GMR Airports Ltd stands as the largest private airport operator in India, the largest in Asia, and the second-largest globally. It ranks 9th in terms of the number of airport assets under operation or in various stages of development. In FY24, it held a 27% share of passenger traffic in India. The company was formerly known as GMR Airports Infrastructure Limited and changed its name to GMR Airports Limited in September 2024. GMR Airports Limited was incorporated in 1996 and is based in New Delhi, India.
GMR Group is an Indian multinational conglomerate headquartered in New Delhi. The group was founded in 1978 by Grandhi Mallikarjuna Rao and comprises several companies including GMR Infrastructure, GMR Energy, GMR Airports, and GMR Enterprises. GMR Group owns, develops, operates, and manages airports, major energy utilities, highways, and urban infrastructure facilities. With a net asset base of nearly US$25 billion, it is one of India's largest infrastructure development companies.
GMR Group's Airport portfolio has around 159 mn passenger capacity in operation and under development, comprising India's busiest Indira Gandhi International Airport in New Delhi, Hyderabad's Rajiv Gandhi International Airport, Mactan Cebu International Airport in partnership with Megawide in the Philippines. While greenfield projects under development include Airport at Mopa in Goa and Airport at Heraklion, Crete, Greece in partnership with GEK Terna.
The company operates through several key airports that serve as major aviation hubs. GMR Group is famous for operating the Indira Gandhi International Airport in Palam, Delhi. Rajiv Gandhi International Airport (IATA: HYD, ICAO: VOHS) is an international airport that serves Hyderabad, the capital of the Indian state of Telangana. It is located in Shamshabad, about 24 kilometres (15 mi) south of Hyderabad and it was opened on 23 March 2008 to replace Begumpet Airport. Built over an area of 5,500 acres (2,200 ha), it is the largest airport of India by area.
GMR Airports has expanded its operations beyond core airport management. GMR offers a range of products and services, including airport infrastructure development and operations, airport consultancy, airport engineering services, airport IT solutions, airport security services, and airport energy services. GMR Aero Technic Ltd is the only one MRO in private sector in India with extensive capability to maintain Airbus A320, Boeing 737, ATR 72/42 and Bombardier DHC Q400 aircraft. GMR Aero Technic is a world class aircraft maintenance organisation approved by EASA and Directorate General of Civil Aviation (India) and various civil aviation authorities.
The company has demonstrated strong operational performance across its airport network. Delhi Airport handled monthly passenger traffic of around 7 million passengers (up 6% YoY). Hyderabad Airport handled monthly passenger traffic of around 2.5 million passengers (up 17% YoY). During the month, domestic traffic grew by 7.9% YoY, while international traffic saw a significant increase of 8% YoY.
Recent operational developments include strategic acquisitions and infrastructure enhancements. GHIAL acquired 70% stake in EGLPPL, making it a wholly owned subsidiary, expanding logistics assets. GMR Airports Limited has been granted the concession to operate, maintain, and manage the existing cargo terminal at Indira Gandhi International Airport, enhancing its operational capabilities.
GMR Airports Ltd has a market capitalisation of Rs 85,549 crore. The company's financial performance shows mixed results with revenue growth but ongoing profitability challenges. Sales rose 17.02% to Rs 2863.34 crore in the quarter ended March 2025 as against Rs 2446.78 crore during the previous quarter ended March 2024. Sales rose 18.96% to Rs 10414.24 crore in the year ended March 2025 as against Rs 8754.56 crore during the previous year ended March 2024.
However, the company continues to face profitability challenges. Net Loss of GMR Airports reported to Rs 237.59 crore in the quarter ended March 2025 as against net loss of Rs 120.97 crore during the previous quarter ended March 2024. For the full year,net loss reported to Rs 392.85 crore in the year ended March 2025 as against net loss of Rs 559.27 crore during the previous year ended March 2024.
Key financial metrics for Q4 FY25 include:
- Revenue: Rs 2,863.34 crore
- Net Loss: Rs 237.59 crore
- Full Year FY25 Revenue: Rs 10,414.24 crore
- Full Year FY25 Net Loss: Rs 392.85 crore
CARE Ratings upgrades GMR Airports' Rs. 6,500 Cr NCB and bank facilities to 'A' with stable outlook. Trading window closed from June 30, 2025 till 48 hours after Q1 results announcement. GMR Airports Ltd. will be included in the MSCI India Index by the end of May, enhancing its market presence.
The company faces certain operational challenges that it is actively addressing. GMR Airports Ltd is grappling with a cumulative loss of Rs 2,900 crore and outstanding debt over Rs 15,000 crore. The company seeks a tariff hike for international passengers to regain profitability, pending approval from AERA.
Looking ahead, GMR Airports continues to expand its infrastructure footprint. In April 2021, GMR Group announced the launch of GMR Hyderabad Airport City, which is proposed to be the largest aerotropolis in India spread across 1,500-acre (6.1 km2) around Rajiv Gandhi International Airport. The Group recently received a Letter of Intent for the development and operations of Nagpur Airport on a PPP basis and has emerged as the highest bidder for the development and operation of the greenfield airport at Bhogapuram in Andhra Pradesh.
GMR Airports represents a significant player in India's aviation infrastructure sector, with its strategic position in operating the country's busiest airports and expanding international presence positioning it as a key beneficiary of India's growing aviation market despite current profitability challenges.
