GMR Airports
GMR Airports
Transport F&OKey Fundamentals
MidcapAirport & Airport ServicesTransportTapetide Score
Data-driven rating, 0–100. How it works →
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
AI Analysis — Bull vs Bear
GMR Airports Ltd has a market capitalisation of about ₹1,01,588 crore and trades at a P/E of 135.5x. Its compounded sales growth is 30% over 3 years and 39% on a TTM basis, and TTM profit growth is 159%. Its price-to-book of -31.93 implies negative net worth, it has a low interest coverage ratio, and several of the supplied metrics (ROE, ROCE, debt-to-equity, EPS, 52-week range, and a 10.25% dividend yield) are missing or look unreliable.
- Revenue growth has picked up sharply. Compounded sales growth is 39% on a TTM basis, 30% over 3 years and 33% over 5 years, compared with only 6% over 10 years. This suggests a recovery in traffic and non-aeronautical income after the pandemic.
- Profits are growing faster than revenue. Compounded profit growth is 159% TTM and 42% over 3 years, well above the 30% 3-year sales growth, which points to operating leverage as traffic rises across a largely fixed-cost airport base.
- The stock has compounded steadily over long periods: 24% CAGR over 10 years, 23% over 5 years and 18% over 3 years. This reflects sustained market recognition of the airport platform's value.
- Promoter holding rose by 0.83% in the last quarter, a sign of continued promoter commitment to the business.
- At about ₹1,01,588 crore in market cap, the company is one of the largest listed pure-play airport operators in India. It holds long-duration concession assets in a regulated sector with high barriers to entry.
- The supplied data expects the company to post a good quarter. Combined with 39% TTM sales growth, this points to near-term operating momentum continuing.
- The valuation is demanding at a P/E of 135.5x. That implies TTM earnings of only about ₹750 crore against a ₹1,01,588 crore market cap, leaving little room for error if growth slows.
- The price-to-book of -31.93 implies negative shareholder equity of about ₹3,200 crore. This reflects accumulated losses and a heavily leveraged capital structure.
- The company has a low interest coverage ratio. With airport capex funded largely through debt, earnings are vulnerable to higher interest rates and refinancing risk, and debt-to-equity cannot be computed meaningfully while net worth is negative.
- Long-term profit growth is modest. Profit compounded at only 8% over 10 years and 16% over 5 years, so the 159% TTM jump is partly a rebound from a low base and may not continue at that pace.
- The 10-year sales CAGR of just 6% shows that revenue has historically been cyclical and exposed to shocks such as pandemics, airline failures and changes in traffic patterns.
- Returns are subject to regulatory risk. Aeronautical tariffs are set by the regulator (AERA), so tariff resets and control-period decisions can materially change earnings. ROE and ROCE are unavailable in the data, which makes return quality hard to assess.
- Stock momentum has slowed. The 1-year return of 12% is below the 3-year CAGR of 18% and the 5-year CAGR of 23%.
- Data quality concern: the supplied 10.25% dividend yield doesn't fit a company with negative book value and low interest coverage, and looks like a data error. The 52-week high and low are reported as 0, and EPS, ROE, ROCE and debt-to-equity are null.
This is AI-generated analysis, not financial advice. Do your own due diligence. The supplied dividend yield of 10.25% was set to null because it looks unreliable. ROE, debt-to-equity, EPS and the 52-week range were not available in the source data.
AI News Digest
- Hyderabad and Goa traffic slump Sep 16
Hyderabad Airport traffic fell 11.5% YoY to 21.86 lakh passengers in August 2026, and aircraft movements dropped 14.2% to 14,583. Mopa (Goa) traffic stayed 22.8% below the year-ago level despite a 4.5% MoM recovery.
- Organic traffic decline, weak outlook Sep 17
Organic passenger traffic fell 2.6% YoY in August, and traffic at DIAL, GHIAL and GIAL was down 2.4%, with domestic traffic off nearly 4%. JM Financial expects the weakness to last until November 2026 because of the West Asia crisis.
- Elevated leverage persists Sep 9
Net debt-to-EBITDA stood at 6.7x in FY26, and Emkay projects it will only fall to 4.9x by FY29 while absolute debt stays elevated. FY26 adjusted profit was just ₹180 crore against ₹5,760 crore EBITDA (Macquarie).
- West Asia hits international growth Sep 16
International traffic grew only 0.5% YoY to 2.4 million in August because of flight disruptions linked to geopolitical instability in West Asia. Route rationalisation by airlines also weighed on domestic growth.
- TDSAT tariff ruling favours DIAL Sep 22
TDSAT ruled in favour of DIAL's appeal, and AERA has been directed to implement prior TDSAT rulings unless the Supreme Court stays them. Macquarie estimates potential profit upside of ₹1,400-1,500 crore and keeps Outperform with a ₹120 target.
- Strong Q1 FY27 earnings Sep 9
Consolidated total income rose 23% YoY to ₹4,085 crore and EBITDA rose 22% to ₹1,568 crore. PAT of ₹148 crore made it the fourth consecutive profitable quarter.
- Bond refinancing cuts coupon Sep 9
GMR allotted ₹1,500 crore of NCBs at 9.56% to refinance debt carrying a 10.75% coupon. It served the redemption notice on Sep 7 and completed early redemption of the old bonds on Sep 28, ahead of their 2028 maturity.
- Brokerages bullish, 21-25% upside Sep 17
JM Financial kept Buy with a ₹115 target (23.7% upside from ₹95.20), and Emkay initiated at Buy with a ₹120 target (25% upside). Macquarie projects revenue rising from ₹10,410 crore in FY26 to ₹22,600 crore by FY29E and adjusted profit from ₹180 crore to ₹2,550 crore.
- Non-aero and adjacencies scaling Sep 9
Non-aero and adjacent businesses made up 67% of FY26 revenue, and adjacency revenue grew 127%. Standalone GAL platform revenue rose from ₹1,300 crore to ₹4,200 crore after GMR took full control of duty-free at Delhi and Hyderabad and cargo at Delhi.
- Land monetisation runway Sep 17
GMR earned about ₹980 crore in lease income from 552 monetised acres in FY26, mostly from Delhi. About 2,451 of its 3,003 acres remain available for development, and it is shifting toward self-developed commercial property.
- Delhi hits record YTD traffic Sep 16
Delhi handled 60.83 lakh passengers in August, up 2.7% YoY, and YTD traffic reached a record 32.51 million, up 5.5%. Delhi accounts for about 66% of portfolio traffic.
- New airports and F&B contract Sep 23
Bhogapuram began operations on Aug 17 and handled 0.11 million passengers in August, and Nagpur handled 0.22 million. GMR also won a ₹158 crore F&B contract at IGI T3 that runs to May 2036, though its book-to-bill is low at 0.04x.
- August traffic flat at 9.4M Sep 15
Total August 2026 passengers rose 0.9% YoY to 9.4 million, with domestic up 1.1% to 7.1 million. First-seven-months FY27 traffic of 48.97 million was up only 0.4%, and the stock slipped 0.23% to ₹92.79.
- Airline ownership policy under review Sep 22
The Centre is examining whether to waive the OMDA rule that caps Delhi and Mumbai airport operators at a 10% stake in airlines, but Minister Naidu said no decision has been taken. IndiGo's Rahul Bhatia called such cross-holding 'without global precedent'.
- 30th AGM approves fundraise Sep 21
GMR Airports held its 30th AGM by video conference on Sep 21, 2026, where shareholders voted on eight resolutions, including a fundraise approval.
- Jefferies India Forum meetings Sep 9
Management is meeting institutional investors at the 2026 Jefferies India Forum in Gurugram on Sep 17-18, 2026.
- Unsolicited ESG score 74.41 Sep 18
Niche Ninety Nine gave GMR Airports an ESG rating of 74.41 on Sep 18, 2026. The company clarified it did not engage the agency.
TL;DR: GMR Airports is improving financially: Q1 FY27 revenue and EBITDA each grew over 20%, the high-margin non-aero and adjacency businesses are scaling, the TDSAT tariff ruling could add ₹1,400-1,500 crore of profit, and bond refinancing cut its coupon from 10.75% to 9.56%. The main risks are weak traffic, especially Hyderabad down 11.5% and Goa down 22.8%, West Asia disruption to international flights, and high leverage at 6.7x net debt-to-EBITDA. Brokerages see 21-25% upside, but traffic is expected to stay soft until November 2026. Watch for traffic growth to return from December 2026 on a favourable base, and for AERA to implement the tariff ruling.
Quarterly Results
| Particulars | 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
| Particulars | 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% | 6017% | — |
Balance Sheet
| Particulars | 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 | -3,827 | -3,803 |
| Borrowings | 49,929 | 39,444 | 21,484 | 23,441 | 27,580 | 34,442 | 36,864 | 26,633 | 32,157 | 35,905 | 38,485 | 43,550 |
| Other Liabilities | 11,091 | 14,708 | 10,026 | 11,012 | 12,949 | 14,319 | 14,697 | 11,272 | 12,557 | 14,748 | 12,845 | 13,755 |
| Total Liabilities | 66,794 | 59,143 | 36,852 | 37,898 | 40,075 | 46,302 | 49,843 | 37,087 | 43,921 | 48,489 | 48,559 | 54,558 |
| Fixed Assets | 34,183 | 34,513 | 15,773 | 15,643 | 16,080 | 16,178 | 12,772 | 10,325 | 15,157 | 28,737 | 28,218 | 28,929 |
| CWIP | 17,247 | 2,155 | 239 | 589 | 858 | 3,811 | 6,622 | 10,176 | 11,175 | 1,674 | 3,808 | 5,520 |
| 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 | 14,150 |
| Total Assets | 66,794 | 59,143 | 36,852 | 37,898 | 40,075 | 46,302 | 49,843 | 37,087 | 43,921 | 48,489 | 48,559 | 54,558 |
Cash Flow
| Particulars | 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 | -3,589 |
| 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 | 56 |
| 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 | 88 |
Ratios
| Particulars | 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 | -202 |
| ROCE % | 2% | -1% | 7% | 4% | 5% | 6% | 1% | 5% | 4% | 6% | 7% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY08–FY27.
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)
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