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Informist, Tuesday, Aug. 11, 2026

 

By Anand JC

 

MUMBAI – GMR Airports Ltd. is estimated to report a healthy year-on-year increase in its consolidated revenue for the June quarter due to growth in passengers at its top three airport assets, according to brokerages. The company is expected to swing to profit after a loss in the year-ago quarter.

 

GMR Airports is expected to post a consolidated net profit between INR 1.83 billion and INR 4.42 billion for the June quarter, according to estimates from three brokerages. The consolidated net sales of the airport infrastructure company are projected between INR 40.47 billion and INR 43.42 billion for the quarter, according to the estimates. The highest estimates for both revenues and net profit are from Elara Securities (India) Pvt. Ltd. and the lowest are from Kotak Securities Ltd.

 

The company had reported a net loss of INR 2.12 billion on revenues of INR 32.05 billion for the year-ago quarter. Its loss in the year-ago quarter was driven by a sharp foreign exchange loss on account of rapid depreciation of the rupee against the euro. In the March quarter, it had reported a net profit of INR 3.02 billion on revenues of INR 39.38 billion.

 

GMR Airports earns income from both aeronautical and non-aeronautical operations. Aeronautical revenues include landing and parking fees and user development charges, while non-aeronautical revenues come from lease rentals paid by duty-free and retail outlets, food and beverage concessions, and cargo and logistics operations. The company operates a diversified portfolio of airports across India and overseas, including facilities in New Delhi, Hyderabad, Mopa in Goa, Nagpur, Bidar, Bhogapuram in Visakhapatnam, Medan in Indonesia, and Crete in Greece.

 

"GMR Airports witnessed resilient domestic traffic, supported by strong demand from tier-II routes, while international traffic remained broadly stable despite geopolitical disruptions in the Middle East (West Asia). Improving passenger yields and a constructive outlook as regards airline capacity are positives," Elara Securities said.

 

In the June quarter, the company handled just over 30 million passengers across its airports, a record high. Passengers at its domestic airports stood at around 23 million. Delhi airport accounted for roughly 67% of its overall traffic. International passenger traffic handled in the reporting quarter was 7 million.

 

Traffic handled in the year-ago quarter was affected by factors such as Operation Sindoor and the fatal crash of a London-bound Air India aircraft in Gujarat. "We factor in flat YoY (year-on-year) passenger volumes as low YoY base will mask impact of West Asia Crisis," Kotak Securities said. "We anticipate a 27% YoY growth in overall revenues on account of growth in other revenues beyond the top-3 assets and higher growth in non-aero per passenger," the brokerage said.

 

GMR Airports is estimated to post consolidated earnings before interest, tax, depreciation, and amortisation between INR 14.70 billion and INR 17.95 billion for the June quarter. The highest estimate is from Elara Securities and the lowest is from Kotak Securities. Kotak Securities expects GMR Airports' EBITDA margin for the June quarter to be 36.3%, down from 40.7% in the year-ago quarter and 37.7% in the March quarter.

 

GMR Airports will release its June quarter earnings Wednesday. At 1410 IST, its shares traded at INR 105.15 apiece on the National Stock Exchange, 1% lower than Monday.

 

Of the four brokerage reports on the company available with Informist, three have a "buy" recommendation on the stock with an average target price of INR 125, around 19% higher than its current market price. One has a "hold" recommendation, with a target price of INR 93.

 

Following are the Apr-Jun earnings estimates for GMR Airports, in INR billion, from three brokerages in descending order of the net profit estimate:

 

Brokerage	Net sales	Net profit	EBITDA
Elara Securities (India) Pvt. Ltd.	43.42	4.42	17.95
JM Financial Institutional Securities Pvt. Ltd.	41.90	2.91	17.32
Kotak Securities Ltd.	40.47	1.83	14.70
Average	41.93	3.05	16.66

 

End

 

Edited by Shubhayan Bhattacharya

 

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