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Model Note · GMR AIRPORTS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GMR AIRPORTS LIMITED Discounted cash flow · base FY26
GMR AIRPORTS LIMITED
Value per share, this model₹55
CMP 2026-09-10₹97.98
Difference(44.2)%
Growth the CMP implies40.6%/yr
This note states the assumptions and the arithmetic of one model of GMR AIRPORTS LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
30% a year
FY26 42.2% · 5-yr CAGR 18.9%
EBITDA margin
38.1%
FY26 38.1% · 5-yr average 36.4%
Depreciation · capex, % of revenue
12.4% · 22.5%, fading to 1.2× depreciation
FY26 12.4% · 22.5%
Working capital, % of added revenue · tax
0% · 32.8%
-5 working-capital days · effective 32.8%
Discount rate
11.00%
1-yr beta 1.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹41,586 · ₹0 · ₹0 cr
FY26 net debt ₹41,586 cr
Shares
1,055.90 crore
1,055.90 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
14,807
19,250
25,025
32,532
42,291
54,979
growth %
42.2
30.0
30.0
30.0
30.0
30.0
EBITDA
5,648
7,334
9,534
12,395
16,113
20,947
Depreciation
(1,837)
(2,387)
(3,103)
(4,034)
(5,244)
(6,817)
NOPAT
2,561
3,324
4,322
5,618
7,304
9,495
less capex
(3,329)
(4,331)
(5,154)
(6,080)
(7,099)
(8,181)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1,380
2,271
3,572
5,449
8,132
Present value
1,310
1,942
2,752
3,782
5,084
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · GMR AIRPORTS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
14,870
PV of the terminal value (85% of EV)
84,450
Enterprise value
99,320
less net debt
(41,586)
less non-controlling interest
0
add non-operating investments
0
Equity value
57,734
÷ 1,055.90 crore shares
₹55
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
58
66
76
87
102
10.5%
50
56
64
74
85
11.0%
43
48
55
62
72
11.5%
36
41
47
53
61
12.0%
31
35
40
45
52
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
