GMR Airports Share Price Today: 52-Week High, TDSAT User-Fee Shock, Q2 FY26 Results and 2026 Stock Forecast

GMR Airports Limited (NSE: GMRAIRPORT, BSE: 532754) has started December on a strong but complex note. The stock is trading near record levels after a sharp re‑rating in November, supported by robust Q2 FY26 numbers, favourable tariff decisions at key airports, and a series of bullish technical calls. At the same time, a landmark tribunal order on past user charges at Delhi and Mumbai airports has created both upside optionality and regulatory uncertainty that investors cannot ignore. ^[1]

GMR Airports share price on 1 December 2025

As of the morning of 1 December 2025, GMR Airports was quoted around ₹107–109 per share on the NSE. Livemint’s live tracker shows the stock at ₹107.65, down 0.6% versus the previous close of ₹108.29, implying a market capitalisation of roughly ₹1.14 lakh crore. ^[2]

Moneycontrol data indicates an intraday range of ₹107.85–₹109.60 by late morning, with the 52‑week range at ₹67.75–₹109.60, underlining how aggressively the stock has re‑rated in 2025. ^[3] Business Standard’s tape similarly shows trades around ₹108–109 with only fractional gains or losses versus Friday’s close. ^[4]

From a broader perspective, GMR Airports has delivered approximately 38% year‑to‑date returns and around 4% in the last five trading sessions, according to Livemint’s performance snapshot. ^[5] The stock is also a meaningful index constituent, carrying about 3.3% weight in the Nifty Transportation & Logistics index, which reinforces the impact of index flows on its price. ^[6]

Fresh highs: 52‑week and five‑year breakout signals

The re‑rating has been accompanied by multiple technical milestones:

An ETMarkets slideshow last week highlighted GMR Airports among six BSE 200 stocks hitting fresh 52‑week highs, noting a new high around ₹105.5 and roughly 13% gains over the prior month. ^[7]
A separate Economic Times scan published on 1 December flagged GMR as one of four Nifty 500 names closing at a five‑year swing high on 28 November, with the “last five‑year high” at ₹107.21 and the latest traded price at ₹108.35. ^[8]
MarketsMojo’s “stocks in action” coverage reports that on 1 December 2025 GMR Airports hit a new 52‑week high of ₹109.6 and describes the stock as being under “strong momentum”, with exceptional trading volumes also highlighted in a companion note. ^[9]
Moneycontrol’s technical dashboard points out that GMRAIRPORT has closed above its 50‑day moving average (around ₹89), a level that had earlier acted as resistance. ^[10]

Axis Securities, in a short‑term strategy piece dated 24 November, underlined this breakout technically. The brokerage argues that the stock has decisively moved above a multi‑resistance zone near ₹100 on the weekly chart, is forming a higher high–higher low structure, and is trading comfortably above an upward‑sloping trendline. It has recommended a ‘Buy’ with: ^[11]

Entry range: ₹99–102
Target zone: ₹111–116 (3–4 week horizon)
Stop‑loss: ₹95

Short‑term quantitative services broadly echo the bullish tone. StockInvest, for example, has classified GMR Airports as a “buy or hold candidate” since late October, noting that by 21 November the stock was up more than 13% in two weeks, with rising volume reinforcing the uptrend. ^[12]

The big macro trigger: TDSAT’s user-fee order for Delhi & Mumbai

The most dramatic news surrounding the company is not about earnings at all, but about regulation and retrospective user fees.

On 1 December 2025, The Economic Times reported that the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has reworked the tariff calculation for Delhi and Mumbai airports for the FY09–FY14 control period. The revised approach concludes that the two private operators were under‑recovered by more than ₹50,000 crore, an amount that would have to be recouped via higher user development fees (UDF) and landing/parking charges. ^[13]

According to the ET report, if fully implemented:

Domestic UDF at Delhi could jump from roughly ₹129 to about ₹1,261,
International UDF at Delhi could rise from around ₹650 to over ₹6,300,
At Mumbai, domestic UDF could increase from about ₹175 to nearly ₹3,900, and international UDF to well over ₹13,000. ^[14]

This would obviously be a massive tailwind for airport operators’ cash flows, and Delhi International Airport Ltd (DIAL), the Delhi operator, is part of the GMR group. But the story is far from straightforward:

The order has been challenged in the Supreme Court by the Airports Economic Regulatory Authority (AERA) and multiple airlines. ^[15]
A separate Times of India report on the same day notes that the central government plans to back AERA and air passengers in the litigation, with officials explicitly concerned that such sharp increases in charges would severely hurt passenger growth. ^[16]
Management told analysts on the recent Q2 FY26 earnings call that AERA has already appealed to the Supreme Court, that the case has been admitted, and that GMR has agreed not to push for immediate implementation while awaiting the Court’s decision. ^[17]

For GMR Airports’ equity story, this creates a high‑beta regulatory option:

If the TDSAT order ultimately stands, Delhi (and Mumbai, although run by another group) would have the right to recover enormous past under‑recoveries, boosting cash flows and valuations, especially given the company’s historically high leverage.
If the Supreme Court sides with AERA and the government, the potential windfall disappears, and the market will need to focus purely on forward‑looking tariffs, traffic, and non‑aero monetisation.

Either way, investors now have to factor in legal uncertainty around historical tariffs as a major swing factor in their valuation models.

Q2 FY26: sharp revenue growth and a return to profit

Underneath the regulatory noise, GMR’s operational performance has improved sharply.

An earnings summary on AlphaStreet and the company’s own Q2 FY26 press release paint a broadly consistent picture: ^[18]

Consolidated revenue / total income was around ₹3,700–3,750 crore, up roughly 45–47% year‑on‑year.
EBITDA at the consolidated GMR Airports Limited (GAL) level rose to about ₹1,531 crore in Q2, versus ₹962 crore a year earlier – the highest quarterly EBITDA in four years. ^[19]
Consolidated profit after tax swung to a profit of roughly ₹35 crore, compared with a loss of about ₹429 crore in Q2 FY25, marking a milestone quarter after years of losses. ^[20]

Performance of key airports

The press release breaks down Q2 FY26 performance by key assets: ^[21]

Delhi International Airport (DIAL)
- Passenger traffic: 17.6 million, down about 7.5% YoY, impacted by airspace changes due to geopolitical events and by runway upgrade work (runway 10/28).
- Revenues: Total income rose to about ₹1,849 crore, up roughly 34% YoY, driven mainly by aeronautical revenue, which surged more than 160% YoY following the new tariff order effective April 2025. ^[22]
- Profitability: EBITDA jumped almost 70% YoY to about ₹675 crore, and DIAL reported a PAT of roughly ₹74 crore versus a large loss in the year‑ago quarter. ^[23]
Hyderabad International Airport (GHIAL)
- Passenger traffic: 7.3 million, up 5.5% YoY, with domestic volumes up ~3.5% and international volumes up ~15%.
- Total income: About ₹674 crore, up nearly 17% YoY, supported by strong growth in non‑aeronautical revenue (up ~38% YoY).
- EBITDA: Roughly ₹430 crore, up ~16–17% YoY, marking GHIAL’s highest‑ever quarterly EBITDA, with PAT more than doubling to around ₹100 crore. ^[24]
Mopa (Goa) Airport
- Passenger traffic: 1.13 million, up about 9% YoY, with international traffic growing faster than domestic.
- Revenues and margins: Total income declined around 15% YoY to about ₹84 crore, and EBITDA dropped sharply as revenue share obligations kicked in and promotional schemes for airlines weighed on aero income.
- Importantly, GMR secured a favourable TDSAT judgment quashing parts of the earlier AERA tariff order and directing the regulator to revisit several issues for Mopa’s first control period – a positive for future tariff structures. ^[25]
International assets – Medan (Indonesia) and Crete (Greece)
- Medan: Passenger numbers were flat YoY for H1, but Q2 revenues rose about 10–11% YoY, with EBITDA up nearly 27%, helped by both aero and non‑aero growth and the start of departure duty‑free operations in June 2025. ^[26]
- Crete: The greenfield Greek airport project has reached about 60% physical completion, is largely funded by state grants and airport taxes, and is debt‑free from GMR’s perspective, reducing financial risk. ^[27]

At the group level, GAL’s H1 FY26 total income stood at about ₹7,075 crore versus ₹5,120 crore a year earlier, while EBITDA rose to about ₹2,812 crore from ₹1,978 crore – a sizeable improvement in operating leverage. ^[28]

Tariff stability at Hyderabad: Q4 FY26 relief

While Delhi’s historical tariff story heads to the Supreme Court, Hyderabad has delivered a quieter, but still important, regulatory positive.

In an October 31 order, AERA accepted GHIAL’s request to maintain the same aeronautical tariffs for Q4 FY26 (Jan–Mar 2026) as those prevailing during April–December 2025. This means landing, parking and UDF charges at Hyderabad will not be cut in the final quarter of the control period, preserving visibility on aeronautical revenues and cash flows. ^[29]

For investors, that decision reduces near‑term downside risk at GHIAL and partly offsets the uncertainty swirling around the TDSAT ruling at Delhi.

Balance sheet, debt and capex: high leverage but controlled growth

GMR Airports remains a highly leveraged infrastructure platform, but recent actions suggest a focus on refinancing and disciplined capex rather than aggressive new bets.

Key developments:

A Reuters report in July 2025 said GMR Airports was preparing its largest domestic bond issuance, targeting more than ₹6,000 crore via 18‑month and three‑year tranches, both carrying coupons around 10.5% and rated A+ by Crisil. The proceeds are intended for refinancing and general corporate purposes. ^[30]
Separately, The Times of India reported that GMR’s Nagpur airport SPV has secured a ₹2,600 crore loan from Tata Capital to fund the brownfield expansion and takeover of Dr Babasaheb Ambedkar International Airport, with plans to eventually ramp capacity to 30 million passengers annually in phases. ^[31]
On the Q2 FY26 call, management indicated that there is no major new capex planned across the group beyond two key projects: Bhogapuram airport in Andhra Pradesh and the minority investment in Crete. Bhogapuram had achieved around 87.5% physical progress by September 2025 and is targeted to be operational by December 2026, while Crete is being completed without further equity injections from GMR. ^[32]
Management also highlighted that a change in depreciation policy—aligning asset lives to the full concession period—will reduce annual depreciation by roughly ₹150 crore, and that recent refinancing should lower quarterly interest expenses from Q3 onwards, from the current run‑rate of about ₹1,000 crore per quarter. ^[33]

Even after Q2’s profit, GMR’s balance sheet remains stretched. Simply Wall St notes negative shareholders’ equity at the parent level and flags that, on trailing metrics, earnings are still not sufficient to comfortably cover interest expenses, despite strong EBITDA. ^[34]

This means the equity case still hinges heavily on:

Sustained growth in airport cash flows (especially from Delhi and Hyderabad), and
Continued access to debt markets on reasonable terms as the capex cycle winds down.

Non‑aero monetisation: duty‑free, retail, cargo city and Aerotropolis plays

A big part of GMR’s equity narrative is the shift from pure aeronautical charges to high‑margin non‑aero revenue.

The Q2 materials and conference call emphasise several levers: ^[35]

Retail & F&B upgrades: Delhi’s Terminals 1 and 3 have seen new openings ranging from a Gordon Ramsay “street burger” outlet to a Dior airport boutique, along with expanded multi‑brand retail. Hyderabad is trialling India’s first airport food‑delivery robot, while both airports report strong duty‑free spend growth in the high single to low double digits per passenger.
Cargo City at Delhi: GMR has won the concession to develop a 50.5‑acre cargo city at Delhi airport (first phase ~30.5 acres) on a revenue‑share model with DIAL and a minimum guaranteed payment of about ₹416 crore over the initial concession period. The project focuses on warehousing and processing zones for Tier‑2 and Tier‑3 cargo operators and is expected to command EBITDA margins upwards of 70% once stabilised, according to management commentary. ^[36]
Aerotropolis and land monetisation: Across Delhi, Hyderabad, Goa, Bhogapuram and other sites, GMR controls substantial land banks earmarked for airport‑linked real estate, including hotels, offices and mixed‑use developments. The July 2025 investor presentation highlights the platform as the second‑largest private airport operator globally by passenger volumes in CY2024, with significant potential from real estate and non‑aero services such as MRO, cargo and consulting. ^[37]

On the call, management stated that a 14–15% annual growth rate in non‑aero revenue per year is a baseline target, and that Q2 growth ran materially above that threshold thanks to the full ramp‑up of newly developed retail areas and strong international passenger mix. They indicated that these elevated per‑passenger spend levels should be broadly sustainable, barring major macro shocks. ^[38]

Analyst ratings and stock forecasts for 2026

Broker recommendations and target prices

Across sell‑side and market‑data platforms, the consensus stance on GMR Airports is positive but not uniformly euphoric.

Livemint’s broker summary labels the stock an overall “Strong Buy”, with 3 analysts on “strong buy”, 1 on “buy” and 1 on “hold”, and no “sell” ratings. ^[39]
Axis Securities, as noted earlier, has a short‑term buy call with a target band of ₹111–116 over 3–4 weeks. ^[40]
Investing.com’s consensus estimate, based on four analysts, assigns an overall “Buy” rating but shows an average 12‑month price target of ₹104.5, with a high of ₹115 and a low of ₹93. At current prices around ₹108–109, that implies a small downside vs the average target, but some upside vs the more bullish estimates. ^[41]
TradingView’s forecast page lists a similar consensus: an average one‑year target around ₹109.5, with a range of roughly ₹93–₹123, underscoring how opinions diverge once you look beyond the mean. ^[42]
Marketscreener’s aggregation of broker actions shows that Jefferies has repeatedly raised its target over 2025, most recently to about ₹115 while retaining a “Buy” stance, while Kotak Institutional Equities upgraded its target to around ₹107 in mid‑November. ^[43]

Fundamental models and growth projections

On the fundamental‑data side, the tone is cautiously optimistic:

Simply Wall St’s model currently suggests the stock is trading at around 44% below its own estimate of fair value, and projects earnings growth of about 90% per year, referencing both operating leverage and traffic growth. At the same time, it flags negative equity and a weak historical record of profitability as key risks. ^[44]
A Webull summary of analyst forecasts states that, after factoring Q1–Q2 FY26 results, analysts now expect FY26 revenues of about ₹145.7 billion, implying roughly 30% growth versus the last twelve months, and a move into positive statutory EPS of about ₹0.30 per share, slightly below earlier expectations of ₹0.35. ^[45]
Retail‑focused blogs and forecast sites (such as WalletInvestor and domestic stock‑advice portals) generally expect modest upside over the next 12–24 months, with short‑term models projecting a trading band roughly between the high‑90s and the teens above ₹110, though these purely quantitative forecasts should be treated as rough scenario tools rather than precise predictions. ^[46]

In short, sell‑side analysts mostly like the story, but current prices already discount a substantial portion of the near‑term earnings recovery, and fresh upside will depend on continued traffic growth, tariff clarity, and successful execution on non‑aero monetisation.

Key growth drivers going into 2026

Looking ahead, several themes are likely to shape GMR Airports’ earnings and sentiment:

Post‑tariff uplift at Delhi and Hyderabad
- AERA’s March 2025 tariff order for DIAL implemented a steep step‑up in aeronautical charges from April 2025 onwards, which is now flowing through Q2 numbers and should continue to support margins. ^[47]
- At Hyderabad, AERA’s Q4 FY26 amendment maintains tariff stability at current levels through March 2026, extending the runway for revenue growth driven by traffic and non‑aero rather than pricing cuts. ^[48]
Traffic growth and capacity constraints
- Despite Q2 disruptions, Delhi is already handling around 100–105 million passengers annually, according to management, and is now refreshing its master plan for 2026 to focus on terminal efficiency and high‑yield international traffic, rather than further airside capex. ^[49]
- Hyderabad has essentially reached its current capacity and is planning a major ₹14,000 crore expansion involving a new terminal and supporting infrastructure, with implementation likely starting around CY2027 once approvals and tariff processes are settled. ^[50]
New airports and brownfield expansions
- Bhogapuram is expected to go live by late 2026, adding another large domestic hub to the portfolio. ^[51]
- Nagpur, once the delayed takeover clears, will offer a central India hub with planned capacity of up to 30 million passengers per year, supported by the Tata Capital loan package. ^[52]
Non‑aero and Aerotropolis strategy
- Duty‑free, F&B, retail, car parking, cargo, MRO and airport‑city real estate collectively represent an increasing share of GMR’s earnings mix. Management is targeting mid‑teens annual growth in non‑aero revenue, and Q2 suggests that is achievable when traffic stays healthy and new outlets ramp up. ^[53]
International diversification
- Growth at Medan and the eventual commissioning of Crete widen GMR’s geographical footprint and provide FX‑linked earnings, though these assets are smaller than India’s flagship airports. ^[54]

Key risks investors should monitor

Balanced against the growth story are several non‑trivial risks:

Regulatory and legal risk
- The outcome of the TDSAT/AERA/Supreme Court saga on Delhi and Mumbai’s historical tariffs could dramatically affect future cash flows—either via a large retroactive recovery (if the tribunal’s stance is upheld) or by removing a potential windfall (if the appeal succeeds). Government comments suggest a tilt towards protecting passengers, which could limit how aggressively any under‑recoveries are passed through. ^[55]
High leverage and refinancing dependence
- Even with improving EBITDA, interest expenses remain close to ₹1,000 crore per quarter, and data providers still classify GMR as having negative shareholders’ equity and fragile coverage metrics. ^[56]
- Large bond issues and project loans add refinancing and interest‑rate risk, particularly if macro conditions tighten or if traffic growth disappoints. ^[57]
Traffic and macro sensitivity
- Q2 already showed that geopolitical airspace disruptions and runway upgrade work can push Delhi traffic down mid‑single digits, even in an otherwise healthy demand environment. A domestic slowdown, fuel price shock, or sustained yield pressure on airlines could all spill over into airport revenues. ^[58]
Execution risk on big projects
- Large projects like Hyderabad expansion and Bhogapuram require precise coordination of capex, regulation and airline partnerships. Cost overruns or delays could erode expected returns.
Valuation compression if growth slows
- With the stock now near five‑year highs and trading above several published 12‑month targets, any disappointment on earnings, traffic, or legal outcomes could trigger a bout of multiple compression, especially in a risk‑off phase for midcap infrastructure names. ^[59]

Bottom line: what the market is pricing into GMR Airports now

As of 1 December 2025, the market seems to be pricing GMR Airports as a leveraged play on India’s long‑term air travel growth and non‑aero monetisation, with near‑term earnings momentum and technical strength already largely reflected in the price.

Bullish arguments focus on:
- Strong Q2 FY26 recovery and a likely trend towards sustained profitability. ^[60]
- Tariff uplift at Delhi and Hyderabad, with additional optionality from the TDSAT order. ^[61]
- High‑margin non‑aero growth and Aerotropolis‑style real estate as a structural earnings driver. ^[62]
- A favourable long‑term demand environment for Indian aviation and GMR’s position as a global‑scale airport platform.
Cautious arguments emphasise:
- Regulatory unpredictability, especially when courts and policymakers are explicitly worried about passenger affordability. ^[63]
- High leverage and negative equity, which leave little room for macro shocks or project missteps. ^[64]
- Current valuations that sit near or slightly above the average 12‑month broker targets, implying that incremental upside may require another round of earnings upgrades or a very favourable legal outcome. ^[65]

For diversified investors looking at the Indian infrastructure and transportation theme, GMR Airports today represents a high‑quality but high‑beta way to play the airport cycle—one where the upside is tied not just to planes and passengers, but to courtrooms, regulators and the fine print of tariff orders.