY27 to complete the project. Nagpur may require ~INR200 crores capex in the near term. No major capex planned beyond Bhogapuram and Nagpur; other airports focusing on operational capex only

Future growth expectations in sales/revenue/volumes?

GMR Airports expects a 5% to 7% growth in passenger traffic for the full fiscal year, considering both organic growth and addition of new airports (Bhogapuram and Nagpur) starting operations in Q2 FY27. The two new airports (Bhogapuram and Nagpur) are anticipated to contribute around 5 million additional passengers annually combined. Existing core portfolio airports are expected to grow naturally within the 5%-7% overall traffic growth guidance. Non-aero business platform is projected to grow at 15%-18% CAGR, supported by new airport operations and expansion of non-aero activities. Rea

Future growth expectations in earnings/operating earnings/profits/EPS?

GMR Airports expects 5% to 7% passenger traffic growth for the full fiscal year, supported by the addition of Bhogapuram and Nagpur airports. Non-aero platform business is growing rapidly, now surpassing Hyderabad airport in earnings, with growth rates of 15-18% YoY expected. New non-aero businesses linked to Bhogapuram and Nagpur airports will contribute incremental growth in FY27 and FY28. Tariff revisions, especially at Hyderabad airport, are anticipated to improve profitability from FY27 onwards. EBITDA for FY26 showed a strong 47% YoY increase, with net profit turning positive after over

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GMR Airports LtdQ1 FY26Transport Infrastructure

GMR Airports Ltd Q1 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹107Market Cap: ₹1.0L CrSector: Transport Infrastructure

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→GMR Airports expects a 5% to 7% growth in passenger traffic for the full fiscal year, considering both organic growth and addition of new airports (Bhogapuram and Nagpur) starting operations in Q2 FY27.
→The two new airports (Bhogapuram and Nagpur) are anticipated to contribute around 5 million additional passengers annually combined.
→Existing core portfolio airports are expected to grow naturally within the 5%-7% overall traffic growth guidance.
→Non-aero business platform is projected to grow at 15%-18% CAGR, supported by new airport operations and expansion of non-aero activities.
→Real estate development business is the third growth platform, with ongoing projects to add revenue streams from FY27 onwards.
→Management remains bullish on long-term secular growth driven by India’s expanding middle class and infrastructure momentum despite short-term geopolitical headwinds.

Margin guidance

Category 3

→GMR Airports expects 5% to 7% passenger traffic growth for the full fiscal year, supported by the addition of Bhogapuram and Nagpur airports.
→Non-aero platform business is growing rapidly, now surpassing Hyderabad airport in earnings, with growth rates of 15-18% YoY expected.
→New non-aero businesses linked to Bhogapuram and Nagpur airports will contribute incremental growth in FY27 and FY28.
→Tariff revisions, especially at Hyderabad airport, are anticipated to improve profitability from FY27 onwards.
→EBITDA for FY26 showed a strong 47% YoY increase, with net profit turning positive after over a decade.
→Net debt to EBITDA ratio is expected to improve from 5.5x in FY26 to below 4x within 18 to 24 months, indicating better financial health.
→Management remains confident of capturing long-term secular growth, targeting a resilient earnings trajectory despite current operational challenges.

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Fundraise plans

Yes

→No major new debt raising is planned except for final payments related to Bhogapuram and some for Nagpur airports.
→Bhogapuram final payments expected around INR 700-800 crores in FY27, leading to some increase in debt.
→Nagpur may add approximately INR 200 crores of debt.
→No other significant debt raising beyond these two projects.
→Overall net debt may increase by around INR 1,000 crores due to these payments but will be partly offset by mandatory debt repayments.
→Focus will be on managing net debt to EBITDA ratio rather than absolute debt.
→Equity conversion of FCCBs (held by ADP promoters) will occur as scheduled in March 2028; no change in equity raising plans.
→Majority of recent capex funded through construction finance, with no impact on immediate cash flows or new equity issuance.

Order book

The transcript of the GMR Airports Limited Q4 FY2026 call does not explicitly mention the current or expected order book or pending orders in detail. However, relevant points related to ongoing projects and capex plans include: - Bhogapuram airport project is nearing completion with 98.7% physical progress and expected operationalization in Q2 FY27. - Total capex for FY27 expected around INR 450 crores for real estate contracts and about INR 700-800 crores for Bhogapuram to complete the project. - Capex of around INR 1,400 crores anticipated for Bhogapuram, Nagpur, and real estate combined in FY27. - Crete airport under construction with 69% progress. - New commercial building handover at Delhi Aerocity planned in FY27. - No detailed order book or pending orders data disclosed for new contracts or projects. No specific figures on orderbook or pending orders were provided in the call transcript.

Capex plans

Yes

→FY27 expected capex around INR450 crores, mainly for real estate projects including a million sq ft commercial building recently started.
→Combined capex for Bhogapuram, Nagpur, and real estate estimated at ~INR1,400 crores for FY27, fully funded through construction finance in SPVs.
→Bhogapuram airport final project cost ~INR4,700 crores, with remaining capex of INR700-800 crores to be spent in FY26-FY27 to complete the project.
→Nagpur may require ~INR200 crores capex in the near term.
→No major capex planned beyond Bhogapuram and Nagpur; other airports focusing on operational capex only.
→Delhi Aerocity first self-developed commercial building handover expected in FY27, part of a growing real estate platform.
→Expansion of Hyderabad airport ongoing, with tariff filings considering expansion capex for growth beyond current capacity.

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