GMR Airports
GMR Airports
Transport F&OKey Fundamentals
MidcapAirport & Airport ServicesTransportTapetide Score
Data-driven rating, 0–100. How it works →
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.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3h agoGMR Airports Ltd commands a market cap of ₹101,060 Cr with a PE of 135.1x, reflecting premium growth expectations. The company has delivered strong TTM sales growth of 39% and TTM profit growth of 159%, but carries a negative price-to-book ratio of -31.84x and a low interest coverage ratio, indicating significant leverage on the balance sheet.
- TTM revenue growth of 39% signals strong post-pandemic traffic recovery and tariff revisions across its airport portfolio
- TTM profit growth of 159% shows rapid improvement in bottom-line performance and operating leverage kicking in
- 3-year compounded sales CAGR of 30% demonstrates sustained top-line momentum, not a one-off spike
- 3-year compounded profit CAGR of 42% indicates accelerating profitability trend over a meaningful period
- Stock price CAGR of 29% over 5 years reflects consistent long-term wealth creation for shareholders
- Promoter holding increased by 0.83% over the last quarter, signaling insider confidence in the business outlook
- Company is expected to deliver a good upcoming quarter, suggesting near-term earnings visibility remains intact
- 10-year stock CAGR of 22% shows the business has compounded value across multiple market cycles
- PE ratio of 135.1x is extremely elevated, leaving little margin of safety if growth disappoints even marginally
- Negative price-to-book ratio of -31.84x indicates negative book value, meaning accumulated losses exceed total equity on the balance sheet
- Low interest coverage ratio highlights that debt servicing consumes a large share of operating earnings, raising solvency risk
- ROE and ROCE data are unavailable (null), making it difficult to assess capital efficiency and return generation for shareholders
- Debt-to-equity ratio is not reportable (null due to negative equity), underscoring the stressed balance sheet position
- 10-year compounded sales CAGR of only 6% suggests that the recent 39% TTM growth may not be structurally sustainable at this pace
- 10-year compounded profit CAGR of just 8% indicates historically weak earnings power despite recent acceleration
- Dividend yield of 10.28% appears anomalous for a company with negative book value and may reflect special distributions or data irregularities rather than sustainable payouts
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Emkay Buy, ₹120 target Sep 9
Emkay Global initiated coverage with a Buy rating and ₹120 target price, implying 25% upside from ₹96. Projects revenue CAGR of 13.7% to ~₹21,800 crore by FY29 and EBITDA margin expansion from 38.9% to 41.8%.
- Q1FY27 profit, 23% revenue growth Sep 9
Consolidated total income rose 23% YoY to ₹4,085 crore in Q1FY27, EBITDA grew 22% to ₹1,568 crore, and PAT of ₹148 crore marked the fourth consecutive profitable quarter.
- Debt refinanced at lower rate Sep 9
Allotted ₹1,500 crore NCBs at 9.56% to refinance existing debt at 10.75%, reducing interest costs by ~119 bps on the tranche.
- Non-aero revenue up 127% Sep 9
Non-aeronautical and adjacent businesses hit 67% of FY26 revenue, with adjacency revenue jumping 127% in FY26. Emkay projects a 14% CAGR for the segment through FY29.
- Vizag airport commences ops Aug 18
GMR Visakhapatnam International Airport commenced operations at Alluri Sitarama Raju International Airport, expanding GMR's operational footprint across India.
- ₹19,400 Cr capex planned Aug 25
GMR Airports has planned ₹19,400 crore investment over 5-7 years to expand and modernise Delhi and Hyderabad airports, driven by strong passenger traffic growth.
- ₹1,500 Cr NCB redemption notice Sep 7
Served notice for voluntary redemption of ₹1,500 crore in NCBs scheduled for late September 2026 under two ISINs.
- AERA revises Hyderabad charges Aug 26
AERA revised aeronautical charges for GMR Hyderabad Airport effective September 1, setting a new tariff framework for April 2026 to March 2031.
- Investor meets at forums Sep 9
GMR Airports scheduled investor meetings at Jefferies India Forum (Sep 17-18) and Elara India Dialogue (Sep 1) for institutional engagement.
- AGM on September 21 Aug 26
GMR Airports' 30th Annual General Meeting scheduled for September 21, 2026, to be conducted via video conferencing.
- FY26 BRSR report released Aug 27
Released Business Responsibility and Sustainability Report for FY26, assured by Grant Thornton Bharat LLP, covering ESG performance metrics.
TL;DR: GMR Airports is firing on multiple cylinders — fourth consecutive profitable quarter, 23% revenue growth, and a strategic pivot toward higher-margin non-aero businesses that now contribute 67% of revenue. The debt refinancing at lower rates and Emkay's Buy initiation with ₹120 target reinforce the bullish narrative. No material headwinds surfaced in the recent news cycle, though the ₹19,400 crore capex plan and elevated net debt-to-EBITDA of 6.7x warrant monitoring. The trend is clearly improving, with deleveraging and margin expansion expected through FY29.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| Operating Profit | 753 | 726 | 669 | 817 | 896 | 859 | 992 | 1,009 | 1,165 | 1,447 | 1,701 | 1,445 | 1,450 |
| OPM % | 37% | 35% | 30% | 33% | 37% | 34% | 37% | 35% | 36% | 39% | 43% | 37% | 37% |
| 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 |
| Depreciation | 296 | 373 | 393 | 405 | 466 | 474 | 479 | 491 | 489 | 431 | 465 | 452 | 456 |
| PBT | 114 | -135 | -465 | -148 | -300 | -386 | 246 | -196 | -65 | 103 | 246 | 302 | 223 |
| Tax % | 85% | 40% | 5% | 13% | 13% | 11% | 18% | 29% | 111% | 66% | 29% | -32% | 34% |
| Net Profit | 17 | -190 | -486 | -168 | -338 | -429 | 202 | -253 | -137 | 35 | 174 | 400 | 148 |
| EPS in Rs | 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 in Rs | -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% | 6017% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY08–FY26.
Documents
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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.(Source : 201903 Annual Report Page No: 145)
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