GMR Airports FY26 revenue jumps 40% on Delhi tariffs

Why GMR pulled further ahead in FY26

GMR Airports Ltd widened its lead over Adani Airports Holdings Ltd in FY26 on the back of a tariff reset at Delhi’s Indira Gandhi International Airport. Company disclosures showed GMR’s revenue growth outpacing Adani’s during the year ended March 2026. The divergence matters because both groups operate the country’s busiest private airports, and tariff methodology directly shapes aeronautical yields, airline costs, and passenger charges. The FY26 numbers also arrive as regulators and courts revisit how airport tariffs should treat non-aeronautical income such as retail, parking, and advertising. For investors tracking listed GMR Airports and the broader airport ecosystem, the mix shift at Delhi and changes in tariff rules have become key near-term drivers.

FY26 revenue performance: GMR vs Adani

GMR Airports reported total revenue of ₹15,200 crore in FY26, compared with ₹10,836 crore in the previous year, translating into 40% growth. Adani Airports reported revenue of ₹13,081 crore in FY26, up from ₹10,224 crore in FY25, reflecting 28% growth. GMR’s “total revenue or income” includes revenue from operations and other income, as stated in the disclosures referenced. Separately, another data point in the provided material said GMR’s FY25 revenue rose 19% to ₹10,414 crore, indicating that reported FY25 revenue figures vary across disclosures cited in the text. Adani Airports, which is unlisted and housed under Adani Enterprises, also reported that pre-tax losses reduced to ₹5 crore alongside a 27% rise in revenue to ₹10,224 crore.

Delhi tariff revisions and the jump in aeronautical revenue

GMR’s FY26 growth was driven largely by tariff revisions at Delhi airport. The revision allowed differentiated user development fees (UDF) for international passengers across travel classes, including economy, premium economy, business and first class. According to the provided data, the tariff change drove a 178% jump in aeronautical revenues at Delhi in FY26. The same set of details indicated aeronautical revenues at Hyderabad and Goa were flat or declined, highlighting the extent to which Delhi contributed to the overall surge. This is important for understanding how tariff levers at one large airport can reshape consolidated performance even when other assets do not show comparable aeronautical momentum.

Business mix: Delhi is half the story for GMR

Delhi International Airport accounted for 50% of GMR Airports’ business, as stated in the text. Hyderabad and Goa together contributed about 20%. The remaining 30% came from other income and GMR’s share in joint ventures, associates and subsidiaries. This split explains why tariff outcomes at Delhi can have an outsized impact on GMR’s consolidated financial trajectory. It also frames why regulatory and legal decisions on tariff calculation methods are closely watched by both airport operators and airlines.

Traffic context: who handled India’s FY26 flyers

Passenger traffic across India stood at 420.9 million in FY26, based on Airports Authority of India (AAI) data cited in the material. More than one in three air travellers passed through a GMR-operated airport, while roughly one in four used an Adani-run facility. These shares underline the scale at which tariff changes at Delhi and Mumbai can affect aviation costs across the system. They also provide context for why airlines and travellers monitor airport charge decisions, not just airport operators.

Tribunal ruling on non-aero revenue: what changed

In a separate but connected development, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) permitted GMR Airports Ltd and Adani Airport Holdings Ltd to include non-aeronautical revenues in the model used to determine airport tariffs. The ruling referenced in the text is dated July 1 and overturns the Airport Economic Regulatory Authority’s (AERA) earlier methodology. The move is expected to raise airport charges by around 6% over the next ten years, according to the Mint report cited. The long-running dispute was revisited after the Supreme Court directed the tribunal to reassess the Hypothetical Regulatory Asset Base (HRAB) using a 2011 Ministry of Civil Aviation letter supporting a single-till approach that combines aeronautical and non-aeronautical income. The tribunal cancelled the earlier tariff orders for 2009–2014 but did not permit retrospective recovery, even as a senior airport official told Mint that historic losses at Delhi were estimated at ₹17,500 crore and could be addressed through future HRAB “true-up” revisions.

Ownership moves at Delhi: GMR raises DIAL stake

GMR Airports said it increased its stake in Delhi airport operator DIAL to 74% after acquiring 10% shareholding from Germany’s Fraport. In its regulatory filing, GMR said the share transfer and exchange of consideration were concluded after receipt of requisite approvals and fulfilment of conditions precedent. The material also stated that GMR acquired the stake for $126 million. After the transaction, AAI continues to hold the remaining 26% stake in DIAL, as noted in the provided details. The higher ownership aligns with Delhi’s importance in GMR’s business mix and with the heightened sensitivity of consolidated results to Delhi tariff outcomes.

Market signals: valuation changes and stock movement

Kotak Institutional Equities raised its fair value estimate for GMR Airports to ₹96 per share, as cited in the Mint report referenced in the material. GMR shares rose around 5% between July 1 and July 11, even as the Nifty50 index fell by 1.5% over the same period. The text also noted that GQG Partners increased its stake in GMR Airports from 4.74% to 5.17% and that the disclosure referenced the date August 23, 2024 for the threshold crossing above 5%. These datapoints collectively show rising market attention around tariff resets and the regulatory pathway for including non-aero income in airport tariff calculations.

Capex and tariff outlook: what the filings and ratings notes indicate

The material said GMR is planning to double the capacity of Delhi airport with a planned investment of ₹12,500 crore, after which Jewar airport will be its focus. Separately, CRISIL said AERA is likely to raise tariffs at four airports by around 115% from current levels, citing large capital expenditure and the regulated return framework. The CRISIL note also said airports have filed tariff petitions and the regulator is expected to issue a consultation paper “sometime soon,” with Manish Gupta, senior director at CRISIL Ratings, expecting one-third of the hike to be on account of compensation and two-third due to capex undertaken. On the Adani side, the material included background that Adani Group acquired a 23.5% stake in Mumbai airport (MIAL) and plans to increase its stake in MIAL to 74% by acquiring 50.5% equity from GVK Group.

Conclusion

FY26 numbers show GMR Airports extending its revenue growth lead over Adani Airports, with Delhi’s tariff revisions and a sharp rise in aeronautical revenue playing a central role. At the same time, the TDSAT ruling that allows non-aeronautical revenue in tariff calculations sets up a multi-year shift in how charges at Delhi and Mumbai may be determined, with an expected ~6% increase in airport charges over the next decade cited in the provided reports. Near-term investor focus is likely to remain on how regulators implement revised tariff models, how airlines absorb higher charges, and how airport operators align capex and capacity plans with the evolving tariff framework.