GMR Airports Q2 FY27 Results (NSE: GMRAIRPORT)
Signal: Loss reversed
The read
The key inflection is sustained profitability rather than top-line acceleration: revenue growth moderated to 8.0% YoY from 23.8% in Q1FY27, but EBITDA margin remained materially above the 31.0% year-ago level at 38.10%, and PAT reached ₹145.05 crore for a fifth consecutive profitable quarter in the recent series.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,964.99 Cr | +8.0% | -0.1% |
| EBIT | ₹1,287.95 Cr | +72.5% | |
| Net profit | ₹145.05 Cr | +313.7% | |
| EPS | ₹0.14 | N/M | |
| EBIT margin | 38.10% |
P&L walk
Consolidated revenue was ₹3,964.99 crore, up 8.0% YoY and broadly flat QoQ; EBITDA was ₹1,511.12 crore, up 64.6% YoY, while PAT rose to ₹145.05 crore from ₹35.06 crore as lower finance costs and stronger operating profit outweighed the sequential margin decline.
Key positives
- PAT reached ₹145.05 crore, up 313.7% YoY from ₹35.06 crore, extending the recent profitability recovery.
- EBITDA margin of 38.10% was 710bps above the year-ago 31.00%, despite revenue growth moderating to 8.0% YoY.
- Finance costs declined 18.0% YoY to ₹155.60 crore, improving conversion of operating profit into PAT.
- Operating cash flow was ₹2,643.58 crore in H1FY27, up 11.6% YoY and above reported H1 PAT.
Key concerns
- Revenue growth decelerated to 8.0% YoY from 23.8% in Q1FY27 and was broadly flat sequentially at -0.1%.
- EBITDA margin declined sequentially to 38.10% from 41.51%, interrupting the sharp margin expansion seen in the previous quarter.
- The group remains capital intensive, with PPE of ₹31,192.39 crore and CWIP of ₹1,947.06 crore at September 30, 2026.
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