GMR Airports shares gain 6% as Q4 net profit swings back to black; check what analysts said

GMR Airports shares jumped 6% to touch an intraday high of ₹104.14 apiece on Friday, May 29, as the firm swung into the black, posting a profit of ₹400.49 crore in the three months ended March of this year. The airport's operator had incurred a loss of ₹252.66 crore in the year-ago period.

In the fourth quarter of financial year 2025-26 (Q4 FY26), total income climbed to ₹4,042.90 crore from ₹2,976.76 crore in the same period a year ago.

The company, which operates airports at Delhi, Hyderabad and other cities, also posted a profit of ₹472 crore for the fiscal year ended March 2026—the first time it has recorded full-year profitability in more than a decade.

In the last financial year, the company's total income jumped to ₹15,200.75 crore from ₹10,835.89 crore in the year-ago period. “PAT (Profit After Tax) of ₹472 crore was reported in FY26, the first positive PAT in over a decade,” the company said in a statement.

GMR-owned airports handled 31.7 million passengers in the March quarter and a record 121.6 million passengers in FY26. Delhi airport alone handled 21.2 million passengers and 78.7 million passengers in the March quarter and the full fiscal year, respectively.

In an investor presentation, GMR Airport had said the Indian airports operated by it handled 27% of total Indian passenger traffic in FY26, with the share of domestic traffic handled at 26% and the share of international traffic handled at 34%.

International passengers comprised 24% of total passengers handled by GAL-operated Indian airports in the March quarter and FY26.

“FY26 passenger traffic remained resilient, reflecting robust demand and operational adaptability amid a challenging operating environment that included evolving airspace conditions, isolated aviation incidents, temporary airline schedule adjustments, planned runway upgradation at Delhi Airport, and global geopolitical developments,” the presentation said.

GMR Airports share price

At 10:30 AM, GMR Airports shares were trading at ₹102.81 apiece on the National Stock Exchange, rising 5.08%.

Shares of the firm have gained 6.5% over a month, while they have slipped 5% in the past six months. From the beginning of the year, shares of GMR Airports have lost 3%.

The company has a market capitalisation of ₹1.08 lakh crore.

Shares of the company had touched their one-year high of ₹110.36 apiece on December 2, 2025, while their 52-week low of ₹79.92 was hit on June 13, 2025.

Here’s what analysts said

They further pointed out that for FY26, EBITDA rose 60% annually to ₹6,000 crore despite a modest 1% growth in passenger traffic. The GAL platform continued to scale, delivering nearly two-fold EBITDA growth during the year. Analysts also emphasised that profitability improved significantly, with the company reporting a full-year positive PAT after several years, while net debt declined on a quarter-on-quarter (QoQ) basis.

They further said passenger traffic across the three key airports declined 1% QoQ but rose 1% YoY, with international and domestic traffic at -2% and +2% YoY, respectively. Combined non-aero revenue increased 6% YoY, driven by Delhi (+4%), Hyderabad (+14%), and Goa (+28%), supported by a 5% YoY rise in average spending per passenger. Delhi’s profit fell 47% QoQ to ₹120 crore, while Hyderabad’s earnings jumped 108% QoQ to ₹180 crore, and Goa’s losses narrowed 15% QoQ to ₹60 crore. Net debt stood at ₹34,000 crore as of March 2026, compared to ₹34,500 crore in December 2025.