1. At a Glance – Runway Profits, Turbulent Balance Sheet
₹99.8 per share. Market cap ₹1,05,326 Cr. Enterprise value ₹1,45,894 Cr. Q3FY26 gross income at ₹40,828 Cr (₹39,940 Cr revenue from operations + ₹888 Cr other income). EBITDA at ₹17,893 Cr, up 65% YoY. PAT at ₹1,740 Cr versus ₹351 Cr in Q2.
But wait. TTM PAT? ₹-340.68 Cr.
Book value? ₹-2.59.
Debt? ₹41,465 Cr.
Interest coverage? 1.03.
This is the kind of company that just won “Best Airport of the Year” and also makes bankers sweat at night.
Q3 EPS: ₹0.12. Annualised (Q3 method: average of Q1, Q2, Q3 × 4):
EPS = (-0.20 + -0.04 + 0.12)/3 × 4 = (-0.04) × 4 = ₹-0.16 approx.
Yes. Annualised EPS is still negative.
So what are we looking at? A turnaround runway… or just a smooth landing before another interest bill hits?
Let’s taxi forward.
2. Introduction – The Airport King With a Debt Hangover
GMR Airports Ltd, formerly GMR Airports Infrastructure Ltd, is not your average infra company. It operates Delhi, Hyderabad, Mopa (Goa), Medan (Indonesia), and is building Bhogapuram and Crete.
In FY25, it handled 27% of India’s passenger traffic. That’s basically one in every four flyers saying, “Thank you GMR, please don’t delay my baggage.”
But here’s the drama:
Airports are capital-heavy beasts. They mint cash… after you survive the construction, tariff approvals, refinancing, geopolitical disruptions, and the occasional runway upgrade.
Q3FY26 was flashy:
- Revenue from operations up 51% YoY.
- EBITDA margin at 55%.
- Delhi Aero revenue up 173% YoY due to tariff revisions.
Meanwhile:
- Net debt at ₹345 bn (₹34,500 Cr approx in bn format).
- Refinancing, NCDs, cargo city loans.
- Pledged promoter shares: 15.5%.
This is like a five-star hotel built on a mortgage the size of a small country.
Question for you: Do you prefer boring steady utilities… or leveraged infra platforms that swing from loss to profit in a single quarter?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
GMR is three businesses disguised as one:
1️ Utility Business
Airports earn Aero revenue via regulated tariffs (landing fees, passenger fees). Stable, boring, regulator-controlled.
2️ Consumer Platform
Duty free,
