GMR Airports slips on muted Q4 traffic growth

The airport operator handled around 32 million passengers during the January-March quarter, registering a modest 0.9% YoY growth. Domestic traffic rose 1.6% YoY to 24.1 million passengers, while international traffic fell 1.3% YoY to 7.7 million, pointing to an uneven recovery across segments.

The weak showing comes amid multiple headwinds. The company flagged disruptions in flight operations due to changing airspace conditions linked to ongoing geopolitical tensions, particularly in the Middle East. In addition, runway upgrades at Delhi airport during the year also impacted traffic.

March trends remained soft, with total passenger traffic, excluding Cebu, declining 1.5% YoY. Hyderabad airport saw the sharpest impact, with passenger traffic falling 12% YoY during the month.

Among key assets, Goa?s Mopa airport stood out, reporting 21.3% YoY growth in Q4 passenger traffic along with a 22.5% rise in aircraft movements. In contrast, Hyderabad airport?s passenger traffic declined 7.4% during the quarter, while Medan and Cebu airports posted growth of 2.4% and 17.1%, respectively.

Delhi airport, which contributes the bulk of traffic, saw passenger volumes rise 2.7% YoY in Q4 to over 21 million. However, full-year traffic at the airport declined 0.7% YoY to 78.7 million, reflecting pressure in earlier months.

Despite the near-term drag, the company maintained that traffic remained resilient, staying above 10 million passengers every month since October 2025.

For FY26, GMR Airports crossed the 121 million passenger mark, its highest ever. Domestic passenger traffic stood at 92 million, up 0.6% YoY, while international traffic rose 1.7% YoY to 30 million.

GMR Airports is a leading global airport platform company with over two decades of experience in designing, constructing, and operating world-class sustainable airports. As a platform business, the company also provides a range of aero services including Duty Free, Retail, F&B, cargo, car parking, O&M, and PMC services.

On a consolidated basis, GMR Airports' net profit declined 54.33% to Rs 121.83 crore while net sales rose 50.53% to Rs 3994.03 crore in Q3 December 2025 over Q3 December 2024.