GMR Airports Ltd.
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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 GENERATEDServices
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GMRAIRPORT | 98.20 | 216.86 | 103689.14 | 0.00 | 147.96 | 207.91 | 3963.99 | 23.67 | 11.88 | 37.74 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - GMR AIRPORTS LIMITED has informed the Exchange about Schedule of meet
2026-09-09 - GMR AIRPORTS LIMITED has informed the Exchange regarding Allotment of Non-Convertible Bonds
2026-09-07 - GMR AIRPORTS LIMITED has informed the Exchange regarding 'Notice for Voluntarily Redemption of Non-Convertible Bonds'.
2026-09-07 - GMR AIRPORTS LIMITED has informed the Exchange about Issuance of Non-Convertible Bonds
2026-09-02 - GMR AIRPORTS LIMITED has informed the Exchange about Credit Rating
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 - GMR AIRPORTS LIMITED has informed the Exchange regarding Notice of the 30th Annual General Meeting of the Company and related aspects
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 - GMR AIRPORTS LIMITED has informed the Exchange regarding 'Update on Tariff'.
News
Recent coverage and analyst commentary for GMRAIRPORT
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