GMR Airports Ltd. Share Price

GMR Airports Ltd. – Technical and Fundamental Analysis:

On the technical front, GMR Airports is trading around ₹92.31 on the daily chart and has approached an important rising trendline support zone near ₹87–89, which has acted as a support area during previous corrections. The latest candle shows a recovery from the lower levels, suggesting that buying interest may be emerging near this trendline. If the stock sustains above this support and moves above the immediate resistance zone of ₹94–96, further recovery towards ₹98–100 may become possible; however, a decisive breakdown below ₹87–88 could weaken the technical structure and increase downside risk. Traders should watch price action, trading volume and follow-through buying for confirmation rather than assuming a reversal is guaranteed. Fundamentally, GMR Airports has a long-term growth opportunity from rising air-passenger traffic, airport expansion and increasing non-aeronautical revenue from retail, duty-free shopping and cargo services. In its Q3 FY26 results, the company reported a 49% year-on-year increase in total income to ₹4,083 crore and a 65% increase in EBITDA to ₹1,789 crore, while its airports handled a record 31.9 million passengers during the quarter. The development of Bhogapuram Airport and expansion of airport-related businesses could support future growth, although substantial debt, financing costs, capital expenditure and project execution remain important risks. Overall, the fundamental growth outlook is encouraging, but the technical chart remains under pressure after the decline from ₹115–116; holding the ₹87–89 trendline support and reclaiming ₹94–96 would improve the recovery setup. This analysis is for educational purposes only and is not investment advice.

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GMR Hospitality wins Delhi Airport F&B deal.

GMR Airports Limited

said its subsidiary GMR Hospitality has secured the food and beverage outlets contract at Terminal 3 of Delhi Airport. Estimated license fees are about ₹49 crore in FY27 and ₹109 crore in FY28. The licence covers design, financing, development, operation and maintenance of F&B outlets at IGI Airport Terminal 3. The initial term runs up to May 2036 and can be extended by 10 years. Fees follow a revenue-share model with a minimum monthly guarantee payable to DIAL. The key figures are the estimated ₹49 crore fee in FY27 and ₹109 crore in FY28. This adds to non-aeronautical revenue streams at Delhi Airport. Airport peers such as Adani Airports, AAIB and other operators may see limited direct impact. Near-term price support is possible on the contract win. Risks include passenger traffic fluctuations affecting actual revenues. Competitors listed: Adani Enterprises, AAIB, IRCTC. We have no financial interest in this news.

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GMR Airports wins 109 Crore Delhi F&B licence

GMR Airports Ltd’s hospitality arm has won the food and beverage licence for Terminal 3 at Delhi Airport, with an estimated licence fee of ₹109 crore in FY28. GMR Hospitality Ltd will operate the outlets at Indira Gandhi International Airport through May 2036, with a possible 10-year extension. Under the agreement with Delhi International Airport Ltd, GMR Hospitality will design, finance, develop and operate the F&B outlets. The licence fee will be linked to revenue, along with a minimum monthly guarantee and advertisement fees. The estimated aggregate licence fee is ₹49 crore for FY27 and ₹109 crore for FY28. For GMR Airports Ltd, this adds another revenue stream from the non-aero side of the airport business. The bigger point is that F&B revenue can grow with passenger traffic without depending only on aeronautical charges. The company is already targeting 4% to 5% passenger growth in FY27 and expects traffic momentum to improve in the second half as travel demand normalises. My view is that the ₹109 crore FY28 licence commitment needs to be read alongside the revenue-share structure. The opportunity is positive if higher passenger volumes translate into strong spending per traveller, but the minimum guarantee and operating costs will also matter for margins. I would therefore watch passenger growth, non-aero revenue and profitability rather than treating the licence fee alone as an earnings trigger. The next trigger is FY27 passenger traffic and non-aero revenue growth. I would remain constructive only if traffic recovery starts translating into higher non-aero earnings and operating margins.

Disclosure: I am a SEBI Registered Research Analyst. This post is for informational purposes only and not investment advice.

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Delhi Airport’s third runway returns after major upgrade

Research Analyst: UJVIN NEVATIA (PROPRIETOR: NEVAT INVESTMENTS) | SEBI Registration No.: INH100009628 Delhi Airport’s third runway, Runway 11R/29L, has reopened on September 20 after nearly seven months of rehabilitation work. The airport currently handles more than 1,300 flight movements a day and has annual passenger capacity of 106 million. What happened? The runway was closed in February for resurfacing, pavement strengthening and other airside upgrades. The project also added a new Rapid Exit Taxiway, upgraded ground lighting and made related civil and electrical improvements. All required inspections and regulatory clearances have been completed. Why does it matter? A runway returning to service after a major upgrade is relevant because it adds operational flexibility at one of India’s busiest airports. The new Rapid Exit Taxiway is designed to help aircraft leave the runway faster, potentially reducing runway occupancy time and improving aircraft movement efficiency. My view The bigger point is capacity utilisation rather than simply reopening an asset. Delhi Airport is already operating at a large scale, so the benefit from the upgraded runway will depend on whether it translates into smoother aircraft movements and better ability to handle rising traffic. DIAL is also working toward increasing annual passenger capacity from 106 million to 125 million by 2032. What I am watching next I would track flight movements, runway utilisation and passenger traffic over the coming quarters. The key question is whether the upgraded infrastructure improves operational efficiency as traffic continues to grow.

No Recommendations Source: NDTV Profit Disclosure: I, my entity, associates or relatives don't have any holding, position or other material interest in GMR Airports Limited.

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GMR Airports Rallies Sharply Over Two Sessions

GMR Airports (NSE:

) closed at ₹99.30, capping a strong two-day rally. After dipping to ₹92.46 on the 16th (down slightly from ₹92.97 on the 15th), the stock surged 2.79% on the 17th to ₹95.04, then extended those gains with another 4.48% jump on the 18th to close at ₹99.30, a combined gain of roughly 7.4% off the recent low. This is a genuine two-day breakout, not a one-off bounce. Back-to-back gains of this size (2.79% then 4.48%) suggest building momentum and real buying interest, rather than a single day of short covering. The stock has fully reversed its mid-week dip. From the low of ₹92.46 on the 16th, it's climbed nearly ₹7 in just two sessions, a sharp turnaround from what had looked like a weak patch. Still some distance from the 52-week high. At ₹99.30, the stock remains below its 52-week high of ₹115.64, though it's now moving further away from its 52-week low of ₹84.11. This bucks the recent one-month trend. The stock had been down roughly 11% over the past month, so this two-day surge is a meaningful shift and worth watching to see if it continues. Valuation remains rich, with the stock trading at a very high P/E (200x-260x range) given its ₹99,000-103,000 crore market cap, a reminder that this is a growth/infrastructure story, not a value play.

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GMR Airports: Can deleveraging unlock the next phase?

# GMR Airports: Can deleveraging unlock the next phase? GMR Airports Limited is expanding its airport portfolio while reducing leverage. Net debt to EBITDA improved to 5.8x by March 2026 from 11.7x a year earlier, making deleveraging an important part of the investment story. GMR's airport portfolio handled a record 121.6 million passengers in FY26. The company also added Nagpur Airport to its operating portfolio in June 2026, while Bhogapuram Airport was inaugurated in August. The interesting part is what happens alongside this expansion. GMR's net debt to EBITDA stood at 5.8x at the end of FY26, down sharply from 11.7x. Management has indicated a target of bringing leverage below 4x over the next 18-24 months. This matters because airports require large upfront investments. As passenger traffic and commercial revenues increase, the same infrastructure can generate higher EBITDA without a proportionate increase in operating costs. GMR is also developing revenue streams beyond passenger fees. Duty-free, cargo and other airport-adjacent businesses are becoming increasingly important. In FY26, revenue reached ₹15,201 crore and EBITDA ₹6,150 crore, both record levels. **My view:** The key GMR Airports story is shifting from asset expansion to improving returns from the existing portfolio while reducing leverage. If EBITDA continues growing faster than debt, the balance sheet can become a meaningful source of value creation. The risk is that airport expansion requires continued capital expenditure. I would therefore track whether new airports such as Nagpur and Bhogapuram contribute enough EBITDA to justify the additional capital invested.

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