GMR widens lead over Adani Airports on Delhi tariff boost

NEW DELHI: GMR Airports Ltd has extended its lead among India’s private airport operators by outpacing rival Adani Airports Holdings Ltd in revenue growth in FY26, helped by revised tariffs for international passengers at Delhi airport.

According to company statements, GMR Airports reported 40% revenue growth in FY26, while Adani Airports Holdings Ltd recorded 28% growth. The divergent performance reflects contrasting expansion and monetization strategies of India’s two largest private airport operators.

GMR, which operates Delhi, Hyderabad and Mopa airports, has postponed the opening of its fourth airport at Bhogapuram in Andhra Pradesh from October to December to the July-September quarter. It also plans to take over the operation of Nagpur airport in the same period.

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Adani Airports, a wholly owned subsidiary of Adani Enterprises Ltd, operates eight airports including Mumbai, Navi Mumbai, Lucknow, Ahmedabad, Jaipur, Thiruvananthapuram, Guwahati and Mangalore.

Delhi support

GMR Airports reported its total revenue: ₹15,200 crore in the year ending March 2026 ₹10,836 crore in the previous year. Adani Airports reported ₹13,081 crore ₹10,224 crore in FY25.

GMR Airports’ total income or income includes revenue from operations and other income.

Growth for GMR was largely driven by tariff revisions at Delhi airport; these revisions allowed differentiated user development charges (UDF) for international passengers across classes of travel, including economy, premium economy, business and first class.

The tariff change resulted in a 178% increase in aviation revenues in Delhi in FY26. Aviation revenues remained stable or decreased in Hyderabad and Goa.

Delhi International Airport accounted for 50% of GMR Airports’ business, while Hyderabad and Goa together contributed around 20%. The remaining 30% came from other income and its share in joint ventures, subsidiaries and affiliates.

GMR Airports also turned to profitability by announcing profit before tax ₹compared to 472 crore ₹816.9 crore losses in 25th Century. Adani Airports announced profit ₹1,427 crore compared to ₹A year ago there was a loss of 5 crore.

Since Adani Airports is not listed on the stock exchange, it does not disclose its net profit separately.

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Growth in passenger traffic was moderate for both operators. GMR Airports served 114.6 million passengers, up 1% in FY26, while Adani Airports recorded 95.3 million passengers, also up 1%.

According to Airports Authority of India (AAI) data, passenger traffic across India stood at 420.9 million in FY26. More than one in three air travelers passed through an airport operated by GMR, while roughly a quarter used a facility operated by Adani.

“We expect to see a 5-6% increase in passenger traffic, including the addition of two new airports, Bhogapuram and Nagpur, to our portfolio. Bhogapuram is a greenfield airport that we look forward to adding in the second quarter of 2020 and we will also take over Nagpur airport operations,” GMR Airports Chief Financial Officer Saurabh Chawla said during the post-results investor call on Thursday.

Capex on ongoing real estate projects in Bhogapuram, Nagpur and Delhi is approximately flat ₹1,400 crore for the current fiscal.

“We expect the first quarter to be soft for GMR Airports, primarily due to the impact of the war in the Middle East (West Asia). Airlines are reducing their domestic capacity, so these cancellations will have an impact on passenger traffic,” said Ankita Shah, vice president of brokerage firm Elara Capital.

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“Passenger traffic is expected to increase in the second half of the year. In Q2 (FY27) the airport operator will add two airports to its portfolio. This will add approximately 4 million passengers and incremental growth of 2-odd million from the three existing airports,” he explained.

Shah said GMR Airports has a different portfolio from Adani Airports in terms of “asset profile” and “life cycle stage of airports”. While drawing attention to GMR’s investments in expansion in Delhi, he also stated that Hyderabad and Mopa are new airports. He said Adani had taken over its “operating assets” outside Navi Mumbai.

“GMR has invested and is investing in three airports, including the next phase of capacity addition. Therefore, the cost of recovering capex is spread over a period of time, which will have an impact on earnings,” Shah added.