GMR Airports jumps 6% on releasing Jan traffic data, Q3; JM maintains Buy

GMR Airports shares jumped 6.2 per cent in trade on BSE, logging an intra-day high at ₹99.86 per share. At 10:30 AM, GMR Airports’ price was trading 5.57 per cent higher at ₹99.26 per share. In comparison, the BSE Sensex was up 0.2 per cent at 82,790.53.

 

The buying on the counter came after the company released its Q3FY26 results after market hours on Friday and monthly traffic updates on Saturday. 

GMR Airports' January traffic update

GMR Airports Infrastructure reported a 3.9 per cent year-on-year (Y-o-Y) increase in passenger traffic across all GMR airports, reaching 11,133,269 passengers in January 2026.

 

 

During the month, domestic traffic grew by 3.7 per cent Y-o-Y, while international traffic saw a significant increase of 4.4 per cent Y-o-Y.

 

Delhi Airport handled monthly passenger traffic of 7,228,717 passengers (up 4.7 per cent Y-o-Y). Hyderabad Airport handled monthly passenger traffic of 2,653,073 passengers (down 0.8 per cent Y-o-Y).

 

Aircraft movements also increased by 5.1 per cent Y-o-Y in January 2025, totaling 67,051 movements.

GMR Airports Q3 results 

In the December quarter (Q3FY26), GMR Airports consolidated net profit stood at ₹173.96 per share, compared to ₹202.1 crore a year ago, down 14 per cent. Its revenue from operations stood at ₹3,994.03 crore, as compared to ₹2,653.24 crore a year ago. Check the detailed result here. 

Brokerage view on GMR Airports 

JM Financial said GMR Airports reported a strong Q3FY26 Earnings before interest, tax, depreciation and amortisation (Ebitda) of ₹1,700 crore, up 71 per cent year-on-year (Y-o-Y), broadly in line with its estimates but 8 per cent ahead of consensus. 

 

The growth was driven by the tariff reset at Delhi Airport, robust expansion in non-aero segments under the GAL platform, and a profitability turnaround at Goa (Mopa) airport. Interest costs declined sequentially due to refinancing at lower rates, while net debt remained largely stable at ₹34,500 crore, against ₹34,000 crore in Q2FY26. 

 

The brokerage highlighted that GMR is entering a low capex phase in FY27, with Bhogapuram capex largely complete and Hyderabad expansion spending scheduled only from FY28, which should meaningfully improve cash flows. JM Financial maintained its estimates and reiterated a target price of ₹120, valuing the stock on an SOTP basis using 21.2x EV/Ebitda for operational airports and adding the value of assets under construction and monetisable land.

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