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GMR Airports Ltd
(GMRAIRPORT)
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Rating:48Neutral
Price Target:
₹87.00
▼(-11.81% Downside)
Action:Reiterated
Date:08/29/26
The score is held back primarily by balance sheet fragility (very high debt and negative equity) and weak cash conversion (mostly negative free cash flow), despite strong revenue growth and solid operating margins. Technicals are also bearish with the stock below major moving averages and negative MACD, while valuation is difficult to support due to a negative P/E and no dividend yield data.
Positive Factors
Strong revenue growth
The sharp revenue rebound indicates stronger operating scale and demand across the airport portfolio. Sustained top-line expansion can broaden the base for aeronautical charges and commercial income, while greater passenger and aircraft activity may improve the platform’s ability to absorb fixed infrastructure costs.
Negative Factors
Very high leverage
Very high debt and persistently negative equity make the capital structure fragile for a capital-intensive airport operator. Elevated leverage can restrict financial flexibility, increase dependence on continued financing access, and leave less capacity to absorb weaker operations or fund future infrastructure needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
The sharp revenue rebound indicates stronger operating scale and demand across the airport portfolio. Sustained top-line expansion can broaden the base for aeronautical charges and commercial income, while greater passenger and aircraft activity may improve the platform’s ability to absorb fixed infrastructure costs.
Read all positive factors
GMR Airports Ltd (GMRAIRPORT) vs. iShares MSCI India ETF (INDA)
Market Cap
₹973.22B
Dividend Yield0.39%
Average Volume (3M)920.93K
Price to Earnings (P/E)202.0
Beta (1Y)1.25
Revenue Growth38.77%
EPS GrowthN/A
CountryIN
Employees12,287
SectorGeneral
Sector StrengthN/A
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)0.46
Shares Outstanding10,558,976,000
10 Day Avg. Volume1,568,392
30 Day Avg. Volume920,933
Financial Highlights & Ratios
PEG Ratio-3.76
Price to Book (P/B)-37.17
Price to Sales (P/S)6.22
P/FCF Ratio-81.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.56
Revenue Forecast (FY)₹163.79B
GMR Airports Ltd Business Overview & Revenue Model
Company Description
GMR Airports Infrastructure Limited focuses on developing and managing airport facilities across India. The company also extends its operations to international airports, employing a build, own, operate, and transfer (BOOT) framework. Originally n...
How the Company Makes Money
GMR Airports Ltd primarily makes money by operating airports and monetizing both aviation-related (aeronautical) and non-aviation (non-aeronautical) activities. Aeronautical revenue is typically generated from charges and fees associated with airl...
GMR Airports Ltd Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
18
Very Negative
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 155.66B | 148.07B | 104.14B | 85.95B | 65.57B | 45.09B |
| Gross Profit | 71.24B | 67.31B | 39.69B | 25.02B | 17.89B | 19.90B |
| EBITDA | 61.54B | 62.81B | 49.80B | 35.33B | 26.15B | 22.11B |
| Net Income | 4.78B | 1.75B | -3.93B | -5.59B | -1.79B | -10.23B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 547.64B | 487.57B | 486.83B | 441.11B | 371.10B |
| Cash, Cash Equivalents and Short-Term Investments | 52.84B | 52.84B | 47.50B | 56.13B | 65.33B | 47.50B |
| Total Debt | 0.00 | 432.83B | 382.18B | 359.05B | 321.57B | 266.33B |
| Total Liabilities | 15.49B | 563.13B | 505.46B | 495.53B | 431.43B | 351.92B |
| Stockholders Equity | -15.49B | -24.80B | -25.03B | -21.64B | -7.93B | -8.18B |
Cash Flow | ||||||
| Free Cash Flow | 5.01B | -11.37B | -6.86B | -6.44B | -16.22B | 1.18B |
| Operating Cash Flow | 23.13B | 21.92B | 34.43B | 38.80B | 22.99B | 32.56B |
| Investing Cash Flow | -22.54B | -47.52B | -36.73B | -57.88B | -24.22B | -18.97B |
| Financing Cash Flow | -1.96B | 26.29B | -10.10B | 4.67B | 17.31B | -38.94B |
GMR Airports Ltd Technical Analysis
Negative
98.65
Price Trends
98.57
Negative
102.38
Negative
99.64
Negative
Market Momentum
-2.04
Positive
41.70
Neutral
17.14
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GMRAIRPORT, the sentiment is Negative. The current price of 98.65 is above the 20-day moving average (MA) of 94.92, above the 50-day MA of 98.57, and below the 200-day MA of 99.64, indicating a bearish trend. The MACD of -2.04 indicates Positive momentum. The RSI at 41.70 is Neutral, neither overbought nor oversold. The STOCH value of 17.14 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:GMRAIRPORT.
GMR Airports Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | ₹1.84B | 11.68 | ― | 2.77% | 28.38% | 107.25% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | ₹1.88T | -38.87 | ― | 0.21% | 8.96% | -171.64% | |
48 Neutral | ₹973.22B | 202.04 | ― | 0.39% | 38.77% | ― | |
23 Underperform | ₹13.32B | 32.78 | ― | ― | -14.50% | -239.75% |
* General Sector Average
IN:GMRAIRPORT
GMR Airports Ltd
92.17
2.30
2.56%
IN:ASPINWALL
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234.98
-23.58
-9.12%
IN:DESTINY
Destiny Logistics & Infra Limited
95.65
-38.45
-28.67%
IN:INDIGO
InterGlobe Aviation Ltd
4,849.85
-937.60
-16.20%
IN:JETAIRWAYS
Jet Airways (India) Limited
34.04
0.00
0.00%
IN:SPICEJET
SpiceJet Limited
8.73
-24.90
-74.04%
GMR Airports Ltd Corporate Events
GMR Airports’ Deputy CEO Resigns as Co-Promoter Reshapes Leadership
Oct 8, 2026
GMR Airports Limited has announced that Alexis Benjamin Riols has resigned from his roles as Executive Director and Deputy CEO, effective October 8, 2026, following Group ADP’s decision to withdraw his nomination due to its internal organiza...
GMR Airports Closes Trading Window Ahead of September Quarter Results
Sep 30, 2026
GMR Airports Limited has announced the closure of its trading window for designated persons and their immediate relatives in line with SEBI’s Prohibition of Insider Trading Regulations and its internal codes of conduct. The window will be sh...
GMR subsidiary wins long-term F&B concession at Delhi Airport Terminal 3
Sep 23, 2026
GMR Hospitality Ltd, an Indian subsidiary of GMR Airports Ltd, has been selected to design, finance, develop, operate, and manage food and beverage outlets at Terminal 3 of Indira Gandhi International Airport in New Delhi. The license runs initial...
Tribunal Backs GMR’s Delhi Airport Unit in Tariff Dispute With Regulator
Sep 20, 2026
Delhi International Airport Limited, a subsidiary of GMR Airports Limited, had challenged the Airports Economic Regulatory Authority of India’s tariff order for the fourth control period for Indira Gandhi International Airport covering 2024 ...
GMR Airports Raises ₹1,500 Crore via Lower-Cost Bond Refinancing
Sep 9, 2026
GMR Airports Limited has raised INR 1,500 crore through a private placement of 150,000 listed, unsecured, rated, redeemable non-convertible bonds, each with a face value of INR 1 lakh. The new INR-denominated bonds carry an effective interest rate...
GMR Airports to Engage Institutional Investors at Jefferies India Forum
Sep 9, 2026
GMR Airports Limited has informed the stock exchanges that it will participate in the Jefferies India Forum in Gurugram, Haryana, with one-on-one and group meetings scheduled with several institutional investors on September 17 and 18, 2026. The c...
GMR Airports Urges Investors to Use SEBI Window to Demat Old Physical Shares
Aug 22, 2026
GMR Airports Ltd has informed stock exchanges that, in line with a Securities and Exchange Board of India directive, a special one‑year window is open from February 5, 2026 to February 4, 2027 for the transfer and dematerialisation of physic...
GMR Airports to Engage Institutional Investors at Elara India Dialogue 2026
Aug 22, 2026
GMR Airports Limited has informed stock exchanges that it will participate in the Ashwamedh – Elara India Dialogue 2026 conference in Mumbai on September 1, 2026, where it plans one-on-one and group meetings with multiple institutional inves...
GMR Airports to Acquire Strategic Stake in Goa Airport Advertising Venture
Aug 6, 2026
GMR Airports Limited has agreed to subscribe up to 49% of the equity in TIM Goa Airport Advertising Private Limited, for a total consideration of about INR 16.59 crore through a mix of equity, loans, or convertible instruments. TIM Goa Airport Adv...
Regulator Sets Interim Aeronautical Tariffs for GMR’s Bhogapuram Airport
Jul 29, 2026
The Airports Economic Regulatory Authority has issued an ad-hoc tariff order for aeronautical charges at Bhogapuram International Airport, to apply from the airport’s commercial opening until regular tariffs are implemented for the first con...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.