Stock in focus after receiving order worth ₹340 Cr from Delhi International Airport

Synopsis: Shares of GMR Airports Limited were in focus after the company received a letter of award from Delhi International Airport Limited to upgrade and operate Cargo Terminal 1 at Indira Gandhi International Airport. The project is expected to generate around Rs 340 crore in revenue share in the first year.

The shares of this company, which  is mainly engaged in development, maintenance and operation of airports; generation of power; coal mining and exploration activities; development of highways; maintenance and more, were in focus after the company bagged a order worth Rs 340 crore from Delhi International Airport Ltd.

With a market cap of Rs 95,000 crore, the shares of GMR Airports Ltd jumped about 3% in today’s trading session and reached a high of Rs 92. When compared to its previous day’s closing price of Rs 89.25, they have given a return of more than 250% in the last 5 years.

About the order 

GMR Airports Limited has been awarded a Letter of Award (LoA) by Delhi International Airport Limited to upgrade, modernise, finance, operate, manage, and maintain Cargo Terminal 1 of the Indira Gandhi International Airport. This was after the company was selected as the selected bidder in the bidding process that was initiated in November 2025 after the concession agreement was terminated with Celebi.

The concession agreement will be implemented based on the revenue-sharing model, with the agreement expected to run until 2036. In the first year of operation, it is expected that the project will generate ~ Rs 340 crore in revenue share. This will be paid to the airport operator.

This is expected to enhance the cargo handling capabilities of GMR Airports, which will be beneficial to the company in terms of airport cargo infrastructure and logistics services. This will also ensure that the company maintains its operations in the airport. This is considered to be a related-party transaction, which has been conducted on an arm’s-length basis. This is due to the fact that no direct interest exists from the promoters of the company, apart from their indirect shareholding in both companies.

Ownership and revenue split 

Delhi International Airport Limited is managed by a consortium, which is led by the GMR Group. The shareholding pattern of DIAL is roughly 74% owned by GMR Airports Limited (and its partners) and 26% owned by the Airports Authority of India. In the private consortium, GMR Airports is the major promoter and the lead operator of the airport.

As GMR Airports is the major private party in the consortium of DIAL, it indirectly benefits from the projects implemented at the airport. In the case of the cargo terminal concession, which is expected to earn roughly Rs 340 crore in revenue share in the first year, the economic benefit accrues through the shareholding pattern of DIAL. 

On the basis of the 74% consortium shareholding, roughly Rs 251-252 crore of economic benefit accrues to the private consortium, and the balance of roughly Rs 88-89 crore accrues to the 26% shareholding of the Airports Authority of India.

This is why the contracts or concessions awarded to DIAL can still be economically significant for GMR Airports, which is the major promoter and operator in the ownership structure of the airport.

Financials

The revenue from operations for the company stood at Rs 3,994 crore in Q3 FY26 compared to the Q3 FY25 revenue of Rs 2,653 crore, up by about 50 per cent YoY. However, the net profit stood at Rs 174 crore in Q3 FY26, down compared to the Rs 202 crore profit in Q3 FY25.

GMR Airports Limited is a part of the GMR Group, which has operations in various sectors including airports, energy, transportation, urban infrastructure, and sports. With its subsidiary, GMR Aero, the company aims to develop, operate, and manage modern airport infrastructure and aviation-related services. 

GMR Airports Limited has operations in several major airports, including Delhi, Hyderabad, Goa, and Medan in Indonesia. In addition to that, the company is developing new airport infrastructure in India and Greece. Along with airport operations, the company also offers aviation services, including cargo handling, maintenance and repair, digital aviation, and training through its aviation academy.

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