GMR Airports flags flat H1 FY27 passenger traffic, banks on Bhogapuram and Nagpur for ~5% growth
GMR guides to flat H1 FY27 passenger volumes as airline capacity constraints bite, with recovery expected in H2 led by new Bhogapuram and Nagpur airports adding ~5M pax. FY26 revenue rose 40% to ₹15,200 cr on Delhi tariff revisions; April pax fell 4% YoY to 9.3M, signaling near-term softness for airport retail concessionaires.
What happened
GMR Airports expects flat passenger traffic in H1 FY27 due to airline capacity constraints, projecting ~5% full-year growth aided by new Bhogapuram and Nagpur
Key facts
- 114.6M passengers FY26
- +1% YoY FY26
- -4% YoY April
- 9.3M April pax
- 5M new pax from Vizag/Nagpur
- 8-10% guided growth
- ~5% expected growth
- revenue ₹15,200 cr (+40%)
- Delhi aero revenue +178%
Why this matters
GMR's capacity-led growth pivot to Bhogapuram and Nagpur opens a window to negotiate retail concessions at the new terminals while incumbents face flat traffic and airline capacity headwinds.