TrueCAGR
GMR Airports Limited · Research view

GMR Airports Limited

NSE: GMRAIRPORTBSE: 532754ISIN INE776C01039Face value ₹1standalone
₹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
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

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
₹4,242 cr
FY2026 net profit
₹142 cr
Net worth
₹59,564 cr
Total debt
₹10,626 cr
EPS (basic)
₹0.13
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 2 transport infrastructure.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated
₹'000 cr01345000REVENUENET PROFIT1k-5,350FY191k-1,479FY201k-1,280FY2139-310FY2210210FY2326438FY241k-191FY254k142FY26
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
+21.3%over 7 years
Revenue growth
+235.8%vs last year
Net profit growth
−604.5%vs last year
Change in net profit since FY19
+103%

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

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr01234001REVENUENET PROFIT2k-429Q2 '253k202Q3 '253k-253Q4 '253k-137Q1 '264k35Q2 '264k174Q3 '264k400Q4 '264k148Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY252,495—−429—−17.2%
Q3 FY252,653+19.2%202−141.6%7.6%
Q4 FY252,863+17.0%−253+50.8%−8.8%
Q1 FY263,205+33.4%−137−59.4%−4.3%
Q2 FY263,670+47.1%35−108.2%1.0%
Q3 FY263,994+50.5%174−13.9%4.4%
Q4 FY263,938+37.5%400−258.5%10.2%
Q1 FY273,964+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?

Margins — FY19 to FY26% of revenue · consolidated
-775%-770%-765%-760%-755%-750%-745%-740%-735%-730%-725%-720%-715%-710%-705%-700%-695%-690%-685%-680%-675%-670%-665%-660%-655%-650%-645%-640%-635%-630%-625%-620%-615%-610%-605%-600%-595%-590%-585%-580%-575%-570%-565%-560%-555%-550%-545%-540%-535%-530%-525%-520%-515%-510%-505%-500%-495%-490%-485%-480%-475%-470%-465%-460%-455%-450%-445%-440%-435%-430%-425%-420%-415%-410%-405%-400%-395%-390%-385%-380%-375%-370%-365%-360%-355%-350%-345%-340%-335%-330%-325%-320%-315%-310%-305%-300%-295%-290%-285%-280%-275%-270%-265%-260%-255%-250%-245%-240%-235%-230%-225%-220%-215%-210%-205%-200%-195%-190%-185%-180%-175%-170%-165%-160%-155%-150%-145%-140%-135%-130%-125%-120%-115%-110%-105%-100%-95%-90%-85%-80%-75%-70%-65%-60%-55%-50%-45%-40%-35%-30%-25%-20%-15%-10%-5%0%5%10%15%20%25%30%35%40%45%50%55%60%65%70%33.5%3.3%FY19FY20FY21FY22FY23FY24FY25FY26
EBITDA marginNet margin
Concern

ROE declined from 61.5% to -28.3% year on year.

Rule ROE_DETERIORATED_YOY

EBITDA margin now
33.5%
8-year range
-10.0–69.6%
ROE FY2026
0.3%
ROCE FY2026
2.1%

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 — FY19 to FY26₹ crore · consolidated
₹'000 cr020406012kFY1912kFY2010kFY2110kFY2222kFY2334kFY2454kFY2560kFY26
Net worth (shareholders' funds)
Concern

Net debt is 6.00× EBITDA.

Rule HIGH_LEVERAGE

Operating cash flow vs net profit₹ crore · FY21–FY26
0k0k0k1k45-1kFY21-25-310FY2213210FY23-3538FY24413-191FY25103142FY26
Operating cash flowNet profit
Total debt
₹10,626 cr
Operating cash flow ÷ net profit
0.72×FY2026
Free cash flow
₹19 cr
Current ratio
1.16×

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?

Adjusted close — 2024-01 to 2026-10₹ per share · split / bonus adjusted
0k₹94202420252026

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%
RSI (14) · 0–10039.1 — neutral
0305070100OVERSOLDOVERBOUGHT39.1
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Volatile earnings
    Profit 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
  • Concern
    Returns declining
    ROE declined from 61.5% to -28.3% year on year.
    ROE_DETERIORATED_YOY · conviction 54
  • Concern
    Meaningful debt load
    Net debt is 6.00× EBITDA.
    HIGH_LEVERAGE · conviction 52
  • Concern
    Thin interest cover
    Operating profit covers interest only 1.12× (FY2026).
    INTEREST_COVER_LOW · conviction 47
  • Watch
    Reported profit carries a one-off
    FY2026 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.

Income & balance sheet — ₹ crore, consolidated
MetricFY19FY20FY21FY22FY23FY24FY25FY26
Revenue1,1011,1551,449391022641,2634,242
Total income1,1491,1631,468401262741,2674,296
EBITDA304453425−461846851,420
Profit before tax−1,042−1,454−1,284−1011038−18896
Net profit−5,350−1,479−1,280−3101038−191142
EPS (₹)−0.9−2.5−2.1−0.50.00.1−0.20.1
Net worth11,70112,0689,74610,39221,92334,08154,05059,564
Total debt6,2377,1604,4877602,9602,9758,64410,626
Operating cash flow——45−25132−35413103
Free cash flow——34−24131−3740419
Key ratios — consolidated
RatioFY19FY20FY21FY22FY23FY24FY25FY26
Growth
Revenue growth YoY—4.925.4———378.5235.8
Profit growth YoY——————-604.5—
Profitability
EBITDA margin %27.639.229.3-10.05.569.654.233.5
Net margin %-465.7-127.2-87.2-773.37.613.8-15.13.3
Return on equity %-45.7-12.4-11.7-3.10.10.1-0.40.3
Return on capital %1.62.32.4-0.00.00.61.32.1
Leverage & cash
Debt to equity0.530.590.460.070.130.090.160.18
Cash flow ÷ profit————13.79-0.92—0.72
Current ratio0.430.590.530.974.800.392.041.16
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.