Highlights
- Passenger traffic crossed 121 million in FY26 despite geopolitical and operational disruptions.
- Delhi airport maintained stable monthly traffic near 7 million passengers since November 2025.
- Hyderabad traffic declined in March quarter due to industry-wide disruptions and international headwinds.
Shares of GMR Airports Limited (NSE:GMRAIRPORT) declined 1.70% to ₹97.53 on April 16, 2026, compared to the previous close of ₹99.22. The stock traded between ₹97.38 and ₹99.73 during the session, reflecting mild selling pressure amid mixed operational updates.
Traffic Performance Snapshot
The company reported total passenger traffic of approximately 121.6 million in FY26, marking a 0.9% year-on-year increase. In Q4 FY26, passenger traffic stood at around 32 million, also showing marginal growth of 0.9%.
Domestic traffic reached 92 million passengers in FY26, while international traffic stood at 30 million passengers. Monthly traffic remained above 10 million passengers consistently since October 2025.
However, overall growth remained muted due to temporary disruptions linked to airspace changes, runway upgrades at Delhi airport, and geopolitical instability in the Middle East impacting international travel demand.
Delhi Airport: Stable but Flat Growth
Delhi airport handled 78.7 million passengers in FY26, slightly lower by 0.7% year-on-year. Monthly passenger traffic remained stable at around 7 million since November 2025.
Domestic traffic showed limited growth, while international passenger numbers remained largely flat. Aircraft movements reached record levels, with total movements rising 1.0% year-on-year.
Cargo operations crossed 1.15 million metric tonnes, marking the third instance of exceeding the 1 million metric tonne milestone.
Hyderabad Airport: Mixed Trends
Hyderabad airport reported 30.5 million passengers in FY26, reflecting a 3.4% year-on-year increase. However, Q4 FY26 saw a decline of 7.4%, with March traffic down 12.0%.
Domestic and international traffic were impacted by temporary operational disruptions and geopolitical factors affecting international routes.
Despite short-term declines, annual passenger and cargo volumes reached record levels, with cargo growing 8.0% year-on-year.
Mopa (Goa) and International Operations
Mopa airport in Goa continued to scale operations, handling 5.4 million passengers in FY26, up 15.2% year-on-year. Growth was driven by domestic traffic expansion and increased connectivity.
Medan (Indonesia) traffic declined marginally in FY26 due to aircraft availability constraints, while Cebu (Philippines) recorded steady growth prior to divestment.
Operational and Regulatory Developments
Bhogapuram airport in Andhra Pradesh is nearing completion, with over 98% progress achieved as of March 2026 and expected completion by June 2026.
Additionally, tariff continuation at Hyderabad airport has been approved on an interim basis until September 2026 or until final determination.
Key Risks
- Geopolitical instability impacting international travel demand and route connectivity.
- Dependence on regulatory approvals for tariffs affecting revenue visibility.
- Infrastructure disruptions such as runway upgrades affecting traffic temporarily.
- Airline capacity constraints impacting passenger growth across markets.
Summary
GMR Airports Limited reported marginal traffic growth in FY26, with total passengers crossing 121 million despite operational and geopolitical disruptions. While Delhi airport remained stable, Hyderabad saw quarterly declines. Mopa airport continued expansion, contributing to growth. Stock movement reflected cautious sentiment amid muted growth trends and external challenges affecting international travel and operational consistency.
FAQs
- Why did GMR Airports stock decline on April 16, 2026?
The stock declined amid muted traffic growth and ongoing geopolitical and operational disruptions affecting passenger volumes and investor sentiment. - What was the total passenger traffic handled in FY26?
GMR Airports handled approximately 121.6 million passengers in FY26, marking a marginal year-on-year growth of 0.9%. - Which airport showed the highest growth in FY26?
Mopa (Goa) airport recorded the highest growth, with passenger traffic increasing by 15.2% year-on-year in FY26.