GMR Airports turns profitable YoY as sequential profit falls 63.06%
Consolidated operating margin stayed above the Services peer median, but lower other income and a higher tax rate reduced sequential profit.
Filed 12 Aug 2026, 20:24 IST · after market close · GMR Airports Ltd (GMRAIRPORT)
Key takeaways
- Consolidated net profit was Rs 147.96 cr after a Rs 137.11 cr loss a year earlier.
- Operating margin rose 0.17 percentage points YoY to 36.51%, but fell 0.17 percentage points QoQ as expenses grew faster than revenue.
- Sequential net profit fell 63.06% as the tax rate rose 66.18 percentage points and other income accounted for 75.99% of pre-tax profit.
Price around the results
Revenue growth restored profitability
GMR Airports reported consolidated revenue growth of +23.67% YoY, while expenses grew +23.34%, helping operating profit rise +24.25%. That operating improvement moved net profit from a Rs 137.11 cr loss in Q1FY26 to Rs 147.96 cr in Q1FY27. Sequentially, revenue grew only +0.66% and expenses +0.94%, leaving operating profit almost flat at +0.17%.
Margin edged lower for a second quarter
Operating margin declined 0.17 percentage points QoQ because costs grew faster than revenue, after falling from 42.58% in Q3FY26 to 36.68% in Q4FY26 and 36.51% in Q1FY27. Despite that two-quarter decline, the margin was 12.83 percentage points above the 23.68% median for the 22 Services peers that had reported. Profit quality was mixed: other income contributed 75.99% of pre-tax profit, while the tax rate rose 66.18 percentage points QoQ to 33.70%.
Premiumisation and airport expansion remain management priorities
Management said it remains focused on premiumisation and margin expansion to improve profitability. The company said Bhogapuram airport is expected to begin commercial operations shortly with initial annual capacity of 6 million passengers, scalable to 40 million, and 25,000 metric tonnes of annual cargo capacity. Management also said it plans to further optimise the cost of debt, while the presentation described a phased plan to take Nagpur airport capacity to 50 million passengers.
Hyderabad traffic monetisation improved
The company reported that Hyderabad airport handled a record quarterly cargo volume of 49.8 thousand tonnes in Q1FY27 and achieved record quarterly passenger spend of Rs 956 per passenger. Management said the larger Hyderabad departures store will allow additional categories and products. Goa airport captured approximately 44% of Goa system traffic in the quarter, according to the presentation.
No immediate market reaction after the late filing
The results were filed after market close, so a post-results share-price reaction was not yet available. Across eight prior result reactions, the stock rose four times and fell four times, with a median absolute move of 2.35%.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 | Q4FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹3,964 cr | ₹3,938 cr | +0.66% | +23.67% |
| Other income | ₹170 cr | ₹260 cr | -34.68% | -18.49% |
| Expenses | ₹2,517 cr | ₹2,493 cr | +0.94% | +23.34% |
| Operating profit | ₹1,447 cr | ₹1,445 cr | +0.17% | +24.25% |
| Operating margin (%) | 36.51% | 36.68% | — | — |
| Interest | ₹938 cr | ₹950 cr | -1.26% | -1.18% |
| Depreciation | ₹456 cr | ₹452 cr | +0.78% | -6.76% |
| Profit before tax | ₹223 cr | ₹302 cr | -26.18% | — |
| Tax | ₹75 cr | ₹-98 cr | — | +4.36% |
| Net profit | ₹148 cr | ₹400 cr | -63.06% | — |
| EPS (₹) | ₹0.09 | ₹0.29 | -68.97% | — |
Operating margin of 36.51% compares with a Services sector median of 23.68% across 22 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Hyderabad airport handled its highest-ever quarterly cargo volume of 49.8 thousand tonnes in Q1FY27.
- Hyderabad airport achieved its highest-ever quarterly passenger spend per passenger of INR 956 in Q1FY27.
Guidance & outlook
- The company is focused on continuous premiumization and margin expansion to improve profitability.
- The company plans to further optimize its cost of debt.
Expansion
- Bhogapuram airport will begin commercial operations shortly with initial annual capacity of 6 million passengers, scalable to 40 million.
- Bhogapuram airport will have annual cargo handling capacity of 25,000 metric tonnes.
- Nagpur airport has a phased expansion plan to increase capacity to 50 million passengers.
New products
- The larger Hyderabad departures store will enable the addition of new categories and products.
Competition
- Goa airport captured approximately 44% market share of Goa system traffic in Q1FY27.
What to watch
- Whether operating margin holds above 36.51% after its second consecutive QoQ decline.
- Whether revenue growth stays ahead of expense growth after +23.67% and +23.34% YoY, respectively.
- Whether the tax rate moves below 33.70% and other income contributes less than 75.99% of pre-tax profit.