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.
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 Securities retains Hold at Rs 93 target citing expensive valuation; Bhogapuram and Nagpur airports to drive medium-term growth.
Why this matters
Builds on GMR's bet on India's long-haul aviation boom despite Iran war drag on Delhi, while Delhi Airport's T2 phase-out by 2033 sets stage for consolidated retail at expanded T3.
Retail-company signals steady at 1,365 over 90 days, reflecting consistent corporate activity flow.