Good morning everyone. I'm pleased to present a resilient set of financial and operational results.

However, before turning to the numbers, it is important to acknowledge that the current operating environment continues to be challenging. The global aviation landscape is currently weathering a complex storm, and as a major international airport operator, we remain watchful of the broader macroeconomic and industry dynamics.

Ongoing geopolitical conflicts have driven a dramatic spike in jet fuel prices, with aviation turbine fuel now consuming 55% to 60% of our airline partners' operating expenses. This volatility, coupled with airspace closures, has forced capacity rationalization, including temporary international route suspensions this summer.

Consequent fuel surcharges have driven up airfares, causing a temporary slowdown in immediate passenger traffic. However, the ecosystem's response has been highly supportive.

To protect the industry's structural health, the Government of India and key states have intervened decisively in Delhi and Mumbai, recently slashing VAT on ATF to 7%, and Ministry of Civil Aviation has provided direct relief by cutting domestic landing and parking charges by 25%. As an airport operator, our business is built on long-term infrastructure horizons and not single-quarter cycles.

We must separate transient operational friction from India's secular growth drivers, which remain intact. The structural investment thesis continues to be validated by global authorities.

The World Travel and Tourism Council's May '26 research reports the global travel and tourism sector to outpace the wider economy by 1.5 times over the next decade. Within this global backdrop, India remains a primary growth growth engine, driven by an expanding middle class and irreversible infrastructure momentum.

Consumer appetite and fundamental desire to travel have not diminished. The current softening is transitory due to the Iran conflict and should not be viewed as a structural decline in demand.

As management, our strategy is clear. We are navigating the next two quarters with strict discipline, aggressively optimizing our non-aeronautical revenue streams, and working closely with airlines to maximize asset utilization.

Our long-term strategies remain firmly on track because we are building for the next decade of Indian growth, not just next quarter. On that note, let me delve into our Q4 fiscal '26 performance.

Momentum in total income continued, with quarter four at INR 40.4 billion, up 36% year-on-year, and fiscal year '26 at INR 152 billion, up 40% year-on-year. More than 50% of this income has come from non-aero businesses, and about third came from the aero business revenue.

EBITDA for the quarter grew 38% year-on-year to INR 15.5 billion, and for the full financial year '26, EBITDA reached a record high of INR 61.5 billion, up 47% year-on-year. PAT for the quarter came at INR 4 billion versus loss of INR 2.5 billion in quarter four fiscal '25.

Importantly, for fiscal '26, reported PAT of INR 472 crore was positive for the first time in over a decade. Consolidated net debt, excluding FCCBs of INR 28.8 billion, which are deep in the money and will convert into equity, stood at INR 340 billion, increasing by INR 4.7 billion versus quarter three fiscal '26.

GAL standalone net debt decreased by INR 9.4 billion, partially offset by increase of INR 4.2 billion at Bhogapuram. For fiscal '26, net debt to EBITDA stood at 5.5x, and is poised to go below 4x in next 18 to 24 months.

This shall be this should be viewed in the backdrop that now we have added Nagpur in the portfolio as the government has finally taken the decision. GAL is currently rated A+ by CRISIL.

On the operational front, traffic at GAL-operated airports rose 1% year-on-year in Q4 fiscal '26, reaching 31.7 million passengers. This excludes Cebu.

Despite multiple disruptions throughout the year, GAL served a record 121.6 million passengers in fiscal '26. Total income at Delhi Airport rose 23% year-on-year to INR 20.2 billion in quarter four, and rose 33% year-on-year for the full fiscal '26.

Aero revenues rose 161% year-on-year in fiscal '26, driven by implementation of revised traffic tariffs. As a result, EBITDA for quarter four was up 42% year-on-year to INR 7.5 billion, and increased 64% year-on-year for the full fiscal '26 to a record INR 28.8 billion.

With this, the airport has reported a profit of INR 1.2 billion for quarter four and INR 4.8 billion for the full fiscal '26. At Hyderabad, total income for quarter four was INR 6.2 billion, up 5% 5% year-on-year, and for the full fiscal '26, it was at INR 25.8 billion, up 10% year-on-year.

Non-aero revenues were particularly strong in fiscal '26, up 23% year-on-year. EBITDA for quarter four was up 2% year-on-year to INR 3.6 billion, and was up 9% year-on-year to a record INR 16.1 billion for full fiscal '26.

The airport continues to be PAT positive on a quarterly and yearly basis, with fiscal year '26 PAT at INR 4.3 billion versus 1.9 billion in fiscal '25. Mopa Airport continued its operations with a reported total income of INR 1.1 billion in Q4, down 5% year-on-year, and INR 4.1 billion for the full fiscal '26, down 7.7% year-on-year.

Aero revenue declined 12% year-on-year due to special incentive program to attract airlines, the impact which is already visible in traffic, which rose 15% year-on-year, and non-aero revenues, which saw a 25% year-on-year growth. The airport continues to report positive EBITDA, with quarter four fiscal '26 at 502 million rupees and fiscal '26 at INR 1,273 million rupees.

The notable achievements during the quarter are: combined aero yield per pax, or IPP, in quarter four was 434 rupees in Delhi, Hyderabad, and Mopa, and non-aero income per pax, or IPP, was INR 640. This includes all revenues from non-aero businesses adjusted for revenue share paid to airports, as well as non-aero revenues reported by Delhi, Hyderabad, and Mopa airports.

Momentum for our adjacency business is accelerating as we advance towards our long-term ambition of building GAL into a scaled consumer platform, firmly supported by the resilience and discipline of our core utility operations. At Delhi, duty-free achieved the highest monthly sales in Jan '26, while at Hyderabad, highest monthly SPPT was reported for March '26.

The increased duty-free allowance of Rs 75,000 as announced in the last Union budget is now implemented. At both these airports, duty-free sales commenced at international lounges.

At Hyderabad, GAL operationalized phase one of new, larger duty-free store in departures. Moving to cargo, GAL won the cargo terminal one concession, which is which it was already operating, but on an interim basis, post the termination of the previous cargo concession.

At Bhogapuram, work has already begun operationalizing the non-aero businesses as soon as commercial operations at the airport commence. At Delhi, Pier C in Terminal 3, which was earlier a domestic pier, has been converted to international, increasing the terminal's international capacity by 50% to 32 million passengers.

This is in line with our overall strategy to capture as much of international traffic, which is the high-yielding traffic, going forward. Operations will commence shortly, and we will that will enable us to further expand our non-aero offerings to international passengers.

Hyderabad Airport commissioned the Cargo Terminal 2, which was initial with an initial annual capacity of 50,000 metric tons, with a scope of expansion to 100,000 metric tons. The terminal also features a large, fully temperature-controlled pharma zone, purpose-built for handling pharmaceutical and perishable cargo.

Construction on multiple airport land development projects is underway at all airports, details of which are available in our results presentation. Fiscal '27 will see handover of our first self-development commercial building at Delhi Aerocity, where the pre-leasing discussions are already underway.

Here, I would like to highlight that as articulated many a times in the past, while we have built our second plat second platform of business, which is the non-aero business, we are very much focused on building our third platform, which is the real estate development business. The MRO business signed an agreement with Boeing India Defense Boeing India Defense to undertake Phase 56 heavy maintenance checks for the Indian Navy's P-8I maritime patrol aircraft fleet, expanding our capabilities into the defense sector.

Work on the new airport construction is steadily progressing. At Bhogapuram, 98.7% of physical progress has been achieved as of March '26, and we aim to operationalize the Bhogapuram Airport in quarter two of the current year, much ahead of a original target date of December '26.

At Crete, 69% progress has been achieved as of March '26. In line with its responsibility as a leading airport operator, GMR Airports is deeply guided by robust ESG principles.

ESG slides in the presentation as well as our fiscal '25 sustainability report highlight all our initiatives and achievements on this front. GMR-operated airports and subsidiaries continue to define global benchmarks with leading accolades, reflecting our relentless pursuit of excellence and innovation.

These milestones reaffirm our commitment to delivering superior infrastructure and enhancing long-term share stakeholder value. In closing, fiscal '26 is not just another milestone, but a testament of the progress we have built over the years.

Our strategic initiatives are now gaining traction, shaping GMR Airports into a global, diversified, and future-ready infrastructure platform. The presentation with all financial numbers is already available with you.

If not, you can download it from the IR section of our website. We are available to respond to your questions on this call and offline after the call.

Now, I would like to open the forum for queries that will be addressed by my colleagues and myself from the corporate and the business teams. Thank you.

Good morning, sir. Thanks for the opportunity, and congratulations on a very good year.

My first question is, sir, can you please help us understand the reason for sharp improvement in share of profit in associate accounted for in the standalone third? In that particular line item, I've seen a jump from 51-odd crore in Q3 to 161 crore in Q4.

GRK Rao.

This is basically because of the claims received by the Crete Airport from Government of Greece. This has been accounted by the Crete Airport, around 62 million euros, and after the pickup taxes, the proportionate amount of 21% is been taken.

In our share of profit is around about 100 crore rupees.

Understood. My second question is, sir, there's a tax item which appeared in the Hyderabad Airport financials, which is around 97 crore-odd negative number.

It has touched the last few quarters. Anything to clarify on the tax rate?

It is not an exceptional, as the new tax regime is coming into force this current financial year onwards, which is now mandatory more or less to all the corporates. Hyderabad Airport is now moving from 35% tax bracket into 25.17% tax bracket.

Accordingly, the entire deferred tax liability which was created earlier has been reversed to the extent of about 120 crores.

Understood, sir. That's very helpful.

My third question is, can you help with the capex for FY '26 and the expected capex in FY '27 across your various businesses?

The capex across the businesses in the next financial year '26-'27 will be more or less only in case of the Bhogapuram. Because other airports are doing only operational capex.

Bhogapuram will be incurring maybe around 700 to 800 crore rupees to complete the project in '26-'27.

Understood. What is this number for FY '26 FY '26?

'26

FY '26 is almost around 1,800 crores we have spent.

This is across all your businesses, right?

Yes, sir. Everything is CWIP.

Understood, sir. That's very helpful, sir.

Thank you.

Hi, sir. Thank you for the call.

Maybe two questions from me. Firstly, with the second airport near Delhi Airport is opening soon, are you seeing any signs of whether it's cargo or passenger flights move over, really on the cargo side.

That's the first question. Second question just on Hyderabad international traffic.

April's still showing softening. Obviously, some of that might be war-related.

If the war ends, is it fair to actually expect to see some improvement in that traffic when we look to FY '26-'27? Does IndiGo look to restore flights or have other airlines expressed some interest in adding into those slots?

Thank you.

Nathan. Thank you for your question.

I'll answer your second question first. We do expect improvement in conditions maybe in the second half of the current fiscal year.

Our first half is pretty much locked in, and it has been adversely impacted by both airspace closure and also the conflict in Iran. In the second half, we do expect this to improve.

Even if we were to achieve what you call, a settlement between the US and Iran today, it will take at least few months for things to normalize. That is our understanding on the outlook.

The second part is also this happens to be also a lean season. We don't expect too much of uptick in traffic in the current conditions.

September onwards, I think we should be in a much better position compared to the first half of this year. Coming to the second airport at Noida, we don't see any airlines switching over or leaving their slots at Delhi Airport and moving to Noida Airport.

I think that airport will generate its own demand. We have seen because we have operated in another city which has two airports, which is Goa, where when we came in, we actually created our own demand and the whole system traffic went up.

We do not expect any cannibalization of demand from our airport to Noida Airport on the passenger side for sure. On the cargo side, there may be some impact because that part of the country has lots of industries which are more dominated towards agri products and also automobile, which may form the bedrock for cargo traffic to develop in that part and that airport.

Beyond that, we don't see any impact. Our team members are pretty much giving adequate support to the industrial houses to ensure that the cargo traffic continues to be handled at Delhi Airport.

I don't expect any downtick on either the passenger or in the cargo business as such.

Thank you.

Good morning, sir. I have a few questions.

Firstly, on your traffic outlook, based on current situation of macro, will it be right to assume in FY '26 you had 1% growth, probably it should slightly better at, say, maybe 5% to 7% growth in overall traffic for the year? Again, it's difficult to predict, but given that the first half is likely to be a bit impacted, for full year we should look at that kind of growth, say?

No, absolutely, Pulkit. I think we need to keep into perspective that fiscal '26 had a unfortunate accident with Air India in Ahmedabad, which of course forced Air India to get all their planes reinspected under directions from DGCA.

That, of course, had an impact on capacity available for travel. Second part is that, again, a black swan event of a conflict in the Middle East has impacted traffic because it has added about 1.5 to 2 hours of travel time from India to Middle East by the Indian carriers.

As you may be aware, Indian carriers still cannot access Pakistani airspace. That airspace is closed, carriers have to go down little south, and then they cut across into Europe for technical stopovers in Europe before they fly into North America.

That has impacted the traffic. It has impacted the ticket pricing.

We believe that these are all transitory in nature. A flat 1% growth going to about 5% to 7% growth for the full fiscal year guidance, I think we're pretty much on there.

We are pretty confident that we will achieve. You also need to keep into perspective that two new airports are also coming in our portfolio, which will go live, which will add to the numbers.

Bhogapuram will commercially open in quarter two of this fiscal year. Nagpur is a brownfield airport that will also start contributing in quarter two.

These will add to the traffic. From an existing portfolio perspective, I think it's reasonable to assume a 5% to 7% growth overall.

Sir, on Hyderabad, traffic has been dealing in the past months. I know you have lost some traffic to Pune.

How should we look at the [run-rate?] there, the traffic?

I think people usually compare Hyderabad and Bangalore. I think Hyderabad's pace of growth was far higher compared to other airports, including Bangalore.

It's a process of normalization and rationalization that the airlines are taking, which are pretty much normal in their planning process. Our planning goes pretty much in line with their planning.

Not much to worry about. Things are getting only rationalized and normalized there.

If you look at last year or last two years, Hyderabad galloped much, much faster than the other airports did.

Okay. Sir, question on GAL platform.

We added major businesses, non-aero, duty-free, and cargo in FY '26. How do you think what we should look forward to for FY '27 and '28 in terms of incrementally growth platform businesses, which can add growth to the platform business?

For the non-aero platform business, I'll ask my colleague Rajesh to actually pitch in, but broadly what I would like to highlight to you is that our strategy of creating a platform for non-aero is now reflecting in numbers. Non-aero platform numbers are now higher than Hyderabad Airport profits.

Okay. You need to appreciate the strategy where with least capital employed, we are creating revenue and earnings.

On an overall basis, what the outlook is, I'll just allow Rajesh to give his perspective.

Thanks, Saurabh. Yeah.

Pulkit, FY '27, one Bhogapuram will become operational. Whatever is there to the non-aero businesses which are part of GAL's platform, those will get added.

As Saurabh just mentioned, we got Nagpur Airport. We will also be looking for non-aero related opportunities in Nagpur.

We are also evaluating few opportunities outside of GMR. It is too early to even talk about that at this stage.

We'll let you know once we reach a certain stage. Our endeavor is to take as many businesses as we can get from our own airports, plus also actively looking at opportunities outside of GMR Airports.

Just to also add to what Rajesh is saying, I think, when we were creating this platform, we were looking at a secular growth in the business of anything from 17%, 18%. Correct me if I'm wrong, Rajesh.

We believe that organically, the existing businesses will continue to grow with that kind of CAGR.

Yes, Saurabh. You are right.

We are looking at upward of 15%, 16% of growth year-on-year.

One last question on your Hyderabad tariff. We have filed that tariff.

What is the stage there, and how should we look at tariff for FY '27-'28 in the next tariff period? Pulkit,

the tariff application was already filed in last financial year. The AERA is at active stage of considering the application.

We are expecting the tariff should come in the third quarter of this financial year. Of course, we can't give exactly the numbers, but the tariff will be much better than the current tariffs.

I'll get back in the queue. Thank you.

Thank you for the opportunity, sir, and congrats on the good show. I have three questions.

Is this any better?

No.

Okay. Are you able to hear me now?

Congrats on the quarter. I just had three quick questions.

The first one is if I were to look at the Delhi Airport's non-aero revenue growth this quarter, it was a bit soft. Apart from the geopolitical developments and the airspace restrictions, was there any other factor or so which impacted that growth?

When can we expect to see some sort of recovery in that particular revenue item?

Rajesh.

Yeah. No, I think when you look at the non-aero absolute volume and growth, since the traffic growth has been suboptimal, so that also reflected in the overall non-aero revenue growth.

Then secondly, there are a couple of waivers which were pertaining to earlier period. Those have also been accounted for.

That impact was there. If you see in terms of our SPPT growth for non-aero, it has been in this quarter in the range of almost 5% or so, which is again, we generally look at 7% to 8% SPPT growth close.

If you see it in that light, yes, it is slightly lower than what we generally achieve, but for these two reasons which I just mentioned. Achal,

in case of the Delhi Airport, there was some reversal of about 23 crores of the cargo straight lining of the deposits. That has impacted.

Otherwise, the growth was normal. There are certain reversals which have to happen.

That has been taken place.

Okay. Excellent.

My second question, sir, is on Hyderabad. We already talked about the softness in the traffic for the fourth quarter as well as some of that also in April.

If I look at the absolute EBITDA growth this quarter, which has also been soft, which has resulted in some level of margin compression. If we are expecting the normalization to happen in the second half of this year, can we then say that in the first half the margins at Hyderabad Airport will still be range-bound and somewhat under pressure, simply because the volume is yet to normalize whereas the costs are sticky?

Would that be a reasonable inference?

No, generally your comment would be accurate, but as we are also able to control our costs quite effectively. From a guidance perspective, I would say that first half of the year will be softer, and it'll recover in the second half.

On a general comment of yours, I would align with that.

Okay. Excellent.

My last question, sir, is if we were to look at the net debt, we have seen some moderation quarter-on-quarter. Most of that has actually come at GAL standalone level.

Now that Bhogapuram will be operational, let's say, in two quarters down the line, and we really do have a lot of capex lined up for FY '27, can we assume that the net debt trajectory from here on will actually be on a downward trend?

No, in the '26-'27 still Bhogapuram capex the final payments will come up, which will be around 700 to 800 crore rupees. To that extent, debt will go up, because the entire equity infusion was already completed.

Other than that, maybe a little debt may come up in case of the Nagpur. Other than these two, there are no further big risings.

We can assume about 700, 800 crores of final payments of Bhogapuram hitting the books, and about 200-odd crores coming for Nagpur. About 1,000-odd crores in total debt will go up.

Of course, there'll be some mandatory debt payments that are happening. That'll adjust for the downward slope.

I think the key thing that you really need to look at is what is my net debt to EBITDA number. That is the metric that you have to follow more accurately than absolute number of net debt.

Okay. Sir, you had mentioned that at Delhi Airport your international passenger capacity has now gone up by about 50-odd percent to about 32 million.

How many years of demand do you think this can cater to, just if you have to hazard a guess? Because right now I think we are doing about 21, 22 million.

I'm just trying to see whether how many years of demand can this actually service before the next piece of expansion?

This will cater for the next 4 to 5 years of the international traffic growth. By the time then we will able to see whether any additional capacity to be created.

This will take care of next 3 to 4 years requirement of international traffic.

Okay. Perfect.

That's all from my side, sir. Thank you very much and wishing you and the team all the very best.

Just to add to what GRK Garu highlighted, I think we are very well covered for next 5 years. The way the design of the airports have also happened, there's a lot of flexibility available.

As you are aware, our strategy is to capture more and more of international traffic, which helps in our non-aero business. If some capex needs to be incurred after 4 or 5 years to convert any particular part of the terminal or pier into an international one, will be undertaken.

Excellent. Okay.

Perfect. Thank you so much, sir.

Thank you very much and wishing you and the team all the very best. That's all from my side, sir.

Thank you.

Hi. Congrats for such a great results.

I have four questions, half of them being maintenance. Firstly, I would like to follow up on the Crete jump.

You mentioned that 1 billion rupees came from claims from the Greek government on the Crete Airport. Can you please further elaborate on what claims are that for?

Then secondly, if I take away 1 billion rupees, the remaining 600 and 20 million is still quite a sizeable quarter-on-quarter jump. What's that driven by?

Did I buy at the time the revenue was 75%? That's my first question, sir.

Thank you.

In case of the Crete, the this concession construction period has to be extended by 2 years due to the COVID. It is a force majeure, and the airport has made a claim on the government for the loss of profit for the two financial years, '25 calendar year and '26 calendar year.

Accordingly, the Government of Greece has considered the claim for the entire calendar year of '25, about 62 million euros. They have already disbursed for about 6 months claim that has already been received.

Considering that 62 million claim, which has already been accounted for in the books by the Crete company, after pick-up taxes, because this will come as an income and on that taxes have to be paid around about 25%, pick-up tax, the balance amount is again distributed among the shareholders, and the GMR holds about 21.6% stake. That translates to around 100 crore rupees as our share of profit.

Is it clear?

That part is clear. Next is, excluding that amount is still quite a strong Q-on-Q increase.

What is the driver behind it?

In addition to international JVs, we also have JVs in DIAL and Delhi Airport and Hyderabad Airport. What you are talking about is with respect to the Delhi Airport and Hyderabad Airport.

Especially if you look at Delhi Airport, the big one is duty advertising, and also you know that cargo was there for some time. All those were also accounted for in this and the difference what you are talking about.

Similarly in Hyderabad also, some proportion amount is there. All the JV ownerships.

That's very clear. Thank you.

Next question is on Hyderabad tariff. Looking about the year go, I ask them that because there is so much of capex at Hyderabad, we should be expecting more to flat a tariff heading into the next regulatory period.

What has changed that led to upward guidance in the passenger service charges of Hyderabad increase?

I think we have already explained in the last call that Hyderabad Airport has filed an application for the tariff determination for this current control period, considering even the expansion. Because the Hyderabad Airport has built 34 million capacity, which is almost full.

It is operating. We have already presented to the regulator that there will be an expansion on northern side of the airport.

Considering that expansion capex also included, of course, the benefit of this expansion may not come full amount because the expansion will get completed by '31-'32. Some portion of that expansion benefit also is expected to get in the tariff determination.

That is one point. The second point is in the third control period in Hyderabad Airport, if you look at it, the regulator has postponed around 600 crore rupees of the revenue to the fourth control period.

That 600 crore rupees on NPV basis about 1,000 crore rupees additional revenue Hyderabad Airport is entitled, which regulator is going to consider. That will also add additional revenue, additional tax, the yield for pax.

These are the two factors which we are considering that there will be improvement in the yield per pax in case of Hyderabad

Airport. That's clear.

Thank you. Last two questions, on Bhogapuram, how much jump in depreciation, amortization per year we can expect?

The last question is, can you please elaborate more on why this quarter we have such a large tax credit in Q4?

In case of the Bhogapuram Airport, the entire project cost, which we have already explained, is about 47 billion INR. The depreciation, which is on an average around 4% to 5%, is about 200 crore rupees will be the depreciation in case of the Bhogapuram Airport.

Since it is going to be operating only for about three quarters, the depreciation could be around 120 to 150 crore rupees as far as the Bhogapuram Airport is concerned. Regarding the tax credit, which we have taken in case of Hyderabad, is basically a reversal of the deferred tax liability created.

Because when the tax provisions were at 35%, we have kept creating the tax liability for future years. Since the tax rates have come down from 35% to 25.17%, there was no need to keep that liability.

To that extent, we have reversed, which is about 120 crore rupees in case of Hyderabad Airport.

That's very clear. Thank you.

Thank you for the opportunity. Sir, how much traffic can be added by Bhogapuram and Nagpur?

Instead of that, how much our core portfolio can grow? Which gives us that clarity on the 5%, 6%, 7% growth for the full-year number that you are targeting.

I wanted to see how much new airports can add and how much our existing portfolio can grow in terms of traffic.

As far as the Bhogapuram is concerned, the Vizag Airport is handling around 2.95 million. If you consider the nine months period, we can expect around 2.25 million minimum.

We are expecting better growth because the Vizag Airport doesn't have the night landings and the takeoffs. We are expecting a better traffic, maybe better than 2.25 million for a period of nine months.

In case of the Nagpur, it is also operating around 2.9 million traffic. If we are going to take over in the third quarter, I think second quarter we are going to take over this current financial year.

We will be operating around 2.25 million on yearly basis for the remaining nine months period. Both put together will be around 5 million, around 5 million will be adding in this traffic, in addition to the natural growth in Delhi and Hyderabad.

Also, the tariff outlook for both Bhogapuram and Nagpur?

In case of Bhogapuram, tariff application has already been filed. As per the latest guidelines issued by the regulator, they will release the full tariff only after the assets have been fully capitalized and the financial results are available.

We are expecting by end of this month, or before starting of operations, an ad hoc tariff from the regulator, which will be around 75% of the expected full tariff. That is in case of the Bhogapuram Airport.

Since we have already filed application, we can expect that the ad hoc tariff before starting of operations. As far as the Nagpur is concerned, it has already got an existing tariffs.

That will be continued for some time till we finalize the master plan and file the application with the regulator for the tariff determination.

Okay. Also, you mentioned about the growth in the real estate segment as well.

Are we looking at any capex for developing the real estate on our own?

We are doing few projects already. Maybe, Aman, you can just highlight what is the current capex planned there for the current year.

Your next business plan, of course, will be near future.

Currently in Delhi, there are three projects that are under development. We have a hotel project pre-leased to Chalet, 400 keys.

That hotel building will be ready for handover this financial year. There is a office building in Aerocity, which is also under development, scheduled for completion towards the end of this year.

Then there is a hospital project which is just started, again, a building lease to a client. That project is about a million square feet total built-up area.

Very recently, we just started construction 3 weeks ago. As far as the capex layout, we expect total capex in this financial year to be at 450 crores.

Okay. Bhogapuram, Nagpur, and real estate put together would be around 1,400 crores of capex for this year, FY '27?

Broadly yes.

It is 27.

Just to again highlight that these are all fully funded through construction finance, it doesn't impact my cash flows. They are all into SPVs, so.

Got it. Sir, any update on the arbitration going on for Delhi Airport tariff revision?

As far as the tariff revision, the arbitration is not for tariff revision. The arbitration was for the MAP payment.

The matter is now pending before the bench of the High Court, as far as the MAP issue is concerned. Regarding the other AERA.

AERA is concerned, it is before the Supreme Court. We are expecting the start hearing after the summer holidays, maybe around end of June.

Last one, recently Groupe ADP sold stake in the company, which was taken up by GMR promoters. Now what is the thought process going forward on this stake ownership?

Also, when will the FCCB conversion or ADP's shareholding in GMR Airports?

I think ADP's press release is quite clear. They have reiterated that post this current stub of sale of about 7.3% stake in GAL, they do not contemplate any further stake sale in the near future.

On the FCCBs, the promoters who had a call option to purchase the FCCBs, which were originally scheduled to be purchased in March of '28, is now going to be purchased by March of '27. The conversion of these FCCBs will happen in its period time in March of '28 only.

Nothing has changed on that front, yeah. Sir,

can I take one last one?

Sure, go ahead.

What could be the impact of UDF and landing fee reduction for this quarter that has been advised by the Civil Aviation Ministry? What could be the impact of that for this quarter?

Basically the order has been issued by the regulator AERA at the directions of the Ministry of Civil Aviation. This reduction in the landing charges by 25% is only for domestic movement, but not for the international.

The total impact is not more than about 50 crore rupees on yearly basis. For the one quarter will be about 15 to 20 crore rupees maximum.

However, this amount will get trued up in the next control period. There will not be any loss to the company.

It's only a cash flow impact. It has no impact on return on equity.

It gets trued up in the subsequent period.

Thanks a lot. Thank you.

ahead. Hi.

Thank you for the opportunity. Just one question from my side.

When I see your results presentation on slide 20, I see significant eliminations made in your EBITDA consolidation in Q4. Could you please provide some color on these eliminations?

Samay, in case of the elimination, basically, for example, GAL has paid revenue share to the DIAL. That will get eliminated.

In the consolidated number. Hyderabad duty-free earlier paid to the Hyderabad Airport, they get eliminated.

Any intercompany payments which have happened will get eliminated. For example, the dividend which we have received from Hyderabad Airport nearly 200 crore rupees, that gets eliminated in the console.

These are all eliminations which are intercompany transactions for this console numbers.

That was helpful. Thank you so much.

Thank you everybody for attending this quarter four annual results call. We are available for any further queries that you may have.

You can freely send emails, contact the IR team. We'd be happy to answer any of your queries.

Thank you so much.