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Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
GMR Airports Ltd
NSE: GMRAIRPORTIndustrialsAirports & Air Services
- Last close
- ₹86.38
- Day change
- −₹1.02 (−1.17%)vs
- Market cap
- ₹96,311 crIndian rupees
- Research updated
- 2 reports
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About GMR Airports
GMR Airports Limited development, maintenance, and operation of airports in India. It is also involved in operation of international airports on build, own, operate, and transfer basis. In addition, the company engages in construction business, including engineering, procurement, and construction contracting activities; and provides security services, as well as engages in maintenance, repairing, and overhauling of aircraft. The company was formerly known as GMR Airports Infrastructure Limited and changed its name to GMR Airports Limited in September 2024. GMR Airports Limited was incorporated in 1996 and is based in New Delhi, India.
- Sector
- Industrials
- Industry
- Airports & Air Services
- Listing
- NSE: GMRAIRPORT
- Chief executive
- Mr. Grandhi Kiran Kumar B.Com, MBA
- Employees
- 12,287
- Headquarters
- New Delhi, India
- ISIN
- INE776C01039
- Website
- gmraero.com
Public research · Report of
Business model & financial foundation
GMR Airports (NSE: GMRAIRPORT), Airport operations (regulated airport concessions, duty free, airport services): revenue of ₹14,807 crore in FY26 (+42.2% on FY25), an EBITDA margin of 38.9%, net profit of ₹175.5 crore and net debt of ₹34,000 crore.
- Revenue, FY26 (₹ crore)
- 14,807
- consolidated
- Revenue growth, FY26
- +42.2%
- on FY25
- EBITDA margin, FY26
- 38.9%
- EBITDA excl. other income / revenue
- Net profit, FY26 (₹ crore)
- 175.5
- to owners
- Return on equity, FY26
- -10.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 34,000
- Net debt as stated by company (excl. ADP FCCB)
- Market capitalisation (₹ crore)
- 95,416
- at the close of 14 Oct 2026
Company profile
GMR Airports is India's largest private airport operator by passengers: it runs Delhi (India's busiest airport, ~79 mn passengers in FY26), Hyderabad (~30 mn), Goa Mopa and the new Bhogapuram airport, plus Nagpur and international assets in Medan and Crete. Aeronautical charges are set by the regulator AERA on a hybrid-till regulated return; non-aeronautical income (duty free, retail, F&B, cargo, real estate) is the growth lever, and Delhi pays 45.99% of revenue to AAI. The group carries about INR 34,000 cr of net debt and negative consolidated equity after years of expansion.
| Item | Value |
|---|---|
| Legal name | GMR Airports Limited (formerly GMR Airports Infrastructure Limited, GMR Infrastructure Limited) |
| Exchange and ticker | NSE: GMRAIRPORT; BSE: 532754 |
| ISIN | INE776C01039 |
| CIN | L52231HR1996PLC113564 |
| Sector | Industrials |
| Industry | Airport operations (regulated airport concessions, duty free, airport services) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since reappointed 2024) |
| Market capitalisation | ₹95,416 crore (14 Oct 2026) |
| Shares outstanding | 1,056 crore shares (FY26) |
| Price | ₹90.34 (close, 14 Oct 2026) |
| 52-week range | ₹84.11 - ₹115.6 (to 14 Oct 2026) |
| Website | https://www.gmrairports.com |
Corporate structure and shareholding
Parent: GMR Enterprises Pvt Ltd (GMR family promoter group, with Groupe ADP as co-promoter).
| Entity | Holding | Business |
|---|---|---|
| Delhi International Airport Ltd (DIAL) | 74% | Concessionaire of Indira Gandhi International Airport, Delhi; pays 45.99% revenue share to AAI |
| GMR Hyderabad International Airport Ltd (GHIAL) | 74% | Concessionaire of Rajiv Gandhi International Airport, Hyderabad; 4% revenue share |
| GMR Goa International Airport Ltd (GGIAL) | 99.99% | Manohar International Airport, Mopa, Goa; 36.99% revenue share from Dec 2024 |
| GMR Visakhapatnam International Airport Ltd (GVIAL) | 99.99% | Bhogapuram greenfield airport, Andhra Pradesh; commercial operations from 17 Aug 2026 |
| Delhi Duty Free Services Pvt Ltd | 66.93% | Duty-free retail at Delhi airport; consolidated as subsidiary in FY26 (earlier a JV) |
| Kualanamu airport, Medan (Angkasa Pura Aviasi JV) | 49% | Medan airport concession, Indonesia (equity accounted) |
| New Heraklion airport, Crete | 21.64% | Greenfield airport under construction (associate) |
| GMR Aero Realty Limited | 100% | Wholly owned vehicle, incorporated 13-Oct-2026, for airport-linked real estate, land development and related activities. Economics beyond INR1cr initial capital are undisclosed. |
Holdings per FY26 annual report; GAL also runs Nagpur airport (taken over 25 Jun 2026) and services businesses (MRO, cargo).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 66.24% | 66.24% | 66.33% | 67.16% |
| Promoter holding pledged | 16.61% | 15.51% | 15.49% | 16.44% |
| Foreign institutions | 17.08% | 18.96% | 20.17% | 21.74% |
| Domestic institutions | 4.81% | 4.59% | 4.93% | 5.13% |
| of which mutual funds | 3.06% | 2.42% | 2.32% | 2.51% |
| Retail | 11.87% | 10.21% | 8.56% | 5.97% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
GMR Airports (NSE: GMRAIRPORT, BSE: 532754) is a consolidated airport holding platform: DIAL and GHIAL are 74%-owned, Goa and Bhogapuram nearly fully owned, Medan/Crete equity-accounted. Revenue is gross before concession share; Delhi’s 45.99% revenue share is structurally costly, versus Hyderabad 4% and Goa 36.99%. Duty-free consolidation from FY26 breaks comparability. GMR Aero Realty Ltd was incorporated on 13-Oct-2026 as a wholly owned INR1cr vehicle for airport-linked real estate and land development. It does not disclose a project, land parcel, capex, debt, timetable or commercial contract, so it is a structure/milestone item rather than current operating revenue.
| Peer | Why the dossier compares them |
|---|---|
| Adani Enterprises (ADANIENT) | Only other large private Indian airport operator (Adani Airports, ~23% of Indian pax), though inside a conglomerate |
| Aeroports de Paris | Global listed airport operator; co-promoter of GAL |
| Airports of Thailand | |
| Aena | Largest listed airport operator, regulated dual-till model |
| Grupo Aeroportuario del Pacifico | Emerging-market listed airport group with regulated tariffs and commercial growth |
| Fraport | Listed airport operator with capex-heavy expansion and leverage |
| Flughafen Zurich | Listed airport operator; builder of Noida airport competing with Delhi |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (gross, before revenue share) | 3,772 | 5,832 | 8,755 | 10,414 | 14,807 |
| Cost of revenue (vendor classification) * | 2,412 | 4,456 | 5,629 | 6,785 | 8,472 |
| Other operating costs (vendor classification) * | 839.7 | 1,355 | 1,508 | 1,647 | 2,002 |
| EBITDA (vendor classification) * | 2,647 | 2,413 | 3,400 | 4,049 | 6,136 |
| EBIT * | 1,223 | 1,572 | 2,207 | 2,888 | 4,356 |
| Finance costs | 1,988 | 2,307 | 2,929 | 3,705 | 3,859 |
| Profit before tax | -764.6 | -735.1 | -634.8 | -635.3 | 586.1 |
| Tax expense (credit negative) | -12.3 | 113.3 | 192.6 | 181.6 | 113.7 |
| Profit after tax | -1,131 | -839.9 | -827.5 | -816.9 | 472.4 |
| Diluted EPS (₹) | -1.70 | -0.30 | -0.93 | -0.43 | 0.13 |
| Other income | 452.4 | 421.7 | 393.3 | ||
| Revenue share paid/payable to concession grantors | 2,347 | 2,635 | 3,444 | ||
| Materials + purchase of stock in trade + inventory change | 214.5 | 315.7 | 981.8 | ||
| Employee benefits expense | 1,242 | 1,486 | 1,717 | ||
| Other expenses incl. sub-contracting and FX loss | 1,986 | 2,212 | 2,908 | ||
| EBITDA excl. other income | 2,966 | 3,766 | 5,757 | ||
| EBITDA as reported (incl. other income, pre-exceptional) | 3,418 | 4,188 | 6,150 | ||
| Depreciation and amortisation | 1,466 | 1,910 | 1,837 | ||
| Share of profit of JVs/associates | 225.2 | 184.8 | 239.5 | ||
| Exceptional items (gain +) | 115.1 | 607.4 | -108.5 | ||
| Profit attributable to non-controlling interests | -268.2 | -424.1 | 296.9 | ||
| Profit attributable to owners | -559.3 | -392.9 | 175.5 | ||
| COGS plus other operating expenses | 2,200 | 2,528 | 3,890 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (incl. NCI) | 1,918 | 968.9 | -869.7 | -1,789 | -1,549 |
| Borrowings (non-current + current, excl. lease liabilities) | 26,633 | 33,306 | 35,285 | 37,634 | 42,196 |
| Cash + other bank balances + current investments | 1,619 | 3,278 | 5,643 | 3,604 | 5,284 |
| Trade receivables * | 375.5 | 368.9 | 481.7 | 530.9 | 596.3 |
| Inventories * | 92.4 | 134.7 | 130.3 | 162.2 | 540.2 |
| Trade payables * | 2,057 | 2,556 | 2,994 | 1,985 | 1,953 |
| Net property, plant and equipment * | 3,295 | 5,231 | 9,638 | 11,295 | 11,361 |
| Capital work in progress * | 10,163 | 11,173 | 1,670 | 4,099 | 5,661 |
| Total assets * | 37,110 | 44,111 | 48,683 | 48,757 | 54,764 |
| Net debt as stated by company (excl. ADP FCCB) | 27,100 | 31,500 | 34,000 | ||
| Equity attributable to owners of the parent | -2,164 | -2,503 | -2,480 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 83.9 | 662.4 | 3,880 | 3,443 | 4,884 |
| Free cash flow (vendor definition) * | 118.4 | -1,722 | -644.5 | -686.3 | 1,555 |
| Purchase of PPE/intangibles incl. CWIP (net) | -3,062 | -3,884 | -4,525 | -4,129 | -3,329 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 603.59 | 603.59 | 603.59 | 917.96 | 1,056 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (gross, before revenue share) | 2,495 | 2,653 | 2,863 | 3,205 | 3,670 | 3,994 | 3,938 | 3,964 |
| Cost of revenue (vendor classification) * | 1,979 | 2,105 | 2,150 | 2,209 | ||||
| Other operating costs (vendor classification) * | 614.4 | 638.4 | 757.0 | 763.8 | ||||
| EBITDA (vendor classification) * | 1,111 | 1,346 | 1,259 | 1,161 | ||||
| EBIT * | 1,146 | 1,163 | 1,252 | 1,161 | ||||
| Finance costs | 1,031 | 829.1 | 955.2 | 949.1 | 1,043 | 916.9 | 949.9 | 937.9 |
| Profit before tax | -386.0 | 246.3 | -195.8 | -65.0 | 103.1 | 245.7 | 302.3 | 223.2 |
| Tax expense (credit negative) | 42.8 | 44.2 | 56.8 | 72.1 | 68.1 | 71.7 | -98.2 | 75.2 |
| Profit after tax | -428.8 | 202.1 | -252.7 | -137.1 | 35.1 | 174.0 | 400.5 | 148.0 |
| Diluted EPS (₹) | -0.29 | 0.22 | -0.23 | -0.20 | -0.04 | 0.12 | 0.23 | 0.07 |
| Other income | 102.6 | 95.0 | 113.4 | 115.5 | 84.4 | 88.7 | 104.7 | 120.5 |
| Revenue share paid/payable to concession grantors | 636.9 | 666.8 | 774.8 | 810.9 | 851.1 | 852.6 | 928.9 | 977.9 |
| Materials + purchase of stock in trade + inventory change | 76.9 | 86.3 | 83.1 | 103.2 | 234.4 | 343.5 | 300.7 | n.r. |
| Employee benefits expense | 368.0 | 386.1 | 393.5 | 408.3 | 432.0 | 434.9 | 442.0 | 460.2 |
| Other expenses incl. sub-contracting and FX loss | 554.5 | 522.3 | 602.6 | 718.2 | 705.5 | 662.6 | 821.9 | n.r. |
| EBITDA excl. other income | 859.2 | 991.7 | 1,009 | 1,165 | 1,447 | 1,701 | 1,445 | 1,447 |
| EBITDA as reported (incl. other income, pre-exceptional) | 961.8 | 1,087 | 1,123 | 1,280 | 1,531 | 1,789 | 1,549 | 1,568 |
| Depreciation and amortisation | 474.2 | 478.7 | 491.3 | 488.7 | 431.3 | 464.6 | 452.1 | 455.6 |
| Share of profit of JVs/associates | 48.6 | 58.9 | 37.8 | 46.6 | 10.6 | 21.1 | 161.3 | 49.1 |
| Exceptional items (gain +) | 108.7 | 408.6 | 90.1 | 46.0 | 35.0 | -183.1 | -6.40 | 0.00 |
| Profit attributable to non-controlling interests | -148.4 | -64.8 | -15.1 | 74.5 | 72.2 | 52.1 | 98.1 | 57.0 |
| Profit attributable to owners | -280.4 | 266.9 | -237.6 | -211.6 | -37.1 | 121.8 | 302.4 | 91.0 |
| COGS plus other operating expenses | 631.4 | 608.6 | 685.7 | 821.4 | 939.8 | 1,006 | 1,123 | 1,079 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 41.7% | 54.6% | 50.1% | 19.0% | 42.2% |
| EBITDA margin | 33.9% | 36.2% | 38.9% | ||
| Net margin | -6.4% | -3.8% | 1.2% | ||
| Return on equity | -1,127.7% | 29.6% | -10.5% | ||
| Return on capital employed | 3.7% | 5.0% | 6.4% | 8.2% | 11.4% |
| Return on assets | -1.2% | -0.8% | 0.3% | ||
| Net debt (₹ crore) | 27,100 | 31,500 | 34,000 | ||
| Net debt / EBITDA | 9.14x | 8.36x | 5.91x | ||
| Interest cover | 0.62x | 0.68x | 0.75x | 0.78x | 1.13x |
| Asset turnover | 0.09x | 0.14x | 0.19x | 0.21x | 0.29x |
| Receivable days | 36 | 23 | 20 | 19 | 15 |
| Inventory days (on revenue) | 9 | 8 | 5 | 6 | 13 |
| Payable days (on revenue) | 199 | 160 | 125 | 70 | 48 |
| Cash conversion | -6.94x | -8.76x | 27.8x | ||
| Capex intensity | 81.2% | 66.6% | 51.7% | 39.6% | 22.5% |
| Free cash flow (₹ crore) | -2,978 | -3,221 | -644.5 | -686.3 | 1,555 |
| EPS, diluted (₹) | -1.70 | -0.30 | -0.93 | -0.43 | 0.13 |
| Book value per share (₹) | 3.18 | 1.61 | -1.44 | -1.95 | -1.47 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excl. other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt as stated by company (excl. ADP FCCB); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excl. other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on GMR Airports includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on GMR Airports
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.