Traffic Recovery in H2 FY27
Management expects traffic softness in H1 FY27 to recover in H2 FY27 based on airline inputs indicating expanded capacity from September onwards (Air India restoring suspended routes).
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GMR AIRPORTS · forward-looking guidance across the available source record.
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growth
Non-Aero Revenue Growth Target
Targeting 7-8% SP (spend per passenger) growth and 15-18% overall non-aero income growth on a secular basis, with 15% growth guaranteed in good years.
Consolidated Capex FY27
Operational capex of ₹1,500-1,600 crore for Delhi and Hyderabad, ₹250-300 crore for Nagpur refurbishment, plus ₹200 crore for Delhi Aerosity Building 5, totaling approximately ₹2,000 crore for FY27.
Delhi Airport Dividends
Delhi airport expected to start paying dividends to GAL (74% shareholder) within two years as its standalone balance sheet becomes positive and generates free cash.
Traffic growth of 5-7% for FY27
Management expects overall traffic growth of 5-7% for FY27, driven by recovery in H2 and contributions from Bhogapuram and Nagpur airports.
Bhogapuram airport operational in Q2 FY27
Bhogapuram airport will commence commercial operations in Q2 FY27, ahead of the original December 2026 target.
Capex of ~INR 1,400 crore for FY27
Total capex for FY27 is guided at approximately INR 1,400 crore, including INR 700-800 crore for Bhogapuram and INR 200 crore for Nagpur, plus real estate projects.
Hyderabad tariff improvement expected in Q3 FY27
Hyderabad airport expects new tariffs to be approved in Q3 FY27, which will be significantly better than current tariffs.