GMRAIRPORT · Services
GMR Airports Ltd. reported revenue of ₹4,100 cr for July to September 2026, +11.7% on the year and +3.4% on the quarter. That is slower than this quarter has grown in recent years (+34.0% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹15,999 cr, +29.1% on the four before.
Operating profit (EBITDA) was ₹1,480 cr, a margin of 36.1%, −333 bps on the year and −45 bps on the quarter. Over the last 8 quarters the margin has ranged from 35.2% to 42.6%, averaging 37.5%. Operating costs grew +17.9%, faster than revenue at +11.7%, so operating profit grew less than sales.
Net profit was ₹65.0 cr, +85.7% on the year and −56.1% on the quarter, with earnings per share of −₹0.01.
Of the 12 companies in Services that have reported Q2 FY27 so far, GMR Airports Ltd. ranks 11th on revenue growth; the sector median is +22.2%. Its margin moved −333 bps on the year against a sector median of +40 bps.
On earnings per share of ₹0.49 over the last four quarters, the stock at ₹99.40 trades at 202.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,227 cr | ₹2,447 cr | ₹2,402 cr | ₹2,495 cr | ₹2,653 cr | ₹2,863 cr | ₹3,205 cr | ₹3,670 cr | ₹3,994 cr | ₹3,938 cr | ₹3,967 cr | ₹4,100 cr |
| YoY | — | — | +19% | +21% | +19% | +17% | +33% | +47% | +51% | +38% | +24% | +12% |
| EBITDA margin | 30.0% | 33.4% | 37.3% | 34.4% | 37.4% | 35.2% | 36.3% | 39.4% | 42.6% | 36.7% | 36.6% | 36.1% |
| Other income, % of PBT | — | — | — | — | 228% | — | — | 126% | −30% | 86% | 75% | 104% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | — | — | — | 18% | — | — | 66% | 29% | −32% | 34% | 52% |
| Net profit | −₹486 cr | −₹168 cr | −₹338 cr | −₹429 cr | ₹202 cr | −₹253 cr | −₹137 cr | ₹35.0 cr | ₹174 cr | ₹400 cr | ₹148 cr | ₹65.0 cr |
| YoY | — | — | −2,088% | — | — | — | — | — | −14% | — | — | +86% |
| Core profit YoY | — | — | — | — | — | — | — | — | — | — | — | — |
| EPS | −₹0.53 | −₹0.20 | −₹0.23 | −₹0.27 | ₹0.25 | −₹0.23 | −₹0.20 | −₹0.04 | ₹0.12 | ₹0.29 | ₹0.09 | −₹0.01 |
| Flags | · | · | 2 | 1 | 1 | ✓ | ✓ | 1 | 1 | 2 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
GMR Airports Ltd. reported revenue of ₹4,100 cr (+11.7% on the year) and net profit of ₹65.0 cr (+85.7% on the year) for July to September 2026.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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