Synopsis: Infrastructure stock surged 7 percent on Q3 FY26 profit jump of 395 percent supported by strong non-aero revenues and brokerages projecting 33 percent upside.
The share of this company, which is a leading global airport developer and operator, managing major airports in India and internationally, including Delhi, Hyderabad, Goa, and Medan, is in focus after strong Q3 and brokerage optimism.
With the market capitalization of Rs 1,05,674 crore, GMR Airports Ltd’s shares on Monday made a day high of Rs 100.52 per share, up by 6.9 percent from its previous day’s closing price of Rs 94.02 per share. The share of this company gave a return of 300 percent over the last five years. GQG Partners holds a total stake of 4.58 percent in the company as of December 2025.
Results Highlights
- QoQ View: The revenue from operations grew by 9 percent to Rs 3,994 crore in Q3 FY26 from Rs 3,670 crore in Q2 FY26, and EBIDT grew by 18 percent to Rs 1,701 crore in Q3 FY26 from Rs 1,447 crore in Q2 FY26. Accompanied by a net profit growth of 395 percent to Rs 174 crore in Q3 FY26 from Rs 35.1 crore in Q2 FY26.
- YoY View: The revenue from operations grew by 51 percent to Rs 3,994 crore in Q3 FY26 from Rs 2,653 crore in Q3 FY25, and EBIDT grew by 71 percent to Rs 1,701 crore in Q3 FY26 from Rs 992 crore in Q3 FY25. Accompanied by a net profit growth of 318 percent(the number excludes exceptional items) to Rs 174 crore of Rs in Q3 FY26 from Rs 202 crore in Q3 FY25.
Brokerage View
Citi has maintained its ‘Buy’ recommendation on the stock, assigning a target price of Rs 109, implying a potential upside of 15.9 percent. The brokerage underscored a strong recovery in profitability, with core profit rising to Rs 320 crore in Q3FY26, reversing a Rs 150 crore loss a year ago and Rs 10 crore in Q2.
The December quarter performance significantly outpaced expectations, with profit coming in 158 percent above Street estimates. Citi noted that earnings for the first nine months of FY26 have already achieved 83–87 percent of both its own and consensus full-year projections, indicating strong earnings momentum.
Jefferies has assigned a Rs 125 target price to GMR Airports, indicating a potential upside of about 32.95 percent from today’s open. The brokerage highlighted another earnings outperformance despite muted passenger traffic. EBITDA surged over 70 percent year-on-year, aided by tariff revisions, strong traction in non-aeronautical revenues, and expansion of adjacent business verticals. Notably, the company reported profitability after several loss-making quarters.
Jefferies continues to view GMR as a preferred exposure to India’s long-term aviation growth story. It emphasized the steady rise in non-aero income streams and real estate monetisation at major airport hubs. Additionally, progress at the Bhogapuram airport project and stabilising leverage levels are expected to enhance earnings visibility going forward.
About the company
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.
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