Synopsis: India’s largest private airport operator turned the corner in FY26, reporting its first full-year profit in more than ten years as consolidated gross income surged 40% to Rs.15,201 crore and EBITDA scaled a record Rs.6,150 crore, with the Delhi airport’s sharp aero revenue jump doing most of the heavy lifting.
For years, the business focused on building scale, expanding airport infrastructure, and creating new revenue streams. That investment phase now appears to be translating into meaningful financial outcomes, with stronger profitability, improving operational leverage, and multiple growth projects nearing completion, positioning the company for its next phase of expansion.
With a market capitalization of approximately Rs. 108,500 crore, the shares of GMR Airports were trading at around Rs. 104 per share; the stock went up by 6 percent from the previous day’s closing of Rs. 97.86. It is trading at a P/E of approximately 519x.
FY26 Financials: A Decade-First Profit
On a consolidated basis, gross income for FY26 came in at Rs.15,201 crore, up 40% year-on-year. Revenue from operations grew 42% to Rs.14,807 crore. EBITDA surged 47% to Rs.6,150 crore, the highest in the company’s listed history, with margins holding at a healthy 52%. Most critically, net profit after tax for FY26 stood at Rs.472 crore, reversing a loss of Rs.817 crore in FY25.
This was the first positive PAT the company has reported in over a decade. Excluding exceptional items, adjusted PAT was Rs.580 crore against an adjusted loss of Rs.1,420 crore in FY25, a swing of nearly Rs.2,000 crore in a single year.
Q4 Snapshot: Profit Jumps, EBITDA Stays Strong
The quarter ending March 2026 reinforced the full-year momentum. Consolidated gross income for Q4FY26 came in at Rs.4,043 crore, up 36% year-on-year and broadly flat sequentially. EBITDA for the quarter grew 38% YoY to Rs.1,549 crore, with margins at 50%. Net profit for Q4 stood at Rs.401 crore against a loss of Rs.253 crore in Q4 FY25, a swing of over Rs.650 crore in a single quarter.
Delhi: The Engine That Moved the Needle
If FY26 had one decisive lever, it was Delhi. The revised Control Period 4 tariffs, effective mid-April 2025, caused aero revenues at Delhi Airport (DIAL) to jump 178% year-on-year in Q4 alone, a number that sounds extraordinary but reflects years of tariff under-recovery finally being corrected. For the full year, Delhi’s standalone EBITDA reached Rs. 2,882 crore, up 65% YoY, with margins expanding to 65% from 54% the prior year.
DIAL swung from a PAT loss of Rs.976 crore in FY25 to a PAT profit of Rs.477 crore in FY26. The airport also handled 21.2 million passengers in Q4, a record quarterly figure, and its highest-ever cargo volumes of 1.15 million metric tons for the full year.
Non-Aero and Adjacency Businesses: Building the Next Layer
Beyond aeronautics, the non-aero and adjacency platform is becoming a meaningful contributor. Delhi’s non-aero revenues grew 9% YoY to Rs.3,607 crore in FY26, with duty-free spend per passenger rising to Rs.1,063 from Rs.1,010 in FY25. Hyderabad’s non-aero revenues rose 23% YoY to Rs.775 crore. Similarly, Mopa (Goa) is quietly maturing, generating Rs. 99.1 crore in non-aero revenues in FY26, an absolute increase of Rs. 19.9 crore, up 25.1% YoY.
The GAL Platform subsidiaries covering duty-free, cargo, MRO, F&B, and car parks collectively posted strong revenue and profit numbers across Delhi and Hyderabad, indicating this layer of the business is past the ramp-up phase.
What’s Coming
The pipeline is loaded. The Bhogapuram airport near Visakhapatnam is 98.7% complete and is expected to be commissioned by Q2FY27, ahead of the original December 2026 target. Crete is 69% done. Hyderabad’s CRISIL outlook was revised to ‘Positive’ after GHIAL raised Rs.2,100 crore in 15-year NCDs at 7.6%, saving over 150 basis points versus its dollar debt.
Technical Overview
The stock’s Major support is placed near Rs. 85.07, while Rs. 100 was the closest resistance level, & it broke that, which is indicating a reversal; now the nearest resistance level will be 105.76. Also, the stock broke a long downward trendline from the previous high; price movement near these levels may determine the stock’s near-term trading range and overall market direction.
Verdict
GMR Airports’ FY26 print is not just a financial milestone; it is a structural statement. The tariff reset at Delhi, the adjacency build-out, and the first positive PAT in a decade collectively signal that the long gestation phase is behind the company. With Bhogapuram, Crete, and Nagpur adding capacity and non-aero revenues compounding healthily, the earnings trajectory from here looks durable rather than episodic.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
