GMR AIRPORTS LIMITED (GMRAIRPORT)
Mid CapServices stocks · Mid cap · NSE
GMR Airports Limited (GAL) is a leading global private airport operator with end-to-end capabilities across the airport value chain. It manages a portfolio of operational and under-development assets in India and internationally, holding the largest share of passenger traffic in India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 45/100Rev +24% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,967 Cr | +23.8% | +0.7% |
| EBITDA | ₹1,450 Cr | +24.5% | +0.3% |
| Operating margin | 37.0% | +100 bps | +0 bps |
| PAT | ₹148 Cr | NDF | -63.0% |
| PAT margin | 3.7% | +800 bps | -643 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
GMR Airports reports strong FY26 EBITDA growth of 47% YoY to INR 62bn, achieving first positive PAT in over a decade. Q4FY26 consolidated EBITDA grew 38% YoY, but declined 13% QoQ, with passenger traffic showing mixed trends.
GAL's strategic focus on non-aero businesses, real estate monetization, and new airport development is yielding results, evidenced by record FY26 EBITDA and positive PAT. While Q4FY26 saw some sequential moderation in traffic and EBITDA, the underlying growth drivers and project execution remain robust, supporting the long-term thesis.
FY26 Revenue from Operations Proforma Composition
Latest issuer-disclosed distribution across 2 reported categories.
Non-Aero Adjacency Businesses
GAL is adding more airport adjacency businesses to capture Non-Aero upside driven by strong India consumption story, with these businesses witnessing strong growth.
Real Estate Platform
Focus on maximizing value from Prime Airport Commercial Land parcels of 2,500+ acres, viewing it as an urban commercial developer opportunity.
DIAL CP4 Tariff Regime
Mature and predictable tariff regime for Aero Revenue, with CP4 Tariff for DIAL leading to significant uptick in Aero Revenue and Profitability.
Organic Growth from Expansion
Organic growth visibility post completion of expansion at Delhi and Hyderabad, leading to strong EBITDA growth.
Delhi Airport Terminal 3 International Capacity
Pier C of Terminal 3 converted to International Pier, increasing T3's annual international capacity by 50% up to 32mn passengers and wide-body stand availability by ~40%.
Hyderabad Airport Cargo Terminal 2
Commissioned Cargo Terminal 2 with initial handling capacity of ~50,000 mtpa, with dedicated expansion areas to double capacity to 100,000 mtpa.
Bhogapuram Airport Operationalization
Overall physical progress of 98.7% achieved as of 31 Mar’26, with an aim to operationalize the airport by Q2FY27, earlier than original target of Dec’26.
Crete Airport Construction
Construction works progressing as per schedule, with ~69% progress achieved as of 31 Mar’26.
Robust Traffic Growth Outlook
Long remaining concession period with rated capacity of ~400m pax positioned to capitalize on robust traffic growth outlook.
Strong India Consumption Story
GAL Platform added more airport adjacency businesses to capture Non-Aero upside driven by strong India consumption story.
Predictable Tariff Regime
Mature and predictable tariff regime for Aero Revenue driving 'Sustainable Cash Flow Profile', with CP4 Tariff for DIAL leading to significant uptick.
Improved Credit Rating
Adjacency businesses and dividends from airports leading to profitability and significant cash flows enabled GAL to secure better credit rating and lower debt cost.
Transient Operational Challenges
FY26 passenger traffic remained resilient amid a challenging operating environment that included evolving airspace conditions, isolated aviation incidents, and temporary airline schedule adjustments.
Geopolitical Developments
Global geopolitical developments impacted international airspace and routes from March 2026, affecting international traffic.
Airline Fleet Reactivation Delays
Medan Airport's domestic passenger growth was impacted by delays in reactivation of fleets by airlines.
Operational Disruptions
Temporary disruptions in flight operations due to changed airspace conditions and runway upgradation at Delhi Airport impacted traffic in Apr-Sep'25.
Geopolitical Impact on International Traffic
International traffic was impacted by Middle East geopolitical developments affecting international airspace and routes from March 2026.
Airline Capacity Management
Muted domestic traffic in Dec'25 was attributable to Indigo flight cancellations, indicating vulnerability to airline operational decisions.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing long-term growth and mitigating seasonal fluctuations inherent in airport operations. QoQ comparison provides insight into sequential momentum, immediate impact of tariff revisions, project commissioning, and short-term operational challenges or tailwinds.
Consolidated Passenger Traffic
Q4FY26: 31.7mn passengers (▲0.7% YoY, ▼1% QoQ). FY26: 121.6mn passengers (▲0.9% YoY).
Aero Yield Per Pax (YPP)
Q4FY26: INR 434 (▲67% YoY, ▲1% QoQ). FY26: INR 433 (▲62% YoY).
Non-Aero Income Per Pax (IPP)
Q4FY26: INR 640 (▼4% QoQ). FY26: INR 600. (Note: Previous periods not comparable due to recent concessions wins by GAL).
Consolidated EBITDA
Q4FY26: INR 15.5bn (▲38% YoY, ▼13% QoQ), with EBITDA margins at 50% (stable YoY). FY26: INR 62bn (▲47% YoY), with EBITDA margins at 52%.
Monetize Real Estate
Harness potential of prime airport commercial land through self-development and thematic monetization, building a scalable airport-led Real Estate Platform.
Strengthen Adjacencies
Strengthen non-aero adjacencies businesses at platform level by selectively participating in opportunities at GMR and non-GMR airports.
Operationalize & Develop New Assets
Operationalize Bhogapuram Airport by Q2FY27, take over operations at Nagpur Airport, and accelerate progress in the greenfield project at Crete (Greece).
Improve Profitability
Rationalize costs and focus on margin expansion, working towards further optimizing the cost of debt.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Bhogapuram Airport Operationalization | 98.7% overall progress as of Mar'26. | Successful operationalization by Q2FY27 and initial traffic ramp-up. |
| Crete Airport Construction Progress | ~69% progress as of Mar'26. | Continued progress as per schedule and commissioning timelines. |
| Non-Aero Business Growth | Non-Aero and Adjacency Businesses witnessing Strong Growth. | Sustained growth in Non-Aero IPP and successful execution of new commercial contracts at Bhogapuram. |
| Debt Optimization | GHIAL raised INR 21bn NCDs at 7.6% p.a., expecting >150bps interest savings. | Further optimization of debt costs across the platform and reduction in net debt. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
India's outbound tourism market is forecasted to grow at a CAGR of 12.3% from 2025 until 2033.
"India's outbound tourism market is forecasted to grow at CAGR of 12.3% from 2025 until 2033"
Delhi Airport traffic should see a pick-up moving ahead, especially in the seasonally strong Q3 and with the winter schedule, now that the runway and upgraded Terminal 2 are fully operational.
"we should see a pick-up in traffic moving ahead"
Outcome check: Revenue YoY averaged 50.5% across 1 later quarter(s).
IndiGo will launch daily flights to London and introduce Business Class on key regional routes starting October 2026.
"Starting Oct’26, IndiGo will launch daily flights to London and introduce Business Class"
The full quarter impact of GMR Airports taking over Delhi and Hyderabad duty-free and cargo businesses will be seen in Q3.
"the full quarter impact will be seen in Q3"
Outcome check: Revenue YoY averaged 50.5% across 1 later quarter(s).
Trend score and candlestick chart
39BearishSMA20 -8.2% / mo · MACD −
Technical chart
GMRAIRPORTdaily · 1Y · AUTO-0.5%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 39. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~8.9% over last month) — short-term momentum negative.
- RSI(14) at 39 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 16% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 2.6% of the 30-week proxy.
- The 30-week proxy changed +0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 31 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 31 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 16/25 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Fair-value margin of safety is negative at -707.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 66th percentile of the scored universe and 75th percentile within Services. Main check: balance sheet trust is weak at 48/100.
Healthy Trust Lite: Promoter holding is 67.2%. Key concern: Altman Z is 1.63.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 75th pctile, median 66 · Mid: 41st pctile, median 76
109 documents have extracted text, but claim history is not strong enough yet.
2/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 67.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸7 years of positive FCF.
Trust risks
- ▸Altman Z is 1.63.
- ▸Interest coverage is 1.6x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 183.00
- P/B
- —
- EV/EBITDA
- 18.67
- Market Cap
- 102897.00Cr
Profitability
- ROE
- —
- ROCE
- 11.60%
- ROA
- 1.39%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 33.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 30.00%
- EPS 3Y
- 42.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 1.57×
- Altman Z
- 1.63
- Book Value
- -2.60
Cash Flow
- FCF Yield
- 1.18%
- FCF Positive Y
- 7/5
- OCF
- 4884.00 Cr
- EPS TTM
- 0.46
Shareholding
- Promoter Hold
- 67.16%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 42%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.