Ladies and gentlemen, good morning and welcome to the GMR Airports Limited, formerly known as GMR Airports Infrastructure Limited, conference call to discuss the Q2 FY 2026 results. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. We have with us today Mr. Saurabh Chawla, Executive Director, Finance and Strategy. Before we begin, I would like to state that some of the statements made in today's discussion may be forward-looking in nature and may involve risk and uncertainties. Also, recording or transcribing of this call without prior permission of the management is strictly prohibited. I now hand the conference over to Mr. Saurabh Chawla for the opening remarks. Thank you, and over to you, sir. Thank you, and good morning, everyone. I welcome our shareholders, analysts, and other stakeholders to our Q2 fiscal 2026 earnings call. The fundamentals of air travel remain strong and intact. India continues to rise as a global aviation powerhouse, now the world's fifth-largest aviation market. The Mumbai-Delhi corridor ranked seventh amongst the top 10 busiest routes globally in 2024, and the international carriers are doubling down on India's potential. Emirates, Etihad, Malaysian Airlines all report robust demand for premium travel to and from India. IndiGo's expansion into long-haul and business-class segments further signals confidence in sustained growth. Outbound tourism is booming. Between January and May 2025, Indians traveling to Japan surged 40% year-on-year. Australia also welcomed 10% more visitors from India for the year ended May 2025, making India the fifth-largest inbound tourism market for Australia. Direct flights have been introduced from Hyderabad to Australia, cutting travel times significantly, and the momentum is only building. As per a report released by Research and Markets, India's outbound tourism market is forecasted to grow at a CAGR of 12.3% from 2025 until 2033. Starting October 26, IndiGo will launch daily flights to London and introduce business class on key regional routes. Their recent order of 30 additional Airbus A350s, doubling their wide-body fleet, underscores the long-term optimism in Indian aviation. I do acknowledge the geopolitical and operational challenges that have shaped the first half of fiscal 2026 for us. From regional tensions to isolated incidents, these disruptions have tested the resilience of the travel ecosystem. Yet what we have witnessed is not demand slowdown but a temporary pause. As we enter Q3, historically the strongest quarter for travel and tourism, we remain confident in the sector's trajectory. The data speaks for itself. Demand is not just returning; it is evolving, expanding, and elevating. On that note, let me now delve into our Q2 performance. Momentum in total income continued, with Q2 at INR 37.5 billion, up 45% year-on-year, driven by revised tariffs at Delhi Airport, which have been effective from mid-April, takeover of Delhi duty-free and cargo businesses by GMR Airports, and sustained growth at Hyderabad Airport, translating to EBITDA growth of 59% year-on-year to INR 15.3 billion. EBITDA margin for the quarter improved to 53% in Q2, despite a forex loss hit, which is a notional loss of about INR 0.6 billion in Q2, as EUR/INR rate reached 104 in September from 100 in June, which led to the non-cash mark-to-market impact on our P&L statement. As I've been highlighting, this is a notional loss, as the FCCB strike rate price is INR 43.50, and no holder will ask for redemption given the instrument is deep into money given the current stock price. Hence, logically, it should be treated as equity and not debt. Due to the accounting standards, we still recognize it as debt in our books. It may also be noted that once these FCCBs convert into equity, all these provisions will be written back as one-time profits. This aspect must be taken into account for financial performance. GMR Airports reported a profit from continuing operations for the quarter of INR 351 million versus a loss of INR 4.3 billion in Q2. If not for the FX hit, GMR Airports would have reported a PAT which would have been higher. Consolidated net debt, excluding the FCCBs of INR 26.3 billion, which are deep into money, stood at INR 341 billion, increasing by INR 13 billion versus Q1 fiscal 2026. GMR Airports had raised INR 59 billion in the form of non-convertible bonds and used the proceeds to repay existing debt of INR 50 billion, along with a redemption premium of INR 8.5 billion. GMR Airports Limited also raised INR 3 billion in working capital loans for the purpose of duty-free operations that it started operating in the quarter. Net debt at Bhogapuram increased by INR 3.1 billion, while at Delhi Airport, reduced by INR 2.8 billion. On the operational front, traffic at GMR Airports operated airports fell 3.5% year-on-year in Q2, reaching 27.8 million passengers, and this excludes Cebu. This was due to temporary disruptions in flight operations caused by changed airspace conditions amid geopolitical events and runway 10/28 upgradation at Delhi Airport. Now that the runway is fully operational, our upgraded Terminal 2 at Delhi has resumed also full operations just in time for the seasonally strong quarter, as well as the resumption of many routes for the winter schedule. We should see a pickup in traffic moving ahead. Total income at Delhi Airport rose 34% at INR 18.5 billion. While growth in non-aero and CPD income was healthy, the primary driver of sharp increase in total income was the aero revenues, which rose 166% year-on-year, driven by the implementation of revised tariffs. As a result, quarterly EBITDA reported was the highest in four years, increasing 69% year-on-year to INR 6.7 billion. With this, the airport has reported profit of INR 736 million for Q2. Even excluding exceptional gains, the PAT for the quarter remains positive. At Hyderabad, total income was INR 6.7 billion, up 17% year-on-year. Non-aero revenues were particularly strong, up 38% year-on-year. EBITDA was up 17% year-on-year to INR 4.3 billion. This was the highest quarterly EBITDA on record for the airport, and the airport has continued to be PAT positive. Mopa, or Goa Airport, reported a total income of INR 836 million, down 15% year-on-year, as aero revenues declined 27%, impacted by the introduction of specific incentive programs to attract airlines to Goa. However, the non-aero revenue saw a 22% year-on-year growth. The airport continues to report positive EBITDA, with Q2 fiscal 2026 at INR 121 million, despite the impact of revenue share. The notable achievements during the quarter are non-aero revenue at all our airports was strong in the quarter, combined with non-aero revenues at Delhi, Hyderabad, and Goa Airports, rose 13% year-on-year in Q2. Duty-free SPP at Delhi increased to INR 1,046 in the first half of fiscal 2026 from INR 1,005 in the first half of fiscal 2025. While at Hyderabad, SPP was INR 777 in the first half of fiscal 2026, up from INR 733 in the first half of fiscal 2025. In September, the TDSAT, or Telecom Dispute Settlement and Appellate Tribunal, adjudicated in favor of Mopa Airport by quashing and setting aside various appealed matters from the Control Period I tariff order issued by AERA. TDSAT has given requisite directions to AERA for different issues as stated in the judgment. Coming to the refinancing activities during the quarter, as stated earlier, GMR Airports raised INR 59 billion in the form of non-convertible bonds and used the proceeds to refinance the existing debt. The non-convertible bonds were raised in two tranches of 18 months and 36 months maturity at an effective cost of 10.225%-10.425%. This resulted in a saving of 300 basis points. At Delhi, INR 10 billion was raised in the form of 15-year non-convertible debentures at a coupon rate of 8.75% and used the proceeds to refinance debt bearing 9.98% coupon rate, a saving of 125 basis points. The next refinancing we are looking at is for Hyderabad Airport 2026 foreign currency bonds, where the board has given approval for issuing INR-denominated NCDs aggregating up to INR 21.5 billion. Progress on developing the airport adjacency businesses is gathering pace. We are steadfast in our long-term strategy of converting GMR Airports into a consumer business with the underpinnings of a utility company. After taking over Delhi duty-free concessions on 28 July, GMR Airports also took over the operations of duty-free at Hyderabad Airport and started operations from 10 September. GMR Airports' financials have already started reflecting the upsides from the above transactions, and the full quarter impact will be seen in Q3. GMR Airports also received a letter of intent to award from Delhi Airport to finance, design, develop, construct, operate, manage, and maintain the cargo city at Delhi Airport. The initial concession period is up to 2036 and extendable by another 30 years parallel to the airport concession. The concession is based on revenue share to airport, and the minimum guarantee totaling up to 2036 is INR 4.2 billion. The cargo city would be spread across 50.5 acres of land, which is not part of the commercial land of 232 acres. I want to just distinguish the land parcel aspect of it. Construction on multiple airport land development projects is underway at all airports, details of which are available in the results presentation. At Hyderabad, the build-to-suit MRO facility for Safran has achieved physical completion and is expected to be handed over shortly. Total built-up area of this facility is about 500,000 sq ft. Work on new airport construction is steadily progressing. At Bhogapuram, 87.5% of physical progress has been achieved as of September 25, while at CREE, 60% progress has been achieved. GMR-operated airports continue to set new benchmarks globally, earning prestigious accolades that reflect our relentless pursuit of excellence and innovation. These milestones underscore our commitment to deliver world-class infrastructure and enhance long-term shareholder value. As a responsible airport operator, GMR Airports is deeply committed to environmental, social, and governance principles. From pioneering sustainable infrastructure and reducing carbon emissions to fostering inclusive growth and upholding the highest standards of governance, ESG is embedded in our strategy and operations. We believe this commitment not only drives long-term value creation but also aligns us with the expectations of global stakeholders and future-ready aviation. We invite you to explore our detailed ESG progress and initiatives outlined in the investor presentation. The presentation with all financial numbers is already available with you. If not, you can download it from our 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 from the corporate and the business teams. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yes. Good morning and congratulations on a very good quarter. My first question is on the GMR Airports standalone business revenues. There has been a sharp increase in the standalone revenues. Are some of the non-aero businesses being carried out by GAL standalone directly? Can you please help with the details? Yes, Mohit. I mean, you would have been following our last monthly calls. We have always advised that companies will get into non-aero business. Recently, it started operations on Delhi duty-free cargo. Hyderabad duty-free has moved to GMR. On specifics, I'll ask Rajesh Kapoor to give you a full insight into it, explain how the transitions have gone from the airport at levels to GMR airport level. Rajesh? Yeah. Thanks, Siraran. So Mohit, I think as you would have noticed in the last two and a half, three years, we have been in the process of sourcing non-aero businesses to be done as part of GMR Airports. The result of that is now started reflecting in our financials as we have started operating these businesses, as Saurabh just mentioned, Delhi duty-free from 27th of July midnight, Hyderabad duty-free in September 2025, cargo we took over in May, and likewise, Carpark F&B retail part of retail business. These are the businesses as independent business platforms which we are now carrying out as part of GMR Airports. That is what is also reflecting in our revenues. Siraran, one clarification. You said Delhi duty-free cargo, these are being carried out directly by GMR Airports standalone business. Is that right? Are there anything else which is being carried out by GMR standalone? Hyderabad duty-free, right? Yeah. Hyderabad duty-free, I mentioned. We are also doing the carpark business in Goa. We are also doing duty-free business in Goa. Currently, there are five non-aero business platforms which are part of GMR Airports. The main ones are Delhi duty-free in terms of the quantum of revenues, Hyderabad duty-free, Delhi cargo, and some of the other businesses at Goa. Understood. My second question is, can you please explain the slide number 10 where you're talking about the real estate? Especially, I'm talking about Delhi Airport. The slide says there is a development project of 1 million sq ft built-up area. Then there is a build-to-suit luxury hotel with 0.6 million sq ft. The third one, which said other third-party projects with 12 million sq ft. What does this mean? This 12 million sq ft seems to be a very high number. Just trying to figure out what is the basis of this number. GRK Gharu, you want to take this? Hello. Yeah. Amit, you are there? Hello. Hello. Yes, Saurabh. Amit Sir is connected. Amit, are you answering it or? No, no. GRK Gharu, go ahead. Sir, it is basically the other third-party projects with the 12 million sq ft built-up area. Basically, I think we are referring to the Bharati transaction as well as the other transactions which are happening. Oh, this is already monetized, right? Am I right? Yeah, they are monetized. The second tranche of the Bharti is yet to be monetized. Okay. First tranche is already monetized. This refers to the second tranche. Am I right? Yeah. Yeah. Yeah. Just to distinguish what is highlighted under DIAL on this page, the first two bullets are our strategy to now get into self-development. The third bullet is the legacy one where the monetization of the land had happened a few years back, and they are building out various commercial office and retail projects at Delhi Airport. Just to distinguish between the three bullets. The only clarification I'm looking at, I think if I understood correctly, the first point, the self-development, you are still looking to monetize, you'll develop and lease out, right? The second one, I think, is still the revenues will come to GAL whenever this luxury hotel starts operating. The third one, I'm just trying to figure out whether there's any revenue potential which is still to accrue to GMR Airports. Yeah. No, that will be a third one as well. Sorry, go ahead, GRK Gharu. It is basically that 12 million is the leasing out by the DIAL only. It will not accrue to GMR Airports Limited. It is only to the DIAL. The self-development is also done by the DIAL, and the build-to-suit luxury hotel is also done by the DIAL. The third one is given to the other 12 million sq ft is given to the third parties who will develop themselves. Sure. I'll take it offline. I'll speak to Amit when we post the call. My third question is, can you just talk about the Hyderabad next phase of expansion? If I'm not wrong, I think there is a proposal to expand it by around INR 14,000 crore. Can you just talk about the size and the quantum and the timelines? Saurabh, shall I take up? Yeah. GRK Gharu, please take it. Yes. The Hyderabad Airport has already touched last year 29 million. This year, we are expecting to touch about 33 million full capacity. We are proposing for an expansion with INR 14,000 crore. There is a proposal which basically consists of going for a new terminal on the northern side along with the runway and cross-taxiways and also other infrastructure facilities. The proposal is now there, and we have also included it in our tariff determination process. In all probability, we are expecting the master planning is going on. We are expecting that it should kick on in calendar year 2027. Understood, sir. Thank you, Mr. Gharu. Thank you. Mohit, when GRK Gharu is on, basically, the approval process will be in place, but the development process will begin subsequently. Just to highlight that aspect. Hyderabad Airport is already now peaking, so the existing capacities will get fully exploited by the current system which is there. Just to qualify that statement. Thank you, sir. Thank you. Thank you. The next question is from the line of Prateek Kumar from Jefferies. Please go ahead. Yeah. Good morning, everyone. Congrats for being present. I have a few questions. Firstly, can you discuss the master plan you talked about for Delhi Airport? It was covered in media, I think, a couple of days back. And what kind of CapEx are we looking for those projects? I think the master planning we have been talking about is the Hyderabad Airport. Delhi master plan is already completed 2016. Again, 2026, we will for the 2026, the preparations are getting now done. Otherwise, as of today, the master plan just exercise getting started. It will take about one, one and a half years. As you know that we prepare the master plan for Delhi once in 10 years. We started in 2006, then 2016, and also 2026. It will come out very clearly whether since we have already touched 100 million, what is the additional requirement will come up only in the master planning. As of today, we can't say anything yet. Only the exercise is just kicking off, that's all. Prateek, just to add to what you said, it is more from a design and efficiency perspective. We are today at about 100-105 million. What additional that needs to be purely from the terminal development side. As you are fully aware, the air side, all the CAPEX has been completed for the full tenure of this concession. Hence, we cannot expand any more runways or cross-taxiways that had been already undertaken in the previous expansion. It is only the efficiency aspect of the terminals. What can we do to fund capturing the high-yielding international traffic? That is where the focus is from a design and understanding perspective. Just want to highlight over here that, for example, in terminal three, we are converting one pier from domestic to international as it goes more robustly. Those aspects are something which is an ongoing process of evaluation of the master plan. There is significant CAPEX or specific CAPEX that is planned at Delhi Airport, at least in the first. We just want to highlight that. Sure. Can you discuss overall CapEx of the company? First off, we have done INR 1,800 crore CapEx at the overall console level. What kind of CapEx is central for FY 2026 and FY 2027? Honestly, we have any CAPEX outflow. All I can tell you is that there is no major CAPEX happening in the whole growth other than the two projects which are live, which is one is Bhogapuram, where we continue to draw down debt to complete the Bhogapuram Airport. As you would have seen in the presentation, more than 80% of the physical infrastructure at Bhogapuram is already complete, and it should go live over the next 8-12 months. Other than that big CAPEX, the other CAPEX which is happening is CREET, but we have a minority share, and there is no further contribution of our investment into CREET. That will get completed over the next two years. Other than these two, there is nothing which is currently envisaged in our CAPEX program for the whole group. Okay. Another question, is there an update on HRAB, which AERA was supposed to divert by September end and began to November now? The matter, AERA has appealed to the Supreme Court on this matter. Supreme Court has admitted the case, and we have also confirmed to the Supreme Court that we will not press for the immediate implementation within one month, and we wanted the Supreme Court to clear the case as early as possible. The case is now posted, I think, in December for hearing. Lastly, a few bookkeeping questions. We have seen reduced depreciation, and there was some impact of interest because of early refinance. What is the new run rate for interest and depreciation we should expect from third quarter? The depreciation has come down mainly because of the accounting treatment only. We have gone by the accounting standards. On average, the depreciation will come down on the existing assets about INR 150 crore. That means every quarter maybe around INR 35-38 crore. As far as interest is concerned, now the current interest, whatever we have shown in this quarter, will slightly go down further because the full impact of the reduced interest rates will come to the next quarter onwards. The interest amount should come down some amount from the next quarter onwards. Just to also highlight here on depreciation that we have aligned our depreciation policy with other airports. Previously, it was for a limited period. Now, it is for the full concession period as such. In that alignment, this change has happened, and this has, of course, given some benefit, but it is now in full alignment with other airport majors as to how they depreciate their assets for the full concession. Sure. Thank you. I'll get back to you. Sure. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Aditya Mongia from Kotak Securities. Please go ahead. Thank you all for the opportunity and congratulations on a very strong set of results. Just wanted to understand to start things off on the non-aero business better. It seems Delhi and Hyderabad have seen meaningful improvements on a year-on-year basis on a per-pack non-aero spending basis. I think Delhi is up like high teens, and Hyderabad is up like 25% or so. Could you give us a sense of these are kind of sustainable absolute per-pack numbers, or are they being impacted by mix changes wherein curtailment of capacity and higher interest, higher international mix are having an impact? Just trying to kind of see whether these are sustainable numbers because these look fairly high for the second quarter. Yeah. I'll leave that question to be answered by Rajesh. Rajesh? Yeah. Sure. So Aditya, when we talk about non-aero revenue growth, I think for us, the target we generally take is about in the range of 14-15% kind of growth, which is a combination of spend growth as well as the traffic growth. That is a threshold we generally take depending upon how the traffic will move. The numbers that you are seeing, yes, in this quarter, the growth is significantly higher than these defined benchmarks. It is a combination of what has happened. As you would have seen, T1 became fully operational in this quarter with all the outlets opening up there. Similarly, Hyderabad, some of the outlets and stores were under final opening. Those got open. It is a combination of the full impact of all the non-aeronautical areas which we have developed in the last couple of years. Plus, in terms of spend per-packs, yes, we have also seen good growth in both Delhi and Hyderabad in duty-free, which is about 7%-8% spend growth in Delhi and about 11% upward of growth in Hyderabad duty-free. For us, 15% growth year on year in the non-aero revenue is something which we will always keep as a minimum target for us to grow. Anything all in about that could be a combination of additional stores, additional improvement in some margins and all that. Going back to the current levels of sustainable and 14-15% growth can then be sustained on the current levels is what you're saying. There's no one-off mixed impact inside numbers. Yeah, I would want to believe. Yeah. That clarifies. The second thing is that while it may be a little bit premature to discuss, but the 50-odd acres of Cargo City land, what all usage can it be exposed to in Delhi? Can this be a material value creative exercise for the company, and on what period of time does it happen? Side question, should we be even thinking of this given that Delhi is trying to get back? Sharath, shall I take you, sir? Yeah. Before Rajesh answers this, just again re-clarify that this Cargo City land is not to be confused by the commercial land development that is happening. Those are two very different parcels. One is an aero, and the other one is the ALD land. So Rajesh, please, you can give more insights into this aspect. Sure. Aditya, this Cargo City development is primarily towards tier two and tier three of the cargo infrastructure. There will also be a tier one part of that. We have a very robust cargo infrastructure for tier one in the form of two cargo terminal operators. Cargo City is going to be in addition to these two terminals, and basically to cater to the requirement of tier one for both the operators. In terms of users, it will be warehousing. It will also be a processing zone. We have also applied for SEZ, a certain specified area as an SEZ within our overall airport land. It is going to be a combination of that, 50.5 acres, for which we have got the rights to develop. The first phase is about 30.5 acres, which we are developing. The timelines, as per concession, is about 24-30 months. We are looking at completing it much ahead of that. I just want to comment. Rajesh, please also highlight the value additive aspect of this strategy as to how from a non-processing to a processing area in Cargo, how it takes the rentals up so that everybody has a better understanding as to what is the quality of revenues and margins you get on this particular development. Just an indicator one. Yeah. Yeah. Just before that, Aditya, this Cargo City has got nothing to do with this Cheltenham's cargo terminal operations. That will continue to be done. We took over that terminal on an interim basis, and currently, Delhi Airport is in the process of running the process. This will be in addition to the Cheltenham's cargo terminal operation. Coming to this, the Cargo City will be both development and then leasing out these spaces to people like who are the freight forwarders, people who would want to come and set up their processing zone over here, again, which will be an impetus for growth for the tier one cargo. In terms of revenue, one could expect, I think we are expecting good, healthy EBITDA margin on these developments and the lease rentals. It could be in excess of about 70% or so. As in, let's say if from an entity perspective, if you would give me some sense as in obviously the AeroCity land is worth, let's say, whatever, INR 2.00 billion or so per acre, what could be the equivalent number over here as you think through? These are obviously different uses. I'm not trying to compare commercial versus industrial, but still, some sense would be useful for us to gauge how much value can be created from here. These are more on, I would say, on the lease model, Aditya, and the rentals, depending upon the location of the infrastructure, could be anything between INR 150-250 per sq ft. These are purely going to be on the lease model. Are these part, just as a final part on this question, are these kind of subject to the same revenue sharing with the government? I'm assuming this is part of the Delhi Airport concession, right? How is it structured? Yeah. Just one second, maybe. It's a concession given by Delhi Airport, and GMR Airports have got it. Yes, it will be subject to the same revenue share to be shared with government. Only revenues which Delhi Airport will get as a concession fee from the concessionaire, which is GMR Airports. Sorry, Aditya. Aditya, basically, Delhi DIAL wanted to develop the Cargo City, which is a transfer land. You cannot compare with a commercial property land that is available for commercial development. This is exclusively for only transfer property, which goes to the Airport of the Heart of India at the end of the concession period. So these 50 acres of development which they wanted to do to have the full-fledged facility of warehousing, express cargo, office complexes within that land, basing on that they've gone for a tender, DIAL has got it. This is basically we build and we give the lease or we get the lease rentals, and we will also pay a revenue share to DIAL on the lease rentals, which is as per the concession agreement. Dial will share the revenue share based on the amount which they get. On that, they pay 46% to Airport Authority of India. It is a two-stage down. How much do you give to DIAL, sir, as a revenue share? We have to pay. There are two cities we are developing, Cargo City 1 and Cargo City 2. Cargo City 1 is a new development far away. That is only 12% is the revenue share. Cargo City 2 is just opposite to Cheltenham's and DCSS. There we pay about 27% revenue share. Understood, sir. I'll move on to the remaining questions. There are two of those. Any sense on why Hyderabad traffic on the domestic side is kind of flattening out to year-on-year? And any sense of how to handle? So how to think about this is a very fast-growing airport in the past. Just trying to get a better sense of what's changing over there. Year on year, there is a growth. If you look at the traffic at Hyderabad, year on year, there is a domestic growth. For half year, at 11.29%, there is a growth. It is only quarter. Naturally, second quarter is a little lower compared to the first quarter. The third quarter, again, there is a good growth is already happening in case of Hyderabad. We are expecting overall compared to last year, this year, there will be a growth around 10%-12%. Aditya, the map side of Indian aviation did get impacted with the geopolitical issues and also the unfortunate Air India mishap. That was the softness in quarter two. More impacted to Delhi, but also there has been some impact also in other airports, including Hyderabad. You need to take that into cognizance. Okay. Sharing the final question, maybe final two questions from my side. One thing is a lot of questions come to us on the renewal aspect of Delhi Airport 30 plus 30. What are the conditions, precedent? Is it going to be a smooth affair, or will there be changes to revenue shares, so on and so forth? Would be good to get your views so that we can communicate accordingly to investors. Is it going to be a fairly stable affair wherein you have the AFQ scores and you get the renewal, or is there more to that post-30? It is a simple process. Okay. Sorry, we can go ahead. Just to highlight over here, the precedence is already there in Hyderabad Airport for everybody to see. Okay? It's a very smooth affair. There's a contract in place, and as long as we are maintaining our AFQ scores, the renewal is pretty much given. There are no specific renegotiations that can be opened as per the concession agreement, as per OMDA. I think you need to allay these concerns in the minds of the investors that there'll be a fresh set of negotiations that will happen upon or just prior to the expiry of the first 30 years. I think that's the moot point over here I want to highlight. Go ahead, Aditya, please. You are absolutely right, sir, because no strings are attached. It is an automatic extension by 30 years. We have to make an application at the end of the 25th year that our intention to have the next 30 years, that we will do it only 2031 post-May. Before that, there are no conditions attached. The only thing is that there should not be any event of default, and we never had event of default, and we will never have also. Except that, there is no requirement. We have to make an application 25th year. That will happen in 2031. Sir, could you give us a little bit more sense on this INR 1,800 crore CapEx number and let's say what it could be for next year in the absence of any incremental CapEx? This appears to be a little bit high for us to gauge. Maybe if you can give a sense of how much is maintenance and just trying to get a steady-state number, assuming that Delhi and Hyderabad and Bhogapuram are all done. Like this should be a big part. Is it already a big part? Just trying to get a better sense of what is exactly the spending going to be next year. INR 1,800 crore, what you are referring to consisting of three components. Basically, the self-development CapEx is also involved, plus maintenance CapEx, plus Bhogapuram. All are involved in that overall. Going forward, Bhogapuram, still we have to spend about INR 1,000 crore, INR 1,500 crore, INR 2,000 crore we have to spend from today onwards. That will be affecting some amount this next two quarters, and the balance will be in the next financial year. As far as the self-development is concerned, in case of the DIAL, we have almost done the work, and there will be a small amount we may have to spend. Operational CapEx is always incurred by DIAL and Hyderabad, which could be in the range of INR 500-700 crore, both airports together. Thank you so much, Aditya. Yeah. Yes, we're seeing something. Yeah. On a sustainable basis between the two airports, which are the large airports, anything between 600-700, as GRK Gharu has highlighted, would be the maintenance CapEx will continue, right? What we will, of course, do going forward as those self-development projects increase in magnitude, we will also give that breakup, whilst the CapEx on Bhogapuram will start to come off as the project gets complete. I think that's the broad guidance we'd like to give. Understood. Thank you so much for entertaining all my questions. Thank you. The next question is from the line of Prateek Kumar from Jefferies. Please go ahead. Yeah. Thanks for the opportunity again. I have a couple of clarifications. At Delhi Airport, we are seeing arithmetically some lower revenue share at around 43-44% versus when it should be 46%. Any clarification there? Basically, the revenue share, you cannot simply compare 46% of the top line. There are certain exemptions, certain exclusions which are provided in basically the definition of the gross revenue. The payments made to relevant authorities, we have to exclude from the gross revenue for the purpose of payment of revenue share. For example, the power bills or the municipal taxes, all those things have to be excluded. We have done those exclusions, and the balance amount, balance revenue is only subject to revenue share. That should be a stable number going forward also. We should take this 43-44% as a revenue share for future projections. Is that right? We cannot take the exactly 44% because, for example, last year we paid more than INR 60 crore as the municipal taxes pertain to earlier year also. Going forward, it will not be that much, but there will be some reduction. It will not be 46%, but it will be less than that. Okay. Another question on Goa's incentive program to attract airlines. Clearly, this has impacted margins for the airport, maybe for near-term reasons. How far is this program expected to continue? Yeah, I mean, for the business end, yeah, I mean, some outlook there. At this—go ahead, sorry, Jiyar. Go ahead. At this stage, I think only an incentive plan for this current year. Because of geopolitical issues, there has been some decline in interest in Goa. In order to attract all those people back to our airport, that's a plan that was undertaken for this current fiscal year. I don't think you should impute it going forward. That's all I would like to say. Last question on real estate development CapEx. Can you quantify annualized expected CapEx? Is it like INR 500 crore, INR 1,000 crore, maybe much more for modeling purpose? Which airport you're talking, Delhi or? Like total company at consolidated level, total real estate development. Aditya, if I put in INR 500 crore as CapEx for real estate, we'll be talking huge numbers on the commercial real estate development, correct? Very early in this stage to give you a guidance on that, a business which is just starting on the self-development side, allow us another few quarters to come back on a sustainable basis. What should be the run rate of construction CapEx on the commercial real estate at both the airports, probably even Goa, because Goa also has a significant amount of city hotels to be developed over there. I can't give you a full guidance on a number, but it's early stages on the self-development program for us at this particular point of time. Can you give a number for FI26? We should be knowing that. We don't give guidance, you know that, Aditya. Sorry, this is Prateek. Sure. Thanks. These are my questions. Sorry, Prateek. Sorry, sorry. We have only two projects, self-development projects, which are currently live. So it's not a big number right now. It's a small number. Mr. Prateek? Yeah. Thank you. That was my question. Thank you. The next follow-up question is from the line of Aditya Mongia from Kotak Securities. Please go ahead. Thanks. I think there are a couple of questions remaining from my side. Firstly, the aero yield or aero revenues per pax in Delhi appears to be on the higher side, much different from the INR 350 number, which is the average that one has to be thinking through. Could you give us a sense of whether there are some one-offs inside, or is it purely to do with the international mix kind of going up? Basically, as you know, that DIAL new tariffs have been implemented from 15th April 2025. This time, what we did, and the regulator has also accepted, in case of parking charges, which used to be flat after two and a half hours, we have now made it a multiplier. For two hours and beyond, up to four hours, particular rate, and four hours beyond. Beyond four hours is double the first stage. Beyond eight hours, it is four times. We wanted to dissuade the airlines not to park the aircraft because it will be creating a congestion. As a result of that, the parking charges have substantially gone up, and the revenues, because there are so many aircraft which have been parked, now they are slowly, slowly taking out, and they are doing much more faster turnaround. They are doing it. In the initial two, three months, six months, they have now learned it. Going forward, that additional revenue we may not generate, but because of the parking charges, additional revenue has come, the yield per pax has gone up. However, as per the tariff determination, it is INR 360 yield per pax. That will continue to be there. In the next quarter, also, we may have a little more because of parking. Maybe by next quarter, that is, fourth quarter onwards, we may come back to INR 360 or INR 365. This is basically because of the parking charges, which airlines are now understanding. They are now doing much faster turnaround of the aircraft. Understood. INR 360 comes back again versus whatever numbers were there for this quarter. That is fine. Yeah. From your modeling perspective, please maintain the same thing. These are little gyrations, like GRK Babu has highlighted, not sustainable on a long-term basis. Understood. Shall I assume that the entire investment property amount that is coming in the first half, about INR 500 crore, is the Delhi real estate CapEx that you are classifying over there in the balance sheet? Which one? Sorry? There is this investment property line item in the balance sheet saying INR 550 crore for the first half, at the end of the first half. Is that linked to the real estate CapEx that you're doing in Delhi on the self-development properties? There is some amount of the self-development money has been involved in case of DIAL. There are two projects, as Saurabh explained. We have spent about INR 250 crore-INR 300 crore. As he rightly pointed out, it will not be that much amount going forward because there are only two projects that are happening now. Sure. Those are my questions. Thank you so much for your response. Thank you. A reminder to all the participants, you may press star and one to ask a question. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Mr. Saurabh Chawla for closing comments. Thank you, and over to you, sir. Thank you, and thank you, everybody, to join this call for a quarter two results. We are available offline to answer any further questions that you may have or clarifications that you may seek, and hope to see you soon. Thank you so much. Thank you very much, sir. On behalf of GMR Airports Limited, that concludes this conference. Thank you for joining us today, and you may now disconnect your lines.