Loading…
GMR Group's airport operator running Delhi and Hyderabad airports plus stakes in overseas airports.
GMR Group's airport operator running Delhi and Hyderabad airports plus stakes in overseas airports.
Earns regulated charges from airlines and passengers under long-term state concessions, with the tariffs set by the government's airport regulator, plus shops, food, advertising and cargo income that is not regulated. Delhi and Hyderabad are the cash base, and it shares part of the Delhi revenue with the state. Goa's Mopa airport, opened in 2023, extends the range.
In one line: A private US-style airport operator, like a local Vinci Airports.
Moat: wide (regulatory licence, scale, installed base). Long-term government concessions on India's busiest airports are effectively irreplicable local monopolies.
Headquarters: New Delhi, India · Employees: 21,225
Size GMR Airports (GMRAIRPORT.NS) is an India Industrials company (Other Transportation) with a market value of $11.1B, the 110th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹98.75 on 6 Nov 2026.
Performance Over six months the shares fell 1.9%, against +3.4% for the median peer and 0.0% for the India market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 29.1% over the last twelve months (peer median +7.6%); the operating margin is 26.6% (peer median 24.3%).
Valuation It trades at 296.2× forward earnings against a peer median of 14.6× (most expensive of 20).
Capital Return on invested capital runs 6.6 points below its cost of capital (15.0% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹160B | ₹146B | ₹103B | ₹86.0B | ₹65.6B |
| Revenue growth | — | +42% | +19% | +31% | — |
| Gross profit | ₹72.9B | ₹54.9B | ₹29.6B | ₹25.0B | ₹17.9B |
| EBITDA | ₹61.2B | ₹58.9B | ₹36.8B | ₹28.8B | ₹17.2B |
| Net income | ₹5.00B | ₹1.75B | -₹3.93B | -₹5.59B | -₹1.79B |
| Free cash flow | n/a | -₹11.4B | -₹32.0B | -₹37.3B | -₹43.1B |
| Capital expenditure | n/a | ₹33.3B | ₹41.3B | ₹45.2B | ₹39.2B |
| Total debt | ₹474B | ₹436B | ₹385B | ₹359B | ₹322B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| GMR Airports GMRAIRPORT.NS | $11.1B | -2% | +29% | 27% | 296.2× | n/a |
| Fraport FRA.DE | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% |
| Aena SME AENA.MC | $47.6B | +21% | +11% | 46% | 18.1× | 7.0% |
| Aeroports de Paris ADP.PA | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% |
| Flughafen Zurich FHZN.SW | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GMRAIRPORT.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.3% | +8.6% | 11th highest of 21 |
| 6-month return | -1.9% | +3.4% | 7th lowest of 21 |
| Distance from 52-week high | -14.6% | -17.4% | 9th highest of 21 |
| Revenue growth (TTM) | +29.1% | +7.6% | highest of 21 |
| Operating margin | 26.6% | 24.3% | 10th highest of 21 |
| Forward P/E | 296.2× | 14.6× | most expensive of 20 |
| ROIC minus cost of capital | -6.6 pp | +0.7 pp | 2nd lowest of 21 |
| EV / EBITDA | 23.6× | 10.4× | most expensive of 11 |
| Net debt / EBITDA | 6.2× | 3.2× | 2nd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GMR Airports GMRAIRPORT.NS | India | $11.1B | -2% | +29% | 27% | 296.2× | n/a | n/a |
| China Merchants Expressway Network & Technology 001965.SZ | China | $10.6B | +10% | +26% | 15% | 14.6× | 6.7% | +13.7% |
| Jiangsu Expressway 600377.SS | China | $9.75B | +13% | +3% | 25% | 14.5× | n/a | n/a |
| Aeroports de Paris ADP.PA | France | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% | +25.7% |
| Shanghai International Airport 600009.SS | China | $9.22B | -9% | +7% | 19% | 23.7× | -2.6% | +25.4% |
| China Merchants Port 001872.SZ | China | $9.20B | +14% | +8% | 32% | 12.9× | 2.1% | +6.2% |
| StandardAero SARO | United States | $9.14B | +10% | +13% | 10% | 16.4× | 10.9% | +13.5% |
| Qingdao Port International 601298.SS | China | $8.98B | +10% | +4% | 31% | 12.0× | -12.0% | +7.2% |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR PAC | United States | $14.5B | +1% | +20% | 44% | 17.1× | 8.2% | +31.3% |
| Shandong Hi-speed 600350.SS | China | $8.06B | +4% | -4% | 20% | 18.0× | 4.7% | +13.0% |
| Grupo Aeroportuario del Sureste SAB de CV Sponsored ADR ASR | United States | $7.95B | -15% | +26% | 41% | 12.2× | -2.3% | +27.0% |
| Flughafen Zurich FHZN.SW | Switzerland | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% | +16.9% |
| Fraport FRA.DE | Germany | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% | +21.5% |
| Hankyu Hanshin 9042.T | Japan | $7.03B | +3% | +6% | 10% | 13.2× | n/a | n/a |
| Kobenhavns Lufthavne A/S KBHL.CO | Denmark | $6.60B | -6% | +9% | 34% | n/a | 6.7% | +28.5% |
| Lyft LYFT | United States | $6.47B | +19% | +11% | -2% | 21.9× | -6.1% | +21.7% |
| Shanghai International Port (Group) 600018.SS | China | $19.7B | +14% | +9% | 23% | 8.6× | -3.6% | +9.0% |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% | +7.4% |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR OMAB | United States | $5.21B | +2% | +21% | 53% | 13.2× | -5.1% | +27.2% |
| Central Japan Railway 9022.T | Japan | $25.1B | +11% | +5% | 40% | 8.0× | -6.8% | +19.5% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 5.9× | n/a | n/a |