GMRAIRPORT
GMR Airports share price & financials
- Price
- ₹110.54
- Market cap
- ₹1.0L Cr
- Sector
- Services
- Calls analysed
- 5
GMR Airports Q4 FY26
What went well
- Total income for Q4 FY26 at INR40.4 billion, up 36% YoY, and FY26 at INR152 billion, up 40% YoY.
- EBITDA for Q4 FY26 grew 38% YoY to INR15.5 billion, and for the full FY26, EBITDA reached a record high of INR61.5 billion, up 47% YoY.
- PAT for Q4 FY26 came at INR4 billion versus loss of INR2.5 billion in Q4 FY25, with FY26 PAT positive for the first time in over a decade at INR472 crores.
What to watch
- The current operating environment is challenging due to geopolitical conflicts, driving jet fuel prices (55-60% of airline expenses) and airspace closures.
- Consequent fuel surcharges have driven up airfares, causing a temporary slowdown in immediate passenger traffic.
What GMR Airports Limited does
GMR Airports Limited (formerly GMR Airports Infrastructure) is India's largest private airport operator and among the largest globally by passenger traffic, developing and running airports under long-term concessions. It earns regulated aeronautical charges (landing, parking and per-passenger development fees) plus non-aeronautical income from duty-free, retail, food & beverage, cargo, advertising, ground handling and car parking, and monetises prime airport-city (Aerocity) real estate around its airports. It also generates EPC, consultancy and airport-management/O&M service revenue. Its portfolio spans India, Indonesia, the Philippines and Greece.
Segments
- Aeronautical (Aero)
- Non-Aeronautical (Non-Aero)
- Real Estate / Airport City (Aerocity)
- EPC & Airport Services
- Global position
- 2nd-largest private airport operator globally (CY2025 passengers); largest in India
- Airport assets
- 9 airport assets in operation or under development
- Passengers handled (FY26)
- ~134 mn across all gateway airports
- Geographic footprint
- Airports across India, Indonesia, the Philippines and Greece
- Portfolio airports
- Delhi (IGI), Hyderabad, Goa (Mopa), Nagpur, Bhogapuram, Medan, Mactan-Cebu, Crete
- India passenger-traffic share (FY26)
- ~27% of India's air passengers (operational Indian airports)
Guidance record · Q4 FY26
what the last two calls moved 17 tracked 6 delivered 2 missed 9 open- Regulatory Approval delivered said Q1 FY25 Promised: Delhi tariff order to be announced by Q4 FY25. Q4 FY26: Promise achieved in a prior quarter.
- Regulatory Action missed said Q1 FY26 Promised: AERA to re-compute and implement HRAB within 12 weeks from July 1, 2025. Q4 FY26: No update provided on the HRAB matter pending before the Supreme Court.
- Non-Aero Revenue Growth revised up said Q2 FY26 Promised: Sustainable non-aero revenue growth of 14-15% YoY. Q4 FY26: We are looking at upward of 15%, 16% of growth YoY.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 156.7%, net profit up 132.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 282 | 271 | 508 | 478 | 945 +235% | 1,239 +357% | 1,581 +211% | 1,227 +157% |
| EBITDA | 114 | 121 | 358 | 109 | 239 +110% | 343 +183% | 675 +89% | 386 +254% |
| Net profit | -63 | -49 | 68 | -178 | -133 −111% | 50 +202% | 403 +493% | 58 +133% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +12.5% 1Y
1Y: ₹87.13 on 10 Sept 2025 → ₹97.98. High ₹114.98 (7 Jul 2026), low ₹84.75 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +2.6%
- 28 May
- Q3 FY26
- +6.9%
- 14 Feb
- Q2 FY26
- +0.2%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 14.0% a year over 3 years, FY23 to FY26. Operating margin widened to 32.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹6.7k Cr | ₹709 Cr | ₹1.3k Cr | ₹4.2k Cr |
| Operating profit | ₹1.7k Cr | ₹305 Cr | ₹682 Cr | ₹1.4k Cr |
| Operating margin | 25.1% | 43.0% | 54.0% | 32.2% |
| Interest | ₹2.3k Cr | ₹731 Cr | ₹962 Cr | ₹1.3k Cr |
| Depreciation | ₹1.0k Cr | ₹12 Cr | ₹17 Cr | ₹57 Cr |
| Net profit | ₹-840 Cr | ₹-433 Cr | ₹-190 Cr | ₹142 Cr |
| Net margin | -12.6% | -61.1% | -15.0% | 3.3% |
| Cash from operations | ₹2 Cr | ₹-66 Cr | ₹413 Cr | ₹103 Cr |
| Free cash flow | ₹-40 Cr | ₹-106 Cr | ₹404 Cr | ₹19 Cr |
| ROCE | 2.0% | 1.0% | 1.0% | 2.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹604 Cr | ₹604 Cr | ₹945 Cr | ₹945 Cr | ₹1.1k Cr | ₹1.1k Cr |
| Reserves | ₹9.1k Cr | ₹9.8k Cr | ₹33.1k Cr | ₹52.4k Cr | ₹-3.8k Cr | ₹58.2k Cr |
| Borrowings | ₹5.1k Cr | ₹760 Cr | ₹8.0k Cr | ₹8.1k Cr | ₹41.5k Cr | ₹11.4k Cr |
| Other liabilities | ₹3.4k Cr | ₹1.9k Cr | ₹10.4k Cr | ₹16.3k Cr | ₹13.4k Cr | ₹11.7k Cr |
| Total liabilities | ₹18.3k Cr | ₹13.1k Cr | ₹52.4k Cr | ₹77.8k Cr | ₹52.1k Cr | ₹82.4k Cr |
| Fixed assets | ₹129 Cr | ₹1 Cr | ₹7 Cr | ₹215 Cr | ₹28.6k Cr | ₹924 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹46 Cr | ₹7 Cr | ₹4.6k Cr | ₹26 Cr |
| Investments | ₹13.8k Cr | ₹12.6k Cr | ₹47.9k Cr | ₹74.5k Cr | ₹4.9k Cr | ₹77.4k Cr |
| Other assets | ₹4.3k Cr | ₹469 Cr | ₹4.5k Cr | ₹3.1k Cr | ₹14.0k Cr | ₹4.1k Cr |
| Total assets | ₹18.3k Cr | ₹13.1k Cr | ₹52.4k Cr | ₹77.8k Cr | ₹52.1k Cr | ₹82.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −7.61 pp while FIIs added +6.00 pp. The shareholder count shrank 17% to 6,76,526.
- Promoters
- 67.2%
- FIIs
- 21.7%
- DIIs
- 5.1%
- Public
- 6.0%
Since Jun 2025
- Public −7.61 pp
- FIIs +6.00 pp
- Promoters +0.92 pp
How it drifted, 12 quarters
Over this window promoters went from 59.1% to 67.2% — +8.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 59.1%, FIIs 28.0%, DIIs 4.3%, Public 8.7%.Dec '23: Promoters 59.1%, FIIs 27.4%, DIIs 5.2%, Public 8.3%.Mar '24: Promoters 59.1%, FIIs 26.8%, DIIs 6.1%, Public 8.1%.Jun '24: Promoters 59.1%, FIIs 26.0%, DIIs 5.7%, Public 9.2%.Sep '24: Promoters 66.1%, FIIs 14.8%, DIIs 4.5%, Public 14.7%.Dec '24: Promoters 66.1%, FIIs 14.9%, DIIs 4.3%, Public 14.7%.Mar '25: Promoters 66.2%, FIIs 15.1%, DIIs 4.1%, Public 14.6%.Jun '25: Promoters 66.2%, FIIs 15.7%, DIIs 4.5%, Public 13.6%.Sep '25: Promoters 66.2%, FIIs 17.1%, DIIs 4.8%, Public 11.9%.Dec '25: Promoters 66.2%, FIIs 19.0%, DIIs 4.6%, Public 10.2%.Mar '26: Promoters 66.3%, FIIs 20.2%, DIIs 4.9%, Public 8.6%.Jun '26: Promoters 67.2%, FIIs 21.7%, DIIs 5.1%, Public 6.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- GVL Investments Pvt. Ltd +4.23 pp 4.32% held
- Fidelity Advisor International Capital Appriciatio Global fund house newly disclosed 1.71% held
- Aditya Birla Sun Life Trustee Private Limited A/C Mutual fund newly disclosed 1.01% held
- Société d'Investissement d'ADP 5 (SIA5) newly disclosed 0.00% held
- AMG Healthcare Destination Private Limited newly disclosed 0.00% held
- GVL Global Sports and Events FZCO (formerly Cruiser Sports and Events FZCO) newly disclosed 0.00% held
- Yehuda Investment Holdings Limited newly disclosed 0.00% held
- GVL Enterprise Pte Ltd newly disclosed 0.00% held
The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of GMR Airports Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Aeroports de Paris S.A. | 26.46% | −3.40 pp |
| Gmr Enterprises Private Limited | 13.78% | unchanged |
| Gmr Infra Enterprises Private Limited | 11.65% | unchanged |
| Gmr Business And Consultancy Llp | 7.25% | unchanged |
| GVL Investments Pvt. Ltd | 4.32% | +4.23 pp |
| Gram Limited | 2.60% | −0.82 pp |
| Gmr Infra Services Private Limited | 2.44% | unchanged |
| Goldman Sachs Trust Ii - Goldman Sachs Gqg Partner Global fund house | 1.94% | −1.54 pp |
| Gqg Partners Emerging Markets Equity Fund Global fund house | 1.72% | unchanged |
| Fidelity Advisor International Capital Appriciatio Global fund house | 1.71% | newly disclosed |
| Aditya Birla Sun Life Trustee Private Limited A/C Mutual fund | 1.01% | newly disclosed |
| Hyderabad Jabilli Properties Private Limited | 0.54% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in GMRAIRPORT
Filings to Aug 2026
0 new, 9 added, 1 trimmed, 0 sold out — net +33.97 L shares (+9.4%).
- Held by funds
- ₹375 Cr
- 11 schemes
- Biggest holder
- SBI Arbitrage Fund
- ₹235 Cr · 0.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Arbitrage Fund SBI Mutual Fund | ₹235 Cr | +13.32 L | Oct '21 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹35 Cr | +15.41 L | Apr '24 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹32 Cr | +2.01 L | May '22 |
| SBI Equity Savings Fund SBI Mutual Fund | ₹29 Cr | held | Jun '24 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹22 Cr | +0.44 L | May '22 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹10 Cr | +0.43 L | Oct '22 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹8 Cr | +1.19 L | Oct '21 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹1 Cr | −0.01 L | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
9 added, 1 trimmed — net +33.97 L shares (+9.4%)
- Funds are sitting on
- +20%
- vs est. average cost
- Held by funds
- ₹375 Cr
- 11 schemes · ≈ 0.42% of the company
- Biggest holder
- SBI Arbitrage Fund
- ₹235 Cr · 0.5% of that fund
Shares held by these funds +194%
Aug '23 3.78 cr shares Jul '26
All earnings calls (5)
Read the Q4 FY26 call →Learn to analyse GMR Airports Limited
Guides on how to read this kind of business and the numbers that matter.