GMR Airports Q4 FY26: Profit Returns, Income Up 36%

Key takeaway from the regulatory filing

GMR Airports Ltd (GAL) reported a swing to profit in the March quarter of FY26, supported by strong year-on-year growth in income and EBITDA. The company also reported a positive full-year profit for FY26, which it said was the first time it has recorded full-year profitability in more than a decade. The results were disclosed through a regulatory filing and were subsequently cited by multiple reports. Alongside financial improvement, GAL reported record annual passenger traffic across its operated airports. The company also flagged that FY26 performance came despite macro headwinds and geopolitical disruptions that affected fuel prices and airspace availability.

Q4 FY26: income rose, profitability turned positive

For Q4 FY26, total income was reported at ₹4,042.90 crore, up 35.81 percent year-on-year from ₹2,976.76 crore. Revenue from operations for the quarter was ₹3,938.16 crore, a 37.54 percent year-on-year rise from ₹2,863.34 crore. EBITDA for the quarter was reported at ₹1,549.42 crore, up 38.00 percent from ₹1,122.74 crore in Q4 FY25. The Q4 EBITDA margin was cited at 50 percent in the management commentary. Profit before tax turned positive at ₹302.31 crore in Q4 FY26 versus a loss of ₹195.84 crore in Q4 FY25.

Reports also cited a Q4 FY26 net profit of ₹400.49 crore compared with a loss of ₹252.66 crore in the year-ago quarter. Separately, another results summary in the provided data set cited a consolidated net profit (profit after tax) of ₹302.35 crore for Q4 FY26 against a net loss of ₹237.59 crore in Q4 FY25. These are both presented in coverage of the quarter’s outcome, and the common point is that the quarter moved into profit versus losses in the prior year.

FY26: first full-year profit in over a decade

For the full year ended March 2026, the company reported a profit after tax (PAT) of ₹472 crore, described as the first positive PAT in more than a decade. Total income for FY26 was reported at ₹15,200.75 crore, up from ₹10,835.89 crore in the year-ago period. Management commentary also described FY26 consolidated gross income rising 40 percent year-on-year to ₹15,200 crore. Consolidated EBITDA for FY26 was described as a record ₹6,150 crore (also referenced as about ₹6,200 crore in management commentary). The FY26 EBITDA margin was cited at 52 percent.

A notable operating metric for the year was the reported surge in non-aeronautical income per passenger to ₹600 in FY26, up 62 percent year-on-year. The company also stated that more than 50 percent of income came from non-aero businesses, with about one-third coming from aero revenue.

Passenger traffic: record FY26, muted growth in Q4

GAL said passenger traffic at its operated airports reached a record 121.6 million in FY26, up 0.9 percent year-on-year. For Q4 FY26, passenger traffic at GAL operated airports was 31.7 million, with management commentary indicating about 1 percent year-on-year growth for the quarter. One report described the quarter’s traffic growth as muted, citing operational disruptions and subdued domestic growth along with a decline in international traffic.

The data set also states that Indian airports under GAL handled 27 percent of national traffic in FY26. Delhi airport alone handled 21.2 million passengers in the March quarter and 78.7 million passengers in FY26.

Cost and exceptional items snapshot

For Q4 FY26, total expenses increased 34.49 percent year-on-year to ₹2,493.48 crore. Key cost lines included cost of materials consumed of ₹54.64 crore, employee benefits expense of ₹441.95 crore, and other expenses of ₹756.95 crore. Exceptional items for the quarter were reported at ₹6.40 crore, attributed in the summary to a mix of investment provisions, asset rights relinquishment, contract cancellation impacts, and insurance claims.

Debt commentary disclosed by management

In management commentary included in the provided text, consolidated net debt excluding FCCs was stated at ₹34,000 crore (₹340 billion), with FCCs described as deep in the money and expected to convert into equity. The same commentary stated net debt decreased by ₹470 crore (₹4.7 billion) quarter-on-quarter.

What broker notes said

Broker references in the provided material highlighted mixed near-term takeaways despite the full-year improvement. Citigroup noted Q4 core profit of ₹130 crore (₹1.3 billion) was 18 percent below consensus, even as FY26 earnings were stated to have beaten Street estimates by 125 percent. Jefferies maintained a Buy rating with a target price of ₹125, pointing to FY26 EBITDA growth of 60 percent year-on-year to about ₹6,000 crore and a quarter-on-quarter decline in net debt.

Key numbers at a glance

Traffic metrics summary

Why the FY26 turnaround matters

The FY26 print is notable because it combines higher income with strong operating profitability, as reflected in EBITDA margins of around 50 percent plus in both Q4 and the full year. The return to full-year profitability after more than a decade is also significant for investors tracking leverage and cash generation in airport assets. Operationally, the record 121.6 million annual passengers provides context for the scale of the business, even as the quarter saw only marginal year-on-year traffic growth. The sharp improvement in non-aero income per passenger to ₹600 highlights the role of retail, food and beverage, and other commercial lines in airport economics.

Conclusion

GMR Airports ended FY26 with a return to profit in Q4 and a positive full-year PAT of ₹472 crore, alongside a sharp rise in total income to about ₹15,200 crore. The company also reported record passenger volumes for the year and strong EBITDA margins. Market attention is likely to remain on traffic trends, non-aero monetisation, and the trajectory of net debt as subsequent quarters unfold.