GMR Airports is making big moves to clean up its balance sheet. The operator of Delhi, Hyderabad, and Goa airports is planning to raise between Rs 4,000 crore and Rs 6,000 crore. The goal? To refinance its high-cost debt with cheaper options.
At the end of March 2025, GMR Airports had about Rs 5,700 crore in net debt at the listed company level (excluding its airport subsidiaries). If we include all its airports like Delhi’s IGI and Hyderabad’s RGIA, the total debt stands at a massive Rs 31,500 crore.
To manage this better, GMR Airports has teamed up with investment bank Morgan Stanley. They’re exploring ways to raise fresh funds. One possible route is through mutual funds, just like the Bhartia family of Jubilant Group did recently. They raised Rs 5,650 crore using non-convertible debentures. Morgan Stanley advised them too.
Why Now?
There’s a good reason GMR Airports is confident. Passenger numbers are up, and so are earnings. In FY25, traffic jumped 9 percent, reaching 120.5 million people across all airports. In the last quarter alone, international traffic went up 11 percent.
Non-aero revenues—like parking, retail, food, and ads—rose 13 percent year-on-year. That’s a healthy sign. GMR has also taken over duty-free operations at Delhi from July 25 and will do the same in Hyderabad soon.
The company’s FY25 turnover stood at Rs 1,200 crore, and EBITDA was Rs 600 crore. Management expects both to grow sharply next year thanks to duty-free revenues.
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Better Ratings, Better Deals
Ratings agencies are noticing. S&P upgraded Delhi’s IGI Airport to BB, and Fitch pushed it to BB+. Moody’s also raised Hyderabad’s rating.
This matters. Better ratings mean cheaper loans. GMR knows this is the right time to strike.
Big Plans, Big Vision
GMR is thinking long-term. They’re building airports in Bhogapuram (Andhra Pradesh) and even Crete in Greece. They also operate the new Goa airport and one in Medan, Indonesia.
The company wants to move beyond being just an airport operator. It’s working on turning GMR Airports into a full consumer-facing brand, with services and experiences to match.
So while the debt load is high, the ambition is higher.
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