GMRAIRPORT
Mid CapGMR AIRPORTS LIMITED
Services
GMR Airports Limited (GAL) is a leading global airports platform, the 2nd largest private airport operator globally and largest in India, managing 9 airport assets. It holds a 27.3% share of India's passenger traffic in FY26, with an operational capacity of ~172m pax and ~2,510 acres of land for real estate development. GAL views itself as a blend of utility, consumer platform, and real estate value creation.
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 is neutral, 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 31 Mar 2026
Average · 45/100Rev +38% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,938 Cr | +37.5% | -1.4% |
| EBITDA | ₹1,445 Cr | +43.2% | -15.0% |
| Operating margin | 37.0% | +200 bps | -600 bps |
| PAT | ₹400 Cr | NDF | +129.9% |
| PAT margin | 10.2% | +1900 bps | +580 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
GAL reports first positive PAT in over a decade for FY26 at INR 4.7bn, with consolidated EBITDA reaching a record high of INR 62bn, up 47% YoY. Q4FY26 Gross Income rose 36% YoY, driven by strong Aero revenue growth from revised tariffs and robust non-aero business performance, despite modest passenger traffic growth.
The company has achieved a significant financial turnaround, reporting positive PAT for the first time in over a decade, supported by record EBITDA. Strategic focus on non-aero businesses, real estate monetization, and new airport development is progressing. While passenger traffic growth was modest, the underlying demand remains resilient, and tariff revisions are boosting profitability. Debt refinancing has also improved the financial structure.
FY26 Revenue from Operations Proforma Composition
Latest issuer-disclosed distribution across 3 reported categories.
Non-Aero and Adjacency Businesses
GAL platform added more airport adjacency businesses to capture Non-Aero upside driven by strong India consumption story, witnessing strong growth.
Real Estate Platform
Focus on maximizing value from Prime Airport Commercial Land parcels of 2,500+ acres through self-development and thematic monetization.
Organic Growth from Expansion
Organic growth visibility post completion of expansion at Delhi and Hyderabad is expected to lead to strong EBITDA growth.
New Airport Concessions
Management intends to expand presence by participating in upcoming monetization rounds in India.
Delhi Airport Pier C Conversion
Converted to International Pier, increasing Terminal 3’s annual international capacity by 50% up to 32mn passengers and wide-body stand availability by ~40%.
Hyderabad Cargo Terminal 2
Commissioned with an initial handling capacity of ~50,000 mtpa, with dedicated expansion areas to double capacity to 100,000 mtpa.
Bhogapuram Airport Operationalization
Achieved 98.7% overall physical progress as of March 31, 2026, with an aim to operationalize the airport by Q2FY27.
Crete Airport Construction
Construction works are progressing as per schedule, with ~69% progress achieved as of March 31, 2026.
Robust Traffic Growth Outlook
Long remaining concession periods with rated capacity of ~400m pax position the company to capitalize on robust traffic growth.
India Consumption Story
Strong India consumption story is driving non-aero upside, captured through added airport adjacency businesses.
Predictable Tariff Regime
Mature and predictable tariff regime for Aero Revenue, with CP4 Tariff for DIAL leading to significant uptick in Aero Revenue and Profitability.
Improved Credit Profile
Adjacency businesses and dividends from airports are leading to profitability and significant cash flows, enabling better credit rating and lower debt cost.
Transient Operational and Geopolitical Challenges
FY26 traffic was resilient amid evolving airspace conditions, isolated aviation incidents, temporary airline schedule adjustments, planned runway upgradation at Delhi, and global geopolitical developments.
Domestic Fleet Reactivation Delays (Medan)
Domestic passenger growth at Medan Airport was impacted by delays in reactivation of fleets by airlines.
Regulatory Tariff Review
Multi Year Tariff Proposals for GHIAL (CP-4 from Apr'26-Mar'31) and Bhogapuram (CP-1 from Jul'26-Mar'32) are currently under review by AERA.
Foreign Exchange Fluctuations
The company reported a non-cash FX loss of ~INR 2.6bn in FY26 due to EUR appreciation.
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 essential for assessing long-term growth trends and normalizing seasonal variations inherent in airport operations and traffic. QoQ comparison is valuable for tracking sequential momentum in non-aero business ramp-ups, project execution, and the immediate impact of operational changes or transient disruptions.
Passenger Traffic (GAL owned airports)
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.
Consolidated EBITDA Margin
Q4FY26: 50% (stable YoY). FY26: 52% (▲1% YoY).
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 Adjacency Businesses
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, takeover operations at Nagpur Airport, and accelerate progress in the greenfield project at Crete (Greece).
Improve Profitability
Rationalize costs, focus on margin expansion, and work 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% physical progress achieved as of March 31, 2026. | Successful operationalization of the airport by Q2FY27, earlier than the original target of Dec'26. |
| DIAL Aero Revenue Uptick | Aero Revenues up 178% YoY in Q4FY26 due to revised tariffs. | Sustained high growth in Aero Revenue and profitability from the implemented CP4 tariff regime. |
| Non-Aero & Adjacency Business Growth | Non-Aero and Adjacency Businesses are witnessing strong growth. | Continued high revenue growth and increasing EBITDA contribution from these segments across the portfolio. |
| Debt Cost Optimization | GHIAL raised INR 21bn NCDs at 7.6% p.a. to refinance dollar debt, expecting >150bps interest cost savings. | Further reduction in net debt and continued optimization of overall debt cost across the group. |
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
49Neutrallabel neutral
Technical chart
GMRAIRPORTdaily · 1Y+7.5%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 61.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 61 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 7% off 52W high · 22% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 -1576.5%.
- 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
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 64th percentile of the scored universe and 71st percentile within Services. Main check: balance sheet trust is weak at 48/100.
Healthy Trust Lite: Promoter holding is 66.3%. Key concern: Altman Z is 1.64.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 71st pctile, median 66 · Mid: 41st pctile, median 76
136 documents indexed, 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 66.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸7 years of positive FCF.
Trust risks
- ▸Altman Z is 1.64.
- ▸Interest coverage is 1.5x.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 509.00
- P/B
- —
- EV/EBITDA
- 19.65
- Market Cap
- 105959.00Cr
Profitability
- ROE
- —
- ROCE
- 11.60%
- ROA
- 0.86%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 33.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 30.00%
- EPS 3Y
- 43.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 1.49×
- Altman Z
- 1.64
- Book Value
- -2.35
Cash Flow
- FCF Yield
- 1.14%
- FCF Positive Y
- 7/5
- OCF
- 4884.00 Cr
- EPS TTM
- 0.17
Shareholding
- Promoter Hold
- 66.33%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 67%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.