GMR Airports share price today

GMR Airports Ltd's share price was ₹98.75 at the close on 6 November 2026. It has been falling for 4 weeks. That is 1.3% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹87 and ₹114, and at that close it sat 44% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today GMR Airports Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 13 weeks running.

Over the last 11 years the share price moved +800% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 7 August 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

1. Foreign funds (FIIs) raised their stake for 8 quarters in a row

   From 14.8% to 23% of the company by the September 2026 quarter.

2. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹4,100 crore, +11.7% on a year earlier.

   Why: Revenue rose because Delhi airport earned more from airport charges and from shops, parking and other passenger spending.

   Next results: check whether second half passenger numbers come in about 10% above the first half.

   From the earnings call on 29 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), GMR Airports reported revenue of ₹4,100 crore, up 11.7% from ₹3,670 crore a year earlier, and a profit of ₹65.0 crore, up 85.7% from ₹35.0 crore.

GMR Airports results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

GMR Airports' management discussed these results on a call held on 29 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

GMR Airports closed at ₹98.75 on 6 November 2026, up 3.2% from ₹95.68 a year earlier (7 November 2025) and up 159.1% over five years. Its highest weekly close since March 2016 was ₹113.55 on 1 July 2026.

GMR Airports share price: then and now

Weekly closing prices. Each change is the move from that price to the 6 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

563 weekly closes from 11 March 2016 to 6 November 2026.

6 Nov 2026: GMR Airports closed at ₹98.75, up 13.6% on the week and up 7.1% on the month. 29 Oct 2026: GMR Airports held its results call for July to September 2026. Management guided: H2 pax about 10% above H1 with full year up about 3-4% on a year earlier on slot demand.

Earlier

• Results for July to September 2026: Revenue up 11.7% and profit up 85.7% on a year earlier.
• Our read, 19 Jul 2026: GMR Airports turned profit-positive in FY26 for the first time in over a decade, driven by Delhi tariff reset and operating profit up 47% on a year earlier, with Bhogapuram launch, Hyderabad tariff revision, and interest cost compression as three named catalysts for FY27 earnings continuation.

Our read of the business

GMR's Delhi tariff reset from mid-April 2025 drove aero revenue up 161% on a year earlier, flipping the consolidated entity to its first annual profit since the GMR Airports merger. The profit of 472 Cr in FY26 (vs loss of 817 Cr in FY25) is not a clean number, it includes a 168 Cr one-off tax credit in Q4 and recurring other-income above operating earnings, but the operating profit expansion from 36% to 39% operating margin is real and structural. The next leg, Bhogapuram commercialization in July to September 2026, Hyderabad tariff revision in October to December 2026, and 100-150 basis points interest savings from refinancing, gives three identifiable profit-lift mechanisms, though the high debt load of 43283 Cr means the thesis breaks instantly if operating profit growth stalls.

Latest quarter: First profitable full year in over a decade, but Q4 profit inflated by tax credit.

Our read after the latest results, written 19 July 2026.

The NSE corporate-actions record has no dividend for GMR Airports since 1 April 2021, so this page cannot show amounts per share.

Yes. GMR Airports Ltd paid out 6,017% of its profit as dividends in FY26, and it paid a dividend in 2 of its last 13 reported years.

From the NSE corporate-actions record, read 7 November 2026.

On the call for July to September 2026, held on 29 October 2026, GMR Airports' management guided: H2 pax about 10% above H1 with full year up about 3-4% on a year earlier on slot demand.

“Our debt has peaked, and we maintain our outlook for free cash generation at our two largest airports and the listed entity in the medium term.”Saurabh Chawla, Executive Director, Finance and Strategy, on the call for July to September 2026

What management guided

• Vizag regular tariff by January with Q3 loss in line with Q2 then tapering.
• Aerocity handover Taj partial both January to March 2027 leasing 6-9 months next year; Hilton-Waldorf start January 2027 Vivanta phases FY27.
• Non-aero revenue growth about 15-17% secular with platform operating margin above about 20%.
• Balance FY27 capital spending ₹1,000 crore operational ₹1,000-1,500 crores per annum no expansion.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 29 October 2026.

What is changing at GMR Airports, from the latest results and calls: delhi tariff reset, aero revenue step-up, bhogapuram new airport, commercial launch july to september 2026 and interest cost reduction, refinancing pipeline fy27.

• Bhogapuram new airport, commercial launch July to September 2026. Bhogapuram is 98.7% complete (Mar 2026) with July to September 2026 commercial launch guided, expected to contribute 2.25 million passengers on a 9-month basis in FY27. ⚠ estimate
• Interest cost reduction, refinancing pipeline FY27. Hyderabad refinancing at 7.6% already saved 150 basis points; Delhi and GAL refinancing in FY27 aiming for 100-150 basis points additional savings, a 400-600 Cr annual operating profit-to-profit uplift on 40000+ Cr debt. ⚠ estimate
• Non-aero platform scaling, duty-free and adjacency. Non-aero revenues now exceed 50% of consolidated income; duty-free SPP at Delhi rose to 1033 in April to June 2025 from 1019 in April to June 2024, with Hyderabad F&B, cargo city, and hotel agreements as the next legs. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 19 July 2026.

Two consecutive quarters of flat or declining operating profit (at group level) despite Bhogapuram contributing, specifically if quarterly operating profit falls below the prior year comparable quarter despite the tariff base being in, because that would indicate operating costs are rising faster than tariff-driven revenues, invalidating the operating-leverage case.

Each change stops working if

• Hyderabad tariff revision, October to December 2026 determination: AERA awards a tariff determination that does not incorporate the expansion capital spending or carried-forward revenue, which management's own prior guidance (flat tariff projection) suggested was the base case before the recent filing.

The main risks

• Debt load at 5.5x net debt to operating profit, zero margin for error: Borrowings of 43283 Cr at 5.5x net debt to operating profit mean a 15% operating profit shortfall vs guidance tips the company toward covenant pressure. ⚠ estimate
• Management guidance reversals, three material shifts in 12 months: Nagpur capital spending omitted in Nov 2025 after Jul 2025 'high degree of possibility' guidance; Mopa incentive program flipped from one-year to structural operating profit driver; Delhi revenue share modeling guidance reversed from 43-44% to 46%. ✓ fact
• Single-quarter January to March 2026 profit spike, tax credit and other-income distortion: January to March 2026 profit of 400 Cr includes a 168 Cr one-off tax credit and 260 Cr other-income, clean operating profit for the quarter is estimated below 100 Cr. ✓ fact
• Geopolitical disruption extending beyond H2 FY27, traffic headwind: Air India accident capacity loss, Iran conflict routing adding 1.5-2 hours, and Pakistani airspace closure collectively compressed FY27 early-period traffic, management guided H2 FY27 recovery but committed only to 5-7% organic growth. ✓ fact

Our read after the latest results, written 19 July 2026.

When GMR Airports reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: Second-half passenger rebound to flagged uplift over first half - verify Delhi, Hyderabad and Goa slot bookings convert to traffic.

GMR Airports is on 3 of our India lists: 52 week high & low, Small & mid cap stocks and Penny stocks.

GMR Airports Ltd earned ₹65.0 Cr of net profit in the Sep 2026 quarter, +85.7% on the same quarter a year earlier. Full-year FY26 profit was ₹472 Cr. That is 1.6% of the quarter's revenue. The same quarter a year earlier earned ₹35.0 Cr. 6 of the last 12 reported quarters were loss-making.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

GMR Airports Ltd reported ₹4,100 Cr of revenue in the Sep 2026 quarter, +11.7% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 6.0% a year on average. The last full year, FY26, came in at ₹14,807 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹15,999 Cr.

FY26 revenue was ₹14,807 Cr, +42.2% on the year before.

Recent pace: the last four quarters grew +30.9% on average, against 6.0% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +29.1%, against +29.3% a year over the last 8 quarters (stabilising).

GMR Airports Ltd's operating margin was 36.0% in the Sep 2026 quarter, 3.0 percentage points lower than the same quarter a year ago. Across 13 years it has been between 6.0% and 50.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The Delhi tariff reset from mid-April 2025 is the foundational PAT-flip event. Aero revenues at Delhi rose 161% YoY in Q1 FY26 per the concall. This flipped Delhi's Q1 EBITDA to the highest level in 4 years and drove consolidated revenue from 10414 Cr in FY25 to 14807 Cr in FY26, a 42% increase almost entirely from the tariff step-up rather than traffic growth. The tariff is regulatory, not market-driven, making it durable as long as the concession agreement lasts. The TDSAT quashing of AERA's HRAB calculation in July 2025 additionally sets the stage for Delhi to claim under-recovery of aero revenues from control period 1, a potential further yield uplift not yet in the numbers.

Why the margin moved: operating margin changed −3.3 percentage points on the year while gross margin changed −0.9 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Over the last 2 years, 1,289% of GMR Airports Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹4,884 Cr of operating cash against ₹472 Cr of profit. After ₹4,260 Cr of spending on assets, ₹624 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 1,289% of profit came in as cash: the cash cycle got 395 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 2.6× depreciation over three years. The next section checks what that spending is building.

GMR Airports Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −278 days in FY26, down from 117 days in FY21. It spent ₹13,330 Cr on assets over the last 3 years. Customers take 15 days to pay, and stock sits for 201 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹14,807 Cr, each day of that cycle ties up about ₹40.6 Cr, so roughly −₹11,278 Cr is tied up in the business at any time.

FY26: customers took 15 days to pay and stock sat for 201 days, about 6.6 months of sales sitting as stock, for a full cycle of −278 days, shorter than FY21's 117.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 201 days. Customers pay about 15 days after that. Suppliers are paid at 494 days. Together that makes the −278-day cycle.

Spending on assets: ₹13,330 Cr over the last 3 years, against ₹5,213 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹5,520 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

GMR Airports Ltd's P/E is 176.1×, with too little history to compare. Its usual P/E (the middle reading) is 181.9×, over 9 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹0.49.

In short: there is too little history to say whether the multiple is high or low for this company, so the earnings trend underneath matters more than the multiple.

GMR Airports Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 12 quarters of 1 measure, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

The return-on-capital line is not shown: net worth is negative, so a return on capital means nothing. The balance sheet is in distress, and this reading uses the growth lines alone.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

GMR Airports Ltd's story is not scored yet against the checks our research set on 19 July 2026. Where it sits in its own cycle: LOSS TO BREAKEVEN INFLECTION.

NOT YET CHECKED

Our read, 19 July 2026. GMR Airports turned PAT-positive in FY26 for the first time in over a decade, driven by Delhi tariff reset and EBITDA up 47% YoY, with Bhogapuram launch, Hyderabad tariff revision, and interest cost compression as three named catalysts for FY27 earnings continuation.

From the price. Price stage 4, week 4, below its 200-day line, relative strength falling.

From the research. GMR Airports turned PAT-positive in FY26 for the first time in over a decade, driven by Delhi tariff reset and EBITDA up 47% YoY, with Bhogapuram launch, Hyderabad tariff revision, and interest cost compression as…

Where they disagree. The relevant cycle signal is the EBITDA trajectory: 1727 Cr FY23, 2972 Cr FY24, 3775 Cr FY25, 5757 Cr FY26, consistent compounding off a low operating-leverage base driven by traffic recovery and then the tariff reset.

What is proven. GMR Airports turned PAT-positive in FY26 for the first time in over a decade, driven by Delhi tariff reset and EBITDA up 47% YoY, with Bhogapuram launch, Hyderabad tariff revision, and interest cost compression as three named catalysts for FY27 earnings continuation.

What would change our mind. Two consecutive quarters of flat or declining EBITDA (at group level) despite Bhogapuram contributing, specifically if quarterly EBITDA falls below the prior year comparable quarter despite the tariff base being in, because that would indicate operating costs are rising faster than tariff-driven revenues, invalidating the operating-leverage case. Additionally, an adverse Hyderabad tariff order that does not incorporate the 600 Cr carried-forward revenue (per C030) would structurally lower the…

The test written in advance. Debt load at 5.5x net debt to EBITDA, zero margin for error. Measured by: Debt load at 5.5x net debt to EBITDA, zero margin for error by the next result.

The test written in advance. OPM at 78th percentile, margin-at-peak dig unresolved. Measured by: OPM at 78th percentile, margin-at-peak dig unresolved by the next result.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: Borrowings rising despite PAT turning positive, alarming leverage increase The research reads it further: Borrowings rose because Bhogapuram construction drew on committed facilities (CWIP rose from 1674 Cr in Mar 2024 to 5433 Cr in Mar 2026 as the airport nears completion). The debt increase is endpoint-loaded on a near-complete asset, once Bhogapuram launches in Q2 FY27, new debt drawdowns stop and depreciation begins offset. The management framing of net debt to EBITDA trajectory (5.5x to below 4x in the management-guided period (C033)) is the correct monitoring metric, not absolute debt.

What the surface reading misses. The surface reading is: OCF/PAT -10.41x suggests operations are massively diverging from earnings, potential accrual inflation or cash drain The research reads it further: The -10.41x 3-year ratio is mechanically distorted by the sign mismatch: OCF was positive (12207 Cr over 3 years) but PAT was negative (-1173 Cr). This is the signature of a capital-heavy infrastructure business where high depreciation and interest charge the P&L while OCF is sustained by EBITDA. The FY26 single-year OCF-to-PAT of 10.35x (C047) is a better read, and it shows OCF running well above PAT because PAT of 472 Cr is artificially low relative to EBITDA (C029) after depreciation (C044) and interest (C043).

• 1 · Operating leveragebuilding
• 2 · Value-added mixbuilding
• 3 · Management changebuilding
• 4 · Paying down debtbuilding
• 5 · Regulatory approvalbuilding
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 1 · Operating leverage: building. Delhi aero revenue rose 161% YoY in Q1 FY26 on revised tariffs effective mid-April 2025, now the single largest EBITDA driver in the portfolio. What proves it keeps working: Delhi tariff reset, aero revenue step-up. It stops working if Delhi concession agreement is challenged or a Supreme Court order reverses the AERA tariff structure, management disclosed the Delhi tariff arbitration matter is pending a Supreme Court hearing and refused to guide on timeline.

Lever 3 · Management change: building. Bhogapuram is 98.7% complete (Mar 2026) with Q2 FY27 commercial launch guided, expected to contribute 2.25 million passengers on a 9-month basis in FY27. What proves it keeps working: Bhogapuram new airport, commercial launch Q2 FY27.

Lever 2 · Value-added mix: building. Hyderabad refinancing at 7.6% already saved 150 bps; Delhi and GAL refinancing in FY27 aiming for 100-150 bps additional savings, a 400-600 Cr annual EBITDA-to-PAT uplift on 40000+ Cr debt. What proves it keeps working: Interest cost reduction, refinancing pipeline FY27. It stops working if Rating upgrade trajectory stalls, if Hyderabad traffic softens materially in H1 FY27 as guided, EBITDA coverage could slip and prevent the AA → AAA step that enables the lowest refinancing tranches.

Lever 4 · Paying down debt: building. Non-aero revenues now exceed 50% of consolidated income; duty-free SPP at Delhi rose to 1033 in Q1 FY26 from 1019 in Q1 FY25, with Hyderabad F&B, cargo city, and hotel agreements as the next legs. What proves it keeps working: Non-aero platform scaling, duty-free and adjacency.

Sources: our stock research file (19 July 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.