GMR Airports Results Analysis

Operating Revenue for Q2FY26 is Rs. 3,670 Cr., 47% Growth YoY, Total Income is Rs. 3,754 Cr., 44.5% Growth YoY, EBITDA is Rs. 1,531 Cr. 59.22% Growth YoY, EBITDA Margin is 41.73% improved by 319 Basis points YoY, PBT Rs. 103 Cr. turned profitable from loss of Rs. 386 Cr. YoY, PAT Rs. 35 Cr., turned profitable from loss of Rs.429 Cr. YoY. On QoQ basis Operating Revenue has achieved 14.5% Growth, EBITDA is also grown by 19.63%, PBT and PAT turns profitable from loss in previous quarter. Reported first positive PBT in more than 3 years. Delhi Airport (DIAL) - Aero Revenues up 166% YoY substantially driven by revised tariffs implemented from mid-Apr’25 resulting in Q2FY26 EBITDA beating last 4 years’ quarterly EBITDA. Hyderabad Airport (GHIAL) - Aero Revenues up 7.6% YoY, Strong performance resulting in record quarterly EBITDA reported in Q2FY26. Mopa (Goa) Airport – GGIAL - Aero Revenue down by 26.7% includes impact of special initiative program to attract airlines ▪ Captured ~46% market share (of Goa system traffic) in Q2FY26 ▪ EBITDA and Margins impacted by commencement of revenue share.