GMR Airports Ltd (GMRAIRPORT) AI Stock Analysis

• Market Cap: ₹1.06T
• Dividend Yield: N/A
• Average Volume (3M): 721.65K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.31
• Revenue Growth: 29.47%
• EPS Growth: 83.38%
• Country: IN
• Employees: 7,227
• Sector: Services
• Sector Strength: N/A
• Industry: Airlines, Airports & Air Services
• EPS (TTM): -0.04
• Shares Outstanding: 10,558,976,000
• 10 Day Avg. Volume: 215,668
• 30 Day Avg. Volume: 721,653
• PEG Ratio: 3.41
• Price to Book (P/B): -32.26
• Price to Sales (P/S): 7.75
• P/FCF Ratio: -25.26
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: ₹107.00 ▲(2.44% Upside)

The overall stock score is primarily influenced by strong technical momentum, despite poor financial performance and valuation metrics. The company's revenue growth and operational improvements are overshadowed by its financial instability and negative profitability.

Positive Factors

Revenue Growth

The consistent revenue growth indicates a strong market position and effective business model, which can support long-term expansion and profitability.

Operational Efficiency

Improved operational efficiency enhances profitability potential, indicating that the company is managing its resources effectively to support sustainable growth.

Positive Operating Cash Flow

Positive operating cash flow demonstrates the company's ability to generate cash from its core operations, supporting ongoing investments and financial stability.

Negative Factors

High Debt Levels

High debt levels can strain financial flexibility and increase risk, potentially impacting the company's ability to invest in growth and weather economic downturns.

Negative Net Income

Consistent negative net income affects profitability and valuation, indicating challenges in converting revenue growth into sustainable earnings.

Negative Free Cash Flow

Negative free cash flow suggests that the company is investing heavily, but it also indicates pressure on cash management, which could limit financial flexibility.

GMR Airports Ltd Business Overview & Revenue Model

Company Description

GMR Airports Infrastructure Limited operates and develops airports in India. It is also involved in operation of international airports on build, own, operate, and transfer basis. The company was formerly known as GMR Infrastructure Limited and changed its name to GMR Airports Infrastructure Limited in September 2022. GMR Airports Infrastructure Limited was incorporated in 1996 and is based in New Delhi, India.

How the Company Makes Money

GMR Airports Ltd generates revenue through multiple channels, including aeronautical and non-aeronautical services. Aeronautical revenue comes from airlines for landing, parking, and terminal usage fees, which are charged based on the volume of passenger traffic and aircraft movements. Non-aeronautical revenue is derived from retail, food and beverage concessions, advertising, and real estate development within the airport premises. Additionally, the company benefits from partnerships with various stakeholders, including airlines, retail brands, and service providers, which enhance its revenue potential. Investments in airport expansion and modernization projects further bolster its earnings by increasing capacity and improving operational efficiency, ultimately supporting higher passenger traffic and ancillary services.

GMR Airports Ltd Financial Statement Overview

Summary

GMR Airports Ltd shows revenue growth and operational improvements, but persistent net losses and a heavily leveraged balance sheet are significant concerns. The company needs to address its financial leverage and improve profitability for long-term stability.

Income Statement

GMR Airports Ltd shows a consistent growth in total revenue over the past few years, with a notable increase from 65.57B in 2023 to 104.14B in 2025. However, the company struggles with net income, reporting negative values consistently, which affects its net profit margin. The gross profit margin is relatively stable, indicating efficient core operations. The EBIT and EBITDA margins have improved, suggesting better operational efficiency, but the negative net income remains a significant concern.

Balance Sheet

The company has a high level of debt, as evidenced by a negative stockholders' equity, resulting in a concerning debt-to-equity ratio. Total liabilities consistently exceed total assets, which implies financial instability. The negative equity ratio further highlights the company's reliance on debt financing. Return on equity cannot be calculated due to negative equity, indicating a need for improved financial structure.

Cash Flow

The operating cash flow is positive, which is a good sign, but the company is experiencing negative free cash flow due to significant capital expenditures. The free cash flow to net income ratio cannot be assessed properly due to negative net income. The trend shows the company is investing heavily, potentially for future growth, but current cash flow management is under pressure.

Breakdown	TTM	Dec 2025	Dec 2023	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	31.16B	104.14B	65.57B	85.95B	46.01B	26.62B
Gross Profit	3.64B	39.69B	21.00B	29.66B	21.88B	2.59B
EBITDA	9.04B	47.76B	26.15B	36.73B	21.97B	12.19B
Net Income	-5.33B	-3.93B	-1.79B	-5.59B	-10.23B	-27.97B
Balance Sheet
Total Assets	444.08B	487.57B	441.11B	486.83B	371.10B	499.60B
Cash, Cash Equivalents and Short-Term Investments	59.45B	36.04B	65.33B	56.13B	47.50B	73.35B
Total Debt	314.75B	382.18B	321.57B	358.87B	266.33B	368.58B
Total Liabilities	438.54B	505.46B	431.43B	495.53B	351.92B	486.42B
Stockholders Equity	-10.02B	-25.03B	-7.93B	-21.64B	-8.18B	-17.18B
Cash Flow
Free Cash Flow	-5.33B	-31.97B	-17.22B	-6.44B	1.18B	-16.42B
Operating Cash Flow	-5.33B	9.32B	21.99B	38.80B	32.56B	34.30M
Investing Cash Flow	0.00	-41.55B	-24.22B	-57.88B	-18.97B	24.33B
Financing Cash Flow	0.00	19.83B	17.31B	4.67B	-38.94B	-10.56B

GMR Airports Ltd Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 104.45
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GMRAIRPORT, the sentiment is Neutral. The current price of 104.45 is above the 20-day moving average (MA) of 102.48, above the 50-day MA of 102.00, and above the 200-day MA of 91.58, indicating a neutral trend. The MACD of -0.55 indicates Positive momentum. The RSI at 43.17 is Neutral, neither overbought nor oversold. The STOCH value of 21.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:GMRAIRPORT.

GMR Airports Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INDUSTOWER	79 Outperform	₹1.14T	12.23	―	―	7.80%	26.53%
IRCTC	72 Outperform	₹502.24B	36.61	―	1.32%	7.66%	14.36%
JSWINFRA	61 Neutral	₹526.52B	33.18	―	0.47%	22.40%	25.69%
GMRAIRPORT	56 Neutral	₹1.06T	-481.00	―	―	29.47%	83.38%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
INDIGO	55 Neutral	₹1.83T	35.82	―	0.20%	12.86%	-23.06%
GVKPIL	41 Neutral	₹4.72B	-0.48	―	―	-67.26%	-278.16%

GMR Airports Ltd Corporate Events

CARE Ratings Assigns and Reaffirms ‘CARE A; Stable / CARE A1’ Ratings for GMR Airports’ Bank Facilities and Bonds

GMR Airports Limited announced that CARE Ratings Limited has assigned a rating of ‘CARE A; Stable / CARE A1’ to its new long-term and short-term bank facilities amounting to Rs 500 crore. The rating agency also reaffirmed the same ratings for the company’s existing long-term and short-term bank facilities, as well as ‘CARE A; Stable’ for its outstanding non-convertible bonds, underscoring a stable credit profile that may support the company’s funding flexibility and investor confidence.

GMR Airports Raises Stake in Delhi Duty Free Services to 66.93%

GMR Airports Limited has increased its stake in Delhi Duty Free Services Private Limited (DDFS), the duty-free operator at Indira Gandhi International Airport, New Delhi, by acquiring 49.90% of DDFS’s equity from fellow subsidiary Delhi International Airport Limited for Rs 1,832.24 crore, taking its total holding in DDFS to 66.93%. The move consolidates GMR’s direct control over the profitable duty-free business—whose revenues have grown from Rs 1,541.83 crore in FY 2023 to Rs 2,177.32 crore in FY 2025—and aligns with its appointment as the new concessionaire for the Delhi duty-free operations and its plans to pursue further duty-free opportunities in India and overseas; the related-party transaction was conducted on an arm’s length basis, required no additional regulatory approvals, and has been cleared by the relevant corporate authorities.

GMR Airports Announces Postal Ballot for Key Board Appointments

GMR Airports Limited has issued a notice for a postal ballot to seek shareholder approval for key resolutions through remote e-voting. These resolutions include the appointment of six directors, comprising both Non-Executive Independent and Non-Executive Non-Independent roles, along with a proposal for remuneration for independent directors. The postal ballot process enables the company to reinforce its leadership structure and engage stakeholders, reflecting its commitment to governance and operational transparency.

GMR Airports Limited Announces Resignation of Alternate Director

GMR Airports Limited announced the resignation of Mr. Antoine Roger Bernard Crombez as an Alternate Director to Mr. Philippe Pascal, effective December 16, 2025, due to personal reasons and other professional commitments. This change in the board composition may impact the company’s governance dynamics, but the immediate operational or strategic implications for stakeholders were not detailed in the announcement.

GMR Airports Secures INR 750 Crore Loan for Cargo City Development

GMR Airports Limited has announced that its wholly-owned subsidiary, GMR Cargo and Logistics Limited (GCLL), has secured a Rupee Term Loan Facility of INR 750 crore from Axis Bank to support the development of Cargo City at Delhi International Airport. To secure this loan, GMR Airports has provided a Sponsor Support Undertaking, pledging 51% of its shares in GCLL and agreeing to infuse additional funds if necessary. The agreement with Axis Bank ensures financial backing for the project, which is crucial for the expansion and operational efficiency of GMR’s cargo services. The undertaking will remain valid through the construction period and one year of operations, with no immediate impact on GMR Airports’ financials.

GMR Airports Secures Tariff Stability for Hyderabad Airport

GMR Airports Limited announced that the Airports Economic Regulatory Authority of India (AERA) has approved their request to maintain the current aeronautical tariffs for the Rajiv Gandhi International Airport in Hyderabad for the last quarter of the fiscal year 2025-26. This decision allows the company to continue charging the same rates for landing, parking, and user development fees as in the previous quarters, potentially stabilizing revenue streams and providing consistency for stakeholders.