GMRAIRPORT's Q2 FY27 numbers came in soft, with revenue of Rs. 4,095.44 Cr (+11.59% YoY) and PAT growth of +86.48% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 28, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 4,095.44 Cr (+11.59% YoY) |
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| PAT (Q2) | Rs. 65.38 Cr (+86.48% YoY) |
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| EBITDA margin | 38.30% (-343 bps YoY) |
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| Market cap | Rs. 94,211.04 Cr |
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| CMP | Rs. 88.37 |
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Quarter Snapshot
Revenue grew 11.6% YoY but EBITDA margin contracted 343 bps to 38.30% on a 42.5% surge in other expenses, while H1 traffic of +0.5% is far behind the 5-7% FY27 guidance with Hyderabad at -12.7% and Mopa at -26.9%. Offsets include a 155% YoY rise in free cash flow to Rs.1,421 Cr, ratings upgrade to AA-, refinancing at 9.56%, and favorable tariff rulings (DIAL TDSAT, Hyderabad CP-4) that should support H2 margins. Q3 FY27 will be the first full quarter of tariff benefits, but traffic guidance appears at risk without a sharp H2 recovery.
Key Investment Insights
Key Positives
- Revenue grew 11.6% YoY to Rs.4,095.44 Cr; H1 revenue grew 17.2% YoY
- Consolidated PAT grew 86.5% YoY to Rs.65.38 Cr with no exceptional items; Q2 FY26 PAT of Rs.35.06 Cr included a Rs.35.00 Cr exceptional gain
- Standalone PAT turned positive at Rs.2.13 Cr vs a loss of Rs.(133.38) Cr in Q2 FY26
- H1 CFO of Rs.3,030 Cr (+31% YoY); FCF of Rs.1,421 Cr (+155% YoY)
- Cash and equivalents rose to Rs.4,100.46 Cr from Rs.610.24 Cr at March 2026; current ratio improved to 1.10x from 0.79x
- Rs.1,500 Cr NCBs issued at 9.56% (119 bps below refinanced bonds); ratings upgraded to AA-/Stable by CARE and Crisil
- Share of profit from associates grew 415% YoY to Rs.54.84 Cr
- Bhogapuram commenced operations on schedule (COD August 17, 2026); Delhi traffic +2.7% YoY with record monthly cargo
Risk Factors
- EBITDA margin contracted 343 bps YoY to 38.30% as other expenses surged 42.5% YoY
- H1 traffic grew only 0.5% YoY vs FY27 guidance of 5-7%; H2 requires 9-14% YoY growth to meet target
- Hyderabad traffic declined 12.7% YoY in September against flat-YoY guidance; Mopa declined 26.9% YoY
- PAT attributable to owners was negative at Rs.(14.92) Cr while NCI received Rs.80.30 Cr (122.8% of total PAT)
- Consolidated net worth remains negative at Rs.(1,425.82) Cr; total debt rose 9.7% since March 2026
- H1 capex of Rs.1,609 Cr is tracking above the full-year guidance of ~Rs.2,000 Cr