GMR Airports Ltd.
Services · NSE
52-week range
₹80 – ₹110
From 52w high
-8.2%
RSI (14)
62.2
vs SMA 50 / 200
↑ 50 · ↑ 200
GMR Airports Infrastructure operates major Indian airports including Delhi and Hyderabad, a capital-intensive infrastructure business with revenue up 50.5% over 5 years but profit margins currently negative at -2.65%. The stock trades at ₹101.32, above its 50-DMA (₹94.85) and 200-DMA (₹95.06), with a forward PE of 190.3x reflecting market pricing on expected future earnings rather than current profitability. A structurally rising debt load and FCF positive in only 1 of historical tracked years characterise the balance sheet backdrop.
- ✓Revenue growth of 50.5% over 5 years demonstrates the scale trajectory of airport infrastructure demand in India, with capacity additions at Delhi and Hyderabad underpinning the top-line expansion.
- ✓Price up 17.24% over 12 months and trading above both the 50-DMA and 200-DMA (₹94.85 and ₹95.06 respectively), with a 52-week drawdown of only -8.19% from the high — indicating relative price resilience compared to the broader market.
- ✓RSI at 62.19 is in neutral territory with no overbought or oversold signal, and nearest support levels are at ₹97.72 and ₹93.99 — approximately 4-8% below the current price of ₹101.32.
- ✓Analyst mean rating of 1.29 across 7 analysts (1–5 scale, lower = more constructive) indicates that the available sell-side coverage is skewed toward the constructive end of the numerical range.
- ✗Profit margin is negative at -2.65% and 5-year earnings growth is -45.5%, meaning the company is currently unprofitable and earnings have deteriorated sharply even as revenues grew — a divergence that constitutes a high-severity fundamental concern.
- ✗FCF has been positive in only 1 of the tracked historical years, and the debt trend is classified as rising — a combination that raises questions about self-funding capacity and dependence on external capital for ongoing operations and expansion.
- ✗Quality score of 35 out of 100 and consistency score of 20 out of 100 place GMRAIRPORT in the lower tier of its peer group; ranked 3rd of 6 in the Services sector on quality — below ADANIPORTS (49) and DELHIVERY (47).
- ✗Forward PE of 190.3x assumes a significant and sustained improvement in earnings that has not yet materialised; with trailing PE unavailable due to negative earnings, current valuation rests entirely on projected profitability.
- ·A April 2026 report indicated that Groupe ADP (Paris airport group) cut its stake in GMR in a transaction valued at approximately $1 billion — a meaningful ownership change in a strategic infrastructure asset; the downstream implications for governance and capital structure are not yet detailed in available news.
- ·News flow over the analysis window is very sparse at only 2 articles, both classified as neutral sentiment — the absence of negative headlines does not constitute a positive signal given the limited sample.
- ·The stock appeared on a market spotlight list in April 2026 alongside ICICI Lombard and Aurobindo Pharma — no substantive operational or earnings news accompanied the mention.
- ?Given that revenue has grown 50.5% over 5 years while earnings declined 45.5%, what specific cost or debt-service dynamics are preventing revenue gains from flowing through to profitability, and when — if ever — have airport infrastructure businesses at comparable build-out stages turned FCF-positive?
- ?The Groupe ADP stake reduction of approximately $1 billion represents a significant shift in the ownership structure — does this reflect a strategic reallocation by the seller, and how does it affect GMR's access to operational or technical partnerships with the Paris airport group?
- ?With a forward PE of 190.3x, what earnings trajectory and time horizon does the current market price imply, and how sensitive is that valuation to changes in aeronautical tariff determinations by AERA?
- ?Airport infrastructure in India is subject to regulatory tariff reviews and concession agreement terms — how do the upcoming tariff cycles for Delhi and Hyderabad airports affect the revenue visibility and cost-recovery framework over the next 3-5 years?
PE
—
Forward PE
190.3
ROE
—
Profit margin
-2.6%
D/E
—
Dividend yield
—
Quality score
35/100
ROE 5y above 15%
0/5 yrs
FCF 5y positive
1/5 yrs
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.Analysis generated 11 May 2026.