Airport operator posts 40% revenue growth, expands cargo infrastructure and strengthens logistics capabilities with new Hyderabad cargo terminal and Delhi cargo concession
GMR Airports Limited (GAL) has delivered its strongest financial performance to date, reporting a 40% year-on-year increase in revenue and its first annual profit in more than a decade. The milestone year was underpinned by record cargo volumes at both Delhi and Hyderabad airports, major investments in cargo infrastructure, and strategic expansion of its airport logistics business. The commissioning of a new cargo terminal in Hyderabad and the award of Delhi Airport’s Cargo Terminal 1 concession further reinforce the company’s ambitions to become a leading player in India’s rapidly growing air cargo ecosystem.
Cargo Growth Emerges as a Key Driver of Record Financial Performance
GMR Airports Limited has reported a landmark financial year for FY26, with total income rising 40% year-on-year to ₹152 billion (approximately US$1.6 billion), supported by robust passenger traffic growth, expanding airport operations, and record-breaking cargo performance across its airport network.
The airport infrastructure operator also posted a record EBITDA of US$647.96 million, representing a 47% increase over the previous year. Most notably, the company achieved a profit after tax (PAT) of US$49.73 million, marking its first positive annual net profit in more than ten years.
The results underscore the growing contribution of cargo operations to GAL’s diversified airport business strategy, as the company continues to invest in logistics infrastructure and cargo handling capabilities across key aviation gateways in India.
Strategic Expansion Strengthens Cargo Portfolio
A major highlight of FY26 was GAL’s success in securing the concession to upgrade, modernise, finance, operate, manage and maintain Cargo Terminal 1 at Delhi Airport.
The award significantly strengthens the company’s position in India’s largest air cargo market and provides a platform for future cargo growth at one of South Asia’s most important logistics hubs.
The company noted that it had already been operating the facility on an interim basis since May 15, 2025, following the termination of the previous concession arrangement, ensuring uninterrupted cargo operations and service continuity for customers and stakeholders.
The development aligns with GAL’s broader strategy of expanding airport-adjacent businesses and enhancing integrated logistics capabilities throughout its airport network.
Hyderabad Cargo Terminal 2 Boosts Capacity and Pharma Handling
Further strengthening its cargo infrastructure portfolio, GAL commissioned Cargo Terminal 2 at Hyderabad Airport in May 2026.
The newly launched facility has an initial annual handling capacity of approximately 50,000 metric tonnes, with built-in provisions to expand capacity to 100,000 metric tonnes as demand grows.
Designed to cater to evolving cargo requirements, the terminal includes a large temperature-controlled pharmaceutical handling zone capable of supporting the transportation of temperature-sensitive pharmaceutical products and perishables.
The investment reinforces Hyderabad’s position as one of India’s leading pharmaceutical export gateways and supports growing demand from healthcare, life sciences, and perishables supply chains.
Industry observers view the expansion as a strategic move to capture increasing volumes of high-value and specialised cargo, particularly as India continues to strengthen its position as a global pharmaceutical manufacturing hub.
Delhi Airport Achieves Highest-Ever Cargo Throughput
Delhi Airport delivered its strongest cargo performance on record during FY26, handling approximately 1.15 million metric tonnes of cargo, the highest annual throughput in the airport’s history.
The cargo milestone reflects growing international trade activity, increasing e-commerce demand, and the airport’s continued importance as a key gateway for global air freight movements.
Financially, Delhi Airport recorded total income of US$806.31 million, representing a 33.5% year-on-year increase.
EBITDA surged 64.4% to a record US$303.64 million, while the airport posted a profit after tax of US$50.26 million, a dramatic turnaround from the loss of US$102.83 million reported in FY25.
The results highlight both operational efficiencies and strong growth across passenger and cargo segments.
Hyderabad Airport Delivers Record Cargo and Profitability
Hyderabad Airport also registered a record year for cargo operations, handling approximately 187,000 metric tonnes during FY26—the highest annual cargo throughput in its history.
The airport reported total income of US$271.61 million, up 9.7% compared with the previous year.
EBITDA reached a record US$170.05 million, reflecting a 9.4% increase, while profit after tax climbed to US$44.99 million from US$20.02 million in FY25.
The profit marks Hyderabad Airport’s strongest financial performance since FY20.
During the year, the airport also completed a significant refinancing initiative, raising approximately US$221 million through 15-year non-convertible debentures carrying a coupon rate of 7.6%.
The proceeds were used to refinance existing dollar-denominated debt, a move expected to reduce financing costs by more than 150 basis points and further strengthen long-term profitability.
Cargo Infrastructure Supporting India’s Air Freight Growth
The latest investments by GMR Airports come at a time when India’s air cargo market is experiencing sustained growth, driven by e-commerce expansion, pharmaceutical exports, perishables, manufacturing supply chains, and increasing international trade connectivity.
Industry analysts note that cargo infrastructure is becoming an increasingly important revenue stream for airport operators as they diversify beyond traditional aeronautical income sources.
The development of specialised facilities such as pharmaceutical handling zones, temperature-controlled storage infrastructure, and dedicated cargo terminals is expected to play a crucial role in supporting future growth.
By expanding cargo capacity and strengthening operational capabilities at both Delhi and Hyderabad, GAL is positioning itself to capitalise on the growing demand for integrated logistics solutions across India and international markets.
Strong Fourth Quarter Completes Record Year
For the fourth quarter ended March 31, 2026, GMR Airports reported total income of US$425.97 million, representing a 36% year-on-year increase.
Quarterly EBITDA rose 38% to US$163.22 million, further reinforcing the momentum achieved throughout the fiscal year.
As cargo volumes continue to grow and airport logistics emerge as a strategic growth pillar, GMR Airports appears well positioned to strengthen its role in India’s evolving aviation and supply chain landscape.
The combination of expanding cargo infrastructure, record throughput levels, and strong financial performance signals a new phase of growth for the airport operator as it seeks to build one of the country’s most comprehensive airport-led logistics ecosystems.
