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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GMR AIRPORTS LIMITED ◆ | 1,03,457 | 213.0 | — | 24.0 | (30.5) | 0.8 | 18.9 | 39.5 |
| DREAMFOLKS SERVICES LTD | 350 | — | 1.10 | 15.6 | 3.6 | 4.8 | — | (43.8) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 213.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · GMR Airports to meet investors at Jefferies India Forum 2026 | board shareholder meetings | low | — | — |
| 9 Sept 2026 · GMR Airports allots INR 1,500 Cr non-convertible bonds at 9.56% | fund raising | high | — | — |
| 7 Sept 2026 · GMR Airports to voluntarily redeem Rs 1,500 Cr non-convertible bonds | credit debt | medium | — | — |
| 7 Sept 2026 · GMR Airports raises INR 1,500 cr via 5 percent NCDs to refinance debt | fund raising | high | — | — |
| 2 Sept 2026 · Crisil upgrades NCD ratings to AA-; CARE also assigns AA- on proposed NCDs | credit debt | medium | — | — |
| 28 Aug 2026 · Newspaper notice for 30th AGM published; meeting on September 21, 2026 | compliance | minimal | — | — |
| 27 Aug 2026 · GMR Airports files BRSR for FY 2025-26 with sustainability highlights | general | medium | — | — |
| 27 Aug 2026 · GMR Airports 30th AGM on Sep 21; seeks nod for 5000 Cr fund raise via QIP or FCCB | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Notice of 30th AGM on Sep 21; includes 5000 crore fund raise approval | board shareholder meetings | low | — | — |
| 27 Aug 2026 · GMR Airports 30th AGM on Sept 21; Rs 5,000 Cr fund raise proposed | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 16.3 |
| 11 of 11 |
| 0% |
| ROCE | 0.8 | 8.1 | 12 of 15 | 21% |
| ROE | (30.5) | 1.8 | 14 of 15 | 7% |
| Debt / Equity | (27.2) | 0.0 | 2 of 15 | 93% |
| 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 | 103457 | 350 | 2 of 15 | 93% |
| 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 |
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.
