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GMR Airports Q2 FY27 Share Price & Earnings Call Analysis

₹86.92-0.40% today
Market cap
₹92,676 Cr
P/E
164.94
PEG
3.90
Price to sales
5.95
Debt to equity
0.00
52W high / low
₹115 / ₹84.8
Sales growth (5Y)
32.94%
EBITDA margin
38.81%
Net profit margin
3.64%
Promoter holding
67.16%
Sales (last year)
₹15,569 Cr

GMR Infrastructure is mainly engaged in development, maintenance and operation of airports, generation of power, coal mining and exploration activities, development of highways, development, maintenance and operation of special economic zones, and construction business including Engineering, Procurement and Construction (EPC) contracting activities.(Source : 201903 Annual Report Page No: 145)

Guidance scorecard · Q2 FY27 call

What GMR Airports Ltd's management guided
and where it ranks in Transport Infrastructure

Revenue10–20%MarginsFlatCapexPlannedFundraisingNone plannedOrder bookWhat management said

RevenueQ4 FY26 call

10–20%
  • GMR Airports expects 5% to 7% growth in traffic volumes for the full fiscal year, supported by organic growth and addition of new airports (Bhogapuram and Nagpur) starting operations in Q2 FY27.
  • Non-aeronautical revenue platform is showing strong momentum, with expectations of 15% to 16% year-on-year growth in non-aero platform businesses.
  • Bhogapuram becoming operational will add to non-aero revenues; Nagpur also expected to contribute in coming years.
  • Long-term strategy focuses on capturing secular growth backed by India's expanding middle class and infrastructure momentum.
  • Delhi airport's international passenger capacity has increased by about 50% (to 32 million), catering to the next 4-5 years of demand.

2 more points from GMR Airports Ltd's call on revenue

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Full Q4 FY26 analysis

MarginsQ4 FY26 call

Flat

See what GMR Airports Ltd said on margins — free account, 30 seconds.

Full Q4 FY26 analysis

CapexQ4 FY26 call

Planned
  • FY27 capex expected around INR450 crores primarily for real estate (Delhi Aerocity commercial building handover planned).
  • Bhogapuram airport: Final project payments of INR700-800 crores to be incurred in FY26/27; operationalization planned in Q2 FY27 (ahead of original Dec '26 target).
  • Nagpur airport: Some additional debt and capex (~INR200 crores) expected as operations commence.
  • Other airports mainly limited to operational capex, no major expansions planned.
  • Real estate projects underway in Delhi including hotel, office building, and hospital developments.

2 more points from GMR Airports Ltd's call on capex

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Full Q4 FY26 analysis

FundraisingQ4 FY26 call

None planned

See what GMR Airports Ltd said on fundraising — free account, 30 seconds.

Full Q4 FY26 analysis

Order bookQ4 FY26 call

Ask what GMR Airports Ltd said on the order book →

Full Q4 FY26 analysis
Full Transport Infrastructure ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Transport Infrastructure
on management's own guidance

  1. Dreamfolks ServiModerate growth
    2
  2. Guj Pipavav PortGood growth
    1
  3. Adani PortsModerate growth
    3
See all potential multibaggersWhere does GMR Airports Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Transport Infrastructure companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Guj Pipavav Port20–40%Flat₹8,040 Cr14.8
2Dreamfolks Servi10–20%Up 2%+₹322 Cr—
3Adani Ports10–20%Flat₹4.03L Cr30.4
410–20%Flat₹75,458 Cr48.7
510–20%Flat₹20,715 Cr74.7
610–20%Flat₹7,757 Cr19.8

Sign up free to see every company in the sector ranking and track GMR Airports Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Transport Infrastructure ranking

Financials of GMR Airports Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

GMR Airports Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +59.07%59.07%59.07%66.07%66.07%66.24%66.24%66.24%66.24%66.33%67.16%67.48%
FIIs +27.38%26.78%25.98%14.81%14.86%15.09%15.74%17.08%18.96%20.17%21.74%22.95%
DIIs +5.22%6.07%5.74%4.46%4.32%4.13%4.45%4.80%4.59%4.93%5.14%4.80%
Public +8.34%8.08%9.21%14.65%14.74%14.55%13.56%11.88%10.19%8.56%5.95%4.77%
No. of Shareholders5,42,9606,93,4388,66,8518,53,8728,68,0228,56,7408,14,6557,61,8007,20,2056,94,2726,76,5266,72,477

Pros & Cons

GMR Airports Ltd

Key positives and risks surfaced from the company insights section.

Pros
  • Company has low interest coverage ratio.
Raw Insights
  • Company has low interest coverage ratio.

Financials of GMR Airports Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +2,0642,2272,4472,4022,4952,6532,8633,2053,6703,9943,9383,9674,100
Expenses +1,3371,5581,6301,5061,6361,6621,8542,0412,2232,2932,4932,5172,620
Operating Profit7266698178968599921,0091,1651,4471,7011,4451,4501,480
OPM %35%30%33%37%34%37%35%36%39%43%37%37%36%
Other Income +184116263160260562241208130-73260167143
Interest6738578238891,0318299559491,043917950938993
Depreciation373393405466474479491489431465452456493
Profit before tax-135-465-148-300-386246-196-65103246302223137
Tax %40%5%13%13%11%18%29%111%66%29%-32%34%52%
Net Profit +-190-486-168-338-429202-253-1373517440014865
EPS in Rs-0.15-0.53-0.20-0.23-0.270.25-0.23-0.20-0.040.120.290.09-0.01

Financials of GMR Airports Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +11,0888,2619,5578,5567,4118,3953,5664,6016,6748,75510,41414,80715,999
Expenses +8,5337,8046,3946,9995,9586,2172,6612,3164,9475,7836,6399,0509,924
Operating Profit2,5554573,1631,5581,4532,1789052,2851,7272,9723,7755,7576,075
OPM %23%6%33%18%20%26%25%50%26%34%36%39%38%
Other Income +23369381718-1,228144-1,930-5219237881,205524496
Interest3,5722,1962,1282,3162,6843,5451,8032,0192,3382,9293,7053,8593,797
Depreciation1,8131,1971,0191,0289841,0648868891,0381,4661,9101,8371,866
Profit before tax-2,806-2,568397-1,069-3,444-2,287-3,714-1,144-727-635-635586909
Tax %5%7%187%4%-3%-4%-8%-1%16%30%29%19%
Net Profit +-2,972-2,749-347-1,115-3,356-2,202-3,428-1,131-840-828-817472788
EPS in Rs-5.16-4.49-0.94-2.26-5.93-4.02-4.63-1.70-0.30-0.93-0.370.170.49
Dividend Payout %-0%0%0%0%0%0%0%0%0%0%0%6,017%

Financials of GMR Airports Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital4366046046046046046046046046041,0561,0561,066
Reserves5,3374,3874,7392,842-1,057-3,062-2,322-1,421-1,396-2,768-3,827-3,803-3,548
Borrowings +49,92939,44421,48423,44127,58034,44236,86426,63332,15735,90538,48543,55047,408
Other Liabilities +11,09114,70810,02611,01212,94914,31914,69711,27212,55714,74812,84513,75515,646
Total Liabilities66,79459,14336,85237,89840,07546,30249,84337,08743,92148,48948,55954,55860,572
Fixed Assets +34,18334,51315,77315,64316,08016,17812,77210,32515,15728,73728,21828,92933,408
CWIP17,2472,1552395898583,8116,62210,17611,1751,6743,8085,5201,947
Investments1,4136,54512,42212,87110,11510,1199,6743,7984,4784,4254,2885,9596,811
Other Assets +13,95115,9308,4178,79513,02216,19420,77512,78813,11113,65312,24614,15018,406
Total Assets66,79459,14336,85237,89840,07546,30249,84337,08743,92148,48948,55954,55860,572

Financials of GMR Airports Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +2,9153,4984,5042,3472,0521,37633,2562,1993,8803,4434,884
Cash from Investing Activity +-3,159-1,6601,485-962-3,605-9872,434-2,043-2,310-5,792-3,673-3,589
Cash from Financing Activity +448-2,018-5,727-1,1918161,617-1,056-3,8941,731467-1,010-1,238
Net Cash Flow204-180263194-7372,0051,382-2,6811,620-1,445-1,24156
Free Cash Flow-8851,0623,8871,673-782-1,510-1,514194-1,685-641-5811,582
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit122%814%150%161%160%71%-4%146%125%135%94%88%

Financials of GMR Airports Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days5368667571621173020201915
Inventory Days1048233203756201
Days Payable694466366372639605494
Cash Conversion Cycle-536-316-266-277-531-48811730202019-278
Working Capital Days-414-373-152-203-373-497-907-364-370-215-232-202
ROCE %2%-1%7%4%5%6%1%5%4%6%7%12%

Guidance history

How GMR Airports Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY26 call →10–20%FlatPlannedNone planned—
Q3 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

21out of 100

Momentum score · price trend

21 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−8.0%53%
Last 6 months−9.9%39%
Last 3 months−17.4%27%

The price is 24.8% below its all-time high of ₹115.62 (30 Nov 2007). Stocks more than 20% below their peak have their score halved, so 42 became 21.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For GMR Airports Ltd: 0.4 × 53 + 0.4 × 39 + 0.2 × 27 = 42, halved to 21 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What GMR Airports Ltd's management said in earlier quarters

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