GMR Airports Ltd

- Traffic expected to improve from December 2025 with significant growth seen in January 2026 due to aircraft additions. - Airlines like Air India to add 20-30 aircraft, IndiGo 30-40, and Akasa 10-12 in the next year, driving higher passenger volumes. - EBITDA base of INR1,800 crores per quarter anticipated to be the platform for further growth subject to stable environment. - Goa airport EBITDA margins sustainable and expected to improve next year with cost control and rising traffic. - Large-scale Hyderabad expansion to start FY28, with INR12,000-13,000 crores capex over 4 years enabling capacity growth beyond 34 million passengers. - Non-aero commercial revenue targeting sustainable growth of around 15%+ annually, supported by new stores and retail expansion at Hyderabad and Delhi. - Real estate monetization strategy to be communicated in next 3-6 months once stabilized rents are achieved. - GAL expected to remain profitable and start dividend distribution by FY26, with net debt expected to decline from FY27 onwards.

- The company expects EBITDA growth at a better momentum from the current base of around INR1800 crores per quarter, assuming stable environment and no major disruptions. - Interest costs are expected to decline due to refinancing at better rates, enabling more EBITDA to flow through to profit before tax (PBT). - GAL (GMR Airports Limited) is tracking profitability for FY26 and aims to continue profitability thereafter, with medium-term plans for dividend distribution. - EBITDA at Goa airport is sustainable with scope for margin expansion beyond 36% post FY26 due to traffic growth and cost controls. - Capital expenditure on expansions is mostly behind, except Hyderabad where large-scale expansion (INR12,000-13,000 crores) is planned starting FY28. - Non-aero revenue is targeted to grow sustainably at around 15% plus, aiding profit growth. - Real estate monetization strategies are expected to be shared in the next 3-6 months, adding future earnings avenues.

The transcript does not explicitly mention current or expected orderbook or pending orders for GMR Airports Limited. However, related information includes: - Hyderabad expansion capex expected around INR12,000 to INR13,000 crore over 4 years starting FY28 (Page 10). - Bhogapuram airport construction nearing completion, operational by Q2FY27 (Page 4, 9). - Aircraft deliveries expected: Air India (20-30 aircraft), IndiGo (30-40 aircraft), Akasa (10-12 aircraft) in the next year, indicating growth in aviation demand (Page 6). - No significant capex or major orders expected in the next 12-18 months except Hyderabad expansion scheduled FY28 onwards (Page 10). - No detailed orderbook or pending contracts data disclosed in the call. In summary, future capex plans primarily revolve around the Hyderabad expansion starting FY28, with no immediate large pending orders reported.

- No significant new capex or fundraising is planned in the near term except for Hyderabad expansion starting FY28 onward. - Bhogapuram capex is nearing completion; debt peaks this fiscal year and expected to decline from FY27. - Interest costs expected to reduce due to ongoing refinancing at Delhi Airport and GAL in FY27. - No immediate equity fundraising mentioned; focus is on deleveraging and interest cost reduction. - Management targets AAA credit ratings to enable lower cost debt and eventual dividend distribution. - Real estate monetization expected only 18-24 months down the line, not immediate fundraising. - Large Hyderabad expansion capex (~INR12,000-13,000 crores) planned over 4 years starting FY28, likely debt-funded but details to be defined after master planning and approvals.

- Hyderabad Airport expansion capex of around INR 12,000-13,000 crores planned over 4 years starting FY28, including new terminal, runway, and taxiways. - No significant capex expected at other airports for the next 12-18 months; Bhogapuram capex mostly completed. - Bhogapuram airport nearing completion (95% done) and expected to start operations in Q2FY27; this will add depreciation and interest expenses from FY27. - Real estate monetization through self-development at all three airports being worked on; no monetization expected in next 12-18 months, with strategy update in 3-6 months. - Asset monetization via airport privatization process for 11 airports (5+6) expected to kick off in Q1 FY27. - Capex for Hyderabad expansion contingent on master plan approvals and contractor onboarding, expected to start in FY28.