GMR AIRPORTS LIMITED (GMRAIRPORT)

Services · Transport Infrastructure · NSE · Updated 15 July 2026

₹111.82 ↑ 21.7% (1Y)

🎯 Key Takeaways

GMR Airports is transitioning from a multi-year loss-making phase to sustained profitability, driven by operational recovery and strategic investments in non-aero revenue streams. The company posted its first full-year net profit of INR 4.
Revenue grew 6.3% QoQ to ₹2,653 in Q3FY25.
⚠️ 1) Dependence on Delhi Airport for high margins creates concentration risk, despite diversification efforts. 2) Non-aero revenue growth remains muted,

Market Cap

₹1.02 L Cr

P/E Ratio

-140.0

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

GMR Airports is transitioning from a multi-year loss-making phase to sustained profitability, driven by operational recovery and strategic investments in non-aero revenue streams. The company posted its first full-year net profit of INR 4.7bn in FY26 after a INR 8.2bn loss in FY25, signaling a structural turnaround. Management is focused on scaling high-margin operations at Delhi and Mopa airports while advancing new projects like Bhogapuram Airport.

📰 What's Happening

In Q4 FY26, GMR Airports reported consolidated revenue of ₹1,845 crores, up 69.9% YoY, and net profit of ₹1,025 crores, up 12.3% YoY, reflecting strong passenger traffic recovery. The company maintained its FY27 capital expenditure guidance despite rising operational scale. Management highlighted cargo volume growth of 28.2% at Mopa and record EBITDA of INR 62bn, supported by luxury retail and aero revenue expansion from Terminal 3. Strategic wins include cargo terminal upgrades and a new MRO agreement with Boeing Defence India. The board appointed Narasimha Murthy & Co. as cost auditor for FY27, pending remuneration ratification at the upcoming AGM.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,895	2,018	2,064	2,227	2,447	2,402	2,495	2,653
Operating Profit	328	954	817	762	1,041	1,016	1,071	1,495
OPM %	13.7%	37.3%	35.2%	30.0%	33.4%	37.3%	34.4%	37.4%
Net Profit	-637	17	-190	-486	-168	-338	-429	202
EPS	₹-0.73	₹-0.05	₹-0.15	₹-0.53	₹-0.20	₹-0.23	₹-0.29	₹0.25

The company has reversed from consistent quarterly losses in FY24 and early FY25 to robust profitability in Q4 FY26, with net profit turning positive and operating margins expanding to 37.4% in Q3FY25. Revenue growth accelerated to 69.9% YoY in Q4 FY26, driven by higher passenger traffic and non-aero initiatives. Despite a high P/E of -140, the earnings trajectory reflects a clear inflection point, with management attributing improvement to EBITDA growth, debt refinancing, and operational efficiencies.

🔮 Management Outlook & What's Next

Management expects sustained growth in FY27, targeting operationalization of Bhogapuram Airport by Q2FY27 and continued expansion of non-aero revenues through retail and cargo enhancements. Capital expenditure guidance remains unchanged, indicating ongoing investment in airport infrastructure. Management emphasized cost optimization, including a 150bps reduction in interest costs from debt refinancing, as a key lever for margin improvement.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Transport Infrastructure

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Adani Ports and Special Economic Zone Limited	4.14 L Cr	30.8	12.5%	7.8%	0.57
GMR AIRPORTS LIMITED	1.02 L Cr	-140.0	—	—	—
JSW Infrastructure Limited	56,091	41.5	—	—	—
Gujarat Pipavav Port Limited	7,302	20.8	—	—	—
BF Utilities Limited	2,022	6.2	—	—	—
Innovision Limited	736	—	—	—	—
Allcargo Terminals Limited	629	14.9	—	—	—
Highway Infrastructure Limited	403	15.5	—	—	—
Dreamfolks Services Limited	401	5.8	—	—	—
ATLANTAA LIMITED	362	1.5	—	—	—

🔗 Peer Stock Analyses

ADANIPORTS JSWINFRA GPPL BFUTILITIE INNOVISION

⚠️ Risk Factors

1) Dependence on Delhi Airport for high margins creates concentration risk, despite diversification efforts. 2) Non-aero revenue growth remains muted, limiting margin upside. 3) Regulatory and operational risks at new projects like Bhogapuram could delay timelines. 4) High P/E reflects market skepticism about sustainability of profitability amid rising capex and competition.

📋 Recent Filings

🧠 Analyst's Read

GMR Airports is executing a clear turnaround, with profitability restored and operational momentum building across key airports. Investors should monitor execution of Bhogapuram Airport, pace of non-aero revenue growth, and management's ability to sustain margin expansion amid rising capex. The next few quarters will test the durability of the recovery.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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