GMR Airports Ltd — Investment Analysis Report April 2026
GMR Airports Limited
GMR Airports Limited (ticker: GMRAIRPORT) is the largest private airport operator in India, the largest in Asia, and the second-largest globally by passenger count. Incorporated in 1996 and operating under the GMR Aero brand, it offers end-to-end airport platform capabilities spanning development, construction, operations, retail, cargo, and security services.
The company operates through GMR Airports Limited (GAL), in which France’s Groupe ADP holds a 49% strategic stake. Core assets include Delhi IGI Airport (DIAL, 74% stake) — rated the best airport in Asia Pacific for 40mn+ pax — and Hyderabad RGIA (GHIAL, 74%). International assets include Mactan Cebu (Philippines), Kualanamu Medan (Indonesia), and a 21.6% stake in New Heraklion Airport (Crete, Greece).
GMR’s moat: long-duration concessions (Delhi 41 years, Hyderabad 43 years from COD), ~2,510 acres of airport real estate, and a rapidly scaling non-aero revenue engine encompassing duty-free retail (launched Delhi Jul 2025), F&B, advertising, cargo, and MRO.
| Metric (Consol., ₹ Cr) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue from Operations | 4,120 | 5,480 | 7,590 | 9,590 | 11,413 |
| EBITDA | 780 | 1,620 | 3,180 | 3,625 | 5,000 |
| EBITDA Margin (%) | 18.9% | 29.6% | 41.9% | 37.8% | 43.8% |
| Finance Costs | 2,240 | 2,350 | 2,520 | 2,740 | 3,465 |
| Net Profit / (Loss) | (2,610) | (2,200) | (680) | 910 | (180) |
| Operating Cash Flow | 46 | (25) | 132 | 7 | 413 |
| Revenue Growth YoY | — | 33% | 39% | 26% | 19% |
| Quarter | Revenue (₹ Cr) | EBITDA (₹ Cr) | OPM % | Net Profit (₹ Cr) |
|---|---|---|---|---|
| Q3 FY25 | 2,653 | 992 | 37% | 267 |
| Q4 FY25 | 2,863 | 1,009 | 35% | — |
| Q1 FY26 | 3,205 | 1,165 | 36% | — |
| Q2 FY26 | 3,670 | 1,447 | 39% | (37) |
| Q3 FY26 | 3,994 | 1,701 | 43% | 122 |
10-year DCF using WACC 12% and terminal growth 5%. EBITDA ramps from ₹5,000 Cr (FY25) toward ₹10,500 Cr (FY35), offset by significant greenfield capex at Bhogapuram, Crete, and DIAL/GHIAL expansions.
At ₹88–95, the stock trades at a ~20–25% discount to base intrinsic value. EV/EBITDA cross-check: GMR at ~25x FY26E vs. peers at 18–22x — a justified premium given India’s superior traffic growth runway.
- Aero Revenue Ramp: GHIAL tariff moratorium expires FY35 — base rates ₹303/pax domestic, ₹606/pax international unlock significant upside. DIAL handles 80mn+ pax annually.
- Non-Aero Scale: Duty-free launched at Delhi from July 2025. Advertising, F&B, cargo, and MRO are high-margin, fast-growing verticals.
- New Airport Completions: Bhogapuram (Visakhapatnam, Phase 1: 4mn pax), Nagpur (operational FY26), Heraklion Crete (21.6%) are near-term catalysts.
- Real Estate Monetization: ~2,510 acres across Delhi, Hyderabad, and Goa — capital-light assets with decade-long monetization potential via REIT or JV structures.
| Metric | FY25A | FY26E | FY27E | FY28E |
|---|---|---|---|---|
| Revenue (₹ Cr) | 11,413 | 14,800 | 17,500 | 20,200 |
| EBITDA (₹ Cr) | 5,000 | 6,800 | 8,300 | 9,800 |
| EBITDA Margin (%) | 43.8% | 46% | 47.4% | 48.5% |
| PAT (₹ Cr) | (180) | 200 | 800 | 1,800 |
| Revenue CAGR (3-Yr) | ~21% CAGR (FY25–FY28E) | |||
| Company | Country | Mkt Cap | EV/EBITDA | Rev Growth | EBITDA Margin |
|---|---|---|---|---|---|
| GMR Airports Ltd | India | ₹96,300 Cr | ~25x FY26E | 19% FY25 | 43.8% |
| Adani Airports (AAHL) | India | Unlisted | ~22–26x | ~18–20% | ~40% |
| Groupe ADP (Partner) | France | €16 Bn | ~18x | ~12% | ~38% |
| Fraport AG | Germany | €4.2 Bn | ~14x | ~10% | ~36% |
| Macquarie AirFinance | Global | — | ~16x | — | ~42% |
GMR commands a premium EV/EBITDA vs. developed-market peers — justified by India’s superior traffic growth runway (8–10% CAGR vs. 2–4% in Europe). Current ~20% discount to intrinsic value reflects residual debt concerns that are gradually resolving as the operating model matures.
