GMR Airports shares rise after Q2 net profit jumps 86%; revenue grows 12%

Shares of GMR Airports were trading in the green on Thursday, October 29, after the company reported its September quarter results, with net profit rising 86.3% year-on-year to ₹65.4 crore in Q2FY27 from ₹35.1 crore a year ago, while revenue from operations increased 11.6% to ₹4,095.4 crore from ₹3,670 crore.

Net income grew 10.3% year-on-year to ₹3,201.6 crore from ₹2,903 crore. However, reported earnings before interest, tax, depreciation and amortisation (EBITDA) increased 2.4% to ₹1,568.6 crore from ₹1,531.4 crore. The EBITDA margin contracted to 49% from 52.7% in the year-ago quarter.

Passenger traffic at GMR-operated airports

Airports owned by GMR Airports Limited (GAL) handled 2.8 crore passengers in Q2FY27, up 0.6% year-on-year. Domestic passenger traffic remained unchanged, while international passenger traffic increased 2.1%.

For the first half of FY27, passenger traffic at GAL-operated airports reached 5.84 crore, the highest first-half figure on record. Domestic traffic rose 1.1% year-on-year, while international traffic was almost unchanged.

Between July and September 2026, GAL-operated airports accounted for 29% of India's total passenger traffic, with Delhi Airport contributing 20%, according to the company's investor presentation.

First-half financial performance

For H1FY27, revenue from operations rose to ₹8,059.4 crore from ₹6,875.2 crore in the corresponding period last year. EBITDA increased to ₹3,136.2 crore from ₹2,811.6 crore, while the EBITDA margin declined to 50% from 52%.

The company reported profit after tax of ₹213.3 crore for the first half, compared with a loss of ₹102.1 crore in the year-ago period. GAL said it had recorded a profit for five consecutive quarters.

Three-part business strategy

In its investor presentation, GMR Airports described its business model as a combination of steady returns, consumer-led growth opportunities and real estate value creation. It classifies its operations into three segments: the utility business, consumer platform and real estate platform, which focuses on urban commercial real estate development.

Shares of GMR Airports were trading 0.1% higher at ₹89.80 on Thursday morning. The stock has declined 15% so far in 2026 and 3.4% over the last 12 months.