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GMR Airports Ltd (GMRAIRPORT)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532754 NSE: GMRAIRPORT Airport Management Services | Mid Cap | GMR Airports Share Price
₹97.70 -1.35 (-1.36%)
As on 24-Sep'26 16:59
GMR Airports Ltd (GMRAIRPORT)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532754 NSE: GMRAIRPORT Airport Management Services | Mid Cap | GMR Airports Share Price
₹97.70 -1.35 (-1.36%)
As on 24-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹1,04,587 Cr.
Current Price
₹97.7
52-Week Low / High
₹84 / 116
TTM EPS
₹0.5
TTM Sales
₹15,566 Cr.
Book Value per Share
₹-2.5
P/E Ratio
218.74
Industry PE
276.9
Price to Book (P/B)
-39.60
Lower than its 5-year historical median
Price to Sales (P/S)
6.72
Lower than its 5-year historical median
EV/EBITDA
22.65
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
0.00%
Outperforms industry median
Return on Capital Employed (ROCE)
11.88%
Outperforms industry median
Return on Assets (ROA)
0.92%
Operating Profit Margin
40.6%
Net Profit Margin
3.19%
Gross Profit Margin
15.5%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
235.78%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
52.87%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
67.16%
Pledged shares (%) of Promoter's holding (%)
16.44%
Reserves
₹-3,697 Cr.
Equity
₹1,055.9 Cr.
Face Value
₹1
All Time Low / High
₹9.58 / 131.81
Check Before You Invest
Quality
Not GoodValuation
FairCheck Valuation charts
Price Trend
Semi Strong
Is GMR Airports Ltd a good quality company?
GMR Airports Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does GMR Airports Ltd performance compare with that of its Peers?
Revenue growth of GMR Airports Ltd vs industry peers?
GMR Airports Ltd revenue CAGR is 32.94%, compared to the industry median CAGR of 32.94%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of GMR Airports Ltd?
Promoters hold 67.16% of the GMR Airports Ltd, with 16.44% of their stake pledged, indicating high pledge risk.
Stock return of GMR Airports Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 21.7% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
GMR Airports Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -20.8% | 1.3% | -0.9% | -2.9% | -0.2% | -0.2% | -0.7% | 0.7% | 1.3% | 2% | - |
| Value Creation Index ⓘ | -2.5 | -0.9 | -1.1 | -1.2 | -1.0 | -1.0 | -1.1 | -0.9 | -0.9 | -0.8 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,180 | 742 | 1,101 | 1,155 | 7.3 | 39.1 | 623 | 822 | 1,263 | 4,242 | 4,989 |
| Sales YoY Gr. | - | -37.1% | 48.3% | 4.9% | -99.4% | 432.9% | 1,495.6% | 31.9% | 53.7% | 235.8% | - |
| Adj EPS ⓘ | -6.1 | -1 | -1.8 | -2.4 | -0.2 | -0.3 | -1.4 | -0.9 | -0.3 | 0.3 | 0.4 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 10.8 | 28.4 | 19.4 | 20 | 16.1 | 17.2 | 55.9 | 87.9 | 50.9 | 56.2 | 56.2 |
| Adj Net Profit ⓘ | -3,677 | -606 | -1,065 | -1,457 | -117 | -158 | -857 | -537 | -265 | 346 | 380 |
| Cash Flow from Ops. ⓘ | 46.5 | -170 | 452 | -154 | 46.1 | -24.9 | 1.8 | -66.3 | 413 | 103 | - |
| Debt/CF from Ops. ⓘ | 128.3 | -39.9 | 15.9 | -53 | 111.5 | -30.5 | 4392.7 | -116 | 21 | 103.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 15.3% | 256.9% | 89.5% | 235.8% | ||||
| Adj EPS ⓘ | NA | NA | NA | NA | ||||
| BVPSⓘ | 20.1% | 28.3% | 0.2% | 10.3% | ||||
| Share Price | 21.6% | 21.9% | 18.6% | 9.7% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -44.1 | -5.1 | -7.4 | -12.3 | -1.1 | -1.6 | -3.8 | -1.2 | -0.5 | 0.6 | 0.6 |
| Op. Profit Mgn % ⓘ | 62.6 | -9.2 | 23.2 | 41.4 | -340.3 | -9.4 | 40.3 | 42.5 | 54 | 38.8 | 35.6 |
| Net Profit Mgn % ⓘ | -311.7 | -81.6 | -96.7 | -126.2 | -1590.7 | -405.6 | -137.5 | -65.3 | -20.9 | 8.2 | 7.6 |
| Debt to Equity ⓘ | 0.9 | 0.4 | 0.6 | 0.7 | 0.5 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | - |
| Working Cap Days ⓘ | 1,613 | 1,695 | 1,196 | 1,255 | 2,11,687 | 21,959 | 727 | 1,119 | 899 | 307 | 90 |
| Cash Conv. Cycle ⓘ | -115 | -84 | -105 | -131 | -67,199 | -2,685 | -119 | -73 | -23 | -2 | 22 |
Valuation of GMR Airports - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 58.23 | 58.03 | 27.09 | 29.46 | 17.75 | 16.61 | 16.61 | 15.51 | 15.49 | 16.44 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 9,557 | 8,721 | 7,576 | 8,556 | 3,566 | 4,601 | 6,674 | 8,755 | 10,414 | 14,807 |
| Operating Expenses ⓘ + | 6,325 | 6,535 | 5,870 | 5,927 | 2,778 | 2,498 | 4,968 | 5,789 | 6,648 | 9,051 |
| Operating Profit ⓘ | 3,231 | 2,186 | 1,706 | 2,629 | 788 | 2,103 | 1,706 | 2,966 | 3,766 | 5,757 |
| Operating Profit Margin (%) | 33.8% | 25.1% | 22.5% | 30.7% | 22.1% | 45.7% | 25.6% | 33.9% | 36.2% | 38.9% |
| Other Income ⓘ + | 482 | 553 | 709 | 667 | 431 | 358 | 595 | 452 | 422 | 393 |
| Interest ⓘ | 2,128 | 2,316 | 2,684 | 3,545 | 1,803 | 2,019 | 2,338 | 2,929 | 3,705 | 3,859 |
| Depreciation ⓘ | 1,019 | 1,028 | 984 | 1,064 | 886 | 889 | 1,038 | 1,466 | 1,910 | 1,837 |
| Profit Before Tax ⓘ | 113 | -1,037 | -3,554 | -2,283 | -1,530 | -765 | -735 | -636 | -635 | 586 |
| Tax ⓘ | 745 | 45 | -87 | -85 | -286 | -12 | 113 | 193 | 182 | 114 |
| Profit After Tax | -632 | -1,083 | -3,466 | -2,198 | -1,243 | -752 | -848 | -829 | -817 | 472 |
| PAT Margin (%) | -6.6% | -12.4% | -45.8% | -25.7% | -34.9% | -16.4% | -12.7% | -9.5% | -7.8% | 3.2% |
| Adjusted EPS (₹) | -0.9 | -2.3 | -5.9 | -4.0 | -4.6 | -1.7 | -0.3 | -0.9 | -0.4 | 0.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 5,342 | 3,818 | -453 | -2,459 | -1,718 | -818 | -793 | -2,164 | -2,503 | -2,480 | |
| Debt + | 19,577 | 21,095 | 24,029 | 28,153 | 32,273 | 25,105 | 28,612 | 34,394 | 34,963 | 35,426 | |
| Minority Interest | 1714 | 1826 | 1695 | 2675 | 3037 | 2736 | 1762 | 1295 | 715 | 931 | |
| Trade Payables | 1,410 | 1,957 | 1,946 | 2,072 | 2,460 | 543 | 851 | 1,085 | 1,005 | 1,328 | |
| Others Liabilities ⓘ | 8,809 | 9,201 | 12,594 | 15,432 | 13,087 | 8,756 | 12,919 | 13,375 | 13,977 | 18,937 | |
| Total Liabilities ⓘ | 36,852 | 37,898 | 39,811 | 45,872 | 49,138 | 36,323 | 43,351 | 47,984 | 48,157 | 54,142 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 13,638 | 12,839 | 12,940 | 12,686 | 12,238 | 10,325 | 15,157 | 28,737 | 28,218 | 28,929 | |
| CWIP ⓘ | 239 | 589 | 858 | 3,811 | 6,622 | 10,176 | 11,175 | 1,674 | 3,808 | 5,520 | |
| Investments ⓘ | 12,422 | 12,871 | 10,115 | 10,119 | 9,674 | 3,798 | 4,478 | 4,425 | 4,288 | 5,959 | |
| Inventories | 129 | 104 | 113 | 191 | 175 | 92 | 135 | 130 | 162 | 540 | |
| Trade Receivables | 1,737 | 1,770 | 1,447 | 1,424 | 1,146 | 376 | 369 | 482 | 531 | 596 | |
| Cash Equivalents | 1,771 | 1,979 | 1,630 | 4,449 | 6,413 | 3,116 | 4,021 | 2,826 | 944 | 993 | |
| Others Assets ⓘ | 6,915 | 7,746 | 12,708 | 13,192 | 12,871 | 8,439 | 8,017 | 9,711 | 10,206 | 11,605 | |
| Total Assets ⓘ | 36,852 | 37,898 | 39,811 | 45,872 | 49,138 | 36,323 | 43,351 | 47,984 | 48,157 | 54,142 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 4,504 | 2,347 | 2,052 | 1,376 | 3 | 3,256 | 2,199 | 3,880 | 3,443 | 4,884 |
| Cash Flow From Investing Activity ⓘ + | 1,793 | -1,014 | -3,605 | -990 | 2,433 | -1,897 | -2,322 | -5,788 | -3,673 | -3,577 |
| Cash Flow From Financing Activity ⓘ + | -5,727 | -1,191 | 816 | 1,617 | -1,056 | -3,894 | 1,731 | 467 | -1,010 | -1,238 |
| Net Cash Flow ⓘ | 570 | 142 | -737 | 2,003 | 1,381 | -2,534 | 1,608 | -1,442 | -1,240 | 69 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -12.32 | -23.64 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| ROCE (%) | 6.29 | 4.76 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Asset Turnover Ratio | 0.2 | 0.23 | 0.19 | 0.2 | 0.08 | 0.11 | 0.17 | 0.19 | 0.22 | 0.29 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 10.35 |
| Working Capital Days | ||||||||||
| Receivable Days | 62.40 | 73.40 | 77.50 | 61.30 | 131.50 | 60.30 | 20.40 | 17.70 | 17.70 | 13.90 |
| Inventory Days | 6.80 | 4.90 | 5.20 | 6.50 | 18.70 | 10.60 | 6.20 | 5.50 | 5.10 | 8.70 |
| Payable Days | 348 | 320.40 | 640.50 | 586.80 | 7,499.30 | 3,664.60 | 1,358.40 | 1,647.10 | 1,208.80 | 433.70 |
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GMR Airports Ltd FAQs
The current trading price of GMR Airports on 24-Sep-2026 16:59 is ₹97.70.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Sep-2026 the market cap of GMR Airports stood at ₹1,04,586.7 Cr
The latest P/E ratio of GMR Airports as of 23-Sep-2026 is 276.9.
The latest P/B ratio of GMR Airports as of 23-Sep-2026 is 1.76.
The 52-week high of GMR Airports is ₹115.6 and the 52-week low is ₹84.30.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of GMR Airports is ₹4,989 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that GMR Airports Ltd is a below average quality company.
The key valuation ratios of GMR Airports Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of GMR Airports Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About GMR Airports Ltd
GMR Infrastructure Limited (GIL) is a public limited company domiciled and incorporated in India under the Indian Companies Act, 1956. The registered office of the Company is Naman Centre, 7th Floor, opposite Dena Bank, Plot No.C-31 G Block, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra.
The company incorporated in May 1996, was earlier known as Varalakshmi Vasavi Power Projects and is located in Andhra Pradesh. The name was changed to GMR Vasavi Infrastructure Finance in 1999, and later to GMR Infrastructure in the year 2000.
Business area of the company
The company and its subsidiaries, associates, joint ventures and jointly controlled operations(hereinafter collectively referred to as ‘the Group’) are mainly engaged in development, maintenance and operation of airports, generation of power, coal mining and exploration activities, development of highways, development, maintenance and operation of special economic zones, and construction business including Engineering, Procurement and Construction (‘EPC’) contracting activities.
Airport sector
Certain entities of the Group are engaged in development, maintenance and operation of airport infrastructure such as greenfield international airports at Hyderabad and Goa and modernisation, maintenance and operation of international airports at Delhi and Cebu on build, own, operate and transfer basis.
Power sector
Certain entities of the Group are involved in the generation of power. These are separate Special Purpose Vehicles (‘SPV’) which have entered into Power Purchase Agreements (‘PPA’) with the electricity distribution companies of the respective state governments / other government authorities (either on the basis of Memorandum of Understanding or through a bid process) or short-term power supply agreements to generate and sell power directly to consumers as a merchant plant. Certain entities of the Group are involved in the coal mining and exploration activities and the Group is also involved in energy and coal trading activities through its subsidiaries.
Development of Highways
Certain entities of the Group are engaged in development of highways on build, operate and transfer model on annuity or toll basis. These are SPVs which have entered into concessionaire agreements with National Highways Authority of India (‘NHAI’) or the respective state governments for carrying out these projects.
Construction business
Certain entities of the Group are in the business of construction including as an EPC contractor. These entities are engaged in handling of EPC solution in the infrastructure sector.
Others
Entities of the Group which cover all residual activities of the Group that include special economic zones, operations of hotels, investment activities and management / technical consultancy.
Awards and Accolades
FY 2016-17
- World’s second best airport in the 40 million + pax category as well as second best airport in Asia Pacific region as rated by Airports Council International.
- Best Airport Staff in India and Central Asia in 2017.
- SKYTRAX World Airport Awards for Third year in a row.
- Best Airport - Central and South Asia, FTE Asia Awards 2016.
- Golden Peacock Award for Social Responsibility’ in the Aviation Transport Category in 2016.
- First Airport in Asia Pacific region to achieve Carbon Neutral Accreditation.
- First Airport in the world to adopt Green Building Monitoring Platform System - ARC.
- Platinum Rating from Indian Green Building Council for Terminal 3.
- Best PR case study, Best corporate event and social media campaign of 2016 at the Public Relations Council Summit.
- Excellence in Cost Management.
- Overall Social Media Strategy Award 2016 for various travellers - friendly social media initiatives.
- Special Recognition in the 29th Quality Circle Competition by CII.
- CII National Excellence Practice Competition-2016.
FY 2017-18
- World’s best airport in the 40 million+ pax category for Airport Service Quality (ASQ) as rated by Airports Council International (ACI).
- Golden Peacock Award for Corporate Ethics.
- Golden Peacock Award for Occupational Health and Safety.
- Silver recognition in the ACI Asia Pacific Green Airports Award.
- Most Sustainable and Green Airport Award at Wings India.
- Quality Excellence Award for Best Airport Security and Best Airport Community Development at the World Quality Congress held in Mumbai.
- Winners in six categories at the Public Relations Council of India Communication Awards
FY 2018-19
- Awarded the Best Airport in the region in its category in Airport Service Quality by ACI.
- Became the only Indian Airport to be rated as 4 star by Skytrax and ranked as best Airport in Central Asia and number 9 worldwide in 60- 70 Mn category.
- Certified as India’s First eAWB360 compliance Airport by International Air Transport Association (IATA).
- Won the Golden Peacock award for sustainability and national training award.
- Received the highest environmental recognition for Airports “Platinum” by ACI for Green Airports.
- Received the Hermes Platinum Award for Social Media Campaign “Creating Tomorrow Together.”
- Delhi Cargo Terminal - Celebi received “Best Cold Chain Cargo Terminal of the Year” in Cold Chain Industry Awards by FSC.
- National Award for Excellence 2018 by Confederation of Indian Industry (CII).
- Received the CII National 5S Excellence Award.
- Grow Care Safety Award 2018 in Gold Category.
- Business Process Management (BPM) Asia Achiever’s Award 2018.
- Received various awards in the Garden Tourism Festival.
- Received India’s Best Airport award organized by Travel Leisure Magazine 2.
- Delhi International Airport Limited (DIAL) has added one more feather in its cap by winning an award of Top 25 Innovative Companies in India.
FY 2019-20
- Delhi Airport has once again emerged as Best Airport in the over 40 million passengers per annum (MPPA) category in Asia Pacific region by ACI in the Airport Service Quality Programme (ASQ) 2019 rankings.
- Delhi Airport was voted as the Best Airport in India and Central Asia at the 2020 World Airport Awards by Skytrax.
- Delhi Airport has also been awarded as Global 4 Star Airport for 2nd consecutive year by Skytrax, being the only Airport in India to achieve this feat.
- DIAL was conferred with “Cargo Airport of the year India Region” by The STAT Times International for excellence in Air Cargo.
- The 6th edition of ICAO Global Aviation Training and TRAINAIR PLUS Symposium was successfully organized under the aegis of GMR Aviation Academy and Delhi International Airport Limited (DIAL), in Delhi from 04th to 06th December 2019.
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