GMR Airports Q1 FY27 Results (NSE: GMRAIRPORT)
Signal: Growth decelerated
The read
The trajectory remains a positive earnings turnaround: Q1FY27 is the fourth consecutive positive-PAT quarter at ₹148 Cr, while total income reached ₹4,085 Cr, up 23% YoY, and EBITDA reached ₹1,568 Cr, up 22%; however, margin expansion has paused at 38.4% and the sequential PAT decline from ₹400 Cr reflects the fading JV contribution and weaker Hyderabad/Mopa traffic.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,085 Cr | +23% | +1.0% |
| Net profit | ₹148 Cr | N/A | |
| EBIT margin | 38.4% |
P&L walk
Total income increased 23% YoY to ₹4,085 Cr and EBITDA increased 22% to ₹1,568 Cr, with the 38.4% EBITDA margin broadly stable; lower depreciation and finance charges supported the return to ₹148 Cr PAT, although PAT fell 63% QoQ from ₹400 Cr.
Segments
Delhi was the main operating driver with total income up 17.1% YoY to ₹2,068 Cr and EBITDA up 10.8% to ₹703 Cr, while Hyderabad's income was almost flat at ₹627 Cr despite a 12.1% passenger decline and Mopa's EBITDA rose 74% to ₹40 Cr despite traffic falling 5.6%.
Key positives
- PAT was ₹148 Cr in Q1FY27 versus a ₹137 Cr loss YoY, extending the positive-PAT streak to four quarters.
- Delhi Airport income rose 17.1% YoY to ₹2,068 Cr and EBITDA rose 10.8% to ₹703 Cr, supported by 6.9% passenger growth and 24% aero-revenue growth.
- Mopa EBITDA increased 74% YoY to ₹40 Cr as aero revenue rose 31% after normalisation of tariffs following discontinuation of the special initiative programme.
- Delhi Duty Free SPP increased to ₹1,116 from ₹1,038 in Q4FY26, while Hyderabad achieved a record quarterly SPP of ₹956 despite lower traffic.
- The operating portfolio expanded with Nagpur operations taken over on 25 June 2026 and Bhogapuram inaugurated on 1 August 2026, with commercial operations to commence shortly.
Key concerns
- EBITDA grew 22% YoY versus total income growth of 23%, leaving the EBITDA margin broadly flat at 38.4% versus 38.5% YoY rather than extending the prior quarter's margin momentum.
- Hyderabad passenger traffic declined 12.1% YoY to 7.1mn because of West Asian geopolitical instability, higher airfares and airline route rationalisation; its EBITDA was almost unchanged at ₹390 Cr.
- Mopa passenger traffic declined 5.6% YoY to 1.16mn, with international traffic down 43% YoY, exposing near-term traffic sensitivity despite the EBITDA improvement.
- PAT declined 63.0% QoQ from ₹400 Cr to ₹148 Cr as JV and associate profit fell from ₹161 Cr to ₹49 Cr.
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