GMR AIRPORTS LIMITED — PPTs, 13-11-2025: Investor Presentation

GMR Airports (GAL) reported a strong Q2FY26, with Gross Income up 45% YoY to ₹3,750 Cr and record EBITDA soaring 59% YoY to ₹1,530 Cr. The company achieved its first positive profit in over three years at ₹35.1 Cr. While overall passenger traffic saw a slight dip, Hyderabad Airport continued strong growth (+5.5% YoY), and non-aero/adjacency businesses are showing robust expansion.

GAL is strategically boosting non-aero revenue by expanding "adjacency businesses" like cargo & duty-free, recently taking over operations at Delhi and Hyderabad. The company is also monetizing its vast land parcels (over 2,500 acres) and speeding up greenfield projects at Bhogapuram (~87.5% complete) and Crete (~60% complete), poised to add future capacity. New tariff revisions for Delhi Airport are expected to significantly uplift aero revenue.

Recent developments include GAL raising ₹5,900 Cr via bonds to refinance debt, and a favorable regulatory win upholding Mopa (Goa) Airport's tariff contentions. Management anticipates improved EBITDA from completed expansions, setting the stage for sustainable growth and future dividends. Net debt stands at ₹34,000 Cr.