GMR Airports Ltd

Rating Action Details

• Rating agency: CARE Ratings Limited.
• NCDs up to Rs 1500 crore upgraded to CARE AA-; Stable.
• Long-term bank facilities upgraded to CARE AA-; Stable.
• Short-term bank facilities rated CARE A1+; reaffirmed.

Meeting Details

• Date: September 01, 2026; format: one-on-one and group meetings; venue: Mumbai, India.
• Event organiser: Ashwamedh - Elara India Dialogue 2026.
• Company participant: Company Secretary & Compliance Officer.
• Purpose: general investor interaction at conference.

Additional Notes

• Investor presentation available on the company's website.

Filing Status

• No substantive transcript content in this chunk; wrapper metadata only.

Commencement of operations

• GVIAL commenced commercial operations at Alluri Sitarama Raju International Airport (Bhogapuram) effective August 17, 2026.
• Inaugural day featured 52 planned air traffic movements.
• Initial capacity of 6 million passengers per year, with phased expansion to over 40 million.
• 3,800-metre Code 4E runway enables widebody aircraft operations.
• GVIAL is a subsidiary of GMR Visakhapatnam International Airport Limited.
• Airport inaugurated by Prime Minister Narendra Modi on August 1, 2026.

Business Overview

• GAL is an integrated airports platform with DIAL, GHIAL, Mopa, Goa, Nagpur, Bhogapuram assets.
• Strategic focus on airport adjacencies, real estate monetization, and premium services.
• Tariff reforms CP4 post-April 2025 to bolster aero revenue; improved debt affordability via ratings.
• Credit upgrades boost financing flexibility and cost of capital.

Operational Highlights

• Nagpur operations takeover completed on 25 Jun 2026; modernization underway.
• Bhogapuram airport inaugurated 1 Aug 2026; commercial operations to begin shortly.
• DIAL: Aerocity One development under construction; handover expected Q3FY27.
• GHIAL: build-to-suit facilities, SEZ leases; MRO with Honeywell signed.
• Mopa (Goa): four hotel plots totaling 900+ keys; premium facilities launched.
• DIAL/GAL: Level 5 ACI Customer Experience accreditation; Mopa achieved ACA Level 3+.
• CARE upgrades GAL to A+ (Positive) and A1+ for short-term facilities.
• Q1FY27: pax 30.5m; consolidated revenue ~INR 39.6bn; EBITDA ~INR 15.7bn; PAT ~INR 1.5bn.

Financial Performance

• Q1FY27 consolidated EBITDA INR 15.7bn; margin ~50%.
• Q1FY27 PAT INR 1.5bn; revenue from operations INR 39.6bn.
• FY26 gross income INR 152bn; EBITDA INR 62bn; PAT INR 4.7bn; FX loss notable.
• Delhi standalone Q1FY27 net income INR 11.5bn; EBITDA INR 7.0bn.
• Hyderabad standalone Q1FY27 net income INR 6.0bn; PAT INR 847mn.
• Mopa Goan airport EBITDA and revenue growth supported by tariff normalization.

Capital Structure & Liquidity

• Net debt steady at INR 340bn; selective debt movements at airports.
• Debt reductions at DIAL and GHIAL; Bhogapuram debt increased modestly.
• Credit rating upgrades: GAL INR 15bn NCBs rated A+ (Positive); short-term facilities A1+.

Strategic Priorities & Outlook

• Improve profitability through premiumization and cost of debt optimization.
• Stabilize new airport operations; expand non-aero adjacencies and real estate monetization.
• Expand GAL platform with additional adjacencies at both GMR and non-GMR airports.
• Advance capex-light services opportunities; pursue timely tariff orders for Bhogapuram.
• Capitalize on prime airport land for monetization and self-developed assets.

Risks & Mitigation

• Geopolitical headwinds impacting international travel; mitigated by non-aero growth and tariff reform.
• Regulatory/tariff approvals risk; ongoing MYTP/Cp4 negotiations with regulators.
• Debt-cost sensitivity; mitigated by rating upgrades and portfolio diversification.

Governance & Leadership

• Governance milestones: ICMAI award for Delhi, ACC accreditation for DIAL; ESG enhancements.
• No material governance changes disclosed in this update.

Financial highlights

• Q1FY27 total income up 23% YoY to INR 4,085 crore.
• EBITDA up 22% YoY to INR 1,568 crore.
• PAT stood at INR 148 crore; fourth consecutive positive quarter.

Portfolio expansion & milestones

• Nagpur handover completed on 25 Jun 2026; modernization planned.
• Bhogapuram inaugurated on 1 Aug 2026; commercial operations to commence soon.
• Mopa on-site packhouse being established to enable incremental perishable exports.

Strategic MRO agreement

• GMR Aero Technic signed license with Honeywell for 7 LEAP LRU MRO.
• Scope includes disassembly, inspection, repair, reassembly, and functional testing.

Credit rating upgrade

• CARE upgraded GAL rating to A+ (Positive) from A (Stable) for INR 15bn NCBs and long-term facilities.
• Short-term rating upgraded to A1+ from A1.

Q1 airport performance highlights

• Delhi: 20.4 million passengers in Q1FY27.
• Hyderabad: 7.1 million passengers; quarterly SPP INR 956.
• Mopa Goa: 1.16 million passengers; total income INR 126 crore.

Financials

• Consolidated revenue from operations for quarter ended June 30, 2026: ₹3,963.99 crore.
• Total consolidated income: ₹4,081.52 crore; EBITDA: ₹1,567.65 crore; finance costs ₹937.93 crore.
• Depreciation and amortisation: ₹455.60 crore; profit before tax (pre-exceptional): ₹223.17 crore.
• Profit after tax: ₹117.96 crore; tax expense (credit): ₹15.21 crore; basic/diluted EPS: ₹0.09 / ₹0.07.
• Total comprehensive income for the quarter: ₹145.05 crore; total equity: negative ₹1,428.65 crore.

Fund-raising & use of proceeds

• Board approves fund-raise up to ₹5,000 crore via securities; shareholder approval sought.
• Includes QIP, NCDs with warrants or other securities; regulatory approvals applicable.
• Enable issuance of INR-denominated NCDs up to ₹1,500 crore; refinancing existing NCBs.
• Unsecured NCBs; Security Cover Certificate not applicable.
• Annexure A contains unaudited consolidated results; Annexure B outlines proceeds utilisation; no deviation.
• Proceeds from NCDs fully utilised as per end-use; no deviation.

Operations & capacity

• Duty-free operations commenced at Delhi on 28 July 2025 and at Hyderabad on 10 September 2025.

Financial results

• Unaudited standalone quarterly results for June 30, 2026 approved.
• Unaudited consolidated quarterly results for June 30, 2026 approved.

Fund-raising approvals

• Enabling resolution to raise up to Rs 5,000 crore via securities; shareholder approval sought.

Debt refinancing

• Enabling resolution to issue INR-denominated non-convertible bonds up to Rs 1,500 crore for refinancing.

Regulatory/audit matters

• Emphasis of matter in auditor's report regarding ongoing DIAL-AAI MAF/tariff dispute.

Meeting Details

• Date: August 17, 2026; Physical one-on-one and group meetings in Mumbai.
• Event: Motilal Oswal 22nd Annual Global Investor Conference.
• Participants: Company Secretary & Compliance Officer from the company.
• Purpose: Investor interaction at the conference.
• Presentation: Investor Presentation available on the company website.