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GMR Airports

GMRAIRPORT NSE
₹95.00 No trade today
P/E
206.52
View as Markdown
MCP
Close 4 Nov 2026 ₹95.00 +0.55 +0.58% 1Y
Start ₹94.45

Key Fundamentals

MidcapTransport InfrastructureServices

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
11.60%
Debt to Equity
Not meaningful: shareholders’ equity is negative
EPS (TTM)
₹0.46
Book Value
−₹2.33
Market Cap
—
P/E (TTM)
206.52
P/B
Not meaningful: book value is negative
ROE
Not meaningful: shareholders’ equity is negative
Dividend Yield
10.88%
EBITDA
₹6,150 Cr
52W High
₹115.64
52W Low
₹84.11
Volume
0

Peer Comparison

Services › Transport › Airport & Airport Services › Airport & Airport services

GMR Airports peer comparison
GMR Airports (this company)
₹95.00206.52₹98,093 Cr—10.88%—11.60%₹15,569 Cr₹757 Cr
Dreamfolks Services
₹58.30—₹312 Cr0.993.31%3.76%5.77%₹351 Cr−₹24 Cr
Median 2 companies₹76.65206.52₹49,202 Cr0.997.10%3.76%8.68%₹7,960 Cr₹367 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

56 Good

Data confidence 93/100

Category scores

Quality
81
Strong
Returns, margins, earnings quality 22% weight
Valuation
36
Poor
Cheap vs sector & own history 24% weight
Growth
77
Strong
Sales & profit trajectory 9% weight
Financial Health
23
Poor
Solvency, leverage, coverage 9% weight
Momentum
49
Average
Trend strength, vol-adjusted 12% weight
Ownership
61
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish748
OscillatorsBearish342
Moving AveragesStrong Bullish406

Key readings

RSI (14)
58.85
Neutral
MACD (12,26,9)
−1.02
Bullish
SMA (50)
93.65
Bullish
SMA (200)
98.44
Bearish

As of

Analyst Rating

Based on 9 analysts
BUY89%

8 of 9 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
8
89%
HOLD
1
11%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+6.01%
5Y+32.94%
3Y+30.42%
1Y+42.18%
TTM+38.81%

Net profit

Net profit growth by window
10YTurned to profit
5YTurned to profit
3YTurned to profit
1YTurned to profit
TTMTurned to profit

Operating cash flow

Operating cash flow growth by window
10Y+3.39%
5Y+338.86%
3Y+30.47%
1Y+41.85%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+33.35 pp
5Y+13.50 pp
3Y+13.00 pp
1Y+2.63 pp
TTM+2.92 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹9,557 Cr
Mar 2018₹8,556 Cr
Mar 2019₹7,411 Cr
Mar 2020₹8,395 Cr
Mar 2021₹3,566 Cr
Mar 2022₹4,601 Cr
Mar 2023₹6,674 Cr
Mar 2024₹8,755 Cr
Mar 2025₹10,414 Cr
Mar 2026₹14,807 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹347 Cr
Mar 2018−₹1,115 Cr
Mar 2019−₹3,356 Cr
Mar 2020−₹2,202 Cr
Mar 2021−₹3,428 Cr
Mar 2022−₹1,131 Cr
Mar 2023−₹840 Cr
Mar 2024−₹828 Cr
Mar 2025−₹817 Cr
Mar 2026₹472 Cr

Analyst Forecasts

Forecast For
Sep 27 consensus · EBITDA
₹1,024 Cr −36.7% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

GMR Airports Ltd trades at ₹91.1 per share with a market capitalization of ₹95,220.85 crore as of 2026-11-03. The company shows strong revenue momentum with 39% TTM sales growth and 159% TTM profit growth, but carries a steep trailing P/E of 198.04 and a negative ROE of -30.49%, reflecting a business in a high-investment phase with profitability yet to normalize.

Bull Case 8
  • TTM profit growth of 159% signals a sharp acceleration in earnings, indicating the company is transitioning toward profitability at scale.
  • Compounded sales growth of 33% over 5 years and 30% over 3 years demonstrates sustained top-line momentum driven by rising passenger traffic and airport expansion.
  • TTM revenue growth of 39% outpaces the 3-year compounded sales growth of 30%, suggesting an accelerating demand environment.
  • Promoter holding has increased by 0.83% over the last quarter, reflecting insider confidence in the business outlook.
  • The stock has delivered a 10-year CAGR of 22%, indicating long-term wealth creation despite near-term volatility.
  • The company is expected to deliver a good upcoming quarter, which could act as a near-term catalyst for sentiment improvement.
  • ROCE stands at 10.57%, showing that the company is generating a positive return on its deployed capital despite heavy infrastructure investments.
  • The 5-year stock CAGR of 19% and 3-year CAGR of 14% reflect consistent investor interest and compounding over medium-term horizons.
Bear Case 7
  • A trailing P/E of 198.04 implies the stock is priced at an extreme premium relative to current earnings, leaving little room for execution missteps.
  • ROE of -30.49% indicates that the company is destroying shareholder equity on a trailing basis, a concern for long-term capital efficiency.
  • The company has a low interest coverage ratio, signaling that debt servicing consumes a significant portion of operating earnings and elevates financial risk.
  • The stock trades at ₹91.1, down 21.2% from its 52-week high of ₹115.64, reflecting sustained selling pressure over recent months.
  • TTM EPS of just ₹0.46 against a share price of ₹91.1 underscores the thin earnings base supporting the current market capitalization of ₹95,220.85 crore.
  • The 1-year stock CAGR of -3% contrasts sharply with the strong profit growth, suggesting the market may already be skeptical about the sustainability of earnings improvement.
  • Despite a reported dividend yield of 11.19%, the sustainability of such payouts is questionable given the negative ROE and low interest coverage, warranting scrutiny of the payout's nature and recurrence.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: GMR Airports is delivering record passenger traffic, with H1FY27 volumes at 58.2 million led by strong Delhi Airport growth of 5% YoY. However, the stock trades at a steep premium (194x P/E) versus peers, and broader market headwinds from crude oil inflation and large institutional stake reductions pose near-term risks. The new real estate subsidiary signals long-term diversification intent but is pre-revenue. The trend is mixed — operational momentum is solid, but valuation and macro pressures warrant caution.

Headwinds 3
  • Crude oil inflation fears hit markets Oct 25

    Nifty 50 crashed 546 points (-2.36%) for the week to 22,600 amid surging crude oil prices, with rate-sensitive sectors seeing heaviest selling on input-cost and margin worries.

  • Elevated valuation vs peers Oct 09

    GMR Airports trades at a P/E of 194.34x versus a peer median of 30.03x, with ROCE at 11.88% against peer median of 15.98%, indicating significant premium pricing and lower capital efficiency.

  • GQG Partners trimming India exposure Oct 09

    GQG Partners has pared stakes worth ~₹24,400 crore in Indian companies in 2026, with a 9.1 crore share block deal in GMR Airports on Oct 9 at ₹89.53/share totaling ~₹818 crore potentially linked to this broader divestment trend.

Positives 3
  • Record H1FY27 passenger traffic Oct 16

    H1FY27 passenger traffic hit a record 58.2 million (+0.5% YoY), with Delhi Airport leading at 38.5 million (+5.0% YoY) and international traffic growing 3.5% YoY in September.

  • Stock rises on block deal momentum Oct 09

    Shares rose 2.32% to ₹90.04 on Oct 9, with market cap at ₹96,614.63 crore, supported by a block deal of ~9.08 crore shares worth ₹812.65 crore at ₹89.50/share.

  • Real estate subsidiary incorporated Oct 14

    GMR Aero Realty Limited incorporated on Oct 13 with ₹1 crore initial capital to explore airport-adjacent land development and real estate monetization opportunities.

Neutral 2
  • Hyderabad traffic decline continues Oct 16

    Hyderabad Airport traffic declined 11.7% YoY in H1FY27, partially offset by record cargo volumes at the airport.

  • Nifty support and resistance levels Oct 25

    Nifty 50 immediate support at 22,350-22,400 and resistance at 22,750-22,800, with RSI at 42.38 and cautious PCR of 0.74 reflecting a tentative market setup.

Quarterly Results

₹ Cr
GMRAIRPORT quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
4,095
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
2,620
Operating Profit
753
726
669
817
896
859
992
1,009
1,165
1,447
1,701
1,445
1,450
1,476
OPM %
37%
35%
30%
33%
37%
34%
37%
35%
36%
39%
43%
37%
37%
36%
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
993
Depreciation
296
373
393
405
466
474
479
491
489
431
465
452
456
493
PBT
114
−135
−465
−148
−300
−386
246
−196
−65
103
246
302
223
137
Tax %
85%
40%
5%
13%
13%
11%
18%
29%
111%
66%
29%
−32%
34%
52%
Net Profit
17
−190
−486
−168
−338
−429
202
−253
−137
35
174
400
148
65
EPS (₹)
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
—

Sep 2026: from the results filed on 28 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
GMRAIRPORT profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
−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%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
—

Balance Sheet

₹ Cr
GMRAIRPORT balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
GMRAIRPORT cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

GMRAIRPORT financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view GMR Airports insights

64 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 67.48%
  • FIIs 22.94%
  • DIIs 4.80%
  • Public 2.61%
  • Others 2.17%

16.47% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about GMR Airports

What does GMR Airports Ltd do?
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…
Where is GMR Airports Ltd (GMRAIRPORT) listed?
GMR Airports Ltd trades as GMRAIRPORT on the NSE and under code 532754 on the BSE.
Which sector does GMR Airports Ltd belong to?
GMR Airports Ltd is classified under the Transport sector, in the Airport & Airport Services industry.
What is the PE ratio of GMR Airports Ltd?
GMR Airports Ltd trades at a PE ratio of 206.52 as of 4 Nov 2026, on earnings per share of ₹0.46, against a book value of ₹-2.33 per share.
What is the 52-week high and low of GMR Airports Ltd?
Over the last 52 weeks GMR Airports Ltd has traded between ₹84.11 and ₹115.64 as of 4 Nov 2026.
Does GMR Airports Ltd pay dividends?
GMR Airports Ltd has a dividend yield of 10.88%.

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.

Website gmrgroup.in
CEO Mr. Grandhi Mallikarjuna Rao
Employees 8,629
Listed 21 Aug 2006
Face Value ₹1

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