# GMR Airports share price today (GMR Airports Ltd, NSE: GMRAIRPORT)

> GMR Airports share price today: ₹95.00 at the NSE close on 4 November 2026, down 0.7% in a year. GMR Airports (NSE: GMRAIRPORT) is worth ₹1,01,302 crore, trades at a P/E of 169.4 and has closed between ₹86.96 and ₹113.55 over the past 52 weeks. > GMR Airports Ltd's balance sheet is under water: its net worth is negative, so it owes more than it owns. This is a high-risk situation: shareholders can be wiped out by new shares or a restructuring before the business recovers. GMRAIRPORT · Miscellaneous · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/gmr-airports-ltd

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## Key numbers

- Price: ₹95.00 (−0.7% in a year)
- P/E: 169.4×, over 9 years
- Revenue (Sep 2026): ₹4,100 Cr (+11.7% on a year ago)
- Profit (Sep 2026): ₹65.0 Cr (+85.7% on a year ago)
- Operating margin: 36.0% (−3.0 points on a year ago)
- ROCE: 12%, FY26
- ROIC: 7.8%, against a 12.0% cost of capital: −4.2 points
- Profit that came in as cash: 1,289%, last 2 years

Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. ## What is the GMR Airports share price today? GMR Airports Ltd's share price was ₹95.00 at the close on 4 November 2026. It has been falling for 4 weeks. That is 2.5% below 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 30% of the way up from that low. 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 +766% 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. ## What changed at GMR Airports this quarter? 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. ## What are GMR Airports' latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹4,100 crore | ₹3,670 crore | +11.7% |
| Profit | ₹65.0 crore | ₹35.0 crore | +85.7% |
| Earnings per share | ₹−0.01 | ₹−0.04 | n/a |
| Operating margin | 36.0% | 39.0% | −3.0 points |

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.)

## What is the GMR Airports share price history? GMR Airports closed at ₹95.00 on 4 November 2026, down 0.7% from ₹95.68 a year earlier (7 November 2025) and up 149.3% over five years. Its highest weekly close since March 2016 was ₹113.55 on 1 July 2026. ### GMR Airports share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹86.96 | +9.2% |
| 1 month ago · 1 Oct 2026 | ₹93.66 | +1.4% |
| 6 months ago · 8 May 2026 | ₹101.31 | −6.2% |
| 1 year ago · 7 Nov 2025 | ₹95.68 | −0.7% |
| 3 years ago · 3 Nov 2023 | ₹56.04 | +69.5% |
| 5 years ago · 4 Nov 2021 | ₹38.11 | +149.3% |
| 10 years ago · 4 Nov 2016 | ₹11.43 | +731.1% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹10.97 | +766.0% |
| Highest weekly close since March 2016, also the 52-week high · 1 Jul 2026 | ₹113.55 | −16.3% |
| Lowest weekly close since March 2016 · 3 Jun 2016 | ₹10.28 | +824.1% |
| 52-week low (weekly close) · 30 Oct 2026 | ₹86.96 | +9.2% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (563 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on GMR Airports? 4 Nov 2026: GMR Airports closed at ₹95.00, up 9.2% on the week and up 1.4% 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.)

## What dividend does GMR Airports pay? 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 5 November 2026.)

## What did GMR Airports management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/4643-29-Oct-2026.pdf). (From the call for July to September 2026, 29 October 2026.)

## What is the future of GMR Airports? What is changing in the business? 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.)

## What could change the GMR Airports story? What are the risks? 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.)

## What to watch in GMR Airports' next results? 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. - What to check (from the call)
- Second-half passenger rebound to flagged uplift over first half - verify Delhi, Hyderabad and Goa slot bookings convert to traffic. - Vizag regular tariff order by flagged month - check ad-hoc losses taper and yield reset as consultation concludes. - Non-aero income momentum to flagged secular pace - confirm spend growth and new commercial space lift income per passenger. ## Which stock lists is GMR Airports on? GMR Airports is on 3 of our India lists: 52 week high & low, Small & mid cap stocks and Penny stocks. - [52 week high & low 52-week position: Near 52-week low](https://www.sectoralpha.in/52-week-high-stocks-india)
- [Small & mid cap stocks Size rank in India: 119](https://www.sectoralpha.in/small-cap-stocks-india)
- [Penny stocks](https://www.sectoralpha.in/penny-stocks-india)

## Is GMR Airports profitable? 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. ## How much revenue does GMR Airports make, and is it growing? 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. 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). ## How much of every ₹100 of sales does GMR Airports keep? 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. 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. ## Is GMR Airports' profit turning into cash? 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. 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. ## Where does GMR Airports' cash go? 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. 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. ## What is GMR Airports' P/E ratio, and how does it compare with its own history? GMR Airports Ltd's P/E is 169.4×, 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. 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. ## Is the GMR Airports business getting better or worse? 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. 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. ## What is the GMR Airports story, and has it been checked? 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. 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 numbers. 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. 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). 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. ## Did GMR Airports management deliver what it promised? What GMR Airports Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. FY27 Capex Outlook Implies a Material Increase · 29 October 2026. In Aug 2026, management guided to approximately INR2,000 crore of capex for full fiscal 2027. The Oct 2026 call disclosed INR 1,600 crores in first-half capex and approximately INR 1,000 crores for the balance period, implying roughly INR2,600 crores for FY27, or about 30% above the prior plan, without reconciling the change. Hyderabad Expansion Plan No Longer Reflected in Capex Outlook · 29 October 2026. In Nov 2025, management said the Hyderabad expansion proposal was included in the tariff determination process and was expected to commence in CY 2027. In Oct 2026, management said no airport expansion capex would be incurred and did not clarify whether the Hyderabad project had been deferred, cancelled, or otherwise rephased. Delhi Parking-Driven YPP Normalization Pushed Out · 29 October 2026. In Nov 2025, management expected the elevated Delhi aero yield from parking charges to return to INR360-365 by the fourth quarter. In Oct 2026, management said the elevated run rate could continue for another year before declining, materially extending the expected duration of the revenue uplift without explaining why the earlier normalization timing was missed. External Non-Aero Expansion Strategy Deferred · 29 October 2026. In Aug 2026, management said GAL would participate in rebids for non-aero concessions as they came up. In Oct 2026, management said it was focusing only on GMR airports and would not pursue outside opportunities at this stage, shifting the near-term timing of the external-growth strategy without reconciling it with the earlier stated bidding posture. Every quote above is taken word for word from the company’s own earnings calls. ## How much does GMR Airports earn on its capital? GMR Airports Ltd earned a ROCE of 12% in FY26. That is up from a low of −1% in FY16. Its return on capital used (ROIC) is 4.2 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 3.2% net margin and 0.27× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 3.2% net margin × 0.27× asset turnover × −19.86× leverage (assets divided by equity) ≈ −17.2% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 7.8% − 12.0% = −4.2 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. ## Does GMR Airports have too much debt? GMR Airports Ltd's net worth is negative: it owes more than it owns, so a debt-to-equity ratio means nothing here. Year by year, that ratio went from 13.89 in FY22 to −27.94 in FY26. So the returns on this page come from the business, not from borrowed money. Why this happened. Delhi duty-free concession takeover completed Q1 FY26; Hyderabad duty-free takeover guided for Q2 FY26 and confirmed. Delhi cargo terminal recorded highest-ever monthly tonnage in Dec 2025. GMR Cargo Logistics raised 7.5 billion NCD for cargo city development. Hotel agreements signed: Waldorf (150 rooms) and Hilton (350 rooms) at Delhi; Taj Vivanta (170 key) at Hyderabad. Non-aero income per passenger across the portfolio of Delhi, Hyderabad, and Mopa at 666 vs aero yield of 430. Management goals 15% sustainable non-aero growth as a medium-term objective. ## What is the GMR Airports shareholding pattern? Foreign institutions raised their stake in GMR Airports Ltd by 8.1 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 22.9% of the company. Promoters moved +1.4 points over the same period, to 67.5%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. Construction progress: 80% complete Jun 2025, 87.5% Sep 2025, 95.8% Dec 2025, 98.7% Mar 2026. Management guided Q2 FY27 commercial launch, materially ahead of the original December 2026 goal. The incremental revenue add from 2.25 million passengers on a 9-month basis in FY27 translates to new aero and non-aero revenue. Depreciation and interest burden: FY27 incremental depreciation 120 Cr (9 months at 4% on 4000 Cr assets) and interest 216 Cr (9 months at 9% on 3200 Cr debt). The airport removes night landing restriction disadvantages of legacy Vizag airport, a structural traffic advantage for the Andhra Pradesh catchment. Over the last two years: Foreign institutions: +8.1 points over 8 quarters, to 22.9%; Promoters: +1.4 points over 8 quarters, to 67.5%; Domestic institutions: +0.3 points over 8 quarters, to 4.8%. Why the owners changed: foreign institutions drove it (+8.1 points), together with promoters (+1.4 points). They raised their stake step by step. ## How far is GMR Airports from balance-sheet trouble? For GMR Airports Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. Why this happened. The Hyderabad tariff revision is the second-most important PAT-lift catalyst after Bhogapuram. Prior management guidance had guided flat tariffs; the Q1 FY27 concall signaled upward yield revision based on expansion capex inclusion and 600 Cr carried-forward regulatory receivable from the prior control period (approximately 1000 Cr NPV). Hyderabad traffic was growing 11.29% in H1 FY26, constrained by 29 million capacity heading to 33 million. A positive tariff determination would be incremental to current run-rate EBITDA at Hyderabad and materially change the earnings trajectory for FY28. ## How does GMR Airports rank in its industry? 49.1 out of 100, rank 15 of 40 in Miscellaneous, with 83% of the evidence available. GMR Airports Ltd scores 49.1 out of 100 against the 40 companies it is compared with in Miscellaneous, ranking 15. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 21 + 14 + 8.7 + 5.4 = 49.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is GMR Airports compared with? GMR Airports ranks 15 of 40 Miscellaneous companies on the 4-Factor Sector Score, with 49.1 out of 100. 1. [Global Education Ltd](https://www.sectoralpha.in/stocks/global-education-ltd) GLOBAL · breaking out · Most evidence points up · 89% evidence 71.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.1/35 · Revenue 28.2% · Profit 3.3% · Operating margin change 0.3 points · 88% evidence Capital efficiency 21.3/25 · ROCE 29.2% · Operating margin 41% · 100% evidence Valuation 14.4/20 · P/E 28.1× · PEG 0.67 · 65% evidence Relative strength 19.9/20 · Lead over its industry 45% · Lead over NIFTY 500 44.6% · 1 year 103.5% · 100% evidence · 9 of 12 weeks ahead Exact sum: 16.1 + 21.3 + 14.4 + 19.9 = 71.7 · What this means: Relative strength against the index is 44.6%, and revenue and profit growth are weak. 2. [Sagility Ltd](https://www.sectoralpha.in/stocks/sagility-ltd) SAGILITY · losing its lead · Most evidence points up · 78% evidence 66.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.6/35 · Revenue 28.5% · Profit 28.4% · Operating margin change 0 points · 100% evidence Capital efficiency 17.4/25 · ROCE 13.4% · Operating margin 25% · 100% evidence Valuation 15.6/20 · P/E 18.6× · PEG 0.37 · 65% evidence Relative strength 9.6/20 · Lead over its industry n/a · Lead over NIFTY 500 -1.3% · 1 year -19.9% · 25% evidence · 9 of 12 weeks ahead Exact sum: 23.6 + 17.4 + 15.6 + 9.6 = 66.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Gulshan Polyols Ltd](https://www.sectoralpha.in/stocks/gulshan-polyols-ltd) GULPOLY · quiet · Evidence leans up · 96% evidence 64.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.2/35 · Revenue 9.4% · Profit 100% · Operating margin change 7 points · 88% evidence Capital efficiency 19.4/25 · ROCE 18.6% · Operating margin 13% · 100% evidence Valuation 14.6/20 · P/E 6× · PEG 1.48 · 100% evidence Relative strength 4.4/20 · Lead over its industry -10.5% · Lead over NIFTY 500 -10.4% · 1 year -5.9% · 100% evidence · 1 of 12 weeks ahead Exact sum: 26.2 + 19.4 + 14.6 + 4.4 = 64.6 · What this means: Earnings are strong; relative strength in its sector is -10.5% and the one-year return is -5.9%. 4. [Shree Vasu Logistics Ltd](https://www.sectoralpha.in/stocks/shree-vasu-logistics-ltd) SVLL · leader · Evidence leans up · 64% evidence 62.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.4/35 · Revenue 47.4% · Profit 100% · Operating margin change 0.8 points · 88% evidence Capital efficiency 18.6/25 · ROCE 20.5% · Operating margin 25.8% · 100% evidence Valuation 8.9/20 · P/E 119× · PEG n/a · 15% evidence Relative strength 11.8/20 · Lead over its industry n/a · Lead over NIFTY 500 14% · 1 year -0.9% · 25% evidence · 12 of 12 weeks ahead Exact sum: 23.4 + 18.6 + 8.9 + 11.8 = 62.7 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [R K Swamy Ltd](https://www.sectoralpha.in/stocks/r-k-swamy-ltd) RKSWAMY · Evidence leans up · 69% evidence 62.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.0/43.75 · Revenue 14.3% · Profit 17.3% · Operating margin change 2.6 points · 88% evidence Capital efficiency 19.5/31.25 · ROCE 12.3% · Operating margin 10.4% · 100% evidence Valuation 17.0/25 · P/E 19.5× · PEG 0.77 · 65% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 26 + 19.5 + 17 = 62.5 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 6. [Aeroflex Enterprises Ltd](https://www.sectoralpha.in/stocks/aeroflex-enterprises-ltd) AEROENTER · turning · Evidence leans up · 71% evidence 61.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.2/35 · Revenue 27.5% · Profit 100% · Operating margin change -5 points · 83% evidence Capital efficiency 13.6/25 · ROCE 12.6% · Operating margin 9% · 76% evidence Valuation 11.4/20 · P/E 9.3× · PEG n/a · 15% evidence Relative strength 17.4/20 · Lead over its industry 28.1% · Lead over NIFTY 500 27.6% · 1 year 43.7% · 100% evidence · 7 of 12 weeks ahead Exact sum: 19.2 + 13.6 + 11.4 + 17.4 = 61.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Blue Water Logistics Ltd](https://www.sectoralpha.in/stocks/blue-water-logistics-ltd) BLUEWATER · Evidence leans up · 64% evidence 60.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.4/35 · Revenue 163.3% · Profit 169.2% · Operating margin change -2 points · 88% evidence Capital efficiency 17.1/25 · ROCE 31.4% · Operating margin 11% · 100% evidence Valuation 10.8/20 · P/E 15.4× · PEG n/a · 15% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 83.1% · 1 year n/a · 25% evidence Exact sum: 20.4 + 17.1 + 10.8 + 12.5 = 60.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Anlon Technology Solutions Ltd](https://www.sectoralpha.in/stocks/anlon-technology-solutions-ltd) ANLON · breaking out · Too little evidence to rank firmly · 54% evidence 58.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 100% · Profit 100% · Operating margin change 1 points · 28% evidence Capital efficiency 18.6/25 · ROCE 27.1% · Operating margin 20% · 75% evidence Valuation 7.0/20 · P/E 36× · PEG 1.51 · 100% evidence Relative strength 12.2/20 · Lead over its industry n/a · Lead over NIFTY 500 31.2% · 1 year n/a · 25% evidence · 5 of 5 weeks ahead Exact sum: 21 + 18.6 + 7 + 12.2 = 58.8 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 9. [Eveready Industries India Ltd](https://www.sectoralpha.in/stocks/eveready-industries-india-ltd) EVEREADY · basing · Evidence leans up · 66% evidence 56.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.4/35 · Revenue 9.8% · Profit 100% · Operating margin change -1 points · 74% evidence Capital efficiency 15.6/25 · ROCE 17.2% · Operating margin 12% · 100% evidence Valuation 11.6/20 · P/E 12.9× · PEG n/a · 50% evidence Relative strength 10.0/20 · Lead over its industry n/a · Lead over NIFTY 500 -0.8% · 1 year -18% · 25% evidence · 3 of 12 weeks ahead Exact sum: 19.4 + 15.6 + 11.6 + 10 = 56.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Prozone Realty Ltd](https://www.sectoralpha.in/stocks/prozone-realty-ltd) PROZONER · breaking out · Evidence leans up · 68% evidence 55.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.4/35 · Revenue -9.9% · Profit 100% · Operating margin change 8.2 points · 83% evidence Capital efficiency 7.5/25 · ROCE 6% · Operating margin -35.6% · 76% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 17.0/20 · Lead over its industry 4.5% · Lead over NIFTY 500 5.1% · 1 year -26.8% · 100% evidence · 8 of 12 weeks ahead Exact sum: 21.4 + 7.5 + 10 + 17 = 55.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [TruAlt Bioenergy Ltd](https://www.sectoralpha.in/stocks/trualt-bioenergy-ltd) TRUALT · quiet · Evidence leans up · 68% evidence 53.4 out of 100 Growth Capital Valuation Relative
12. [Jindal Photo Ltd](https://www.sectoralpha.in/stocks/jindal-photo-ltd) JINDALPHOT · turning · Evidence leans up · 76% evidence 53.0 out of 100 Growth Capital Valuation Relative
13. [Aegis Vopak Terminals Ltd](https://www.sectoralpha.in/stocks/aegis-vopak-terminals-ltd) AEGISVOPAK · quiet · Evidence leans up · 60% evidence 52.2 out of 100 Growth Capital Valuation Relative
14. [Jai Corp Ltd](https://www.sectoralpha.in/stocks/jai-corp-ltd) JAICORPLTD · basing · Too little evidence to rank firmly · 56% evidence 51.2 out of 100 Growth Capital Valuation Relative
15. GMR Airports Ltd this page GMRAIRPORT · quiet · Evidence leans down · 83% evidence 49.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 29.1% · Profit 100% · Operating margin change -3 points · 100% evidence Capital efficiency 14.0/25 · ROCE 11.6% · Operating margin 36% · 100% evidence Valuation 8.7/20 · P/E 155× · PEG n/a · 15% evidence Relative strength 5.4/20 · Lead over its industry -8.1% · Lead over NIFTY 500 -7.7% · 1 year -7.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 21 + 14 + 8.7 + 5.4 = 49.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 16. [Parin Enterprises Ltd](https://www.sectoralpha.in/stocks/parin-enterprises-ltd) PARIN · losing its lead · Evidence leans down · 63% evidence 48.3 out of 100 Growth Capital Valuation Relative
17. [Anzen India Energy Yield Plus Trust](https://www.sectoralpha.in/stocks/anzen-india-energy-yield-plus-trust) ANZEN · losing its lead · Too little evidence to rank firmly · 52% evidence 47.5 out of 100 Growth Capital Valuation Relative
18. [TCC Concept Ltd](https://www.sectoralpha.in/stocks/tcc-concept-ltd) TCC · quiet · Evidence leans down · 71% evidence 47.1 out of 100 Growth Capital Valuation Relative
19. [Shipping Corporation of India Land & Assets Ltd](https://www.sectoralpha.in/stocks/shipping-corporation-of-india-land-assets-ltd) SCILAL · basing · Evidence leans down · 90% evidence 45.5 out of 100 Growth Capital Valuation Relative
20. [Aqylon Nexus Ltd](https://www.sectoralpha.in/stocks/aqylon-nexus-ltd) AQYLON · basing · Evidence leans down · 71% evidence 43.5 out of 100 Growth Capital Valuation Relative
21. [Inox Green Energy Services Ltd](https://www.sectoralpha.in/stocks/inox-green-energy-services-ltd) INOXGREEN · quiet · Evidence leans down · 71% evidence 41.1 out of 100 Growth Capital Valuation Relative
22. [Delta Corp Ltd](https://www.sectoralpha.in/stocks/delta-corp-ltd) DELTACORP · breaking out · Evidence leans down · 67% evidence 41.1 out of 100 Growth Capital Valuation Relative
23. [GKW Ltd](https://www.sectoralpha.in/stocks/gkw-ltd) GKWLIMITED · turning · Evidence leans down · 61% evidence 38.5 out of 100 Growth Capital Valuation Relative
24. [Kaveri Seed Company Ltd](https://www.sectoralpha.in/stocks/kaveri-seed-company-ltd) KSCL · basing · Evidence leans down · 76% evidence 37.3 out of 100 Growth Capital Valuation Relative
25. [IIRM Holdings India Ltd](https://www.sectoralpha.in/stocks/iirm-holdings-india-ltd) IIRM · quiet · Evidence leans down · 64% evidence 36.8 out of 100 Growth Capital Valuation Relative
26. [Unitech Ltd](https://www.sectoralpha.in/stocks/unitech-ltd) UNITECH · basing · Evidence leans down · 68% evidence 35.6 out of 100 Growth Capital Valuation Relative
27. [Stanley Lifestyles Ltd](https://www.sectoralpha.in/stocks/stanley-lifestyles-ltd) STANLEY · quiet · Most evidence points down · 64% evidence 34.3 out of 100 Growth Capital Valuation Relative
28. [Embassy Developments Ltd](https://www.sectoralpha.in/stocks/embassy-developments-ltd) EMBDL · quiet · Most evidence points down · 61% evidence 27.2 out of 100 Growth Capital Valuation Relative
29. [RattanIndia Enterprises Ltd](https://www.sectoralpha.in/stocks/rattanindia-enterprises-ltd) RTNINDIA · basing · Most evidence points down · 61% evidence 24.8 out of 100 Growth Capital Valuation Relative
30. Exhicon Events Media Solutions Ltd losing its lead · Too little evidence to rank firmly · 42% evidence 58.0 out of 100 Growth Capital Valuation Relative
31. [Central Mine Planning & Design Institute Ltd](https://www.sectoralpha.in/stocks/central-mine-planning-design-institute-ltd) CMPDI · quiet · Too little evidence to rank firmly · 38% evidence 57.3 out of 100 Growth Capital Valuation Relative
32. [Take Ltd](https://www.sectoralpha.in/stocks/take-solutions-ltd) TAKE · Too little evidence to rank firmly · 38% evidence 55.8 out of 100 Growth Capital Valuation Relative
33. [Fabtech Cleanrooms Ltd](https://www.sectoralpha.in/stocks/fabtech-cleanrooms-ltd) breaking out · Too little evidence to rank firmly · 41% evidence 54.8 out of 100 Growth Capital Valuation Relative
34. [Devson Catalyst Ltd](https://www.sectoralpha.in/stocks/devson-catalyst-ltd) Too little evidence to rank firmly · 15% evidence 52.9 out of 100 Growth Capital Valuation Relative
35. [Qualitek Labs Ltd](https://www.sectoralpha.in/stocks/qualitek-labs-ltd) breaking out · Too little evidence to rank firmly · 31% evidence 49.9 out of 100 Growth Capital Valuation Relative
36. [Indiqube Spaces Ltd](https://www.sectoralpha.in/stocks/indiqube-spaces-ltd) INDIQUBE · turning · Too little evidence to rank firmly · 46% evidence 47.7 out of 100 Growth Capital Valuation Relative
37. [Maagh Advertising & Marketing Services Ltd](https://www.sectoralpha.in/stocks/maagh-advertising-marketing-services-ltd) Too little evidence to rank firmly · 21% evidence 47.5 out of 100 Growth Capital Valuation Relative
38. [Lords Mark Industries Limited](https://www.sectoralpha.in/stocks/lords-mark-industries-limited) quiet · Too little evidence to rank firmly · 43% evidence 45.7 out of 100 Growth Capital Valuation Relative
39. [Tandhan Industries Ltd](https://www.sectoralpha.in/stocks/tandhan-industries-ltd) turning · Too little evidence to rank firmly · 37% evidence 42.4 out of 100 Growth Capital Valuation Relative
40. [Shree Rama Newsprint Ltd](https://www.sectoralpha.in/stocks/shree-rama-newsprint-ltd) RAMANEWS · Too little evidence to rank firmly · 48% evidence 32.5 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Miscellaneous](https://www.sectoralpha.in/sectors/miscellaneous), all 40 compared on one page. ## Which companies are close to GMR Airports in size? GMR Airports is the largest of 40 Miscellaneous companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Aegis Vopak Terminals, Sagility, Central Mine Planning & Design Institute, Embassy Developments, Inox Green Energy Services and Indiqube Spaces. ### Miscellaneous companies close in size

1. GMR Airports Ltd ₹92,665 crore
2. [Aegis Vopak Terminals Ltd](https://www.sectoralpha.in/stocks/aegis-vopak-terminals-ltd) ₹24,481 crore
3. [Sagility Ltd](https://www.sectoralpha.in/stocks/sagility-ltd) ₹19,699 crore
4. [Central Mine Planning & Design Institute Ltd](https://www.sectoralpha.in/stocks/central-mine-planning-design-institute-ltd) ₹12,742 crore
5. [Embassy Developments Ltd](https://www.sectoralpha.in/stocks/embassy-developments-ltd) ₹6,996 crore
6. [Inox Green Energy Services Ltd](https://www.sectoralpha.in/stocks/inox-green-energy-services-ltd) ₹4,272 crore
7. [Indiqube Spaces Ltd](https://www.sectoralpha.in/stocks/indiqube-spaces-ltd) ₹3,603 crore

[All 40 Miscellaneous companies, largest first](https://www.sectoralpha.in/sectors/miscellaneous#all-companies)

### Companies close in size in other industries

1. [SBI Funds Management Ltd](https://www.sectoralpha.in/stocks/sbi-funds-management-ltd) ₹95,364 crore
2. [Vedanta Ltd](https://www.sectoralpha.in/stocks/vedanta-ltd) ₹93,028 crore · Mining/Minerals
3. GMR Airports Ltd ₹92,665 crore
4. [Lupin Ltd](https://www.sectoralpha.in/stocks/lupin-ltd) ₹91,962 crore · Pharma - Formulators
5. [JSW Energy Ltd](https://www.sectoralpha.in/stocks/jsw-energy-ltd) ₹91,738 crore · Power - Generation/Distribution

## What else do people ask about GMR Airports? ### What is GMR Airports's share price today? GMR Airports Ltd's share price is ₹95.00, −0.7% over the past year. The whole company is worth ₹1,01,302 Cr on the market. In the last 52 weeks it traded between ₹87 to ₹114; today it is 30% of the way up from the low, 2.5% below its 200-day average (as of 4 November 2026). ### What were GMR Airports's latest quarterly results? GMR Airports Ltd reported revenue of ₹4,100 Cr and net profit of ₹65.0 Cr for the Sep 2026 quarter. Revenue rose 11.7% and profit rose 85.7% compared with a year earlier. The operating margin was 36.0%, 3.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is GMR Airports's market cap? GMR Airports Ltd's market capitalisation is ₹1,01,302 Cr at a share price of ₹95.00. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is GMR Airports performing? GMR Airports Ltd's share price has been falling for 4 weeks. In its latest quarter, revenue rose 11.7% and profit rose 85.7% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 13 weeks running (as of 4 November 2026). ### Will GMR Airports's share price go up? This page does not forecast GMR Airports Ltd's share price. What it shows instead: the share price is ₹95.00, and it has been falling for 4 weeks. Nobody can reliably say which way a price will move, and this site does not try (as of 4 November 2026). ### Does GMR Airports have too much debt? No, GMR Airports Ltd has little debt: its debt is −15.85× its equity, and its operating profit is 2 times its interest bill. FY26 borrowings were ₹43,550 Cr against equity of −₹2,747 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is GMR Airports in its business cycle? GMR Airports Ltd's FY26 operating margin was 39.0%, against a 13-year range of 6.0% to 50.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 36.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the GMR Airports story? Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is GMR Airports a stock worth studying right now? What the numbers show: GMR Airports Ltd's balance sheet is under water: its net worth is negative, so it owes more than it owns. This is a high-risk situation: shareholders can be wiped out by new shares or a restructuring before the business recovers. The main open question: whether the business can earn its way back to positive net worth before new shares or a restructuring get there first. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a GMR Airports share price forecast for 2026? What management itself guided: H2 pax about 10% above H1 with full year up about 3-4% on a year earlier on slot demand. 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. What would change the story: 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. ## Lists

- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Penny stocks: https://www.sectoralpha.in/penny-stocks-india

This is research, not advice. We’re not SEBI-registered.