GMR Airports Announces Voluntary Redemption of ₹5,000 Crore in Non-Convertible Bonds

On Aug 18, 2025, GMR Airports Limited announced that it had issued a notice for the voluntary redemption of its non-convertible bonds (NCBs) in accordance with the terms outlined in the bond trust deed dated November 17, 2023.

GMR NCD Details

The planned redemption encompasses three tranches of bonds: ₹1,950 crore, ₹800 crore, and ₹2,250 crore, totaling ₹5,000 crore. The company confirmed that the redemption will be completed on or before August 30, 2025, in line with consents received from bondholders and the stipulations of the trust deed.

GMR Airports Q1FY26 Financial Performance

In Q1FY26, Delhi Airport (DIAL), a business unit of GMR Airports, handled 19.1 million passengers, reflecting a slight 1.2% year-on-year decline from 19.3 million in Q1FY25. The dip in traffic was primarily due to temporary disruptions in flight operations caused by changes in airspace conditions amid geopolitical developments, as well as the ongoing upgradation of Runway 10/28. Domestic traffic declined by 2.7%, while international traffic recorded a 3% year-on-year increase.

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Financially, DIAL delivered a strong performance. Total income rose by 37% YoY to ₹1,766 crore, up from ₹1,289 crore in Q1FY25, driven mainly by a 127% increase in aero revenues following the implementation of revised tariffs from mid-April 2025. EBITDA increased to ₹635 crore, up 61.8% YoY from ₹392 crore—its highest quarterly EBITDA in the past four years. The company also reported a notable turnaround, achieving a profit after tax (PAT) of ₹49 crore in Q1FY26, compared to a loss of ₹295 crore in Q1FY25.

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