GMR Airports Ltd.

•

gmraero.comBSE: 532754NSE: GMRAIRPORT

Market Cap₹ 1,03,584 Cr.

Current Price

High / Low₹ 116 / 84

Stock P/E216.6

Book Value₹ -3

Price to Book-32.64

Dividend Yield0.00 %

ROCE11.9 %

ROE0.0 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Airport Infrastructure: 61.4% • Power: 20.1% • EPC: 11.3%

AI Sector View

AI GENERATED

Services

Buy

Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Promoters have been increasing their shareholding - up 8.1pp over 2 years
Latest quarter profit grew 207.9% YoY, showing strong momentum
Company has delivered good sales growth of 32.9% CAGR over last 5 years
Operating margins have improved to 38.9% from 34.5%

CONS

Net worth is negative - accumulated losses have eroded equity
A large part of profit comes from other income (67.1% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -10.40x)
Company has a low return on equity of 0.0% over last 3 years
Company has a low return on capital employed of 9.3%
Interest coverage is weak at 1.2x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ServicesInfrastructureAirport Management Services

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	GMRAIRPORT	98.10	216.64	103583.55	0.00	147.96	207.91	3963.99	23.67	11.88	37.74

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	2,018	2,064	2,227	2,447	2,402	2,495	2,653	2,863	3,205	3,670	3,994	3,938	3,964
	1,266	1,337	1,558	1,630	1,506	1,636	1,662	1,854	2,041	2,223	2,293	2,493	3,910
Operating Profit	752	726	669	817	896	859	992	1,009	1,165	1,447	1,701	1,445	54
OPM %	37.26%	35.19%	30.03%	33.38%	37.31%	34.43%	37.38%	35.25%	36.34%	39.43%	42.58%	36.68%	1.35%
	185	68	94	224	120	211	504	203	161	119	-94	98	121
Interest	576	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
Profit before Tax	65	-252	-488	-187	-339	-435	187	-234	-112	92	225	141	223
Tax %	149.54%	-21.77%	-4.43%	-10.28%	-11.15%	-9.84%	23.57%	-24.32%	-64.58%	73.60%	31.93%	-69.62%	33.70%
Net Profit	0	0	0	0	-338	-429	202	-253	-137	35	174	4,005	148
	-0.05	-0.15	-0.53	-0.20	-0.23	-0.29	0.25	-0.23	-0.20	-0.04	0.12	0.29	0.09

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	9,557	8,721	7,576	8,556	3,566	4,601	6,674	8,755	10,414	14,807	15,566
	6,325	6,535	5,870	5,927	2,778	2,498	4,968	5,789	6,648	9,050	10,920
Operating Profit	3,231	2,186	1,706	2,629	788	2,103	1,706	2,966	3,766	5,757	4,646
OPM %	33.81%	25.06%	22.51%	30.72%	22.09%	45.70%	25.56%	33.88%	36.16%	38.88%	29.85%
	97	553	-1,504	-14	431	-30	850	567	1,029	285	244
Interest	2,128	2,316	2,684	3,545	1,803	2,019	2,338	2,929	3,705	3,859	3,847
Depreciation	1,019	1,028	984	1,064	886	889	1,038	1,466	1,910	1,837	1,804
Profit before Tax	113	-1,037	-3,554	-2,283	-1,530	-765	-735	-636	-635	586	681
Tax %	659.10%	-4.39%	2.46%	3.72%	18.72%	1.61%	-15.41%	-30.28%	-28.58%	19.40%	17.15%
Net Profit	-632	-1,083	-3,466	-2,198	-1,243	-752	-848	-829	-817	472	564
EPS	-0.94	-2.27	-5.95	-4.03	-4.64	-1.70	-0.30	-0.93	-0.37	0.17	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 6%
5 Years:: 33%
3 Years:: 30%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 12%

RETURN ON EQUITY

10 Years:: -24%
5 Years:: 0%
3 Years:: 0%
Last Year:: 0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	604	604	604	604	604	604	604	604	1,056	1,056
Minority Interest	1,714	1,826	1,695	2,675	3,037	2,736	1,762	1,294	715	931
	4,739	3,215	-1,057	-3,062	-2,322	-1,421	-1,396	-2,768	-3,820	-3,796
	23,915	25,469	30,214	37,143	40,026	29,471	34,380	41,871	42,708	45,731
Trade Payables	1,410	1,957	1,946	2,072	2,460	543	851	1,085	1,005	1,328
	4,471	4,827	6,409	6,441	5,334	4,390	7,151	5,897	6,493	8,892
Total Liabilities	36,852	37,898	39,811	45,872	49,138	36,323	43,351	47,984	48,156	54,142
	13,253	12,839	12,940	12,686	12,238	10,325	15,157	28,737	28,218	28,929
Capital Work in Progress	239	588	857	3,809	6,616	10,163	11,173	1,670	3,802	5,433
	12,422	12,871	10,115	10,119	9,674	3,798	4,478	4,425	4,288	5,959
	129	104	113	191	175	92	135	130	162	540
	0	0	0	0	0	0	0	482	531	596
Cash & Bank	1,771	1,979	1,630	4,449	6,413	3,116	4,021	2,826	944	993
	9,038	9,517	14,156	14,618	14,023	8,828	8,387	9,715	10,212	11,692
Total Assets	36,852	37,898	39,811	45,872	49,138	36,323	43,351	47,984	48,156	54,142

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,755	2,511	2,321	1,537	-36	3,345	2,155	3,880	3,443	4,884
Cash from Investing	1,793	-1,014	-3,605	-990	2,433	-1,897	-2,322	-5,788	-3,673	-3,577
Cash from Financing	-5,727	-1,191	816	1,617	-1,056	-3,894	1,731	467	-1,010	-1,238
	570	142	-737	2,003	1,381	-2,534	1,608	-1,442	-1,240	69

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.07	66.07	66.07	66.24	66.24	66.24	66.24	66.33	67.16
	25.95	14.79	14.84	15.07	15.72	17.06	18.94	20.17	21.72
	5.74	4.45	4.30	4.13	4.45	4.80	4.59	4.93	5.14
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	9.20	14.67	14.77	14.54	13.57	11.87	10.21	8.57	5.97

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-09 - GMR AIRPORTS LIMITED has informed the Exchange about Schedule of meet

2026-09-09

Allotment of Securities

2026-09-09 - GMR AIRPORTS LIMITED has informed the Exchange regarding Allotment of Non-Convertible Bonds

2026-09-07

Updates

2026-09-07 - GMR AIRPORTS LIMITED has informed the Exchange regarding 'Notice for Voluntarily Redemption of Non-Convertible Bonds'.

2026-09-07

Issue of Securities

2026-09-07 - GMR AIRPORTS LIMITED has informed the Exchange about Issuance of Non-Convertible Bonds

2026-09-02

Credit Rating

2026-09-02 - GMR AIRPORTS LIMITED has informed the Exchange about Credit Rating

2026-08-28

Copy of Newspaper Publication

2026-08-28 - GMR AIRPORTS LIMITED has informed the Exchange about Newspaper advertisements in respect of 30th Annual General Meeting ( AGM ) for Financial Year 2025-26

2026-08-27

Shareholders meeting

2026-08-27 - GMR AIRPORTS LIMITED has informed the Exchange regarding Notice of the 30th Annual General Meeting of the Company and related aspects

2026-08-26

Copy of Newspaper Publication

2026-08-26 - GMR AIRPORTS LIMITED has informed the Exchange about Intimation regarding Newspaper Advertisement in respect of 30th Annual General Meeting of the Company

2026-08-26

Updates

2026-08-26 - GMR AIRPORTS LIMITED has informed the Exchange regarding 'Update on Tariff'.

News

Recent coverage and analyst commentary for GMRAIRPORT

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GMR Airports Ltd.

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Name

GMRAIRPORT

98.10

216.64

103583.55

0.00

147.96

207.91

3963.99

23.67

11.88

37.74

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

2,018

2,064

2,227

2,447

2,402

2,495

2,653

2,863

3,205

3,670

3,994

3,938

3,964

1,266

1,337

1,558

1,630

1,506

1,636

1,662

1,854

2,041

2,223

2,293

2,493

3,910

Operating Profit

752

726

669

817

896

859

992

1,009

1,165

1,447

1,701

1,445

OPM %

37.26%

35.19%

30.03%

33.38%

37.31%

34.43%

37.38%

35.25%

36.34%

39.43%

42.58%

36.68%

1.35%

185

224

120

211

504

203

161

119

-94

121

Interest

576

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

Profit before Tax

-252

-488

-187

-339

-435

187

-234

-112

225

141

223

Tax %

149.54%

-21.77%

-4.43%

-10.28%

-11.15%

-9.84%

23.57%

-24.32%

-64.58%

73.60%

31.93%

-69.62%

33.70%

Net Profit

-338

-429

202

-253

-137

174

4,005

148

-0.05

-0.15

-0.53

-0.20

-0.23

-0.29

0.25

-0.23

-0.20

-0.04

0.12

0.29

0.09

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

9,557

8,721

7,576

8,556

3,566

4,601

6,674

8,755

10,414

14,807

15,566

6,325

6,535

5,870

5,927

2,778

2,498

4,968

5,789

6,648

9,050

10,920

Operating Profit

3,231

2,186

1,706

2,629

788

2,103

1,706

2,966

3,766

5,757

4,646

OPM %

33.81%

25.06%

22.51%

30.72%

22.09%

45.70%

25.56%

33.88%

36.16%

38.88%

29.85%

553

-1,504

-14

431

-30

850

567

1,029

285

244

Interest

2,128

2,316

2,684

3,545

1,803

2,019

2,338

2,929

3,705

3,859

3,847

Depreciation

1,019

1,028

984

1,064

886

889

1,038

1,466

1,910

1,837

1,804

Profit before Tax

113

-1,037

-3,554

-2,283

-1,530

-765

-735

-636

-635

586

681

Tax %

659.10%

-4.39%

2.46%

3.72%

18.72%

1.61%

-15.41%

-30.28%

-28.58%

19.40%

17.15%

Net Profit

-632

-1,083

-3,466

-2,198

-1,243

-752

-848

-829

-817

472

564

EPS

-0.94

-2.27

-5.95

-4.03

-4.64

-1.70

-0.30

-0.93

-0.37

0.17

—

Dividend Payout %

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

604

1,056

Minority Interest

1,714

1,826

1,695

2,675

3,037

2,736

1,762

1,294

715

931

4,739

3,215

-1,057

-3,062

-2,322

-1,421

-1,396

-2,768

-3,820

-3,796

23,915

25,469

30,214

37,143

40,026

29,471

34,380

41,871

42,708

45,731

Trade Payables

1,410

1,957

1,946

2,072

2,460

543

851

1,085

1,005

1,328

4,471

4,827

6,409

6,441

5,334

4,390

7,151

5,897

6,493

8,892

Total Liabilities

36,852

37,898

39,811

45,872

49,138

36,323

43,351

47,984

48,156

54,142

13,253

12,839

12,940

12,686

12,238

10,325

15,157

28,737

28,218

28,929

Capital Work in Progress

239

588

857

3,809

6,616

10,163

11,173

1,670

3,802

5,433

12,422

12,871

10,115

10,119

9,674

3,798

4,478

4,425

4,288

5,959

129

104

113

191

175

135

130

162

540

482

531

596

Cash & Bank

1,771

1,979

1,630

4,449

6,413

3,116

4,021

2,826

944

993

9,038

9,517

14,156

14,618

14,023

8,828

8,387

9,715

10,212

11,692

Total Assets

36,852

37,898

39,811

45,872

49,138

36,323

43,351

47,984

48,156

54,142

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

4,755

2,511

2,321

1,537

-36

3,345

2,155

3,880

3,443

4,884

Cash from Investing

1,793

-1,014

-3,605

-990

2,433

-1,897

-2,322

-5,788

-3,673

-3,577

Cash from Financing

-5,727

-1,191

816

1,617

-1,056

-3,894

1,731

467

-1,010

-1,238

570

142

-737

2,003

1,381

-2,534

1,608

-1,442

-1,240

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

59.07

66.07

66.24

66.33

67.16

25.95

14.79

14.84

15.07

15.72

17.06

18.94

20.17

21.72

5.74

4.45

4.30

4.13

4.45

4.80

4.59

4.93

5.14

Government

0.00

9.20

14.67

14.77

14.54

13.57

11.87

10.21

8.57

5.97

GMR Airports Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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GMR Airports Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI