GMR Airports flags flat H1FY26 pax, pins 5% FY27 growth on Bhogapuram and Nagpur
GMR guides flat H1FY26 passenger traffic as airline capacity constraints bite — April pax fell 4% YoY to 9.3M. FY26 pax seen at 114.6M (+1%), with FY27 growth pegged at ~5% as new Bhogapuram and Nagpur airports add 5M pax. FY26 revenue jumped 40% to ₹15,200 cr on Delhi UDF hikes and 178% aero revenue surge.
What happened
GMR Airports expects flat H1FY26 passenger traffic on airline capacity constraints, guiding ~5% FY27 growth as Bhogapuram and Nagpur airports add 5M pax. FY26
Key facts
- 114.6M FY26 pax
- 1% FY26 growth
- -4% YoY April
- 9.3M April pax
- 5M new pax from 2 airports
- 5% FY27 growth guide
- 8-10% long-term guide
- ₹15,200 cr FY26 revenue
- +40% YoY revenue
- 178% Delhi aero revenue jump
Why this matters
New airport ramp-ups at Bhogapuram and Nagpur create a window to negotiate anchor F&B, duty-free, and category concessions on greenfield terms before traffic — and rents — reset higher in FY27.