GMR AIRPORTS LIMITED — PPTs, 29-07-2025: Investor Presentation

**1. Financial Highlights:**

Q1FY26 consolidated EBITDA hit a record INR 1,280 Cr (+26% YoY), with 51% margins. Gross income rose 32% YoY to INR 3,320 Cr. Net loss improved to INR 140 Cr. Aero Yield Per Passenger surged 50% YoY to INR 399. Net debt reached INR 32,900 Cr, partly due to bond issuance.

**2. Strategic Initiatives & Growth Drivers:**

GMR is expanding its 'GAL Platform' by leveraging non-aero businesses and monetizing 2,500+ acres of real estate, with ongoing hotel/commercial developments. Greenfield projects Bhogapuram (~80% complete) and Crete (~54% complete) are progressing. Nagpur Airport takeover and debt refinancing are upcoming priorities.

**3. Business Developments:**

Delhi Airport's financials improved significantly from revised tariffs. GAL now directly manages Delhi Cargo and Duty Free. Hyderabad Airport declared INR 380 Cr in FY25 dividends. GHIAL acquired EGLPPL for INR 41.3 Cr, strengthening logistics, and secured an MRO contract.

**4. Market Position & Competitive Advantage:**

GMR is the 2nd largest private airport operator globally and largest in India, handling 27% of Q1FY26 passenger traffic. Delhi is a top 10 Asia-Pacific hub, and Hyderabad is the 4th fastest-growing globally. Long concessions and extensive land development bolster its competitive edge.

**5. Investor Implications:**

The firm shows positive growth potential from traffic recovery, favorable tariffs, and strategic expansion into high-margin non-aero segments. Improved earnings visibility comes from organic growth and debt refinancing. Investors should observe execution on new projects and profitability gains.