GMR Airports Q4 FY26: Profit ₹400 Cr, Revenue +38%

Key takeaway from the quarter

GMR Airports swung to a consolidated net profit of ₹400.49 crore in Q4 FY26, reversing a net loss of ₹252.66 crore in Q4 FY25. The improvement came alongside a sharp rise in operating revenue and EBITDA, even as expenses also moved up year-on-year. The company’s latest update also put passenger traffic for the quarter at about 32 million, with modest overall growth and a mixed domestic-international split. For investors tracking airport operators, the quarter is a snapshot of how financial performance can improve even when traffic growth is muted.

Q4 FY26 profit turnaround versus last year

For the quarter ended 31 March 2026, revenue from operations rose 37.54% year-on-year to ₹3,938.16 crore. EBITDA increased 37.93% to ₹1,549 crore from ₹1,123 crore in Q4 FY25. Total expenses rose 34.49% year-on-year to ₹2,493.48 crore, showing that cost pressures continued but were outpaced by revenue growth. Profit before exceptional items and tax came in at ₹308.71 crore, compared with a loss of ₹285.90 crore in the corresponding quarter last year. The company also reported exceptional items of ₹6.40 crore for the quarter.

Expenses rose, but revenue growth stayed ahead

GMR Airports’ cost base expanded in Q4 FY26, in line with higher activity levels and operating scale. Cost of materials consumed stood at ₹54.64 crore, up 27.66% year-on-year. Employee benefits expense was ₹441.95 crore, up 12.31% year-on-year, indicating a slower rise relative to some other expense lines. Other expenses were ₹756.95 crore, up 29.03% year-on-year. With total expenses at ₹2,493.48 crore, the company’s quarter shows a clear pattern: costs rose meaningfully, but operating revenue growth remained stronger.

Exceptional items: what the filing indicates

The quarter’s exceptional items were reported at ₹6.40 crore. The company said these were mainly linked to net gains or losses from investment provisions, asset rights relinquishment, contract cancellation impacts, and insurance claims. This is relevant for readers comparing headline profit with underlying profitability, because the company also disclosed profit before exceptional items and tax separately. In Q4 FY26, that pre-exceptional, pre-tax line was ₹308.71 crore.

Passenger traffic in Q4 FY26 stayed steady

In an exchange filing released on Wednesday, GMR Airports said it served approximately 32 million passengers in Q4 FY26, an overall growth of 0.9% year-on-year. Domestic traffic rose 1.6% to 24.1 million passengers. International traffic declined 1.6% to 7.7 million passengers. The split matters because international passenger volumes typically influence certain non-aero spending patterns and operational mix across major hubs.

Delhi airport remained the main driver of volumes

Delhi’s international airport, which accounts for the majority of the company’s traffic, saw air traffic grow around 3% in Q4 FY26 to more than 21 million. The company also pointed to reasons behind muted growth in parts of FY26, especially domestic traffic between May 2025 and September 2025. It attributed this to temporary disruptions in flight operations due to changed airspace conditions amid continuing geopolitical events. Another factor cited was the Runway 10/28 upgradation for three months at Delhi Airport. The enhanced runway reopened on 16 September 2025, as per the company.

H1 FY26 throughput update and demand commentary

Beyond the March-quarter numbers, the company’s announcements referenced continued demand recovery in earlier periods. Passenger traffic excluding Cebu was cited at 27.8 million for the second quarter ended 30 September 2025. For the first half of fiscal 2026, cumulative total passenger traffic excluding Cebu was stated at 57.9 million. These figures provide context on throughput across the portfolio before the March quarter, and help explain why management flagged disruptions as a factor behind slower traffic growth in some months.

Comparison with Q4 FY25 and FY25 operating context

GMR Airports’ Q4 FY25 base included a consolidated net loss of ₹252.66 crore. For that quarter, revenue from operations was reported at ₹2,863.34 crore, and EBITDA at ₹1,122.74 crore. Total expenses in Q4 FY25 were ₹1,854.02 crore, while total income for the quarter was cited at ₹2,977 crore in one regulatory update. Passenger traffic at GAL-owned airports was stated at 31.5 million in Q4 FY25, up 9% year-on-year, with Delhi passenger traffic at 20.6 million in Q4 FY25. The company has also said it operates Medan Airport in Indonesia and is developing Crete Airport in Greece.

Key corporate and valuation updates referenced

A special or extraordinary shareholders meeting was indicated to be conducted via postal ballot in India on 16 January 2026, with details to be communicated to shareholders. Separately, a valuation note in the provided material stated fair value as unchanged at approximately ₹109.20 per share. While this does not represent a market price, it signals that the referenced assessment did not revise intrinsic value at that point.

Snapshot table: Q4 FY26 versus Q4 FY25

Market impact: what the numbers change, and what they do not

The quarter’s most direct market-relevant shift is the move from loss to profit, supported by higher revenue from operations and EBITDA growth. At the same time, the traffic growth rate disclosed for Q4 FY26 was under 1%, suggesting that profitability improvements were not solely dependent on a sharp surge in passenger volumes during the quarter. The company’s disclosure on airspace-related disruptions and the runway upgradation provides operational context for why traffic growth could be uneven even during a demand recovery phase. For investors, the cost lines are also important because expenses rose more than 34% year-on-year, underscoring that sustaining profit momentum depends on keeping revenue growth ahead of cost inflation.

Conclusion

GMR Airports’ Q4 FY26 results showed a profit of ₹400.49 crore, higher operating revenue of ₹3,938.16 crore, and EBITDA of ₹1,549 crore, alongside an increase in expenses to ₹2,493.48 crore. Passenger traffic remained broadly stable at around 32 million, with domestic growth offset by a decline in international traffic. The company has linked muted growth in parts of FY26 to airspace changes and the temporary runway upgradation at Delhi, which reopened on 16 September 2025. Investors will track subsequent filings for updates on traffic normalisation, cost trends, and any follow-through from the postal ballot process referenced for January 2026.