GMR widens lead over Adani Airports as Delhi tariff hike powers FY26 revenue to ₹15,200 cr
GMR Airports' FY26 revenue rose 40% to ₹15,200 cr, outpacing Adani Airports' ₹13,081 cr (+28%), as Delhi UDF revisions lifted aero revenue 178%. GMR handled 114.6 mn pax vs Adani's 95.3 mn of India's 420.9 mn total. Bhogapuram and Nagpur additions in Q2FY27 expand the airport-retail footprint for travel concessionaires.
What happened
GMR Airports outpaced Adani Airports in FY26 with 40% revenue growth to ₹15,200 cr, driven by Delhi UDF tariff revisions lifting aero revenue 178%. GMR adds
Key facts
- GMR FY26 revenue ₹15,200 cr (+40%)
- Adani Airports FY26 revenue ₹13,081 cr (+28%)
- Delhi aero revenue +178%
- GMR PBT ₹472 cr vs ₹816.9 cr loss
- Adani Airports profit ₹1,427 cr
- GMR passengers 114.6 mn (+1%)
- Adani passengers 95.3 mn (+1%)
- India total 420.9 mn pax
- Capex ₹1,400 cr FY27
Why this matters
Delhi tariff revision is the template: target travel-retail JVs anchored to GMR's regulated-asset base while Adani's growth gap widens, creating leverage for exclusive category deals.