MarketFriction

GMR Airports Ltd

NSE GMRAIRPORT · BSE 532754 · Airport & Airport services
₹93.16 -2.09%
NSE close2026-10-01
52 week range84.11 - 115.64
Market cap₹98,990 Cr.
P/E176
Nifty 200Nifty 500Nifty Midcap 50Nifty Midcap 100Midcap 150 No price band Delivery 54.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,0642,2272,4472,4022,4952,6532,8633,2053,6703,9943,9383,967
Expenses1,3371,5581,6301,5061,6361,6621,8542,0412,2232,2932,4932,517
Operating Profit7266698178968599921,0091,1651,4471,7011,4451,450
OPM %35%30%33%37%34%37%35%36%39%43%37%37%
Other Income184116263160260562241208130-73260167
Interest6738578238891,0318299559491,043917950938
Depreciation373393405466474479491489431465452456
Profit before tax-135-465-148-300-386246-196-65103246302223
Tax %40%5%13%13%11%18%29%111%66%29%-32%34%
Net Profit-190-486-168-338-429202-253-13735174400148
EPS in Rs-0.15-0.53-0.20-0.23-0.270.25-0.23-0.20-0.040.120.290.09
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8,2619,5578,5567,4118,3953,5664,6016,6748,75510,41414,80715,569
Expenses7,8046,3946,9995,9586,2172,6612,3164,9475,7836,6399,0509,527
Operating Profit4573,1631,5581,4532,1789052,2851,7272,9723,7755,7576,042
OPM %6%33%18%20%26%25%50%26%34%36%39%39%
Other Income369381718-1,228144-1,930-5219237881,205524483
Interest2,1962,1282,3162,6843,5451,8032,0192,3382,9293,7053,8593,847
Depreciation1,1971,0191,0289841,0648868891,0381,4661,9101,8371,804
Profit before tax-2,568397-1,069-3,444-2,287-3,714-1,144-727-635-635586874
Tax %7%187%4%-3%-4%-8%-1%16%30%29%19%
Net Profit-2,749-347-1,115-3,356-2,202-3,428-1,131-840-828-817472757
EPS in Rs-4.49-0.94-2.26-5.93-4.02-4.63-1.70-0.30-0.93-0.370.170.46
Dividend Payout %0%0%0%0%0%0%0%0%0%0%6,017%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth6%33%30%39%
Compounded Profit Growth8%16%42%159%
Stock Price CAGR23%20%16%8%
Return on Equity%%%%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital4366046046046046046046046046041,0561,056
Reserves5,3374,3874,7392,842-1,057-3,062-2,322-1,421-1,396-2,768-3,827-3,803
Borrowings49,92939,44421,48423,44127,58034,44236,86426,63332,15735,90538,48543,550
Other Liabilities11,09114,70810,02611,01212,94914,31914,69711,27212,55714,74812,84513,755
Total Liabilities66,79459,14336,85237,89840,07546,30249,84337,08743,92148,48948,55954,558
Fixed Assets34,18334,51315,77315,64316,08016,17812,77210,32515,15728,73728,21828,929
CWIP17,2472,1552395898583,8116,62210,17611,1751,6743,8085,520
Investments1,4136,54512,42212,87110,11510,1199,6743,7984,4784,4254,2885,959
Other Assets13,95115,9308,4178,79513,02216,19420,77512,78813,11113,65312,24614,150
Total Assets66,79459,14336,85237,89840,07546,30249,84337,08743,92148,48948,55954,558
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2,9153,4984,5042,3472,0521,37633,2562,1993,8803,4434,884
Cash from Investing Activity-3,159-1,6601,485-962-3,605-9872,434-2,043-2,310-5,792-3,673-3,589
Cash from Financing Activity448-2,018-5,727-1,1918161,617-1,056-3,8941,731467-1,010-1,238
Net Cash Flow204-180263194-7372,0051,382-2,6811,620-1,445-1,24156
Free Cash Flow-8851,0623,8871,673-782-1,510-1,514194-1,685-641-5811,582
CFO/OP122%814%150%161%160%71%-4%146%125%135%94%88%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days5368667571621173020201915
Inventory Days1048233203756201
Days Payable694466366372639605494
Cash Conversion Cycle-536-316-266-277-531-48811730202019-278
Working Capital Days-414-373-152-203-373-497-907-364-370-215-232-202
ROCE %2%-1%7%4%5%6%1%5%4%6%7%12%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters59.07%59.07%59.07%59.07%66.07%66.07%66.24%66.24%66.24%66.24%66.33%67.16%
FIIs28.01%27.38%26.78%25.98%14.81%14.86%15.09%15.74%17.08%18.96%20.17%21.74%
DIIs4.28%5.22%6.07%5.74%4.46%4.32%4.13%4.45%4.80%4.59%4.93%5.14%
Public8.65%8.34%8.08%9.21%14.65%14.74%14.55%13.56%11.88%10.19%8.56%5.95%
No. of Shareholders4,61,9995,42,9606,93,4388,66,8518,53,8728,68,0228,56,7408,14,6557,61,8007,20,2056,94,2726,76,526

Fundamentals

Market Cap₹ 98,990 Cr.
Current Price₹ 93.8
Stock P/E176
Book Value₹ -2.60
ROCE11.6 %
ROE%
Dividend Yield0.00 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)39%
Compounded Profit Growth (TTM)159%
Consolidated figures.
Valuation
Market capRs 98,367 Cr
Enterprise valueRs 140,925 Cr
P/E (TTM)205.73x
Price to book-35.80x
Price to sales6.32x
EV / EBITDA21.60x
EV / EBIT29.85x
EV / sales9.05x
Price to cash flow20.14x
Earnings yield0.49%
Dividend yield10.73%
P/E, 3-year average509.93x
P/B, 3-year average-28.06x
P/E, 5-year average509.93x
P/B, 5-year average-28.47x
Profitability
Operating margin (excl. other income)38.88%
Operating margin (incl. other income)42.42%
EBITDA margin41.91%
Pre-tax margin5.62%
Net profit margin3.07%
Net margin, latest quarter2.29%
ROE-6.36%
ROCE11.62%
ROA0.34%
ROE, 3-year average15.80%
ROCE, 3-year average9.17%
ROA, 3-year average-0.56%
ROE, 5-year average30.07%
ROCE, 5-year average7.20%
ROA, 5-year average-0.90%
ROIC (approx.)9.56%
Tax rate19.40%
Other income / net worth-19.08%
Growth
Sales growth (latest year)42.18%
Sales CAGR, 3 years30.43%
Sales CAGR, 5 years32.94%
Sales growth QoQ0.73%
Profit growth QoQ-69.89%
Sales growth YoY (latest quarter)23.76%
Per share
EPS (TTM)Rs 0.45
EPS (latest year)Rs 0.17
EPS (latest quarter)Rs 0.09
EPS, 3-year averageRs -0.38
EPS, 5-year averageRs -0.62
Book value per shareRs -2.60
Sales per shareRs 14.74
Cash flow per shareRs 4.62
Free cash flow per shareRs 1.50
Dividend per share (latest year)Rs 10.00
Dividend per share, 3-year averageRs 10.00
Dividend per share, 5-year averageRs 10.00
Dividends
Dividend payout6016.87%
Dividend payout, 3-year average6016.87%
Dividend payout, 5-year average6016.87%
Efficiency
Asset turnover0.27x
Fixed asset turnover0.51x
Inventory turnover10.58x
Inventory days34 days
Debtor days15 days
Debtors turnover24.83x
Creditor days494 days
Cash conversion cycle-278 days
Working capital days-202 days
Leverage
Total debtRs 43,550 Cr
Cash and bankRs 993 Cr
Net debtRs 42,557 Cr
Debt to equity-15.85x
Net debt / EBITDA6.52x
Interest coverage1.23x
Current ratio (filing 2026-03-31)0.77x
Quick ratio (filing 2026-03-31)0.73x
Trade payables (filing 2026-03-31)Rs 1,328 Cr
Owners' fund to total sources-5.04%
Debt to assets79.82%
Cash flow
Cash from Operating Activity (latest year)Rs 4,884 Cr
Cash from Investing Activity (latest year)Rs -3,589 Cr
Cash from Financing Activity (latest year)Rs -1,238 Cr
Net Cash Flow (latest year)Rs 56 Cr
Free cash flow (latest year)Rs 1,582 Cr
FCFE (approx.: FCF + change in debt)Rs 6,647 Cr
Sales to cash flow3.03x
Statement figures
Net sales (TTM)Rs 15,569 Cr
Net sales (latest year)Rs 14,807 Cr
Sales (latest quarter)Rs 3,967 Cr
Operating profit excl. other income (latest year)Rs 5,757 Cr
Operating profit (latest quarter)Rs 1,450 Cr
Other income (TTM)Rs 483 Cr
EBITDA (TTM)Rs 6,525 Cr
PBDT (TTM)Rs 2,678 Cr
Profit before tax (TTM)Rs 874 Cr
Tax (latest year)Rs 114 Cr
Net profit (TTM)Rs 478 Cr
Net profit (latest year)Rs 175 Cr
Net profit (latest quarter)Rs 91 Cr
Depreciation (TTM)Rs 1,804 Cr
Depreciation (latest quarter)Rs 456 Cr
Interest (TTM)Rs 3,847 Cr
Cost of goods sold (latest year)Rs 5,716 Cr
Total expenditure (latest year)Rs 9,050 Cr
Total income (latest year)Rs 15,332 Cr
Share capitalRs 1,056 Cr
ReservesRs -3,803 Cr
Shareholders' fundsRs -2,747 Cr
Total assetsRs 54,558 Cr
Net blockRs 28,929 Cr
Capital work in progressRs 5,520 Cr
InvestmentsRs 5,959 Cr
ReceivablesRs 596 Cr
InventoryRs 540 Cr
Other liabilitiesRs 13,755 Cr
Shares outstanding (crore)1,055.90
Ownership
Promoter holding67.16% (+0.92 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
PeriodGMRAIRPORTNifty 50Difference
1 week-4.3%-2.8% -1.5 pts
1 month-1.0%-6.8% +5.8 pts
3 months-17.4%-7.6% -9.8 pts
6 months+9.9%+0.4% +9.5 pts
1 year+4.5%-9.9% +14.5 pts
2 years-2.2%-13.6% +11.3 pts
3 years+56.4%+14.2% +42.3 pts
5 years+127.2%+27.9% +99.3 pts
129 mutual fund schemes hold about ₹2,430 Cr. Over three months 28 bought more and 29 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Aditya Birla SL Flexi Cap Fund1.19%346 -3%
SBI Arbitrage Fund0.50%235 -4%
Aditya Birla SL Large & Mid Cap Fund1.84%111 -2%
ICICI Pru Arbitrage Fund0.29%102 -2%
Aditya Birla SL Balanced Advantage Fund1.00%101 -5%
Helios Flexi Cap Fund1.04%91 -12%
Aditya Birla SL Value Fund1.10%76 -4%
Aditya Birla SL Multi Asset Allocation Fund0.99%75 -7%
Aditya Birla SL Midcap Fund1.05%73 +100%
Aditya Birla SL Midcap Fund1.05%70 +100%
Aditya Birla SL Multi-Cap Fund0.85%64 -6%
Tata Arbitrage Fund0.25%62 -26%
Kotak Arbitrage Fund(M0.08%61 -65%
Aditya Birla SL Aggressive Hybrid Fund0.80%58 -1%
Aditya Birla SL Arbitrage Fund0.21%57 -1%
UTI Arbitrage Fund0.43%48 +14%
ICICI Pru Large Cap Fund0.06%47 +100%
DSP Arbitrage Fund0.64%42 -27%
HDFC Arbitrage Fund(M0.16%42 +139%
Helios Mid Cap Fund1.84%41 -12%
Tata Nifty India Tourism Index Fund15.19%40 +5%
Aditya Birla SL Infrastructure Fund2.64%32 -0%
Motilal Oswal Nifty Midcap 150 Index Fund0.78%32 -3%
SBI Equity Savings Fund(Q0.53%29 +3%
Aditya Birla SL Conglomerate Fund1.75%28 +2%

Red flags

F-score 7 of 8
seriousNegative equity Shareholders' equity is negative
explainShare dilution Share count up 0% in a year, 75% in three
explainLow interest cover Interest cover 1.2x in 2026
lookProfit leans on other income Other income was 89% of pre-tax profit in 2026
lookAuditor change Auditor change 2026-05-27: GMR AIRPORTS LIMITED has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-03-30GVL INVESTMENTS PVT. LTD.Promoter Groupbuy88,200,000Rs 756.37 CrMarket Purchase
2026-03-25GVL INVESTMENTS PVT. LTD.Promoter Groupbuy9,100,000Rs 84.50 CrMarket Purchase
2023-05-31Varalakshmi Enterprises LLPPromoter Groupbuy1,000,000Rs 4.10 CrMarket Purchase
2023-05-30Varalakshmi Enterprises LLPPromoter Groupbuy3,500,000Rs 14.32 CrMarket Purchase
2023-03-31Varalakshmi Enterprises LLPPromoter Groupbuy3,500,000Rs 14.08 CrMarket Purchase
2023-03-29Varalakshmi Enterprises LLPPromoter Groupbuy2,500,000Rs 9.80 CrMarket Purchase
2022-03-28GMR Enterprises Private LimitedPromoterssell18,000,000Rs 64.67 CrMarket Sale
2022-03-21GMR Enterprises Private LimitedPromoterssell5,000,000Rs 18.80 CrMarket Sale
2022-03-17GMR Enterprises Private LimitedPromoterssell10,000,000Rs 38.29 CrMarket Sale
2022-03-17GMR Enterprises Private LimitedPromoterssell3,000,000Rs 11.47 CrMarket Sale
2022-03-11GMR Enterprises Private LimitedPromoterssell20,000,000Rs 78.26 CrMarket Sale
2021-12-31GMR Business & Consultancy LLPPromoter Groupsell3,500,000Rs 16.19 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹3,967 Cr +23.8% vs Jun 2025. Net profit ₹148 Cr +208.0%.
Against our estimate for Jun 2026: sales -14.1%, profit +20.7% in line. Our estimate for Sep 2026: sales Rs 4,795 Cr, profit Rs 194 Cr (how).

Activity

Compare
CompanyMcap (Cr)P/EROCE
Dreamfolks Services Ltd3305.77 %
No bulk or block deals on record.
Ex-dateActionFactor
2024-09-05Annual General Meeting
2023-09-08Annual General Meeting
2022-09-16Annual General Meeting
2022-01-11Demerger
2021-08-31 Annual General Meeting
2020-09-10 Annual General Meeting
2019-09-05 Annual General Meeting
2018-09-11 Annual General Meeting
2017-09-20 Annual General Meeting
2016-09-02 Annual General Meeting
2015-09-14 Annual General Meeting
2015-03-11Rights 3:14 @ Premium Rs 14/- Per Share
2014-09-09Annual General Meeting / Dividend - Re 0.10/- Per Share
2013-09-05Annual General Meeting And Dividend Re.0.10/- Per Share
2012-08-31Annual General Meeting
2011-08-24Annual General Meeting
2010-08-17Annual General Meeting
2009-10-01Fv Split Rs.2/- To Re.1/-0.5000
2009-08-20Annual General Meeting
2008-08-08Annual General Meeting
2007-09-28Fv Split Rs.10/- To Rs.2/0.2000
2007-08-23Agm
DateTypeWhat it says
2026-09-29AllotmentAllotment of Equity Shares upon conversion of Optionally Convertible Redeemable Preference Shares
2026-09-28UpdatesVoluntary redemption of Non-Convertible Bonds along with accrued interest and redemption premium under Regulations 30, 51 and 57 of the SEBI (Listing ...
2026-09-23Order winReceipt of Award by GMR Hospitality Limited, Indian subsidiary of the Company
2026-09-22Shareholder meetingGMR AIRPORTS LIMITED has submitted the Exchange about Voting Results under Regulation 44(3) of Securities and Exchange Board of India (Listing Obligat...
2026-09-21Shareholder meetingProceedings of the 30th Annual General Meeting of GMR Airports Limited held today i.e., Monday, September 21, 2026
2026-09-20UpdatesUpdate on Tariff Matters.
2026-09-18General UpdatesESG Rating
2026-09-15General UpdatesMonthly Traffic Update- August 2026
2026-09-09Concall / analyst meetSchedule of meet
2026-09-09AllotmentAllotment of Non-Convertible Bonds
2026-09-07UpdatesNotice for Voluntarily Redemption of Non-Convertible Bonds.
2026-09-07Issue of SecuritiesIssuance of Non-Convertible Bonds
2026-09-02Credit RatingCredit Rating
2026-08-27Shareholder meetingNotice of the 30th Annual General Meeting of the Company and related aspects
2026-08-26UpdatesUpdate on Tariff.
2026-08-25Credit RatingCredit Rating
2026-08-22Concall / analyst meetIntimation of Schedule of meetings with the Institutional Investors at Conference under the SEBI (Listing Obligations and Disclosure Requirements) Reg...
2026-08-19Concall / analyst meetTranscript of Earnings Call on the Un-audited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 2026
2026-08-17Commencement of commercial pCommencement of commercial production/operations
2026-08-14UpdatesMonthly Traffic Updates.
2026-08-13Concall / analyst meetAudio Recording of the Presentation on the Un-audited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 2026
2026-08-12Investor PresentationInvestor Presentation
2026-08-12Press ReleaseA press release dated August 12, 2026, titled "Press Release on Un-audited Financial Results (Standalone and Consolidated) for the quarter ended June ...
2026-08-12Board meeting outcomeGMR AIRPORTS LIMITED has submitted to the Exchange about Outcome of Board Meeting - August 12, 2026
2026-08-10Concall / analyst meetIntimation of Schedule of meetings with the Institutional Investors
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.92
Max pain (expiry 2026-10-27)96
Largest call open interest at100
Largest put open interest at93
Implied volatility, at the money26.5%
Underlying at snapshot93.16
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-3053
2026-09-2913,950
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of GMR Airports Ltd?

GMR Airports Ltd (GMRAIRPORT) has a market capitalisation of Rs 98,990 Cr. at the 2026-10-01 close.

What is the P/E ratio of GMR Airports Ltd?

GMR Airports Ltd trades at a P/E of 176 on trailing twelve-month profit, at the 2026-10-01 close.

What were GMR Airports Ltd's latest quarterly results?

In the Jun 2026 quarter, GMR Airports Ltd sales was Rs 3,967 Cr (+23.8% vs Jun 2025) and net profit was Rs 148 Cr.

What is the 52-week high and low of GMR Airports Ltd?

The 52-week high is Rs 115.64 and the 52-week low is Rs 84.11.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03