NSE: GMRAIRPORT · BSE: 532754
GMR AIRPORTS LIMITED
Operates a portfolio of airports under long-term DBFOT (Design, Build, Finance, Operate, Transfer) concessions, with the consolidated Airports segment accounting for 100% of segment revenue in the most recent disclosed period. The largest asset is Delhi International Airport, which handled 78.7 million passengers in FY26, followed by Hyderabad at 30.5 million and the greenfield Mopa (Goa) airport at 5.4 million, with international holdings in Medan (Indonesia) and Cebu (Philippines). New concessions are expanding the footprint: operations at Nagpur commenced on June 25, 2026 and Bhogapuram International Airport in Andhra Pradesh is 98.7% complete and targeting a Q2 FY27 opening. Revenue is earned from regulated aeronautical tariffs set by AERA — Delhi's aero revenue surged 178% year-on-year in FY26 on revised tariffs under Control Period 4 — alongside non-aeronautical streams such as duty-free retail (newly launched at Delhi and Hyderabad), cargo terminals, real estate and parking. Total income reached Rs 15,201 crore in FY26 (up 40% year-on-year) and EBITDA was Rs 6,150 crore at a 40.8% margin. The cost base is dominated by other operating expenses (42.9% of revenue), depreciation (12.4%) and employee costs (11.6%), with capex absorbing 22.5% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Airports (100%). Asset-heavy, regulated airport operator with long-tenure DBFOT concessions and significant capex
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,601 | 6,693 | 8,755 | 10,414 | 14,807 |
| EBITDA (ex other income) | 1,714 | 1,978 | 3,081 | 4,373 | 5,648 |
| margin % | 37.3 | 29.6 | 35.2 | 42.0 | 38.1 |
| Owners' profit | (1,131) | (179) | (559) | (393) | 175 |
| EPS, as reported (₹) | (1.70) | (0.30) | (0.93) | (0.43) | 0.17 |
| ROE % · ROCE % | (59.0) · 3.9 | (86.7) · 4.4 | 95.2 · 4.9 | 45.7 · 7.2 | (30.5) · 10.0 |
| Debt / equity (x) | 13.82 | 33.19 | (40.57) | (21.04) | (27.24) |
| Cash from operations | 3,256 | 2,299 | 3,880 | 3,443 | 4,884 |
| Capex | (3,138) | (3,921) | (4,525) | (4,129) | (3,329) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,495 | 2,653 | 2,863 | 3,205 | 3,670 | 3,994 | 3,938 | 3,964 |
| Profit before tax | (435) | 187 | (234) | (112) | 93 | 225 | 141 | 174 |
| Net profit | (429) | 202 | (253) | (137) | 35 | 174 | 400 | 148 |
| EPS (₹) | (0.29) | 0.25 | (0.23) | (0.20) | (0.04) | 0.12 | 0.29 | 0.09 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GMR AIRPORTS LIMITED ◆ | 95,031 | 195.7 | — | 22.6 | (30.5) | 0.8 | 18.9 | 39.5 |
| DREAMFOLKS SERVICES LTD | 314 | — | 0.98 | 13.9 | 3.6 | 4.8 | — | (43.8) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 195.7 | 15.8 | 10 of 10 | 0% |
| ROCE | 0.8 | 6.7 | 11 of 14 | 23% |
| EBITDA margin | 39.5 | 39.5 | 8 of 15 | 50% |
| Revenue growth | 23.7 | 13.2 | 3 of 12 | 82% |
| Profit growth | 207.9 | 10.2 | 1 of 13 | 100% |
| Market cap | 95031 | 314 | 2 of 15 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 29 Oct 2026 · Q2FY27 profit after tax INR 65 crore; fifth straight positive quarter | compliance | minimal | — | — |
| 28 Oct 2026 · Q2 FY27 profit rises, but EBITDA margin slips to 49 percent | investor communications | medium | — | — |
| 28 Oct 2026 · Sanjeev Gupta appointed Deputy CEO as Alexis Riols resigns | management changes | medium | — | — |
| 28 Oct 2026 · GMR Airports names Sanjeev Gupta Deputy CEO as Riols resigns | management changes | medium | — | — |
| 28 Oct 2026 · Sept 2026 results approved; Deputy CEO appointed, director resigns | management changes | medium | — | — |
| 28 Oct 2026 · Results approved, Deputy CEO appointed and director resigns | management changes | medium | — | — |
| 26 Oct 2026 · GMR Airports schedules Q2 FY2027 earnings call for October 29 | board shareholder meetings | low | — | — |
| 25 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 23 Oct 2026 · Special window allows transfer of eligible physical shares | compliance | minimal | — | — |
| 16 Oct 2026 · Monthly Traffic Update Sep 2026: Total Pax Up 0.9%, Delhi Strong, HYD and Goa Weak | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.