GMR Airports posts first full-year profit in a decade; ICICI Securities holds at Rs 93 on rich valuation
Q4 FY26 revenue jumped 44% YoY to Rs 3,900 cr and EBITDA rose 43% to Rs 1,400 cr, lifted by Delhi tariff hike and non-aero income. PAT came in at Rs 300 cr despite muted 1% pax growth. ICICI Securities retains Hold with Rs 93 target vs CMP Rs 98, flagging stretched valuation even as Bhogapuram and Nagpur fuel medium-term growth.
What happened
GMR Airports posted strong Q4 FY26 with revenue up 44% and first full-year profit in a decade, aided by Delhi tariff hike and non-aero business. ICICI
Key facts
- Target Rs 93
- CMP Rs 98
- Revenue Rs 3,900 cr (+44% YoY)
- EBITDA Rs 1,400 cr (+43% YoY)
- PAT Rs 300 cr
- Pax growth 1%
Why this matters
GMR's tariff-led margin expansion validates the airport concession model for India's tier-2 buildouts, making Bhogapuram and Nagpur ramp-ups the key M&A and partnership watchpoints.