GMR Airports Q1 loss widens to ₹212 crore despite 33% jump in revenue

GMR Airports Ltd on Tuesday (July 29) reported a net loss of ₹212 crore for the first quarter that ended June 30, 2025. In the corresponding quarter of the previous fiscal, GMR Airports posted a net loss of ₹142 crore.

The company's revenue from operations surged 33.4% to ₹3,205 crore as against ₹2,402 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 45.4% to ₹1,306 crore in the first quarter of this fiscal over ₹898 crore in the corresponding period in the previous fiscal. EBITDA margin stood at 40.7% in the reporting quarter as compared to 37.4% in the corresponding period in the previous fiscal.

Delhi Airport

In the first quarter of FY26, Delhi Airport handled 19.1 million passengers, marking a 1.2% year-on-year (YoY) decline from 19.3 million in Q1FY25. This dip was attributed to temporary disruptions in flight operations due to changed airspace conditions amid geopolitical events and the ongoing Runway 10/28 upgradation at the airport.

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Domestic traffic fell 2.7% YoY, while international traffic grew 3%. Total income increased 37% YoY to ₹1,766 crore, driven by a 127% surge in aero revenues following the implementation of revised tariffs from mid-April 2025. EBITDA rose 61.8% YoY to ₹635 crore, the highest in the past four years. The airport reported a profit after tax (PAT) of ₹49 crore in Q1FY26, compared to a loss of ₹295 crore in Q1FY25.

Hyderabad Airport

At Hyderabad Airport (GHIAL), passenger traffic surged 17.1% YoY to 8.1 million in Q1FY26, marking the airport’s highest-ever quarterly traffic. Domestic traffic rose 19.1%, and international traffic increased 7.8%. Total income grew 8.5% YoY to ₹625 crore, driven by higher traffic volumes.

EBITDA increased 8.0% YoY to ₹391 crore, reaching a record high for the airport. PAT for the quarter was ₹63 crore, up 24% from ₹51 crore a year earlier. Additionally, Akasa Air signed a three-year base maintenance and support agreement for its Boeing 737 MAX fleet with the airport, which currently handles 30 aircraft.

Mopa Airport

The airport in Goa recorded passenger traffic of 1.2 million in Q1FY26, up 7.3% YoY, capturing approximately 43% market share of the total Goa airport system traffic.

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Total income rose 8.2% YoY to ₹102 crore, aided by a 23.6% increase in non-aero revenue, which reached ₹20 crore. However, EBITDA declined to ₹23 crore in Q1FY26 from ₹40 crore in the previous year, impacted by the commencement of revenue sharing arrangements.

Bhogapuram Airport

At Bhogapuram Airport in Visakhapatnam, Andhra Pradesh, physical progress reached approximately 80% as of June 2025. Airside works were 95% complete, terminal building construction stood at 72%, and the Air Traffic Control tower was 87% complete. The target for completion, including Operational Readiness and Airport Transfer (ORAT), remains December 2026.

Medan Airport

In the international segment, Medan Airport in Indonesia reported Q1FY26 passenger traffic of 1.76 million, a 3.2% YoY increase. While domestic traffic declined 2.2%, international traffic rose sharply by 15% YoY. The domestic traffic growth continued to be affected by delays in the reactivation of airline fleets. Total income increased 9.1% YoY to ₹134 crore, while EBITDA rose 38% YoY to ₹29.8 crore. The airport narrowed its net loss to ₹5 crore from ₹14.3 crore in the previous year.

Crete Airport

For Crete Airport in Greece, the project remains fully funded, mainly through a State Grant that has already been received and the Airport Modernisation & Development Tax. It is a debt-free project. As of June 2025, overall construction progress stood at approximately 54%, with steady work underway on multiple fronts.

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The results came after the close of the market hours. Shares of GMR Airports Ltd ended at ₹90.20, up by ₹0.58 or 0.65% on the BSE.