Archive · 19 Nov 2025
GMR Airports to Refinance Hyderabad Airport Debt, Cut Borrowing Costs
GMR Airports is trying to save money by changing how they borrowed money for Hyderabad airport.
They want to switch from foreign currency bonds to Indian rupee bonds to avoid losing money if the rupee's value goes down.
They've already saved money by doing this for other loans, and they're also doing it for another airport in Delhi.
This will help them pay off their debts and make their business stronger.
GMR Airports Ltd (GAL) plans to refinance Hyderabad airport's 2026 foreign currency bonds with ₹2,150 crore of rupee-denominated NCDs
Refinancing aims to eliminate currency risk, lower interest burden, and secure better terms
GAL previously refinanced debt in Q2, saving 300 basis points and extending maturities
DIAL also raised ₹1,000 crore through 15-year NCDs, replacing earlier debt with a 123 basis point advantage
GAL's consolidated net debt stood at ₹34,000 crore, increasing by ₹1,180 crore from Q1 FY26
- Who
- GMR Airports Ltd (GAL)
- What
- Plans to refinance Hyderabad airport's 2026 foreign currency bonds with ₹2,150 crore of rupee-denominated NCDs
- When
- Last week, as stated by Sourabh Chawla, executive director (finance and strategy) at GAL
- Where
- Hyderabad airport
- Why
- To eliminate currency risk, lower interest burden, and secure better terms
- Total Income in Q2
- ₹3,750 crore
- Profit in Q2
- ₹35 crore
- Passenger Traffic in Q2
- 27.8 million
- Consolidated Net Debt
- ₹34,000 crore
- Net Debt Increase from Q1 FY26
- ₹1,180 crore