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ICICI Securities Report
GMR Airports Ltd. reported a strong Q4 FY26 performance, but ICICI Securities remains cautious on valuations, maintaining a ‘Hold' rating with a target price of Rs 93, implying a ~5% downside from the current market price of Rs 98.
The brokerage has also highlighted that FY26 has been eventful for GMR Airports, as one-off events resulted in subdued pax growth of 1% across core airports. Despite this, GMR reported its first full-year of profit in over a decade, aided by tariff hike at Delhi airport and higher contribution from non-aero business.
Revenue/Ebitda grew by 44%/43% YoY to Rs 3,900 crore/1,400 crore in Q4 FY26, while PAT stood at Rs 300 crore vs losses YoY.
The brokerage expects traffic recovery from H2 FY27; commissioning of Bhogapuram in Q2 FY27 and the addition of Nagpur airport could support medium-term growth.
Key monitorable over the next 12–18 months:
- Traffic recovery at Delhi and Hyderabad airports.
- Tariff order for Hyderabad airport.
- Order of SC on Delhi concession agreement.
- Order on HRAB for Delhi airport.
Hence the brokerage maintain Hold rating on GMR Airports given expensive valuation.
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