GMR Airports Ltd
GMR Infrastructure is 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.(Source : 201903 Annual Report Page No: 145)
- Market Cap ₹ 1,08,302 Cr.
- Current Price ₹ 103
- High / Low ₹ 110 / 67.8
- Stock P/E
- Book Value ₹ -2.59
- Dividend Yield 0.00 %
- ROCE 6.92 %
- ROE %
- Face Value ₹ 1.00
Pros
- Company is expected to give good quarter
Cons
- Company has low interest coverage ratio.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Services Services Transport Infrastructure Airport & Airport services
Part of BSE 500 BSE 200 BSE Dollex 200 Nifty 500 BSE MidCap
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10,653 | 11,088 | 8,261 | 9,557 | 8,556 | 7,411 | 8,395 | 3,566 | 4,601 | 6,674 | 8,755 | 10,414 | 12,392 | |
| 8,097 | 8,533 | 7,804 | 6,394 | 6,999 | 5,958 | 6,217 | 2,661 | 2,316 | 4,947 | 5,783 | 6,639 | 7,779 | |
| Operating Profit | 2,556 | 2,555 | 457 | 3,163 | 1,558 | 1,453 | 2,178 | 905 | 2,285 | 1,727 | 2,972 | 3,775 | 4,613 |
| OPM % | 24% | 23% | 6% | 33% | 18% | 20% | 26% | 25% | 50% | 26% | 34% | 36% | 37% |
| 2,145 | 23 | 369 | 381 | 718 | -1,228 | 144 | -1,930 | -521 | 923 | 788 | 1,205 | 1,142 | |
| Interest | 2,972 | 3,572 | 2,196 | 2,128 | 2,316 | 2,684 | 3,545 | 1,803 | 2,019 | 2,338 | 2,929 | 3,705 | 3,776 |
| Depreciation | 1,455 | 1,813 | 1,197 | 1,019 | 1,028 | 984 | 1,064 | 886 | 889 | 1,038 | 1,466 | 1,910 | 1,890 |
| Profit before tax | 275 | -2,806 | -2,568 | 397 | -1,069 | -3,444 | -2,287 | -3,714 | -1,144 | -727 | -635 | -635 | 89 |
| Tax % | 61% | 5% | 7% | 187% | 4% | -3% | -4% | -8% | -1% | 16% | 30% | 29% | |
| 108 | -2,972 | -2,749 | -347 | -1,115 | -3,356 | -2,202 | -3,428 | -1,131 | -840 | -828 | -817 | -153 | |
| EPS in Rs | 0.02 | -5.16 | -4.49 | -0.94 | -2.26 | -5.93 | -4.02 | -4.63 | -1.70 | -0.30 | -0.93 | -0.37 | -0.22 |
| Dividend Payout % | 389% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | -1% |
| 5 Years: | 4% |
| 3 Years: | 31% |
| TTM: | 29% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 6% |
| 5 Years: | 10% |
| 3 Years: | -12% |
| TTM: | 33% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 22% |
| 5 Years: | 32% |
| 3 Years: | 36% |
| 1 Year: | 33% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | % |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 389 | 436 | 604 | 604 | 604 | 604 | 604 | 604 | 604 | 604 | 604 | 1,056 | 1,056 |
| Reserves | 6,095 | 5,337 | 4,387 | 4,739 | 2,842 | -1,057 | -3,062 | -2,322 | -1,421 | -1,396 | -2,768 | -3,559 | -3,789 |
| 47,333 | 49,929 | 39,444 | 21,484 | 23,441 | 27,580 | 34,442 | 36,864 | 26,633 | 32,157 | 35,905 | 38,218 | 41,465 | |
| 11,280 | 11,091 | 14,708 | 10,026 | 11,012 | 12,949 | 14,319 | 14,697 | 11,272 | 12,557 | 14,748 | 12,845 | 13,359 | |
| Total Liabilities | 65,097 | 66,794 | 59,143 | 36,852 | 37,898 | 40,075 | 46,302 | 49,843 | 37,087 | 43,921 | 48,489 | 48,559 | 52,090 |
| 33,639 | 34,183 | 34,513 | 15,773 | 15,643 | 16,080 | 16,178 | 12,772 | 10,325 | 15,157 | 28,737 | 28,218 | 28,572 | |
| CWIP | 15,734 | 17,247 | 2,155 | 239 | 589 | 858 | 3,811 | 6,622 | 10,176 | 11,175 | 1,674 | 3,808 | 4,589 |
| Investments | 880 | 1,413 | 6,545 | 12,422 | 12,871 | 10,115 | 10,119 | 9,674 | 3,798 | 4,478 | 4,425 | 4,288 | 4,912 |
| 14,845 | 13,951 | 15,930 | 8,417 | 8,795 | 13,022 | 16,194 | 20,775 | 12,788 | 13,111 | 13,653 | 12,246 | 14,018 | |
| Total Assets | 65,097 | 66,794 | 59,143 | 36,852 | 37,898 | 40,075 | 46,302 | 49,843 | 37,087 | 43,921 | 48,489 | 48,559 | 52,090 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,590 | 2,915 | 3,498 | 4,504 | 2,347 | 2,052 | 1,376 | 3 | 3,256 | 2,199 | 3,880 | 3,443 | |
| -5,512 | -3,159 | -1,660 | 1,485 | -962 | -3,605 | -987 | 2,434 | -2,043 | -2,310 | -5,792 | -3,673 | |
| 634 | 448 | -2,018 | -5,727 | -1,191 | 816 | 1,617 | -1,056 | -3,894 | 1,731 | 467 | -1,010 | |
| Net Cash Flow | -2,289 | 204 | -180 | 263 | 194 | -737 | 2,005 | 1,382 | -2,681 | 1,620 | -1,445 | -1,241 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 55 | 53 | 68 | 66 | 75 | 71 | 62 | 117 | 30 | 20 | 20 | 19 |
| Inventory Days | 120 | 104 | 82 | 33 | 20 | 37 | 56 | |||||
| Days Payable | 588 | 694 | 466 | 366 | 372 | 639 | 605 | |||||
| Cash Conversion Cycle | -414 | -536 | -316 | -266 | -277 | -531 | -488 | 117 | 30 | 20 | 20 | 19 |
| Working Capital Days | -448 | -414 | -373 | -152 | -203 | -373 | -497 | -907 | -364 | -370 | -215 | -232 |
| ROCE % | 3% | 2% | -1% | 7% | 4% | 5% | 6% | 1% | 5% | 4% | 6% | 7% |
Documents
Announcements
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
3 Jan - Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025
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Closure of Trading Window
29 Dec - Trading window closed from Dec 31, 2025 until 48 hours after declaration of Dec 31, 2025 quarter results.
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Announcement under Regulation 30 (LODR)-Acquisition
20 Dec - Acquired 3,04,15,621 shares (49.90%) in DDFS for Rs.1,83,22,37,010; holdings now 66.93%.
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Announcement under Regulation 30 (LODR)-Credit Rating
20 Dec - CARE assigned CARE A; Stable / CARE A1 for Rs.500 crore; reaffirmed ratings for existing facilities and non-convertible bonds.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
18 Dec - Regarding Newspaper Publication for Notice of Postal Ballot
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2022
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Leading Airports Platform
The company is the largest private airport operator in India, the largest in Asia, and the second-largest globally. It ranks 9th in terms of the number of airport assets under operation or in various stages of development. In FY24, it held a 27% share of passenger traffic in India. [1] [2]