GMR Airports Ltd.

•

gmraero.comBSE: 532754NSE: GMRAIRPORT

Market Cap₹ 1,03,689 Cr.

Current Price

High / Low₹ 116 / 84

Stock P/E274.5

Book Value₹ 56

Price to Book1.51

Dividend Yield0.00 %

ROCE2.0 %

ROE0.3 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2018 • EPC: 66.6% • Others: 33.4%

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

Promoters have been increasing their shareholding - up 8.1pp over 2 years
Company has delivered good sales growth of 256.9% CAGR over last 5 years
Latest quarter profit grew 132.4% YoY, showing strong momentum
Working capital cycle has improved - days down from 157 to 38
Institutional investors have been accumulating - FII+DII up 6.7pp
Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (55.5% of PBT)
Company has a low return on capital employed of 1.3%
Company has a low return on equity of -0.5% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.76x)
Interest coverage is weak at 1.1x - 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	98.20	216.86	103689.14	0.00	147.96	207.91	3963.99	23.67	11.88	37.74

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	150	178	197	297	202	282	271	508	478	945	1,239	1,581	1,224
	69	90	117	199	114	168	156	149	368	706	895	906	1,151
Operating Profit	81	88	80	98	89	114	115	358	109	239	343	675	73
OPM %	53.90%	49.42%	40.72%	33.02%	43.80%	40.39%	42.42%	70.58%	22.91%	25.27%	27.72%	42.68%	5.94%
	1	2	0	7	0	108	6	2	13	3	8	16	6
Interest	183	177	272	251	228	281	165	288	297	384	281	292	290
Depreciation	2	3	4	4	4	4	5	4	4	13	20	20	21
Profit before Tax	-103	-90	-195	-150	-143	-64	-49	68	-178	-155	50	379	79
Tax %	-1.74%	-0.76%	-0.86%	-0.28%	-1.72%	0.13%	-0.82%	0.00%	-0.00%	14.16%	0.00%	-6.27%	26.66%
Net Profit	-105	-91	-197	-150	-146	-63	-49	68	-178	-133	50	403	58
	-11.00	-0.10	-0.21	-0.16	-0.15	-0.06	-0.05	0.06	-0.17	-0.12	0.05	0.38	0.05

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,180	742	1,101	1,155	7	39	623	822	1,263	4,242	4,989
	451	811	845	710	32	44	372	475	582	2,876	3,659
Operating Profit	728	-69	256	445	-25	-5	251	347	682	1,366	1,329
OPM %	61.74%	-9.24%	23.24%	38.51%	-340.25%	-12.57%	40.26%	42.23%	53.95%	32.20%	26.65%
	-3,652	322	-428	-983	-12	-16	-426	10	110	40	33
Interest	745	822	846	893	78	79	1,008	882	962	1,254	1,246
Depreciation	16	19	24	24	1	1	2	13	17	56	73
Profit before Tax	-3,684	-588	-1,042	-1,454	-117	-101	-1,184	-537	-188	96	353
Tax %	-0.00%	-0.02%	0.78%	-1.72%	-0.00%	-58.38%	0.16%	-0.85%	-1.48%	-47.54%	-7.03%
Net Profit	-3,684	-588	-1,034	-1,479	-117	-159	-1,183	-542	-191	142	378
EPS	-6.12	-0.98	-1.72	-2.45	-2.12	-0.51	-1.25	-0.90	-0.18	0.13	—
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:: 13%
5 Years:: 257%
3 Years:: 90%

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:: -8%
5 Years:: -2%
3 Years:: 0%
Last Year:: 0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	5,914	16,510	11,098	11,464	9,134	9,788	33,134	52,433	52,734	58,247
	5,990	6,720	7,698	8,036	5,027	1,016	8,031	8,899	9,892	12,354
Trade Payables	220	333	496	552	563	18	118	101	93	468
	617	2,240	2,398	3,626	2,937	1,658	10,553	15,731	9,307	10,278
Total Liabilities	13,344	26,407	22,293	24,282	18,265	13,084	52,441	77,768	73,082	82,404
	71	119	159	135	129	1	7	215	210	924
Capital Work in Progress	0	21	0	0	0	0	46	5	2	20
	9,824	22,620	12,239	15,117	13,805	12,614	47,850	74,491	69,613	77,380
	66	38	45	98	79	0	0	2	3	414
	0	0	0	0	0	0	0	143	166	196
Cash & Bank	45	93	25	25	85	15	2,508	41	49	136
	3,337	3,516	9,825	8,906	4,168	454	2,028	2,871	3,039	3,333
Total Assets	13,344	26,407	22,293	24,282	18,265	13,084	52,441	77,768	73,082	82,404

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	60	-221	466	-135	44	-29	-68	-66	413	103
Cash from Investing	-9	-25	75	43	2,622	223	209	-1,203	-1,132	-230
Cash from Financing	-335	248	-591	123	-2,634	-233	2,112	-1,161	704	217
	-298	53	-63	11	34	-35	2,323	-2,430	-16	90

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

98.20

216.86

103689.14

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

150

178

197

297

202

282

271

508

478

945

1,239

1,581

1,224

117

199

114

168

156

149

368

706

895

906

1,151

Operating Profit

114

115

358

109

239

343

675

OPM %

53.90%

49.42%

40.72%

33.02%

43.80%

40.39%

42.42%

70.58%

22.91%

25.27%

27.72%

42.68%

5.94%

108

Interest

183

177

272

251

228

281

165

288

297

384

281

292

290

Depreciation

Profit before Tax

-103

-90

-195

-150

-143

-64

-49

-178

-155

379

Tax %

-1.74%

-0.76%

-0.86%

-0.28%

-1.72%

0.13%

-0.82%

0.00%

-0.00%

14.16%

0.00%

-6.27%

26.66%

Net Profit

-105

-91

-197

-150

-146

-63

-49

-178

-133

403

-11.00

-0.10

-0.21

-0.16

-0.15

-0.06

-0.05

0.06

-0.17

-0.12

0.05

0.38

0.05

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

1,180

742

1,101

1,155

623

822

1,263

4,242

4,989

451

811

845

710

372

475

582

2,876

3,659

Operating Profit

728

-69

256

445

-25

-5

251

347

682

1,366

1,329

OPM %

61.74%

-9.24%

23.24%

38.51%

-340.25%

-12.57%

40.26%

42.23%

53.95%

32.20%

26.65%

-3,652

322

-428

-983

-12

-16

-426

110

Interest

745

822

846

893

1,008

882

962

1,254

1,246

Depreciation

Profit before Tax

-3,684

-588

-1,042

-1,454

-117

-101

-1,184

-537

-188

353

Tax %

-0.00%

-0.02%

0.78%

-1.72%

-0.00%

-58.38%

0.16%

-0.85%

-1.48%

-47.54%

-7.03%

Net Profit

-3,684

-588

-1,034

-1,479

-117

-159

-1,183

-542

-191

142

378

EPS

-6.12

-0.98

-1.72

-2.45

-2.12

-0.51

-1.25

-0.90

-0.18

0.13

—

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

5,914

16,510

11,098

11,464

9,134

9,788

33,134

52,433

52,734

58,247

5,990

6,720

7,698

8,036

5,027

1,016

8,031

8,899

9,892

12,354

Trade Payables

220

333

496

552

563

118

101

468

617

2,240

2,398

3,626

2,937

1,658

10,553

15,731

9,307

10,278

Total Liabilities

13,344

26,407

22,293

24,282

18,265

13,084

52,441

77,768

73,082

82,404

119

159

135

129

215

210

924

Capital Work in Progress

9,824

22,620

12,239

15,117

13,805

12,614

47,850

74,491

69,613

77,380

414

143

166

196

Cash & Bank

2,508

136

3,337

3,516

9,825

8,906

4,168

454

2,028

2,871

3,039

3,333

Total Assets

13,344

26,407

22,293

24,282

18,265

13,084

52,441

77,768

73,082

82,404

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-221

466

-135

-29

-68

-66

413

103

Cash from Investing

-9

-25

2,622

223

209

-1,203

-1,132

-230

Cash from Financing

-335

248

-591

123

-2,634

-233

2,112

-1,161

704

217

-298

-63

-35

2,323

-2,430

-16

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