GMR Airports Ltd.
NSE: GMRAIRPORTGMR Airports Ltd.: A 30-second snapshot
GMR Airports Infrastructure (GMRAIRPORT) is India's largest private airport operator, with FY26 marking its first reported positive PAT and record EBITDA after years of losses. The stock trades at ₹100.37, 5.8% above its 200-DMA (₹95.34) and 15.55% higher than a year ago, reflecting the market pricing in a sustained profitability inflection at a forward PE of 71.4x. Fundamental quality remains a work-in-progress: FCF has been positive in only 1 of multiple tracked years, debt trend is rising, and the profit margin at 1.18% is thin.
P/E
—
Forward P/E
71.4
ROE
—
Debt / Equity
—
Profit Margin
+1.2%
Div. Yield
—
5Y ROE > 15%
0/5
5Y FCF > 0
1/5
Quality
46/100
News
6 headlines · 3 positive · 0 negative
GMRAIRPORT: Record EBITDA, positive PAT, and strong traffic mark a milestone year of growth and resilience - TradingView
TradingView
GMR Airports Releases FY26 Audited Results Investor Presentation - TipRanks
TipRanks
GMRAIRPORT: FY26 saw robust revenue and profit growth, operational expansion, and improved margins - TradingView
TradingView
Number of shareholders of GMR Airports Ltd – NSE:GMRAIRPORT - TradingView
TradingView
GMR Airports Infrastructure Ltd Share Price Today,, GMRINFRA Share Price NSE, BSE - Business Today
Business Today
Recent context
- ·FY26 audited results released in late May 2026 reported record EBITDA and the company's first positive PAT, cited by management as a milestone year of growth and resilience.
- ·Mean analyst rating of 1.29 across 7 analysts (1–5 scale, lower = more constructive), the smallest analyst coverage pool in the Services peer group — consensus is narrow.
- ·3-month price change is -0.47% even as 12-month change is +15.55%, suggesting the recent FY26 results may have already been anticipated by the market in the earlier price run-up.
Strengths
- +FY26 delivered a first positive PAT milestone alongside record EBITDA, ending a multi-year period of reported losses and establishing a profitability baseline.
- +5-year revenue CAGR of 37.5% reflects structural volume growth in Indian aviation, providing a demand tailwind for an operator with limited airport-slot competition.
- +Price is above both the 50-DMA (₹94.6) and 200-DMA (₹95.34), with RSI at 59.64 (neutral range), and the 52-week drawdown is contained at -9.05%.
- +Quality score of 40/100 ranks 2nd among the 6 Services-sector peers tracked, above INDIGO (11), DELHIVERY (18), CONCOR (23), and BLUEDART (36).
Weaknesses
- −FCF has been positive in only 1 of the tracked historical years and debt trend is classified as rising — consistency score of 20/100 reflects a balance sheet under sustained stress.
- −Profit margin of 1.18% means a small deterioration in aeronautical tariffs, passenger traffic, or finance costs could eliminate the recently achieved profitability.
- −Trailing PE is unavailable due to the absence of a sustained earnings history; forward PE of 71.4x embeds a significant profitability recovery that has only one quarter of actual data to support it.
- −ROE has never exceeded 15% in any tracked year, and the 5-year earnings growth trend is not quantifiable — the capital-intensive model has historically returned below-median equity returns.
Open questions
- ?Does the record EBITDA and first PAT in FY26 reflect a durable step-change in the cost structure, or is it sensitive to passenger traffic recovery that could reverse with an aviation-sector slowdown?
- ?How does the forward PE of 71.4x compare to international airport infrastructure operators, and what margin improvement trajectory is required to justify that valuation on a 3–5 year horizon?
- ?Given the rising debt trend and only 1 year of positive FCF historically, what is the company's debt-servicing capacity at current EBITDA levels, and how does tariff-revision risk from AERA affect this?
- ?With only 7 analysts covering the stock, how might coverage expansion or institutional re-rating respond to successive quarters of positive PAT — and what would trigger a reversal of that re-rating?
Peer comparison: Services
Ranks 2 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| GMRAIRPORT | GMR Airports Ltd.You're viewing | — | — | 40 |
| Industry avg | across 5 peers | 81.0 | +10.4% | 27 |
| ADANIPORTS | Adani Ports and Special Economic Zone Ltd. | 30.6 | +15.6% | 49 |
| BLUEDART | Blue Dart Express Ltd. | 45.3 | +14.8% | 36 |
| CONCOR | Container Corporation of India Ltd. | 28.4 | +9.8% | 23 |
| DELHIVERY | Delhivery Ltd. | 219.7 | +1.6% | 18 |
| INDIGO | InterGlobe Aviation Ltd. | — | — | 11 |
Technical state
Current price
₹100.37
SMA 50
₹94.60
SMA 200
₹95.34
RSI (14)
59.6 (neutral)
From 52w high
-9.1%
1Y return
+15.6%
3M return
-0.5%
50-DMA
Above
200-DMA
Above
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- highFCF has been positive in only 1 of the tracked historical years, ROE has never exceeded 15% in any tracked year, and debt trend is classified as rising. Consistency score of 20/100 signals structurally weak earnings quality for a capital-intensive airport infrastructure business.
- highTrailing PE is unavailable due to absence of sustained positive earnings history; forward PE of 71.4x prices in a substantial recovery in profitability. Profit margin of 1.18% leaves almost no buffer against operating or macro headwinds before the company slips back into loss.
- medium5-year revenue growth of 37.5% has not translated into a compounding earnings track — earnings growth over 5 years is not reported, ROE remains below 15% in every tracked year, and quality score is 40/100, pointing to cost structure or debt-service drag absorbing revenue gains.
- mediumPeer comparison is limited by missing 1-year price change data across all 5 comparables in the Services peer group. Quality score ranks 2nd of 6 peers at 40/100, above INDIGO (11), DELHIVERY (18), CONCOR (23), and BLUEDART (36), but below ADANIPORTS (49), reducing confidence in relative positioning.
- lowNews sample is small (6 articles over the window). The most recent headlines cite FY26 audited results showing record EBITDA and first positive PAT — a milestone that may be material to forward earnings assumptions embedded in the 71.4x forward PE.
Cross-section contradictions
- 5-year revenue growth of 37.5% alongside a profitMargin that has only just reached 1.18% suggests cost escalation or debt servicing has consumed the majority of incremental revenue — yet the stock trades at a 71.4x forward PE, implying the market expects a material margin expansion that the historical record has not yet demonstrated.
- Price is up 15.55% over 12 months and trades above both the 50-DMA (94.6) and 200-DMA (95.34), while FCF has been positive in only 1 of multiple tracked years and the debt trend is rising — technical momentum and fundamental quality indicators are moving in opposite directions.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 24 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 1 Jun 2026 · rotates through NIFTY 500 every ~5 days