GMR Airports Q2 FY27 Results: Consolidated Net Profit ₹65.38 Crore on Total Income of ₹4,188 Crore
Earnings
Airport operations
Blacklitt Research4 min read
GMR Airports (NSE: GMRAIRPORT) reported consolidated total income of ₹4,188.49 crore and net profit of ₹65.38 crore for the quarter ended 30 Sep 2026, it said in a filing on 28 Oct 2026. Standalone total income was ₹1,139.58 crore and standalone net profit ₹2.13 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹4,188.49 crore, up 11.6% YoY and 2.5% QoQ
Net profit and EPS: ₹65.38 crore, up 86.5% YoY and down 55.8% QoQ; basic EPS -₹0.01
Finance costs: ₹992.70 crore, down 4.8% YoY and up 5.8% QoQ
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,139.58 crore, up 24.2% YoY and down 7.4% QoQ
Net profit and EPS: ₹2.13 crore, against a loss of ₹133.38 crore a year earlier; basic EPS 0.00
Finance costs: ₹295.88 crore, up 60.8% YoY and 2.1% QoQ
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
4,188.49
3,754.38
+11.6%
4,084.52
+2.5%
Revenue from operations
4,095.44
3,669.99
+11.6%
3,963.99
+3.3%
Other income
93.05
84.39
+10.3%
120.53
-22.8%
65.38
35.06
+86.5%
147.96
-55.8%
Finance costs
992.70
1,042.58
-4.8%
937.93
+5.8%
Depreciation
493.33
431.34
+14.4%
455.60
+8.3%
Tax expense
72.00
68.08
+5.8%
75.21
-4.3%
Net profit margin
1.56%
0.93%
+0.63 pp
3.62%
-2.06 pp
Tax as share of profit before tax
52.4%
73.6%
-21.19 pp
43.2%
+9.22 pp
EPS, basic (₹)
-0.01
n/a
n/a
0.09
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated profit grew faster than income this year: net profit rose 86.5% against 11.6% growth in total income.
Finance costs of ₹992.70 crore are 23.7% of total income this quarter, and depreciation of ₹493.33 crore rose 14.4% YoY. The filing says the change in useful life of Terminal and other buildings reduced depreciation for the year by ₹150.97 crore, a figure that covers the year rather than this quarter alone.
Exceptional items at consolidated level include gains or losses on provisions against investments, the impact of new labour codes, the Celebi contract cancellation and an insurance claim for damage to a forecourt canopy at Old Terminal 1D. The filing does not give the amount of each item for the quarter.
DIAL has not provided for ₹1,758.28 crore of MAF for 1 Apr 2020 to 31 Mar 2022 and has recognised ₹446.21 crore already paid as recoverable from AAI. AAI deposited ₹471.04 crore with the Delhi High Court on 15 May 2024. The auditor drew attention to this matter without modifying its conclusion. The appeal is listed for hearing on 03 Dec 2026.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,139.58
917.63
+24.2%
1,230.13
-7.4%
Revenue from operations
1,133.04
915.10
+23.8%
1,224.24
-7.4%
Other income
6.54
2.53
+158.5%
5.89
+11.0%
2.13
-133.38
n/a
57.68
-96.3%
Finance costs
295.88
184.03
+60.8%
289.74
+2.1%
Depreciation
21.28
12.71
+67.4%
20.54
+3.6%
Tax expense
-0.85
-22.00
+96.1%
20.97
n/a
Net profit margin
0.19%
-14.54%
+14.72 pp
4.69%
-4.50 pp
EPS, basic (₹)
0.00
n/a
n/a
0.05
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit of ₹2.13 crore is far below the ₹57.68 crore of the previous quarter, although income is still 24.2% higher than a year ago.
Standalone finance costs of ₹295.88 crore are 26.0% of total income and rose 60.8% from a year earlier. The tax line was a credit of ₹0.85 crore on profit before tax of ₹1.28 crore, so the tax expense is -66.4% of profit before tax, and the year-ago quarter also had a tax credit.
The company's standalone debt equity ratio was 0.18 times and its interest service coverage ratio 1.08 times for the quarter. Standalone exceptional items comprise gains or losses on loans carried at amortised cost and the impact of new labour codes.
Consolidated net profit of ₹65.38 crore is ₹63.25 crore higher than standalone net profit of ₹2.13 crore, and consolidated total income is ₹3,048.91 crore higher than standalone.
The consolidated net worth for the six months was negative ₹1,425.82 crore. The management says operating performance and cash flows have significantly improved and that the losses are temporary in nature. The auditor's review of the consolidated results did not modify its conclusion.
Inference
The filing reports the issue of non-convertible bonds on 09 Sep 2026 raising ₹1,500.97 crore, fully used for refinancing existing bonds, and says the bonds are unsecured. The company also allotted 10,20,00,000 equity shares on conversion of 25,50,000 OCRPS issued to CMR Infra Services Private Limited, a subsidiary of Aeroports de Paris S.A.
Board changes were also approved: Sanjeev Gupta is appointed as an Additional Director, Executive Director and Deputy CEO from 29 Oct 2026 for three years, subject to shareholder approval where applicable, and Alexis Benjamin Riols resigns as a Non-Executive Director from the close of 28 Oct 2026. The filing does not say what plans lie behind the appointment, or whether the consolidated negative net worth will be reversed and when.
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