GMR Airports

Sept 15 (Reuters) - GMR Airports Ltd (India) GMRI.NS:

• GMR AIRPORTS LTD - TRAFFIC AT GMR AIRPORTS UP 0.9% Y/Y IN AUG

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 10 (Reuters Breakingviews) - Temasek has found a more desirable flight path in India. The Singaporean sovereign investor will join BlackRock BLK.N and others in a $1 billion fundraise by the airports unit of Gautam Adani's flagship infrastructure incubator, Adani Enterprises ADEL.NS. For the city state, it also creates a hedge against its controversial exposure to Air India, the Tata group's struggling airline business.

Globally, airports are a safer way to invest in aviation. India is no exception. Carriers' earnings are volatile due to swings in fuel prices. New Delhi's frequent mandates to cap airfares do not help. Airport operators are usually spared such orders.

As the operator of eight airports including two in Mumbai and its suburbs, revenue at Adani Airports grew 34% last year. It handles 23% of India's passenger traffic and close to one-third of its air cargo. Selling everything from fragrances to booze to passengers at its terminals, it generates close to half of its top line from non-aeronautical streams, well over the global average of 37%.

The deal for about 5% of Adani Airport Holdings, which could have its own listing as soon as next year, looks attractively priced. It values the unit at $18 billion and its enterprise including debt at 36 times its EBITDA for the year ended March 31, per Breakingviews calculations. Delhi airport operator GMR GMRI.NS commands a multiple of 24 times.

Proceeds will help Adani expand its terminals and develop urban hubs surrounding them, with a goal to double annual passenger count to 200 million. Overseas too, Adani has ambitious plans and is bidding for Sicily's main airport. The tycoon is also looking to pick up minority investments in regional Indian airlines to support their growth which would, in turn, turbocharge footfall through its smaller airports.

All that still looks more straightforward than Temasek's exposure to India via its majority stake in $17 billion Singapore Airlines SIAL.SI, which owns a hefty 25% share of lossmaking Air India. It's seeking a $1.5 billion capital lifeline from its owners which is only slightly more than the latest reported carrying value of Singapore Airlines' stake.

Singapore Airlines only owns an interest in the Indian carrier because Vistara, its earlier joint venture with Tata, was rolled into Air India in 2024 after it was privatised. But if it continues to fund a company that will take a decade to turn around, it should demand increased influence over Air India's board.

Backing Adani's airport operator, which has a cleaner balance sheet and a clearer path to exit, ought to help to offset some headwinds.

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CONTEXT NEWS

Adani Airport Holdings on September 9 said it has entered into binding agreements to raise 98.25 billion rupees ($1.03 billion) of equity capital from a consortium of investors comprising Temasek, Alpha Wave Global, Premji Invest and funds managed by BlackRock. The transaction will give the group a combined 5.54% stake.

The investment reflects Temasek's conviction in India’s aviation infrastructure sector, underpinned by growing demand for air travel, expanding air connectivity, and continued development of airport capacity, a spokesperson for the Singaporean investor said. They added that India is Temasek's best-performing market over the past decade.

Temasek-backed Singapore Airlines is expected to seek greater influence over management and stronger governance rights before approving a capital injection into Air India, ‌Reuters reported on the same day, citing two unnamed people familiar with the matter. The proposed conditions, which would be negotiated with Air India's majority owner Tata Sons, could include greater board voting power and requirements for the Indian carrier to narrow its losses, the report added.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

** Emkay Global initiates India's GMR Airports GMRI.NS with "buy" and a PT of 120 rupees, citing earnings growth beyond core airport operations

** Brokerage says non-aero and adjacent businesses account for 67% of revenue and remain key drivers

** Expects revenue and EBITDA to grow at 13.7% and 16.5% CAGR, respectively, over FY26-FY29 on passenger growth and higher commercial revenue

** Says direct ownership of duty-free, cargo, retail and parking operations should boost margins

** Notes 2,451 acres of airport land remain available for monetisation, providing a long-term recurring income opportunity

** GMRI up 0.3% at 96.26 rupees on Tuesday

** Avg rating of eight analysts at "strong buy"; median PT is 120.50 rupees - data compiled by LSEG

** YTD, stock down 7.8%

(Reporting by Kashish Tandon in Bengaluru)

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Sept 7 (Reuters) -

• FITCH RATINGS: UPGRADES GMR HYDERABAD INTERNATIONAL AIRPORT TO 'BBB-‌'‌; OUTLOOK STABLE

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GMR Airports announced that its subsidiary, GMR Hyderabad International Airport, would levy revised aeronautical charges at Rajiv Gandhi International Airport from September 1 under an Airports Economic Regulatory Authority order for the fourth control period. The period covered April 1, 2026 to March 31, 2031. GMR's airport portfolio included Delhi, Hyderabad, Goa's Mopa, Medan, Nagpur and Bhogapuram. In the June quarter, the group reported total income of ₹4,085 crore and EBITDA of ₹1,568 crore.

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Aug 26 (Reuters) - GMR Airports Ltd (India) GMRI.NS:

• GMR AIRPORTS (INDIA) - GMR HYDERABAD INTERNATIONAL AIRPORT LIMITED TO LEVY REVISED AERONAUTICAL CHARGES EFFECTIVE SEPTEMBER 1, 2026

Source text: ID:nNSE2S9JBg

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Aug 14 (Reuters) - GMR Airports Ltd (India) GMRI.NS:

• TOTAL PASSENGER TRAFFIC UP 0.4% YOY FOR JULY 2026

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Aug 12 (Reuters) - GMR Airports Ltd (India) GMRI.NS:

• GMR AIRPORTS JUNE-QUARTER PAT 576.8 MILLION RUPEES

• GMR AIRPORTS JUNE-QUARTER REVENUE FROM OPERATIONS 12.24 BILLION RUPEES

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GMR Airports scheduled a board meeting for August 12 to consider its unaudited standalone and consolidated results for the June quarter and an enabling resolution to raise up to ₹5,000 crore through securities including a QIP or FCCBs. The board was also due to consider issuing up to ₹1,500 crore of INR-denominated, unsecured, listed redeemable non-convertible bonds to refinance existing bonds and related costs. GMR had reported FY26 net debt of ₹34,000 crore and net debt to EBITDA of 5.5 times. CARE had rated its NCDs and long-term bank facilities A+ with a positive outlook, and its short-term bank facilities A1+, in July 2026.

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GMR Airports' subsidiary, GMR Visakhapatnam International Airport Limited, received an ad-hoc tariff order from the Airports Economic Regulatory Authority for the Bhogapuram International Airport. The order sets aeronautical charges for the period from the commercial operations date until the implementation of regular tariffs for the first control period, which begins on 1 April 2027. The Bhogapuram airport, a greenfield project in Andhra Pradesh, is 99.73% physically complete and on track to commence operations by the second quarter of the current financial year. The tariff determination is a critical regulatory milestone enabling revenue generation from the new asset.

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By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, July 29 (Reuters) - Two of India's GMR Group's units are planning to raise a combined 50 billion rupees ($522.47 million) through rupee bonds over the next two to three months, two merchant bankers with direct knowledge of the plans said on Wednesday.

GMR Airports GMRI.NS, the group's listed airport operator, plans to raise 15 billion rupees through three-year bonds in its first debt sale in more than a year, the bankers said, declining to be named because they are not authorised to speak to media.

In August 2025, the company raised 15 billion rupees through an 18-month bond at a yield of 10.35% and 44 billion rupees through three-year papers at a yield of 10.50%.

Delhi International Airport (DIAL), in which GMR Airports holds 74% stake, is also planning to raise around 35 billion rupees through longer-duration 15-year papers, which will likely have a call option at the end of fifth year, the bankers added.

DIAL and GMR Airports did not reply to Reuters email seeking comments.

"DIAL is raising rupee funds to repay its expensive dollar bonds that are due to mature in October," one of the bankers quoted above said.

Dollar bonds worth around $523 million carrying a coupon of 6.1250%, issued by DIAL in 2016 are due to mature on October 31.

These bonds would be issued in a separately transferable redeemable principal part (STRPP) form, and would be the first issuance by the company in over a year.

In September 2025, it had raised 10 billion rupees through bonds maturing in 15 years, with a staggered redemption from the end of sixth year to maturity at a coupon of 8.75%, payable on a quarterly basis.

The companies may look to complete the fundraising before end of October, the bankers added.

($1 = 95.7000 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)

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Adds details from first bullet onwards

July 23 (Reuters) - India's Adani Group has approached the government seeking to dilute a clause restricting certain airport operators from holding stakes in scheduled airlines, a move that would enable the conglomerate to launch its own airline, the Economic Times reported on Thursday, citing government officials and company executives.

The Adani Group and India's civil aviation ministry did not immediately respond to Reuters requests for comments.

Here are more details from the report:

• The clause bars operators of New Delhi and Mumbai airports from holding more than a 10% stake in a scheduled airline, the report said.

• The government is seeking the solicitor general's opinion on whether the clause can be amended retrospectively, with any change requiring cabinet approval.

• Adani operates eight airports in India, including Mumbai airport, where it holds a 74% stake.

• The report said the government sees a well-funded new entrant as a way to increase competition in a domestic market where IndiGo INGL.NS and Air India AIRID.UL together control about 90% of the market.

• Rival airlines are expected to oppose the proposal over concerns about conflicts in airport slot allocation, the newspaper said.

(Reporting by Aleef Jahan in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)

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June 25 (Reuters) - GMR Airports Ltd (India) GMRI.NS:

• GMR AIRPORTS LTD (INDIA) - COMMENCEMENT OF OPERATIONS AT NAGPUR AIRPORT

• GMR AIRPORTS LTD (INDIA) - UNIT TAKES OVER OPERATIONS OF DR. BABASAHEB AMBEDKAR INTERNATIONAL AIRPORT AT NAGPUR

Source text: ID:nBSE5V9J52

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June 15 (Reuters) - GMR Airports Ltd (India) GMRI.NS:

• GMR AIRPORTS (INDIA) - TOTAL PASSENGER TRAFFIC UP 6.1% IN MAY YOY

Source text: ID:nNSEywlHq

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June 3 (Reuters) - GMR Airports Ltd (India) GMRI.NS:

• GQG EMERGING MARKETS EQUITY FUND SOLD 195 MILLION SHARES OF GMR AIRPORTS AT 97.75 RUPEESPER SHARE VIA BLOCK DEAL - EXCHANGE DATA

• FIDELITY INVESTMENTS BUYS 195 MILLION SHARES OF GMR AIRPORTS AT 97.75 RUPEESPER SHARE VIA BLOCK DEAL - EXCHANGE DATA

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May 15 (Reuters) - GMR Airports Ltd (India) GMRI.NS:

• GMR AIRPORTS - PASSENGER TRAFFIC DOWN 5% Y/Y IN APRIL 2026

Source text: ID:nnAZN4SWJ6Y

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** Shares of GMR Airports Ltd GMRI.NS rise as much as 3.1% to 92.05 rupees

** Co says Feb passenger traffic up 0.3% y/y and aircraft movements up 1.8%

** Co also gets letter of award from Delhi International Airport Ltd (DIAL) to upgrade, operate, manage cargo terminal 1

** Adds, project will run on a revenue‑share model with DIAL until 2036, with co expected to pay about 3.4 bln rupees ($36.8 mln) in first full year of ops

** Mean rating by 7 analysts for stock is 'strong buy', median PT is 120 rupees - data compiled by LSEG

** GMRI last up 1.7%, cuts YTD losses to 14.5%

($1 = 92.4325 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

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March 13 (Reuters) - GMR Airports Ltd GMRI.NS:

• SELECTED TO UPGRADE AND OPERATE CARGO TERMINAL 1 AT IGI AIRPORT

• GETS LETTER OF AWARD (LOA) FROM DELHI INTERNATIONAL AIRPORT

• PROJECT TO GENERATE ESTIMATED REVENUE SHARE OF 3.40 BILLION RUPEES. IN FIRST FULL YEAR

Source text: ID:nBSE2sLD7Q

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Feb 13 (Reuters) - GMR Airports Ltd GMRI.NS:

• GMR AIRPORTS DEC-QUARTER PAT 504.6 MILLION RUPEES

• GMR AIRPORTS DEC-QUARTER TOTAL INCOME 12.55 BILLION RUPEES

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MUMBAI, Jan 21 (Reuters) - India's GMR Hyderabad International Airport is set to raise 21 billion rupees ($229.9 million) through the sale of staggered redemption bonds maturing in six to 15 years, three bankers said on Wednesday.

It will pay a floating coupon, with an initial rate at 7.60%. It will be paid quarterly and will be reset after five and 10 years, they said.

The company has invited commitment bids for the issue later in the day.

GMR did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on January 21:

*Size includes base plus greenshoe for some issues

($1 = 91.3400 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

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Jan 19 (Reuters) - GMR Airports Ltd GMRI.NS:

• DELHI INTERNATIONAL AIRPORT LTD: ANNOUNCES REHABILITATION OF THIRD RUNWAY (11R/29L) AT DELHI AIRPORT FROM FEB 16, SUBJECT TO REGULATORY APPROVALS

• DELHI INTERNATIONAL AIRPORT LTD:AIRPORT’S SCHEDULED MOVEMENT CAPACITY WILL BE AT 1,514 MOVEMENTS PER DAY

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Sept 12 (Reuters) - GMR Airports Ltd GMRI.NS:

• GMR AIRPORTS LTD - INCORPORATED SPECIAL PURPOSE VEHICLE GMR CARGO AND LOGISTICS

Source text: ID:nNSE1bmGyl

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MUMBAI, Aug 28 (Reuters) - India's Delhi International Airport plans to raise 10 billion rupees ($114.28 million) selling bonds maturing in 15 years, two merchant bankers said on Thursday.

The company has invited bids from bankers and investors on Friday, and the coupon would be payable on a quarterly basis and will be reset at the end of the fifth year and 10th year.

The bonds would also have a staggered redemption and will mature equally from the end of sixth year to maturity.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on August 28:

* Size includes base plus greenshoe for some issues

($1 = 87.5060 Indian rupees)

(Reporting by Dharamraj Dhutia)

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Aug 21 (Reuters) - GMR Airports Ltd GMRI.NS:

• APPROVED ENABLING RESOLUTION FOR RAISING OF FUNDS UP TO 50 BILLION RUPEES

• FORMATION OF SPV FOR UNDERTAKING CARGO CITY PROJECT BY DELHI INTERNATIONAL AIRPORT

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MUMBAI, Aug 8 (Reuters) - India's GMR Airports GMRI.NS plans to raise 59 billion rupees ($673.47 million) through the sale of bonds maturing in 18 months as well as in three years, three merchant bankers said on Friday.

The country's largest airport operator in terms of passengers will raise 15 billion rupees through the shorter duration bonds and 44 billion rupees through three-year papers.

It has invited bids from bankers and investors for both issues on Monday.

GMR Airports did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on August 8:

*Size includes base plus greenshoe for some issues

($1 = 87.6060 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Eileen Soreng)

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By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, July 31 (Reuters) - India's GMR Airports GMRI.NS has finalised the terms of what would be its biggest corporate debt issue as it aims to raise more than 60 billion rupees ($685.13 million), three sources aware of the developments said on Thursday.

The country's second-largest airport operator will raise 18 billion rupees through the sale of 18-month bonds. This issue is largely expected to be placed with mutual funds.

It will also raise around 42 billion rupees through the sale of three-year bonds, with large foreign lenders set to absorb this supply.

The company will pay an annual coupon of 10.50% on both the maturities, and the fundraising would be completed in the next few days, the sources added.

All the sources requested anonymity as the talks are still private.

GMR Airports did not respond to a Reuters email seeking comment.

The bonds of the company, which currently manages multiple airports including those in Delhi and Hyderabad, are rated A+ by Crisil.

($1 = 87.5740 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Janane Venkatraman)

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July 16 (Reuters) - GMR Airports Ltd GMRI.NS:

• HANDLED 30.2 MILLION PASSENGERS IN Q1 FY26, UP 3.3% Y/Y

• MUTED GROWTH IN DOMESTIC TRAFFIC IN MAY’25 & JUN’25 DUE TO GEOPOLITICAL EVENTS

Source text: ID:nBSEbCyZnG

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By Khushi Malhotra and Dharamraj Dhutia

MUMBAI, July 15 (Reuters) - Two companies belonging to India's GMR Group are set to tap the corporate bond market in the coming days to raise an aggregate of 25 billion rupees ($291.27 million), three sources aware of the matter said.

GMR Airports Holdings Co, the holding company of the GMR Group's airport-related businesses is scouting the market to raise around 15 billion rupees through three-year bonds, the sources said.

Large mutual funds will heavily participate in this issue, one of the sources added.

"The yield could be in the high single digits or even a low double digit, which makes it an attractive proposition for debt funds," the source added.

Delhi International Airport (DIAL), a joint venture between GMR Airports and the Airport Authority of India, is also likely to raise 10 billion rupees through the sale of 15-year bonds.

Both GMR Airports Holdings and DIAL did not immediately respond to Reuters emails seeking comments.

"DIAL has already started talks with a private bank and a foreign bank to place the bond issue, and this should be done before the GMR issue," the second source said.

DIAL had last tapped the bond market in July 2024, when it raised 25.13 billion rupees through sale of 10-year bonds at 9.50% coupon payable quarterly.

($1 = 85.8300 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Janane Venkatraman)

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July 2 (Reuters) - GMR Airports Ltd GMRI.NS:

• GMR AIRPORTS LTD - APPELLANT TRIBUNAL QUASHES AERA HRAB CALCULATION, ORDERS RECALCULATION

Source text: ID:nNSE5hK1yp

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NEW DELHI, June 6 (Reuters) - The operator of Delhi International Airport, one of the world's busiest air hubs, said on Friday it would resume work to upgrade one of its runways after it was forced to cut short earlier efforts due to flight delays.

Delhi International Airport Limited, which is majority owned by GMR Airports GMRI.NS, said the work would take place for three months from June 15 to upgrade a system that helps aircraft land safely in low-visibility conditions.

(Reporting by Abhijith Ganapavaram; Editing by Jan Harvey)

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