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GMR Airports to Raise 6,500 Cr to Strengthen Balance Sheet and Fund Expansion
GMR Airports, the largest private operator in India by passenger volume, has filed a regulatory notice today to raise ₹6,500 cr in new capital. The plan calls for a ₹5,000 cr equity and other securities issuance—including a qualified institutional placement (QIP)—and a ₹1,500 cr non‑convertible debenture (NCD) issue. The board will vote on the enabling resolution on 12 August.
The move comes after a year of vigorous refinancing and steady investment across the group’s airport portfolio. GMR currently runs Delhi’s Indira Gandhi International Airport, Hyderabad’s Rajiv Gandhi International Airport and Goa’s Manohar International Airport. Earlier this month the company inaugurated Alluri Sitarama Raju International Airport in Bhogapuram, Andhra Pradesh, and secured a 30‑year concession to operate Dr. Babasaheb Ambedkar International Airport in Nagpur, where it has announced a ₹300 cr investment plan.
In the first half of fiscal year 2025‑26 (FY26), GMR Airports issued ₹5,900 cr in NCDs to refinance ₹5,000 cr of existing debt and an additional ₹900 cr to cover the redemption premium. It also raised ₹300 cr in working‑capital funding for duty‑free operations. Earlier in FY26, GHM Hyderabad International Airport Ltd raised ₹2,100 cr through a 15‑year rupee‑denominated bond to refinance dollar‑denominated debt maturing in February. In FY25 the group issued ₹1,500 cr in NCDs, mainly to acquire a 10 % stake held by Fraport in Delhi International Airport Ltd and for equity investments in other projects. In FY24 it refinanced ₹5,000 cr of debt.
Consolidated net debt stood at roughly ₹34,000 cr as of 31 March 2026, up ₹470 cr from the December quarter. Standalone GMR Airports’ net debt fell by ₹940 cr during the March quarter, partly offset by a ₹420 cr rise in debt related to the Bhogapuram project.
The group reported consolidated gross income of ₹15,200 cr for FY26 and handled 121.6 million passengers across its Indian and foreign airports—including Delhi, Hyderabad, Goa and Medan in Indonesia.
"While the ₹5,900 cr NCD issue, raised in 2025, was explicitly used to refinance existing debt, the new resolution is broader and could provide capital for growth, investments or other corporate requirements," said Amit Mittal, aviation expert and director at Aerointellect Aviation.
The planned equity and NCD issuance is expected to give GMR Airports additional liquidity for airport expansion, infrastructure upgrades and potential acquisitions. It also reflects the company’s confidence in the continued growth of Indian aviation, which has seen steady increases in passenger traffic and cargo volumes.
The board’s decision on 12 August will determine whether the company can proceed with the capital‑raising plan. Investors will be watching the resolution closely, as it will affect the company’s debt profile and future funding strategy. The company has not yet disclosed a timeline for the issuance or the pricing of the new securities.
At present, GMR Airports is positioned to support its expanding portfolio, with new airports coming online and existing ones undergoing upgrades. The upcoming resolution and potential capital raise will be a key factor in the company’s ability to meet future operational and investment needs.
The company’s next major corporate event will be the filing of its FY27 financial statements, which will provide further insight into its financial health and the impact of the planned capital raise. Investors and analysts will also monitor the company’s performance at its key airports, particularly the newly inaugurated Bhogapuram and the recently acquired Nagpur concession.
In summary, GMR Airports is seeking to raise ₹6,500 cr to strengthen its balance sheet and fund ongoing expansion projects. The board’s approval on 12 August will enable the company to issue equity and NCDs, potentially providing a broader capital base for future growth.
The move comes after a year of vigorous refinancing and steady investment across the group’s airport portfolio. GMR currently runs Delhi’s Indira Gandhi International Airport, Hyderabad’s Rajiv Gandhi International Airport and Goa’s Manohar International Airport. Earlier this month the company inaugurated Alluri Sitarama Raju International Airport in Bhogapuram, Andhra Pradesh, and secured a 30‑year concession to operate Dr. Babasaheb Ambedkar International Airport in Nagpur, where it has announced a ₹300 cr investment plan.
In the first half of fiscal year 2025‑26 (FY26), GMR Airports issued ₹5,900 cr in NCDs to refinance ₹5,000 cr of existing debt and an additional ₹900 cr to cover the redemption premium. It also raised ₹300 cr in working‑capital funding for duty‑free operations. Earlier in FY26, GHM Hyderabad International Airport Ltd raised ₹2,100 cr through a 15‑year rupee‑denominated bond to refinance dollar‑denominated debt maturing in February. In FY25 the group issued ₹1,500 cr in NCDs, mainly to acquire a 10 % stake held by Fraport in Delhi International Airport Ltd and for equity investments in other projects. In FY24 it refinanced ₹5,000 cr of debt.
Consolidated net debt stood at roughly ₹34,000 cr as of 31 March 2026, up ₹470 cr from the December quarter. Standalone GMR Airports’ net debt fell by ₹940 cr during the March quarter, partly offset by a ₹420 cr rise in debt related to the Bhogapuram project.
The group reported consolidated gross income of ₹15,200 cr for FY26 and handled 121.6 million passengers across its Indian and foreign airports—including Delhi, Hyderabad, Goa and Medan in Indonesia.
"While the ₹5,900 cr NCD issue, raised in 2025, was explicitly used to refinance existing debt, the new resolution is broader and could provide capital for growth, investments or other corporate requirements," said Amit Mittal, aviation expert and director at Aerointellect Aviation.
The planned equity and NCD issuance is expected to give GMR Airports additional liquidity for airport expansion, infrastructure upgrades and potential acquisitions. It also reflects the company’s confidence in the continued growth of Indian aviation, which has seen steady increases in passenger traffic and cargo volumes.
The board’s decision on 12 August will determine whether the company can proceed with the capital‑raising plan. Investors will be watching the resolution closely, as it will affect the company’s debt profile and future funding strategy. The company has not yet disclosed a timeline for the issuance or the pricing of the new securities.
At present, GMR Airports is positioned to support its expanding portfolio, with new airports coming online and existing ones undergoing upgrades. The upcoming resolution and potential capital raise will be a key factor in the company’s ability to meet future operational and investment needs.
The company’s next major corporate event will be the filing of its FY27 financial statements, which will provide further insight into its financial health and the impact of the planned capital raise. Investors and analysts will also monitor the company’s performance at its key airports, particularly the newly inaugurated Bhogapuram and the recently acquired Nagpur concession.
In summary, GMR Airports is seeking to raise ₹6,500 cr to strengthen its balance sheet and fund ongoing expansion projects. The board’s approval on 12 August will enable the company to issue equity and NCDs, potentially providing a broader capital base for future growth.
