GMR Airports posts strong Q3 commercial revenues growth in Delhi and Hyderabad; confirms Delhi Duty Free takeover date

INDIA. GMR Airports, the world’s second-largest private airport operator (by 2023 passenger numbers), posted strong third-quarter, non-aeronautical performances at its two leading operations, Indira Gandhi International Airport, Delhi and Rajiv Gandhi International Airport in Hyderabad for the period ended 31 December.

In Delhi, where GMR confirmed it will take over Delhi Duty Free in Q2 of the 2026 financial year (July is the slated month), non-aero revenues rose +13.1% year-on-year in Q3, ahead of passenger traffic which increased +8.1%.

The airport posted record passenger volumes (international and domestic), serving more than 20 million travellers for the first time in the quarter and over 7 million for the first time in December.

As reported, Delhi International Airport Limited (DIAL) has just revealed plans to renovate Indira Gandhi International Airport Terminal 2. The project is scheduled to start in the 2025-26 financial year, with completion targeted for Q2 to address increasing passenger traffic.

For the first nine months, non-aero revenues in Delhi rose +12% year-on-year to INR24.2 billion (US$279.5 million). Retail revenues increased +13% to INR6.8 billion (US$78.5 million).

Duty-free spend per passenger stood at INR1,026 (US$11.85) in the first nine months of the financial year, rising almost +2.1% over the INR1,005 (US$11.61) in the same period a year earlier. Food & beverage revenue spiked strongly, up +23% year-on-year to INR2.4 billion (US$27.7 million).

At Rajiv Gandhi International Airport in Hyderabad, Q3 non-aero revenues rose +16.6% year-on-year on very strong passenger growth of +22.1%.

Again, passenger traffic reached all-time highs, more than 2.7 million monthly for the first time (December) and over 7.5 million passengers for the first time in Q3.

For the first nine months in Hyderabad, non-aero revenues grew +11% to INR4.6 billion (US$53.1 billion) with retail revenues rising +15% to INR1.5 billion (US$17.3 million). This was driven by increased traffic and an impressive +17.9% uplift in duty-free spend per passenger to INR784 (US$9.06) in the first nine months of the financial year.

Food & beverage revenue surged +41% to INR1 billion (US$1.5 million).

Big non-aeronautical revenues push

GMR also highlighted its accelerated foray into non-aeronautical business, driven by what it called “a strong Indian consumption story”. The company has developed the ‘GAL Platform’ to deliver its ambitions in the sector as part of its ‘Breakout Growth’ programme (illustrated below).

Under the GAL Platform, GMR Hospitality Limited operationalised 24 out of a planned 34 outlets by year-end. In Goa, GHL operationalised all eight F&B outlets in the forecourt area and inaugurated a microbrewery.