GMR Airports Ltd
GMR Airports Ltd
Services F&OGMR 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)
GMR Airports offers compelling infrastructure growth with 42% TTM sales growth and 131% TTM profit growth, but trades at an extremely stretched PE of 245.6x with negative book value (PB of -47.05) and zero dividend yield. The 83% analyst buy rating supports long-term potential, but current valuations and weak balance sheet warrant caution.
Key Fundamentals
LargecapAirport & Airport ServicesTransportTechnical Indicators
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
1- Company has low interest coverage ratio.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoGMR Airports offers compelling infrastructure growth with 42% TTM sales growth and 131% TTM profit growth, but trades at an extremely stretched PE of 245.6x with negative book value (PB of -47.05) and zero dividend yield. The 83% analyst buy rating supports long-term potential, but current valuations and weak balance sheet warrant caution.
- TTM revenue growth of 42% signals strong post-pandemic traffic recovery and tariff hike benefits at Delhi and Hyderabad airports
- TTM profit growth of 131% demonstrates significant operating leverage as passenger volumes scale up
- 3-year compounded sales CAGR of 30% reflects consistent top-line momentum across cycles
- Stock CAGR of 37% over 3 years and 29% over 5 years shows sustained investor confidence and wealth creation
- 83.33% analyst buy ratings (5 out of 6 analysts) with zero sell ratings indicates strong Street consensus
- Market cap of Rs 116,170 crore provides institutional-grade liquidity and index inclusion potential
- Company is expected to deliver a good upcoming quarter, suggesting near-term earnings catalyst
- 10-year stock CAGR of 25% demonstrates long-term compounding ability through multiple capex and traffic cycles
- PE ratio of 245.6x is excessively expensive even by infrastructure standards, pricing in years of flawless execution
- Negative price-to-book ratio of -47.05x indicates negative net worth, meaning liabilities exceed assets on the balance sheet
- Zero dividend yield with no near-term payout visibility given the negative book value and high leverage
- Low interest coverage ratio flagged as a known concern, indicating debt servicing pressure on operating cash flows
- ROE and ROCE are unavailable (likely negative or not meaningful), making return on capital assessment impossible
- Debt-to-equity ratio is not computable due to negative equity, suggesting an over-leveraged capital structure
- 5-year compounded profit CAGR of only 16% versus 33% sales CAGR suggests margin pressure or high interest costs eroding profitability
- 10-year sales CAGR of just 6% reveals that the recent 42% TTM growth may not be sustainable long-term
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago- ICICI Sec sees 5% downside May 29
ICICI Securities maintains 'Hold' rating with ₹93 target price, implying ~5% downside from CMP of ₹98, citing expensive valuations despite improving earnings.
- Net debt remains at ₹34,000 Cr May 29
Net debt stood at ₹34,000 crore as of March 2026, only marginally down from ₹34,500 crore in December 2025, reflecting high leverage.
- Hyderabad & Medan traffic decline Jun 15
While overall traffic rose 6.1% YoY in May 2026, Hyderabad and Medan airports saw passenger declines, indicating uneven recovery across the portfolio.
- Q1 FY27 expected to be soft May 28
Elara Capital notes Q1 will be soft due to Middle East war impact, with airlines reducing domestic capacities affecting passenger traffic.
- GQG Partners exits 1.85% stake Jun 3
GQG Emerging Markets Equity Fund sold 19.5 crore shares at ₹97.75 per share in a ₹1,906 crore block deal, marking a notable institutional divestment.
- Stock down 8% YTD in 2026 May 29
Despite improving financials, shares have declined about 8% year-to-date in 2026 due to growing investor caution over near-term traffic trends.
- First full-year profit in decade May 28
GMR Airports achieved full-year PAT of ₹472 crore in FY26, its first positive annual profit in over a decade, with total income jumping 40% to ₹15,200.75 crore.
- Q4 FY26 turnaround to ₹400 Cr May 29
Q4 FY26 net profit swung to ₹400.49 crore from a loss of ₹252.66 crore YoY; EBITDA grew 38-47% YoY to ~₹1,480-1,549 crore in the quarter.
- Macquarie initiates at Outperform Jun 15
Macquarie initiated coverage with an 'Outperform' rating and ₹125 price target, implying ~20% upside from the ₹103 level; stock gained 3% on the news.
- Fidelity buys ₹1,906 Cr stake Jun 3
Fidelity Investment Trust acquired 19.5 crore shares (1.85% stake) at ₹97.75 per share from GQG Partners, signaling strong institutional confidence.
- Delhi airport swings to profit May 28
Delhi airport reported ₹476.9 crore profit in FY26 vs ₹976.2 crore loss last year, driven by AERA tariff revision and non-aero revenue of ₹3,607 crore (up 9%).
- Record 121.6M passengers in FY26 May 28
GMR airports handled a record 121.6 million passengers in FY26, with Delhi alone at 78.7 million; the company handles 27% of total Indian passenger traffic.
- Two new airports in Q2 FY27 May 28
Bhogapuram airport commissioning advanced to Q2 FY27 and Nagpur airport takeover planned for same period, adding ~4 million passengers to the portfolio.
- EBITDA surges 60% YoY in FY26 May 29
Full-year EBITDA rose 60% annually to ₹6,000 crore in FY26 despite only 1% passenger traffic growth, reflecting strong tariff and non-aero monetization.
- May traffic up 6.1% YoY Jun 15
GMR Airports handled 11 million passengers in May 2026, up 6.1% YoY; Delhi led with 14.7% surge while Hyderabad and Medan declined.
- ₹17.96 Cr block trade on NSE Jun 15
A block trade of approximately 16.9 lakh shares was executed at ₹106.19 per share on NSE, valued at ₹17.96 crore between institutional participants.
- Investor meetings in London & NY Jun 3
GMR Airports scheduled institutional investor meetings at Jefferies India Access Days in New York (Jun 8-9) and London (Jun 11-12, 2026).
- Promoter confirms zero encumbrance Jun 6
Promoter Aeroports de Paris S.A. confirmed no share encumbrance on GMR Airports shares during FY26, per SEBI regulations disclosure.
- Cost auditor appointed for FY27 May 28
GMR Airports appointed M/s. Narasimha Murthy & Co. as Cost Auditor for FY 2026-27, subject to shareholder ratification.
- FY26 consolidated net loss ₹336 Cr May 27
On a consolidated basis including discontinued operations, GMR Airports reported a net loss of ₹336.11 crore for FY26 with revenue from operations at ₹14,807.41 crore.
TL;DR: GMR Airports delivered its first full-year profit in over a decade in FY26, driven by Delhi airport tariff hikes and strong non-aero monetization, with EBITDA surging 60% despite flat passenger growth. Macquarie's Outperform initiation at ₹125 and Fidelity's ₹1,906 crore stake purchase signal institutional confidence, though high net debt of ₹34,000 crore and near-term traffic softness from geopolitical disruptions remain key risks. The trend is improving with two new airports (Bhogapuram, Nagpur) set to add passengers in Q2 FY27 and traffic recovery expected from H2 FY27, making the medium-term outlook constructive if execution holds.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,890 | 2,018 | 2,064 | 2,227 | 2,447 | 2,402 | 2,495 | 2,653 | 2,863 | 3,205 | 3,670 | 3,994 | 3,938 |
| Expenses | 1,635 | 1,265 | 1,337 | 1,558 | 1,630 | 1,506 | 1,636 | 1,662 | 1,854 | 2,041 | 2,223 | 2,293 | 2,493 |
| Operating Profit | 254 | 753 | 726 | 669 | 817 | 896 | 859 | 992 | 1,009 | 1,165 | 1,447 | 1,701 | 1,445 |
| OPM % | 13% | 37% | 35% | 30% | 33% | 37% | 34% | 37% | 35% | 36% | 39% | 43% | 37% |
| Other Income | 118 | 251 | 184 | 116 | 263 | 160 | 260 | 562 | 241 | 208 | 130 | -73 | 260 |
| Interest | 672 | 594 | 673 | 857 | 823 | 889 | 1,031 | 829 | 955 | 949 | 1,043 | 917 | 950 |
| Depreciation | 301 | 296 | 373 | 393 | 405 | 466 | 474 | 479 | 491 | 489 | 431 | 465 | 452 |
| PBT | -601 | 114 | -135 | -465 | -148 | -300 | -386 | 246 | -196 | -65 | 103 | 246 | 302 |
| Tax % | 6% | 85% | 40% | 5% | 13% | 13% | 11% | 18% | 29% | 111% | 66% | 29% | -32% |
| Net Profit | -637 | 17 | -190 | -486 | -168 | -338 | -429 | 202 | -253 | -137 | 35 | 174 | 400 |
| EPS in Rs | -0.73 | 0.03 | -0.15 | -0.53 | -0.2 | -0.23 | -0.27 | 0.25 | -0.23 | -0.2 | -0.04 | 0.12 | 0.29 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| Operating Profit | 2,555 | 457 | 3,163 | 1,558 | 1,453 | 2,178 | 905 | 2,285 | 1,727 | 2,972 | 3,775 | 5,757 |
| OPM % | 23% | 6% | 33% | 18% | 20% | 26% | 25% | 50% | 26% | 34% | 36% | 39% |
| Other Income | 23 | 369 | 381 | 718 | -1,228 | 144 | -1,930 | -521 | 923 | 788 | 1,205 | 524 |
| 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 |
| Depreciation | 1,813 | 1,197 | 1,019 | 1,028 | 984 | 1,064 | 886 | 889 | 1,038 | 1,466 | 1,910 | 1,837 |
| PBT | -2,806 | -2,568 | 397 | -1,069 | -3,444 | -2,287 | -3,714 | -1,144 | -727 | -635 | -635 | 586 |
| 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 |
| 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 |
| 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
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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)