Jefferies lifts GMR Airports target to Rs 135 on FY27 traffic recovery outlook
Jefferies reiterated Buy on GMR Airports and raised its target price from Rs 125 to Rs 135, implying 30% upside. The brokerage expects traffic recovery in H2 FY27, supported by non-aeronautical revenue growth and upcoming Nagpur and Bhogapuram airports, while citing West Asia disruptions as a near-term risk.
What happened
GMR Airports Infrastructure · Jefferies reiterated a Buy on GMR Airports, citing expected FY27 traffic recovery, non-aeronautical revenue growth and new Nagpur
Key facts
- GMR Airports target price: Rs 135, raised from Rs 125
- GMR Airports implied upside: 30%
- GMR Airports Q1 EBITDA: Rs 1,450 crore, up 11% YoY
- GMR Airports passenger growth: 1%
- GMR Airports non-aeronautical revenue growth: 12%
- Max Healthcare target price: Rs 1,260, up from Rs 1,230
- Max Healthcare implied upside: 25%
- Max Healthcare Q1 revenue and EBITDA growth: 15% YoY
- Max Healthcare occupancy: 75%
- Max Smart beds operational: 202
- Max Healthcare FY26-29E EBITDA CAGR: 18%
- Aditya Birla Real Estate target price: Rs 1,880
- Aditya Birla Real Estate implied upside: 35%
- ABREL FY26 pre-sales outside MMR: 78%
- ABREL pulp and paper divestment: Rs 3,500 crore
- ABREL target RoE: 20%
Why this matters
Upcoming Nagpur and Bhogapuram airports strengthen GMR’s expansion pipeline, creating additional traffic and commercial-revenue platforms beyond its existing network.