GMR Airports Ltd
GMRAIRPORT NSE
GMR Airports Ltd
Transport F&ONSE: GMRAIRPORT BSE: 532754 Airport & Airport Services
Key Fundamentals
MidcapAirport & Airport ServicesTransportMarket Cap
1.1L Cr
Volatility
Moderate
P/E Ratio
221.24
EBITDA
₹5,648 Cr
Return on Equity
45.67%
Debt to Equity
0
Book Value
₹-2.35
EPS
₹0
52W High
₹115.64
52W Low
₹84.11
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view GMR Airports Ltd insights
41 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
2- Company is expected to give good quarter
- Promoter holding has increased by 0.83% over last quarter.
Weaknesses
1- Company has low interest coverage ratio.
Growth Rate
Revenue Growth
36.65% ↗
Net Income Growth
-157.83% ↘
Cash Flow Change
-11.28% ↘
ROE
-52.08% ↗
ROCE
37.81% ↗
EBITDA Margin (Avg.)
-5.36% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoAI opinion · based on fundamentals
Risk high
GMR Airports Ltd operates India's largest private airport platform with a market cap of ~₹1,07,797 Cr, trading at a PE of 142.6x. The company reported its first positive PAT in over a decade at ₹472 Cr in FY26 on revenue of ₹15,201 Cr (up 40% YoY), while carrying net debt of ₹34,000 Cr (5.5x net debt/EBITDA) and handling a record 121.6 million passengers in FY26.
Bull Case 8
- Revenue grew 40% YoY to ₹15,201 Cr in FY26, with compounded sales CAGR of 30% over 3 years and 33% over 5 years
- First positive PAT in over a decade at ₹472 Cr in FY26 versus a net loss of ₹393 Cr in FY25, signalling an inflection in profitability
- EBITDA grew 47% YoY to ₹6,150 Cr in FY26, the highest on record, with both Delhi and Hyderabad airports posting all-time high EBITDA
- Record passenger traffic of 121.6 million in FY26 across GAL-owned airports, with Delhi handling 78.7 million and Hyderabad 30.5 million passengers
- India's air traffic forecasted to grow 7.9% annually through 2043 (Boeing estimate), providing a long structural runway for volume growth
- Stock has delivered a 25% CAGR over 3 years and 32% over 5 years, reflecting market recognition of the growth trajectory
- Promoter holding increased by 0.83% in the latest quarter, indicating insider confidence in the business outlook
- Net debt reduced by ₹470 Cr sequentially in Q4 FY26, with management targeting net debt/EBITDA below 4x within 18-24 months
Bear Case 8
- PE ratio of 142.6x is extremely elevated, pricing in significant future growth and leaving limited margin of safety
- Net debt stands at ~₹34,000 Cr with net debt/EBITDA at 5.5x, well above comfortable levels for infrastructure companies
- Low interest coverage ratio constrains financial flexibility; finance costs remain a dominant drag on bottom-line profitability
- Negative price-to-book ratio of -43.73x indicates negative net worth on a consolidated basis, reflecting accumulated losses
- Zero dividend yield — the company pays no dividends, offering no income return to shareholders despite ₹1.08 lakh Cr market cap
- Passenger traffic growth slowed to just 1% YoY in Q1 FY27 (30.5 million), suggesting near-term volume headwinds post the FY26 record
- Compounded profit growth over 10 years is only 8% CAGR, showing that profitability has historically been inconsistent and elusive
- Regulatory risk remains material — tariff orders from AERA for Delhi Airport can significantly alter revenue assumptions in either direction
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 17h ago Positives 2
- 49% stake in Goa ad firm Aug 6
GMR Airports signed a deal to acquire up to 49% equity in TIM Goa Airport Advertising for ₹16.59 crore, expanding into airport-adjacent advertising revenue at Mopa Airport.
- Vizag airport starts operations Aug 17
Subsidiary GMR Visakhapatnam International Airport commenced operations at Alluri Sitarama Raju International Airport, expanding GMR's operational footprint in Indian airport infrastructure.
Neutral 2
- ₹5,000 Cr fundraise under consideration Aug 7
Board meeting on August 12 to review Q1 FY27 results and consider a ₹5,000 crore fundraising proposal alongside a ₹1,500 crore NCD issue — significant capital-raising deliberation.
- Sustained block trades on NSE Jul 23
Another NSE block trade of ~50.3 lakh shares at ₹108.71/share totalling ₹54.68 crore, extending a series of at least six prior block deals at ₹108-111 per share, reflecting steady institutional activity.
TL;DR: GMR Airports is in expansion mode — new airport operations in Vizag and a strategic advertising acquisition at Goa signal growing non-aero revenue ambitions. The board is considering substantial capital raises (₹5,000 Cr equity + ₹1,500 Cr NCD), which could dilute but also fund growth. No clear headwinds emerged in this period, though repeated block trades at declining prices (₹111 to ₹108) suggest some institutional repositioning. The trend is moderately positive with execution on expansion, but watch for dilution risk from the fundraise decision.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,018 | 2,064 | 2,227 | 2,447 | 2,402 | 2,495 | 2,653 | 2,863 | 3,205 | 3,670 | 3,994 | 3,938 | 3,967 |
| Expenses | 1,265 | 1,337 | 1,558 | 1,630 | 1,506 | 1,636 | 1,662 | 1,854 | 2,041 | 2,223 | 2,293 | 2,493 | 2,517 |
| Operating Profit | 753 | 726 | 669 | 817 | 896 | 859 | 992 | 1,009 | 1,165 | 1,447 | 1,701 | 1,445 | 1,450 |
| OPM % | 37% | 35% | 30% | 33% | 37% | 34% | 37% | 35% | 36% | 39% | 43% | 37% | 37% |
| Other Income | 251 | 184 | 116 | 263 | 160 | 260 | 562 | 241 | 208 | 130 | -73 | 260 | 167 |
| Interest | 594 | 673 | 857 | 823 | 889 | 1,031 | 829 | 955 | 949 | 1,043 | 917 | 950 | 938 |
| Depreciation | 296 | 373 | 393 | 405 | 466 | 474 | 479 | 491 | 489 | 431 | 465 | 452 | 456 |
| PBT | 114 | -135 | -465 | -148 | -300 | -386 | 246 | -196 | -65 | 103 | 246 | 302 | 223 |
| Tax % | 85% | 40% | 5% | 13% | 13% | 11% | 18% | 29% | 111% | 66% | 29% | -32% | 34% |
| Net Profit | 17 | -190 | -486 | -168 | -338 | -429 | 202 | -253 | -137 | 35 | 174 | 400 | 148 |
| EPS in Rs | 0.03 | -0.15 | -0.53 | -0.2 | -0.23 | -0.27 | 0.25 | -0.23 | -0.2 | -0.04 | 0.12 | 0.29 | 0.09 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 11,088 | 8,261 | 9,557 | 8,556 | 7,411 | 8,395 | 3,566 | 4,601 | 6,674 | 8,755 | 10,414 | 14,807 | 15,569 |
| Expenses | 8,533 | 7,804 | 6,394 | 6,999 | 5,958 | 6,217 | 2,661 | 2,316 | 4,947 | 5,783 | 6,639 | 9,050 | 9,527 |
| Operating Profit | 2,555 | 457 | 3,163 | 1,558 | 1,453 | 2,178 | 905 | 2,285 | 1,727 | 2,972 | 3,775 | 5,757 | 6,042 |
| OPM % | 23% | 6% | 33% | 18% | 20% | 26% | 25% | 50% | 26% | 34% | 36% | 39% | 39% |
| Other Income | 23 | 369 | 381 | 718 | -1,228 | 144 | -1,930 | -521 | 923 | 788 | 1,205 | 524 | 483 |
| Interest | 3,572 | 2,196 | 2,128 | 2,316 | 2,684 | 3,545 | 1,803 | 2,019 | 2,338 | 2,929 | 3,705 | 3,859 | 3,847 |
| Depreciation | 1,813 | 1,197 | 1,019 | 1,028 | 984 | 1,064 | 886 | 889 | 1,038 | 1,466 | 1,910 | 1,837 | 1,804 |
| PBT | -2,806 | -2,568 | 397 | -1,069 | -3,444 | -2,287 | -3,714 | -1,144 | -727 | -635 | -635 | 586 | 874 |
| Tax % | 5% | 7% | 187% | 4% | -3% | -4% | -8% | -1% | 16% | 30% | 29% | 19% | — |
| Net Profit | -2,972 | -2,749 | -347 | -1,115 | -3,356 | -2,202 | -3,428 | -1,131 | -840 | -828 | -817 | 472 | 757 |
| EPS in Rs | -5.16 | -4.49 | -0.94 | -2.26 | -5.93 | -4.02 | -4.63 | -1.7 | -0.3 | -0.93 | -0.37 | 0.17 | 0.46 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 436 | 604 | 604 | 604 | 604 | 604 | 604 | 604 | 604 | 604 | 1,056 | 1,056 |
| Reserves | 5,337 | 4,387 | 4,739 | 2,842 | -1,057 | -3,062 | -2,322 | -1,421 | -1,396 | -2,768 | -3,559 | -3,536 |
| Borrowings | 49,929 | 39,444 | 21,484 | 23,441 | 27,580 | 34,442 | 36,864 | 26,633 | 32,157 | 35,905 | 38,218 | 43,283 |
| Other Liabilities | 11,091 | 14,708 | 10,026 | 11,012 | 12,949 | 14,319 | 14,697 | 11,272 | 12,557 | 14,748 | 12,845 | 13,962 |
| Total Liabilities | 66,794 | 59,143 | 36,852 | 37,898 | 40,075 | 46,302 | 49,843 | 37,087 | 43,921 | 48,489 | 48,559 | 54,764 |
| Fixed Assets | 34,183 | 34,513 | 15,773 | 15,643 | 16,080 | 16,178 | 12,772 | 10,325 | 15,157 | 28,737 | 28,218 | 29,016 |
| CWIP | 17,247 | 2,155 | 239 | 589 | 858 | 3,811 | 6,622 | 10,176 | 11,175 | 1,674 | 3,808 | 5,433 |
| Investments | 1,413 | 6,545 | 12,422 | 12,871 | 10,115 | 10,119 | 9,674 | 3,798 | 4,478 | 4,425 | 4,288 | 5,959 |
| Other Assets | 13,951 | 15,930 | 8,417 | 8,795 | 13,022 | 16,194 | 20,775 | 12,788 | 13,111 | 13,653 | 12,246 | 14,357 |
| Total Assets | 66,794 | 59,143 | 36,852 | 37,898 | 40,075 | 46,302 | 49,843 | 37,087 | 43,921 | 48,489 | 48,559 | 54,764 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 2,915 | 3,498 | 4,504 | 2,347 | 2,052 | 1,376 | 3 | 3,256 | 2,199 | 3,880 | 3,443 | 4,884 |
| Investing | -3,159 | -1,660 | 1,485 | -962 | -3,605 | -987 | 2,434 | -2,043 | -2,310 | -5,792 | -3,673 | -3,577 |
| Financing | 448 | -2,018 | -5,727 | -1,191 | 816 | 1,617 | -1,056 | -3,894 | 1,731 | 467 | -1,010 | -1,238 |
| Net Cash Flow | 204 | -180 | 263 | 194 | -737 | 2,005 | 1,382 | -2,681 | 1,620 | -1,445 | -1,241 | 69 |
| Free Cash Flow | -885 | 1,062 | 3,887 | 1,673 | -782 | -1,510 | -1,514 | 194 | -1,685 | -641 | -581 | 1,582 |
| CFO/OP | 122 | 814 | 150 | 161 | 160 | 71 | -4 | 146 | 125 | 135 | 94 | 85 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 53 | 68 | 66 | 75 | 71 | 62 | 117 | 30 | 20 | 20 | 19 | 15 |
| Inventory Days | 104 | 82 | 33 | 20 | 37 | 56 | — | — | — | — | — | 201 |
| Days Payable | 694 | 466 | 366 | 372 | 639 | 605 | — | — | — | — | — | 494 |
| Cash Conversion Cycle | -536 | -316 | -266 | -277 | -531 | -488 | 117 | 30 | 20 | 20 | 19 | -278 |
| Working Capital Days | -414 | -373 | -152 | -203 | -373 | -497 | -907 | -364 | -370 | -215 | -232 | -96 |
| ROCE % | 2% | -1% | 7% | 4% | 5% | 6% | 1% | 5% | 4% | 6% | 7% | 12% |
Documents
2
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
24 Apr - GMR Airports says it is not a Large Corporate; no FY26-27 or FY25-26 disclosure required. 24 Apr - GMR Airports says it is not a Large Corporate; no FY26-27 or FY25-26 disclosure required.
3
Announcement under Regulation 30 (LODR)-Newspaper Publication
18 Apr - Newspaper Advertisement - Special Window for Transfer and Dematerialisation of Physical Securities 18 Apr - Newspaper Advertisement - Special Window for Transfer and Dematerialisation of Physical Securities
4
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
8h - GMR Airports says it is not a Large Corporate; no FY26-27 or FY25-26 disclosure required. 8h - GMR Airports says it is not a Large Corporate; no FY26-27 or FY25-26 disclosure required.
5
Monthly Traffic Updates
15 Apr - March 2026 traffic update shows record FY26 passenger and cargo milestones across airports. 15 Apr - March 2026 traffic update shows record FY26 passenger and cargo milestones across airports.
Frequently Asked Questions about GMR Airports Ltd
What does GMR Airports Ltd do?
GMR Infrastructure is mainly engaged in development, maintenance and operation of airports, generation of power, coal mining and exploration activities, development of highways, development, maintenance and operation of special economic zones, and construction business including Engineering, Proc...
Where is GMR Airports Ltd (GMRAIRPORT) listed?
GMR Airports Ltd is listed on the Indian stock exchanges. It is listed on NSE: GMRAIRPORT and BSE: 532754. You can view its live share price, financials, and ratios on Tapetide.
Which sector does GMR Airports Ltd belong to?
GMR Airports Ltd operates in the Transport sector within the Airport & Airport Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of GMR Airports Ltd?
GMR Airports Ltd has a market capitalisation of approximately ₹107427.02 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of GMR Airports Ltd?
The Price-to-Earnings (PE) ratio of GMR Airports Ltd is 221.24. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of GMR Airports Ltd?
Over the past 52 weeks, GMR Airports Ltd has traded between a low of ₹84.11 and a high of ₹115.64. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of GMR Airports Ltd?
GMR Airports Ltd has a Return on Equity (ROE) of 45.67%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research GMR Airports Ltd on Tapetide?
On Tapetide, you can view GMR Airports Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
GMR Infrastructure is mainly engaged in development, maintenance and operation of airports, generation of power, coal mining and exploration activities, development of highways, development, maintenance and operation of special economic zones, and construction business including Engineering, Procurement and Construction (EPC) contracting activities.(Source : 201903 Annual Report Page No: 145)
Website gmrgroup.in
CEO Mr. Grandhi Mallikarjuna Rao
Employees 8,629
Listed 2006-08-21
Face Value ₹ 1
Issued Size 10,55,89,75,952