GMR Airports Q4 FY26 profit turns ₹400 crore; sales +38%

Result snapshot: a clear turnaround versus last year

GMR Airports reported a turnaround in its March 2026 quarter performance, moving from a loss a year earlier to a reported profit. Revenue from operations for the quarter ended 31 March 2026 increased 37.54% year-on-year to Rs 3,938.16 crore, up from Rs 2,863.34 crore in the corresponding period. The company also reported that profit before exceptional items and tax stood at Rs 308.71 crore in Q4 FY26, compared with a loss of Rs 285.90 crore in Q4 FY25. This marks a notable improvement at the pre-tax level alongside revenue growth. The update was published on May 28, 2026.

Q4 FY26 revenue rises 37.54% to Rs 3,938.16 crore

The top-line growth in the March 2026 quarter was the most direct driver behind the improved earnings picture presented in the release. Revenue from operations rose to Rs 3,938.16 crore, reflecting a 37.54% rise compared with the March 2025 quarter. The data table accompanying the update also shows sales at Rs 3,938.16 crore for Mar 2026 versus Rs 2,863.34 crore for Mar 2025. In the same table, operating profit margin (OPM) is shown at 36.68% for the quarter, compared with 35.25% in Mar 2025. On operating performance, the figures imply margin stability with a modest improvement.

Profit numbers: reported profit versus prior-year loss

For Q4 FY26, one section of the provided release states that GMR Airports reported a consolidated net profit of Rs 400.49 crore, compared with a net loss of Rs 252.66 crore in Q4 FY25. Separately, the financial table in the same material lists net profit (NP) at Rs 302.35 crore for Mar 2026, versus NP of minus Rs 237.59 crore in Mar 2025. Both sets of figures indicate a swing into positive territory, but they likely reflect different reported lines or presentation formats within the source material.

At the pre-tax level, the same table shows profit before tax (PBT) of Rs 308.71 crore in the March 2026 quarter against minus Rs 285.90 crore in March 2025. PBDT (profit before depreciation and tax) is shown at Rs 760.79 crore in Mar 2026 versus Rs 205.40 crore in Mar 2025. The reported movement from negative to positive at PBT and NP underscores the scale of change versus the prior-year quarter.

Exceptional items: Rs 6.40 crore in Q4 FY26

The update also discloses exceptional items of Rs 6.40 crore for the quarter. It attributes these exceptional items mainly to net gains or losses from investment provisions, asset rights relinquishment, contract cancellation impacts, and insurance claims. This disclosure matters because the company also reported profit before exceptional items and tax of Rs 308.71 crore in Q4 FY26, against a loss of Rs 285.90 crore in Q4 FY25. By separating exceptional items, the release provides a clearer view of profitability before one-off or non-recurring factors.

FY26: full-year net profit of Rs 175.49 crore on higher sales

The full-year numbers also show a swing into profit. For the year ended March 2026, net profit is reported at Rs 175.49 crore, compared with a net loss of Rs 392.85 crore in the year ended March 2025. Sales for FY26 rose 42.18% to Rs 14,807.41 crore, up from Rs 10,414.24 crore in FY25. The same table lists full-year OPM at 38.88% for Mar 2026 versus 36.16% for Mar 2025, indicating improved operating profitability over the year.

Full-year PBDT is shown at Rs 2,531.25 crore in FY26, compared with Rs 667.73 crore in FY25. Full-year PBT is shown at Rs 694.59 crore in FY26 versus minus Rs 1,242.70 crore in FY25. Taken together, the FY26 print reflects both scale-up in revenue and a recovery in profitability metrics.

Recent quarterly trend: Dec 2025 quarter performance

Beyond Q4, the provided material includes highlights for the December 2025 quarter. It lists revenue of Rs 4,103 crore for Dec 2025 versus Rs 3,800 crore for Sep 2025, a growth of 7.99%. It also lists EBITDA of Rs 1,627 crore for Dec 2025 versus Rs 1,577 crore for Sep 2025, a growth of 3.18%. Net profit for Dec 2025 is given as Rs 173.96 crore versus Rs 35.06 crore in Sep 2025, representing a 396.18% increase.

A separate Q3 FY25-26 summary in the text states revenue at Rs 3,994.03 crore, operating profit at Rs 1,517.42 crore, PBDT at Rs 710.28 crore, PBT at Rs 245.69 crore, and net profit at Rs 173.96 crore. While there are multiple summary blocks, they consistently point to improved profitability across the FY26 quarters presented.

Margins and operating picture from the data table

In the Mar 2026 quarter, OPM is listed at 36.68% versus 35.25% in Mar 2025. For the full year, OPM is listed at 38.88% versus 36.16% in the prior year. These figures suggest that the improvement was not only driven by higher revenue but also supported by operating efficiency.

The quarterly analysis table included in the material also provides a cost and finance context for recent quarters, including line items such as other income, interest, and depreciation. For example, it lists interest at Rs 917 crore and depreciation at Rs 465 crore in Dec 2025, while also showing how profit before tax and profit after tax moved between quarters. While the March 2026 quarter line-by-line breakup is not fully detailed in the same format, the provided snapshots show FY26’s profitability recovery on multiple measures.

Market impact: what the numbers signal for investors

The Q4 FY26 result is important for investors tracking earnings stability in airport operators, because it shows a clear year-on-year swing from loss to profit alongside strong revenue growth. The presence of exceptional items (Rs 6.40 crore) is also relevant for assessing recurring profitability, given the disclosure of items such as investment provisions and contract cancellation impacts.

The same material includes short-term return figures for “GMR AIRPORTS” of minus 4.1% over 1 week, minus 5.6% over 1 month, and 29.2% over 1 year (as shown in the peer comparison table). While these returns do not explain the causes of price moves, they provide context that the stock has delivered positive 1-year performance despite recent short-term weakness.

Key financial table (as reported)

Conclusion: FY26 improves, watch disclosures and future quarters

GMR Airports’ March 2026 quarter and FY26 numbers, as presented in the provided material, show a strong recovery in revenue and a swing into reported profitability versus FY25. The quarter included disclosed exceptional items of Rs 6.40 crore, with the company attributing these mainly to provisions, asset rights changes, contract cancellation impacts, and insurance claims. With revenue and operating margins higher year-on-year, the next key datapoints for investors will be subsequent quarterly results and any further details on one-offs that influence comparability across periods.