GMR Group

GMR Group

Industry	Conglomerate
Founded	1978;47 years ago (1978)
Founder	Grandhi Mallikarjuna Rao
Headquarters	New Delhi , India
Key people	Grandhi Mallikarjuna Rao Srinivas Bommidala G. B. S. Raju Grandhi Kiran Kumar B. V. N. Rao
Services	Airports Energy Highways and Urban Infrastructure Development
Website	www.gmrgroup.in

GMR Group is an Indian multinational conglomerate headquartered in New Delhi. The group was founded in 1978 by Grandhi Mallikarjuna Rao and comprises several companies including GMR Infrastructure, GMR Energy, GMR Airports, and GMR Enterprises. Employing the public-private partnership model, the Group has implemented several infrastructure projects in India. The Group also has a global presence with infrastructure operating assets and projects in several countries including Philippines and Greece. ^[1]

GMR Group owns, develops, operates, and manages airports, major energy utilities, highways, and urban infrastructure facilities. With a net asset base of nearly US$25 billion, it is one of India's largest infrastructure development companies. GMR Group is famous for operating the Indira Gandhi International Airport in Palam, Delhi.

Background

The company started with agri-based industries like jute, sugar, and breweries and has slowly moved into the infrastructure space over the past decade. Now the GMR group interests lie in areas of Airports, Energy, Highways, and Urban Infrastructure. ^{[ citation needed ]}

GMR Infrastructure Limited is the infrastructure holding company formed to fund the capital requirements of various infrastructure projects across the sectors. It undertakes the development of infrastructure projects through its various subsidiaries.^{[ citation needed ]}

GMR has multiple businesses like energy, Airports, infrastructures & constructions.

Business

Airports

GMR Group entered the airports development space in 2003, through subsidiary GMR Airports Limited. ^{[ citation needed ]}

GMR Airports limited operates Delhi's Indira Gandhi International Airport, Hyderabad's Rajiv Gandhi International Airport, Goa's Manohar International Airport and Nagpur's Dr. Babasaheb Ambedkar International Airport. Besides this, the Group has recently been awarded the concession for the development, operations, and management of Visakhapatnam's Alluri Sitarama Raju International Airport in between of Vizianagaram and Visakhapatnam. In the year 2020, the group signed the concession agreement to commission, operationalize, and maintain the Civilian Enclave at the Bidar Airport in Karnataka. GMR Group is developing airport cities on the commercial lands available around its airports in Delhi, Hyderabad, and Goa.

In the International market, it operates Mactan Cebu International Airport in The Philippines and New Heraklion International Airport in Greece.

In July 2020, Groupe ADP acquired a 49% stake in GMR Airports. ^[2]

GMR Aerocity Hyderabad

In April 2021, GMR Group announced the launch of GMR Hyderabad Airport City, ^[3] which is proposed to be the largest aerotropolis in India spread across 1,500-acre (6.1 km²) around Rajiv Gandhi International Airport, ^[4] and is being billed as an "integrated ecosystem covering Office Space, Retail, Leisure, Entertainment, Hospitality, Education, Healthcare, Aerospace & Logistics". In September 2021, GMR Group said that it would invest ₹ 519.52 crore towards metro connectivity at the airport. ^{[5] [6]} During foundation laying ceremony of Hyderabad Airport Metro Express on 9 December 2022, GMR Group contributed ₹625 crore (US$74 million), or 10 percent of the project's cost. ^{[7] [8]}

GMR Aero Services

GMR Aero Services offers specialized services in the field of airport development and operations, which include aviation consultation, engineering and maintenance, operations management, security solutions^{[ buzzword ]}, and staff training.^{[ citation needed ]}

GMR Aero Academy

GMR Aero Academy (GMRAA) was established at the Rajiv Gandhi International Airport, Shamshabad, Hyderabad in 2009.

GMR started its Aviation Academy in Kochi, Kerala on 23 January 2023 at ASAP Community Skill Park, KINFRA, Kalamassery, Kochi.

GMR Aviation

GMR Aviation was formed in 2006 to offer aircraft charter services and consultancy for business aviation. Apart from owning and managing its own fleet, GMR Aviation also manages aircraft of other business groups.^{[ citation needed ]}

GMR Engineering and Management Services (GEMS)

GMR Engineering and Management Services (GEMS), is a provider of engineering and management services and has been in operation for the last 15 years.

Energy

GMR Group is a player in the Indian power sector with an installed capacity of 3200 MW. The group has 15 power generation projects across Hydro, Thermal, and Renewable energy of which 11 are operational and 4 are under various stages of development.

Urban Infrastructure

In the Urban structure business, the GMR group is currently developing an 850- hectare large format 'Special Investment Regions' (SIR) at Krishnagiri, near Hosur in Tamil Nadu. ^[9] The SIR is designed and developed by GMR as self-contained eco-systems for economic activity.

Transportation

GMR's Transportation business has surface transport projects including roads, railways, metros, and airstrips/runways in both DBFOT (under GMR Highways) and EPC (under GIL – EPC) segments. In roads and highways, GMR is a leading developer with 6 operating assets adding to the total length of over 2,400 lane km. In railways, GMR has a total order book of 4,000 Crores with projects from clients like Dedicated Freight Corridor Corporation of India (DFCCIL) and Rail Vikas Nigam Limited (RVNL).

Sports

GMR has forayed into sports by buying Indian Premier League's Delhi Capitals and Pro Kabaddi's UP Yoddha and being the sponsor of Rugby Premier League.

Delhi Capitals

The Delhi Capitals was established in 2008 as Delhi Daredevils (DD). The franchise is jointly owned by the GMR Group and JSW Group. In 2023, they also jointly bought a team in the Women's Premier League based in Delhi.

Dubai Capitals

The Dubai Capitals team based in Dubai, competes in the International League T20 tournament since 2023. The team won the tournament in the year 2025.

UP Yoddha

UP Yoddha (UPY) is a Kabaddi team based in Lucknow, Uttar Pradesh that plays in the Pro Kabaddi League.

Seattle Orcas

The Seattle Orcas were founded in 2023 and compete in the Major League Cricket (MLC). They were runner up in 2023.

GMR Varalakshmi Foundation

GMR Varalakshmi Foundation (GMRVF), ^[10] the Corporate Social Responsibility wing of the Group, develops innovative and locale-specific initiatives in the areas of Education; Health, Hygiene & Sanitation; Empowerment & Livelihoods; and Community development programmes.

GMR RAXA

GMR RAXA is a private security company founded in 2005. It provide various security services like specialised security services, drone services, security consultancy, aviation security, fire safety and technical security. It is composed of former member of the military and law enforcement agencies. ^{[11] [12] [13] [14] [15] [16]}

Mega Projects

List of GMR group projectsList of GMR projects

Project	Type	Status	Year inaugurated/expected
Rajiv Gandhi International Airport (RGIA), Hyderabad	Greenfield PPP airport	Completed, in operation	March 2008
Indira Gandhi International Airport (IGI), Delhi	Brownfield airport modernization and operation	Completed, operational under GMR since 2006	GMR concession began 2006; Terminal 3 opened 2010
Manohar International Airport, Mopa (Goa)	Greenfield international airport	Completed, operational	January 2023
Alluri Sitarama Raju International Airport, Andhra Pradesh	Greenfield airport	Under construction	Expected June 2026
Heraklion International Airport, Crete (Greece)	Greenfield international airport (PPP with GEK Terna)	Under construction	Phase 1 expected 2025
Kualanamu International Airport, Medan (Indonesia)	Airport operation and development concession	Awarded, in development	Concession awarded 2021
Vijayawada–Hyderabad Expressway (NH-9)	Highway / expressway (BOOT / PPP)	Completed	October 2012
Ambala–Chandigarh Expressway (NH-21/NH-22)	Highway / expressway (BOT toll)	Completed	December 2009
Kamalanga Thermal Power Plant, Odisha	Thermal power (coal-based)	Completed	Unit 1: April 2013; Unit 2: November 2013; Unit 3: March 2014
Dr. Babasaheb Ambedkar International Airport (Nagpur), India	Brownfield airport upgrade / concession	Under redevelopment / concessioned	Concession agreement signed 2024; redevelopment ongoing
Mactan–Cebu International Airport (MCIA), Philippines	Airport concession & terminal development (GMR–Megawide JV)	Operating	Concession commenced 2014; Terminal 2 completed/opened 2018
GMR Krishnagiri Special Investment Region (Krishnagiri SIR), Tamil Nadu, India	Special Investment Region / industrial park (mixed-use)	Phased development / ongoing	Development began in 2010s; phased rollout ongoing
Delhi Aerocity	Airport-city / mixed-use development	Partially developed / ongoing	Phased development since 2010s (progressive commercial openings)
Hyderabad Aerocity	Airport-city / mixed-use development	Partially developed / ongoing	Phased with airport development (2008 onwards)
GMR Energy — assorted power & renewable projects (wind, solar and gas/coal assets)	Energy portfolio (thermal, hydro, renewables)	Mixed: operating & under development	Major units commissioned across 2000s–2010s; additional renewable capacity under development (dates vary)
GMR Varalakshmi Foundation (GVF) – social & CSR programs	Corporate social responsibility / social infrastructure	Ongoing	Established and active throughout 2000s–present
Airport retail, cargo & ancillary developments (multiple locations)	Airport commercial developments (retail, cargo terminals)	Operating / ongoing	Various openings across 2010s–2020s (location & year vary by asset)

Revenues, Income & Profitability

In FY 2024-25, GMR Airports Ltd incurred a net loss of ₹817 crore (versus a loss of ₹829 cr a year earlier).

The passenger traffic at its airport terminals grew ~9% YoY, reaching ~120.5 million passengers.

In Q4 FY25, total income was ₹2,570.48 crore, up ~28.4% year-on-year, though the sequential quarter‐on‐quarter figure fell ~6.5% from Q3.

Q4 FY25 also saw positive EBITDA, with the airports reporting ~₹36 billion in EBITDA (i.e. ₹3,600 million) in that quarter.

For Q1 FY26, total income rose ~32% YoY to ₹3,321 crore; EBITDA rose ~26% YoY.

However, profitability remains weak: for Q1 FY26, net profit was negative (~–₹211.6 crore) with a margin of –6.20%.

So: revenue growth is solid, driven by traffic growth and non-aero services, but net profits are still under pressure from costs, interest, and financial burden.

Debt & Leverage

As of March 2025, GMR Airports’s total debt is reported at $4.47 billion USD.

CompaniesMarketCap

The group’s consolidated net debt (excluding foreign-currency convertible bonds) is ~₹29,700 crore.

GMR Enterprises (holding company in the group) had external debt of ₹44.77 billion (~₹4,477 crore) as per its latest report.

To relieve some pressure, the Abu Dhabi Investment Authority (ADIA) has committed USD 750 million for debt structuring/investment in GMR’s debt.

GMR Airports is also planning a large bond issuance (₹6,000 crore) to refinance existing debt.

The company recently shifted partly to rupee-denominated bonds to reduce cost of debt servicing.

Strengths & Strategic Positioning

Strong traffic growth tailwinds

India’s aviation sector is growing rapidly. GMR is well positioned in major metros (Delhi, Hyderabad) and newer assets (Goa, Bhogapuram) to capture rising passenger demand.

Diversified revenue streams

Beyond aeronautical revenue, income from retail, parking, real estate around airports (airport cities), advertising helps buffer volatility in airline traffic.

Scale & marquee assets

Controlling or managing airports in Delhi and Hyderabad gives it scale, brand strength, and influence in negotiating concessions, partnerships, and expansions.

Financial restructuring efforts

The ADIA debt infusion and bond refinancing indicate proactive steps to manage leverage and align debt structure with cash flows.

Expansion ambitions

Projects like the Nagpur airport takeover, development of Bhogapuram, and others show the group is trying to broaden its footprint.

References

1. Shukla, Tarun (7 June 2017). "GMR Airports wins rights to build a new airport in Greece" . Retrieved 5 December 2019.
2. "Groupe ADP acquires 49% stake in GMR Airports with revised conditions". itln.in. 8 July 2020. Retrieved 8 July 2020.
3. Haidar, Faizan (16 April 2021). "GMR launches 'AeroCity' at Hyderabad Airport". The Economic Times.
4. "GMR Group launches AeroCity spread over 1,500 acres around Hyderabad Airport". Archived from the original on 16 April 2021.
5. "GHIAL to invest Rs 500 crore for metro connectivity at Hyderabad airport". The Times of India . 2 September 2021.
6. "GMR to invest over Rs 500 crore in Hyderabad Airport metro link project". The Economic Times.
7. "We will build Metro without Central funds, asserts CM KCR". 10 December 2022.
8. "Chief Minister K Chandrasekhar Rao asks officials to plan for future infra needs of capital". The Hindu. 9 December 2022.
9. "Airports operator GMR plans to put non-core assets, land on sale".
10. "Varalakshmi Foundation, the CSR arm of the GMR Group". gmrgroup.in. Retrieved 5 December 2019.
11. "Agnipath scheme: RAXA Security Solutions to give high priority to Agniveers in employment". Business Today. 21 June 2022. Retrieved 23 March 2025.
12. "RAXA Techno | Expert Security Solutions | GMR Group". www.gmrgroup.in. Retrieved 23 March 2025.
13. "About Us". www.raxatechnosecuritysolutions.in. Archived from the original on 13 December 2024. Retrieved 23 March 2025.
14. Desk, NewsDrum. "GMR Infra to give priority in jobs to Agniveers in its security solutions arm". www.newsdrum.in. Retrieved 23 March 2025.{{cite web}}: |last= has generic name (help)
15. Team, DNA Video. "Agnipath scheme: GMR-led RAXA Security to give high priority to 'Agniveers' in jobs". DNA India. Retrieved 23 March 2025.
16. "GMR-led RAXA Security to give high priority to 'Agniveers' in jobs". www.aninews.in. Retrieved 23 March 2025.