GMR Airports Limited (GAL) has reported significant growth in its cargo and logistics business during Q2 and H1 FY27, driven by record cargo volumes, infrastructure development and strategic international partnerships across its airport network. The company continues to position cargo as a key growth segment within its broader business strategy, offering strong revenue potential, operational efficiencies and opportunities for expansion across domestic and international markets.

Delhi International Airport emerged as a major contributor to this growth, registering its highest-ever cargo handling volumes during both Q2 and H1 FY27. The airport recorded a 12% year-on-year increase, handling 0.63 million tonnes of cargo during the first half of the financial year. Reflecting this growth, cargo revenue rose 15% year-on-year to ₹2.8 billion in H1FY27. Cargo operations also contributed 14% of Delhi Airport’s total non-aeronautical revenue of ₹20.1 billion during the period.

Further strengthening its cargo infrastructure, GMR Cargo and Logistics Ltd. (GCLL) signed a licence agreement with FedEx Express Transportation and Supply Chain Services (India) Pvt. Ltd. to operate a dedicated express cargo terminal at Cargo City, Delhi Airport. This development follows GMR’s appointment in May 2025 to operate, maintain and manage the airport’s existing cargo terminal.

Delhi Cargo reported a total income of ₹2,368 million in Q2FY27, with EBITDA of ₹676 million and Profit Before Tax (PBT) of ₹646 million. For H1FY27, the business recorded total income of ₹4,707 million, EBITDA of ₹1,364 million and PBT of ₹1,319 million.

Hyderabad Airport also achieved a significant milestone, handling a record 52,000 metric tonnes of cargo in Q2FY27 and approximately 102,000 metric tonnes during H1FY27. In a move to strengthen international cargo connectivity, the airport signed a Memorandum of Understanding (MoU) with Brussels Airport to develop more efficient trade routes between Hyderabad and Europe.

Hyderabad’s cargo subsidiary reported revenue of ₹830 million in Q2FY27, alongside EBITDA of ₹321 million and Profit After Tax (PAT) of ₹194 million. During H1FY27, its total income reached ₹1,679 million, with EBITDA of ₹708 million and PAT of ₹445 million. Additionally, GHIAL secured a favourable ruling from the Telecom Disputes Settlement and Appellate Tribunal (TDSAT), allowing cargo, ground handling and fuel farm revenues to be classified as non-aeronautical revenues.

Expanding beyond its established hubs, GMR is also developing cargo capabilities at its newer airport locations. Bhogapuram Airport, which commenced commercial operations on 17 August 2026, has been developed with an annual cargo handling capacity of 25,000 metric tonnes. Its cargo facilities became operational alongside other non-aeronautical concessions. During Q2FY27, Bhogapuram Cargo reported income of ₹3 million, with an EBITDA loss of ₹9 million and a PBT loss of ₹11 million.

Meanwhile, cargo operations at Mopa Airport in Goa are gradually gaining momentum. The airport recorded cargo income of ₹10 million in Q2FY27, taking its H1FY27 cargo income to ₹23 million. The business reported an EBITDA loss of ₹13 million and a PBT loss of ₹22 million during the second quarter.

GMR’s cargo expansion strategy is backed by consistent long-term growth across its airport portfolio. Historical data highlights cargo volume CAGR of 4.1% at Hyderabad Airport, 3.0% at Delhi Airport and 2.8% at Nagpur Airport.

With investments in specialised cargo infrastructure, including the dedicated FedEx express terminal, and international collaborations such as its partnership with Brussels Airport, GMR Airports Limited is strengthening its position in the global air cargo and logistics ecosystem. Its continued focus on expanding cargo capacity, improving operational efficiency and developing international trade connectivity is expected to support sustainable revenue growth and enhance the contribution of cargo to its overall business performance.