The numbers are stark. Net profit for the September quarter rocketed 86.3% to ₹65.4 crore, a sharp departure from the ₹35.1 crore posted a year ago. Revenue from operations climbed 11.6% to ₹4,095.4 crore. But look closer at the margins. EBITDA, while up 2.4% to ₹1,568.6 crore, saw its margin contract to 49% from 52.7% in the year-ago quarter. That’s a squeeze on efficiency, even as the top line grows.
Passenger volumes tell a different story. GMR-operated airports handled 2.8 crore passengers in Q2FY27, a modest 0.6% year-on-year rise. International traffic bucked the trend, up 2.1%, while domestic flows stayed flat. For the first half of FY27, the aggregate hit a record 5.84 crore passengers. Delhi Airport alone accounted for 20% of India’s total passenger traffic during this period, according to the company’s investor presentation.
On a half-year basis, the turnaround is visible. Profit after tax stood at ₹213.3 crore for H1FY27, swinging from a loss of ₹102.1 crore in the same period last year. This marks the fifth consecutive quarter in the black. Revenue for the first half expanded to ₹8,059.4 crore from ₹6,875.2 crore, though the EBITDA margin slipped to 50%.
Management is leaning into a three-part strategy: utility returns, consumer platform growth, and real estate value creation. CEO Nilay Joshi has framed the real estate segment as a key lever for future cash flow, moving beyond traditional airport operations. Shares of GMR Airports (BSE: 532787) traded 0.1% higher at ₹89.80 on Thursday morning. The stock remains down 15% in 2026, suggesting the market is still pricing in the margin headwinds despite the profit spike.