GMR widens FY26 lead over Adani Airports as Delhi tariff hike powers 40% revenue jump
GMR Airports clocked ₹15,200 cr revenue in FY26 (+40%) versus Adani's ₹13,081 cr (+28%), helped by a 178% surge in Delhi aero revenue post tariff revision. GMR handled 114.6M passengers to Adani's 95.3M, and adds Bhogapuram and Nagpur in Q2FY27 — expanding the captive airport-retail footprint.
What happened
GMR Airports outpaced Adani Airports in FY26 with 40% revenue growth versus 28%, driven by revised international passenger tariffs at Delhi. GMR plans to add
Key facts
- 40% revenue growth FY26 GMR
- 28% revenue growth FY26 Adani
- ₹15,200 crore GMR revenue
- ₹13,081 crore Adani revenue
- 178% jump Delhi aero revenue
- 114.6M GMR passengers
- 95.3M Adani passengers
- ₹1,400 crore capex
Why this matters
GMR's ~19M passenger lead and two new airports going live create the larger captive retail platform — partnership and concession bids should prioritize GMR terminals for FY27 rollout.