GMR Airports stock analysis and expert insights in detail

Stock overview

Ticker	GMR Airports
Sector	Infrastructure / Airports
Market Cap	₹ 91,650 Cr
CMP (Current Market Price)	₹ 86
52-Week High/Low	₹ 104/68
Beta	1.12 (Moderate volatility)

About GMR Airports India Ltd.

GMR Airports Infrastructure Ltd is a leading player in India’s airport development and operations space. It operates major airports in India and overseas through a mix of public-private partnerships (PPP) and strategic investments. The company’s flagship asset is the Indira Gandhi International Airport (IGIA), Delhi ,  one of the busiest airports in Asia.

Key assets & operations

• Indira Gandhi International Airport, Delhi (IGIA): Flagship asset; second busiest airport in Asia.
• Rajiv Gandhi International Airport, Hyderabad: Strong performance and non-aero revenue drivers.
• Mopa Airport, Goa: Newly inaugurated, high tourism potential.
• Crete International Airport, Greece: 10% stake; long-term play on European tourism.
• Philippines (Cebu Airport): International presence through 40% JV.

GMR’s business model is built on:

• Aeronautical revenues (landing, parking, UDF, etc.)
• Non-aeronautical revenues (retail, food courts, duty-free, car parking)
• Real estate monetisation around airport zones (Airport City at Hyderabad, Delhi Aerocity)

Primary growth factors for GMR Airports India Ltd

1. India’s Aviation Boom

• India is the 3rd largest domestic aviation market globally.
• Doubling of air passengers expected over next 5–7 years.
• Government push via UDAN scheme and new airport developments.

2. Traffic Growth at Key Airports

• IGIA Delhi and Hyderabad airports continue to show high double-digit growth.
• Mopa Airport is gaining strong traction from the tourism sector.

3. Non-Aero Revenue Surge

• Retail and F&B at airports are driving significant EBITDA contribution.
• Delhi Aerocity and Hyderabad Airport City developments unlocking massive real estate value.

4. Asset Monetisation

• Strategic stake sales in non-core assets.
• Potential REIT/InvIT model for monetising airport infrastructure.

5. Global Diversification

• Expansion outside India (Greece, Philippines) offers FX hedging and diversified cash flows.

6. Improving Operating Leverage

• Fixed-cost business structure benefits significantly from volume growth.
• EBITDA margins improving steadily.

Q4 FY25 financial performance

Metric	Q4 FY 25	YoY Growth	QoQ Growth
Revenue	₹ 2,863 cr	17%	24%
Expenses	₹ 1,079 cr	5%	9%
EBITDA	₹ 1,122 cr	19%	20%
PAT	₹ -290 cr	41%	32%

1. GMR Airports has delivered a healthy growth in top line in Q4 FY 25 at a YoY and QoQ level. This is on account of a higher demand in the aviation sector and higher passenger traffic in the airports.
2. While the operational expenses are under control, GMR airports have seen a 25% surge in interest, finance and depreciation costs on a YoY basis. This has put a dent on their overall profitability.

Detailed competition analysis for GMR Airports India

Company	Market Cap	Revenue	EV/EBITDA	RoCE
GMR Airports	₹ 91,600 cr	₹ 2,863 cr	29 x	7%
IGI Ltd	₹ 16,300 cr	₹ 234 cr	26 x	43%
Rites	₹ 13,100 cr	₹ 615 cr	26 x	21%
Embassy Development	₹ 12,900 cr	₹ 278 cr	16 x	-11%

GMR Airports is valued decently at the moment compared to its peers. It remains a key player in the aviation space and the strong top line growth should continue to pave way for future growth as well.

Company valuation insights: GMR Airports India

As per the Discounted Cash Flow analysis:

It estimates the intrinsic value of GMR Airports shares based on expected future cash flows:

• Intrinsic Value Estimate: ₹105 per share
• Upside Potential: 18%
• WACC: 12.3%
• Terminal Growth Rate: 3.7%

Major risk factors affecting GMR Airports India

1. High leverage; Debt reduction critical
2. Regulatory risks and tariff controls
3. Dependency on passenger traffic (susceptible to external shocks)
4. Political risk in international markets

Technical analysis of GMR Airports India

• Resistance: ₹88
• Support: ₹82
• Momentum: Bullish
• RSI (Relative Strength Index): 48 (Neutral)
• 50-Day Moving Average: ₹82
• 200-Day Moving Average: ₹78
• MACD: Positive crossover; bullish divergence

Technically bullish with potential for breakout above ₹90. 

GMR Airports India stock recommendation by Ketan Mittal

Recommendation: Buy on dips / Long-term accumulate

Target Price: ₹95 (6-month horizon); ₹105 (12-month horizon); 

Investment Horizon: 2–4 years for stable returns

Rationale

Recommend a Buy on Dips / Accumulate approach for GMR Airports.

GMR Airports is a company that has benefitted immensely from rising passenger traffic. With the government's plan to open up new airports and rising disposable income of consumers, we are going to see a lot of tailwinds in this sector. GMR Airports is well positioned at the moment to benefit from this situation.

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Conclusion

GMR Airports is at an inflection point , benefiting from India’s air traffic explosion, strong non-zero income streams, and high-quality global assets. Despite near-term losses, long-term value creation potential remains robust. With better margin visibility, traffic tailwinds, and asset monetisation plans, this could be a high-risk, high-reward infrastructure play.