WatchTalking point
Volatile earnings
Profit has swung sharply over 7 years (from ₹-3,428 to ₹472) — one year is a weak guide to the earnings power.
Importance 65 / 95 · growth
GMR Airports Limited · Research view
GMR Airports Limited
NSE: GMRAIRPORTBSE: 532754ISIN INE776C01039Face value ₹1consolidated
₹93.66
−1.46% · 2026-10-01 · 52-wk ₹85–₹115
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
Concern
Returns declining
ROE declined from 61.5% to -28.3% year on year.
Importance 54 / 95 · profitability
Concern
Meaningful debt load
Net debt is 6.00× EBITDA.
Importance 52 / 95 · financial health
Section 03 · The company
Who is this company?
Classified by the exchange under Services › Services › Transport Infrastructure › Airport & Airport services.
- Market cap
- ₹98,896 cr
- FY2026 revenue
- ₹14,807 cr
- FY2026 net profit
- ₹472 cr
- Net worth
- ₹−1,549 cr
- Total debt
- ₹42,196 cr
- EPS (basic)
- ₹0.45
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 transport infrastructure.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Profit has swung sharply over 7 years (from ₹-3,428 to ₹472) — one year is a weak guide to the earnings power.
Rule EARNINGS_VOLATILE
- Revenue growth per year
- +10.1%over 7 years
- Revenue growth
- +42.2%vs last year
- Net profit growth
- —vs last year
- Change in net profit since FY19
- +114%
Revenue grew 42.2% year on year (FY2025 → FY2026).
Revenue has compounded at 10.1% a year over 7 years (₹7,565 → ₹14,807) — though FY2023 saw a one-off step-change of 45% (a merger, restructuring or a recovery off a low base), so the compounding is uneven — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 EBIT was ₹1,112 cr, up 40.5% from ₹791 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
Strength
Q1 FY27 revenue was ₹3,964 cr, up 23.7% from ₹3,205 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Watch
Q1 FY27 effective tax rate was 43.2% (tax ₹75 cr on PBT ₹174 cr), vs -64.6% a year earlier.
Rule QTR_TAX_RATE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 2,495 | — | −429 | — | −17.2% |
| Q3 FY25 | 2,653 | +19.2% | 202 | −141.6% | 7.6% |
| Q4 FY25 | 2,863 | +17.0% | −253 | +50.8% | −8.8% |
| Q1 FY26 | 3,205 | +33.4% | −137 | −59.4% | −4.3% |
| Q2 FY26 | 3,670 | +47.1% | 35 | −108.2% | 1.0% |
| Q3 FY26 | 3,994 | +50.5% | 174 | −13.9% | 4.4% |
| Q4 FY26 | 3,938 | +37.5% | 400 | −258.5% | 10.2% |
| Q1 FY27 | 3,964 | +23.7% | 148 | −207.9% | 3.7% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹15,566 crTTM
- EBITDA
- ₹6,438 crTTM
- EBIT
- ₹4,634 crTTM
- PBT
- ₹632 crTTM
- Net profit
- ₹757 crTTM
C. Corporate actions
11 Jan 2022DemergerSpin Off
11 Mar 2015Rights issueRight Issue of Equity Shares
9 Sept 2014DividendDividend - Rs. - 0.1000 — ₹0.10/share
5 Sept 2013DividendDividend - Rs. - 0.1000 — ₹0.10/share
1 Oct 2009Stock splitStock Split From Rs.2/- to Rs.1/- — 2:1
28 Sept 2007Otherother
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROE declined from 61.5% to -28.3% year on year.
Rule ROE_DETERIORATED_YOY
- EBITDA margin now
- 41.5%
- 8-year range
- 27.5–53.5%
- ROE FY2026
- −28.3%
- ROCE FY2026
- 11.3%
EBITDA margin has ranged from 27.5% to 53.5% over 7 years and sits at 41.5% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Concern
Net debt is 6.00× EBITDA.
Rule HIGH_LEVERAGE
Operating cash flowNet profit
- Total debt
- ₹42,196 cr
- Operating cash flow ÷ net profit
- 10.34×FY2026
- Free cash flow
- ₹1,582 cr
- Current ratio
- 0.77×
Debt-to-equity fell from -21.04× to -27.24× year on year.
Operating profit covers interest only 1.12× (FY2026).
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 transport infrastructure (FY2026, consolidated).
Not enough peers in this set report the underlying metrics yet for a ranking.
Context
Trades at 130.56× earnings — 62% above the transport infrastructure median of 80.54×.
Rule PE_ABOVE_PEERS
- P / E
- 130.6×TTM to Jun 26
- P / B
- —latest book
- P / S
- 6.4×TTM sales
- Earnings yield
- 0.8%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 209.4× · P/S 6.5× · ROE -28.3%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- +4.8%
- 3-year return
- —
- 5-year return
- —
- From 52-wk high
- −18.5%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹100
- vs 200-day avg
- Below₹100
- RSI (14)
- 39.1neutral
- MACD histogram
- 0.0
- From 52-wk high
- −18.5%
- From 52-wk low
- +10.5%
- 30-day volatility
- 29.9%ann.
- 6-month return
- +10.5%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 7 years (from ₹-3,428 to ₹472) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 65
- ConcernReturns decliningROE declined from 61.5% to -28.3% year on year.ROE_DETERIORATED_YOY · conviction 54
- ConcernMeaningful debt loadNet debt is 6.00× EBITDA.HIGH_LEVERAGE · conviction 52
- ConcernThin interest coverOperating profit covers interest only 1.12× (FY2026).INTEREST_COVER_LOW · conviction 47
- WatchReported profit carries a one-offFY2026 pre-tax profit includes a ₹109 exceptional charge (31.3% of PBT) — the underlying trend differs from the reported number.PROFIT_INCLUDES_EXCEPTIONALS · conviction 45
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
- The price-adjusted series does not correct for a rights issue (ex-date 2015-03-11) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning that date may be modestly overstated or understated.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,565 | 8,556 | 6,229 | 4,601 | 6,693 | 8,755 | 10,414 | 14,807 |
| Total income | 8,285 | 9,222 | 6,863 | 4,959 | 7,289 | 9,207 | 10,836 | 15,201 |
| EBITDA | 2,414 | 3,295 | 1,713 | 2,461 | 2,319 | 3,418 | 4,188 | 6,150 |
| Profit before tax | −3,466 | −1,995 | −3,344 | −835 | −812 | −861 | −820 | 347 |
| Net profit | −3,356 | −2,202 | −3,428 | −1,131 | −840 | −828 | −817 | 472 |
| EPS (₹) | −6.0 | −4.0 | −4.6 | −1.7 | −1.4 | −0.9 | −0.8 | 0.5 |
| Net worth | 1,242 | 216 | 1,319 | 1,918 | 969 | −870 | −1,789 | −1,549 |
| Total debt | 23,962 | 28,153 | 32,273 | 26,516 | 32,157 | 35,285 | 37,634 | 42,196 |
| Operating cash flow | — | — | 3 | 3,256 | 2,299 | 3,880 | 3,443 | 4,884 |
| Free cash flow | — | — | −1,642 | 194 | −1,585 | −641 | −681 | 1,582 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 13.1 | -27.2 | -26.1 | 45.5 | 30.8 | 19.0 | 42.2 |
| Profit growth YoY | — | — | — | — | — | — | — | — |
| Profitability | ||||||||
| EBITDA margin % | 31.9 | 38.5 | 27.5 | 53.5 | 34.7 | 39.0 | 40.2 | 41.5 |
| Net margin % | -40.5 | -23.9 | -49.9 | -22.8 | -11.5 | -9.0 | -7.5 | 3.1 |
| Return on equity % | -270.3 | -302.1 | -446.8 | -69.9 | -58.2 | -1668.5 | 61.5 | -28.3 |
| Return on capital % | 5.7 | 8.3 | 2.3 | 5.1 | 4.1 | 5.8 | 6.5 | 11.3 |
| Leverage & cash | ||||||||
| Debt to equity | 19.30 | 130.40 | 24.48 | 13.82 | 33.19 | -40.57 | -21.04 | -27.24 |
| Cash flow ÷ profit | — | — | — | — | — | — | — | 10.34 |
| Current ratio | 0.75 | 0.75 | 1.01 | 1.03 | 0.98 | 1.18 | 0.66 | 0.77 |