GMR Airports Ltd has approved plans to raise up to ₹5,000 crore through a mix of instruments such as equity shares, non-convertible debentures (NCDs), warrants and foreign currency convertible bonds (FCCBs). The funds will be raised in tranches, depending on business requirements and market conditions.
The board has also cleared the formation of a special purpose vehicle (SPV) for the Cargo City Project at Delhi’s Indira Gandhi International Airport (IGIA), awarded by Delhi International Airport Ltd (DIAL). The Cargo City, spread across about 50 acres, will handle finance, design, development, operation and maintenance of cargo facilities, boosting the airport’s logistics capacity.
GMR operates major airports in Delhi, Hyderabad and Goa, and is also developing the Bhogapuram airport in Andhra Pradesh. In Nagpur, its subsidiary has secured a ₹2,600 crore loan from Tata Capital for expansion, though final takeover awaits Union Cabinet approval.
In FY25, GMR Airports handled 120.5 million passengers, up 9% year-on-year. Revenue for the year rose 18% to ₹10,836 crore, while EBITDA grew 22.5% to ₹4,188 crore. Despite strong growth, the company posted a net loss of ₹817 crore for FY25, only slightly lower than the ₹829 crore loss in FY24.
In the March quarter (Q4 FY25), revenue increased nearly 17% to ₹2,977 crore and EBITDA rose 19% to ₹1,123 crore. However, the net loss widened to ₹253 crore compared with ₹168 crore in the same quarter last year. Notably, GMR had turned profitable in Q3 FY25 with a ₹202 crore net profit, supported by strong traffic and better margins.
According to a leading infrastructure sector consultant, the fresh fundraising plan will give GMR greater financial flexibility to support expansion, strengthen its balance sheet and invest in large-scale projects such as the Cargo City. The new SPV structure is expected to streamline project execution and help the company tap into India’s fast-growing air cargo and logistics market.
