GMR Airports Ltd Share Price Today (2 December 2025): New 52‑Week High, BofA ‘Buy’ Call and 2026 Forecasts

GMR Airports Ltd (NSE: GMRAIRPORT, BSE: 532754) kicked off December with a burst of altitude. By midday on 2 December 2025, the stock was hovering around ₹108 per share, after touching a fresh 52‑week high near ₹110.3–₹110.4, with the 52‑week low still down at ₹67.75. Over the past year the stock is up roughly 30%, about 150% over three years and more than 300% over five years – putting it firmly in “multi‑bagger” territory for longer‑term holders. ^[1]

At today’s price, GMR Airports carries a market capitalisation of about ₹1.14 trillion (₹1.14 lakh crore), making it one of the largest listed transport‑infrastructure plays in India. ^[2]

What changed today: BofA’s bullish initiation and a new high

The immediate catalyst for today’s move is fresh foreign brokerage coverage.

• BofA Securities has initiated coverage on GMR Airports with a ‘Buy’ rating and a target price of ₹128 per share.
• On the back of that note, the stock surged to a new 52‑week high of ₹110.36 in early trade on 2 December, before easing slightly. ^[3]

According to the BofA note (as reported in Indian business media), the brokerage’s thesis rests on three big pillars:

1. Strong earnings visibility after the latest tariff hikes and refinancing.
2. Resilient travel demand, with India’s aviation market still compounding at high single‑ to low double‑digit rates.
3. Upside from non‑aero and real‑estate monetisation – duty‑free, retail, cargo, logistics parks and airport‑city (“Aerotropolis”) development. ^[4]

BofA also name‑checks specific upside triggers: clarity on the controversial Delhi‑Mumbai user‑fee calculation, smoother execution on non‑aero projects and potential for future dividends once cash flows strengthen. Key risks it flags: the arrival of a second Delhi airport, regulatory uncertainty during future tariff resets, geopolitical shocks to international traffic, and the company’s stretched balance sheet. ^[5]

Trading action on 2 December 2025: volume spike and momentum

Today isn’t just about price – it’s about sheer activity.

Market‑data platforms tracking intra‑day flow report that on 2 December 2025:

• GMR Airports hit an intraday high of around ₹110.3, up roughly 2.5–2.6% at the day’s peak. ^[6]
• Turnover was heavy: one analytics site pegs total traded volume at about 3.02 crore shares, translating into a very high traded value for a mid‑cap infra stock. ^[7]
• Multiple technical dashboards now show “Buy” to “Strong Buy” signals on short‑term indicators, and classify the stock as having bullish price momentum relative to both its sector and the broader market. ^[8]

This isn’t happening in isolation. Over the past month, GMR Airports has already rallied around 13–15%, consistently outperforming benchmark indices and featuring in lists of stocks hitting new highs. ^[9]

Fundamentals after Q2 FY26: revenue surge, better profits, debt still heavy

Beneath the price fireworks, the fundamental story has clearly improved – but it’s not “risk‑free blue chip” territory yet.

Q2 FY26 snapshot

In its Q2 FY26 results (quarter ended 30 September 2025), GMR Airports reported, on a consolidated basis: ^[10]

• Total income ~₹3,754 crore, up about 45% year‑on‑year.
• EBITDA ~₹1,531 crore, up nearly 60% YoY, with margins in the low‑50s – the best quarterly operating performance in years.
• A swing from a heavy loss to a small profit at group level (or at worst a sharply reduced loss, depending on how individual data vendors treat one‑off items). One portal, for instance, still shows net profit at –₹37 crore, but that’s an 86–87% improvement versus the same quarter last year. ^[11]

So directionally, the picture is clear: revenues and operating profits are up sharply, losses are shrinking, and breakeven is near.

Airport‑level performance

The company’s own Q2 FY26 release reveals what’s happening under the hood at its key airports: ^[12]

• Delhi (DIAL)
  • Passenger traffic: 17.6 million in Q2, down about 7–8% YoY, hurt by runway upgrade work and airspace restrictions.
  • Yet total income rose ~34% YoY, as aeronautical revenue jumped over 160% after a steep tariff hike from April 2025.
  • EBITDA jumped nearly 70%, and Delhi swung to a profit (PAT ~₹74 crore) versus a large loss a year ago.
• Hyderabad (GHIAL)
  • Traffic: 7.3 million passengers, up 5.5% YoY, with double‑digit growth in international traffic.
  • Total income climbed ~17% YoY, powered by nearly 38% growth in non‑aero revenue (retail, F&B, parking, etc.).
  • EBITDA hit about ₹430 crore, its highest ever, with PAT more than doubling to roughly ₹100 crore.
• Mopa (Goa)
  • Traffic is growing (Q2 passengers up ~9% YoY), but income and EBITDA are down sharply: total income fell ~15% and EBITDA dropped ~70% YoY as revenue‑share obligations and promotional schemes for airlines kicked in.
  • However, Mopa received a favourable TDSAT judgment that quashed parts of an earlier AERA tariff order and asked the regulator to revisit key assumptions – potentially improving its long‑term economics. ^[13]

Internationally, the company’s smaller assets – Medan (Indonesia) and Crete (Greece) – continue to ramp. Medan saw low‑single‑digit revenue growth and high‑teens EBITDA growth, while Crete is ~60% complete and largely funded via project‑level structures that limit balance‑sheet risk for GMR. ^[14]

The regulatory wild card: TDSAT, AERA and the user‑fee shock

Almost every serious piece of analysis on GMR Airports now includes a chapter titled “Regulation & Litigation” – and for good reason.

Delhi and Mumbai: a ₹50,000 crore question

In July 2025, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) struck down key parts of how India’s airport regulator (AERA) has been calculating the Hypothetical Regulatory Asset Base (HRAB) and related tariffs for Delhi (DIAL) and Mumbai (MIAL), and ordered a fresh recalculation dating back to 2009. ^[15]

Media reports based on AERA’s own filings now suggest:

• The revised methodology could imply under‑recoveries of nearly ₹50,000 crore at Delhi and Mumbai combined.
• To bridge that gap, theoretical user‑development fees (UDFs) for passengers could rise by 8–10x if the order is implemented as is – for example, Delhi’s domestic UDF jumping from about ₹129 to over ₹1,200 and international UDF from ₹650 to above ₹6,300. ^[16]

AERA has challenged this in the Supreme Court, arguing that such retroactive recalculation is unworkable and would severely distort aviation economics. Until the apex court rules, investors have to live with a very wide cone of outcomes: anything from a massive receivable windfall for airport operators, to a more modest adjustment, to the TDSAT view being overturned.

For GMR, this legal fog is both a risk and a potential jackpot – but in either case, it injects valuation uncertainty into the medium‑term story.

Hyderabad and Mopa: small but important wins

While the Delhi‑Mumbai tug‑of‑war continues, two regulatory developments tilt in GMR’s favour:

• Hyderabad (GHIAL): On 31 October 2025, AERA approved GMR’s request to keep aeronautical tariffs unchanged for Q4 FY26 (Jan–Mar 2026), instead of cutting them. That locks in current charge levels across landing, parking and UDF for the rest of the control period and improves near‑term visibility on cash flows. ^[17]
• Mopa (Goa): As noted earlier, TDSAT has upheld GMR’s appeal against AERA’s first‑control‑period tariff order for Mopa, sending the case back with directions that could support a more favourable long‑term tariff structure. ^[18]

In short: regulation remains the biggest swing factor in the GMR story – with both meaningful upside and material downside on the table.

Scale and strategy: from Indian infra play to global airport platform

GMR has also been busy reshaping how the market perceives it.

• The company changed its name from GMR Airports Infrastructure Limited to GMR Airports Limited in September 2024, after simplifying its corporate structure and merging its private airport holding entity into the listed company. ^[19]
• GMR positions itself today as “GMR AERO,” claiming to be Asia’s largest private airport operator and the world’s second‑largest by passenger volumes, with over 120 million passengers handled in FY25 and roughly 27% share of India’s passenger traffic. ^[20]

Strategically, the group is pivoting hard towards:

1. Capacity expansion – Delhi, Hyderabad, Goa (Mopa), Bhogapuram (Visakhapatnam) and eventually Nagpur. Bhogapuram is already ~87.5% complete as of September 2025 and targeted to go live by December 2026. Nagpur has been delayed by land‑transfer bottlenecks but has funding in place and long‑term plans for up to 30 million passengers per year. ^[21]
2. Non‑aero monetisation – duty‑free, F&B, retail, parking, advertising, consulting, MRO, logistics and Aerotropolis real estate.
3. Global diversification – through minority stakes in airports like Medan and Crete, with upside to FX‑linked earnings and advisory mandates. ^[22]

A particularly interesting plank is the Cargo City project at Delhi:

• GMR won a concession to develop and operate a 50.5‑acre cargo city at Delhi airport, on a revenue‑share model with a minimum guaranteed payment of about ₹416 crore over the initial concession period.
• The first phase covers ~30.5 acres and is expected to generate very high EBITDA margins once stabilised, given the asset‑light warehousing and logistics profile. ^[23]

Taken together, these elements underpin management’s long‑stated ambition to push the system’s passenger‑handling capacity towards 400+ million per year by 2030, while tilting the business mix towards higher‑margin non‑aero revenue. ^[24]

Valuation: overvalued, fairly valued or still cheap? Depends who you ask

One of the quirks of GMR Airports is that different analytics platforms reach very different conclusions about valuation – a classic sign that the story is complex and the future path wide.

What the numbers say today

• At around ₹108, the stock trades almost exactly at recent highs with a 52‑week band of ₹67.75–₹110.36. ^[25]
• Trailing metrics are messy because earnings have only just turned around:
  • TTM EPS is still negative, around –₹0.21, implying a meaningless (negative) P/E. ^[26]
  • Book value is negative on a consolidated basis, so P/B also shows as negative, reflecting negative shareholders’ equity. ^[27]

A Smart‑Investing model, for instance, rates GMR among the top ~37% of companies by fundamentals but shows it trading at very large premiums (44–150%) to several intrinsic‑value estimates based on EV/EBITDA, EV/Sales and Price/Sales. ^[28]

Tickertape labels valuation as “High” and the entry point as “Bad” – i.e. overpriced and overbought versus its peer set and historical ranges, despite solid operating performance. ^[29]

Simply Wall St, on the other hand, runs multiple fair‑value scenarios:

• One model pegs fair value around ₹80, implying the stock is 30–35% overvalued.
• Another narrative sees fair value near ₹108, basically in line with today’s price.
• Across scenarios, they project mid‑20s to mid‑30s annual revenue growth and expect the company to break even around FY27, after earlier hopes of a FY26 breakeven were pushed out. ^[30]

So even the valuation engines are… arguing with themselves.

Forecasts and ratings as of 2 December 2025

If we boil down the current consensus and model‑based forecasts, the picture looks roughly like this:

Sell‑side analyst targets (12 months)

• Investing.com consensus (4 analysts):
  • Average target: ₹104.50
  • High: ₹115
  • Low: ₹93
  • Consensus rating:“Buy” (3 Buys, 1 Hold, 0 Sells). ^[31]
• TradingView analyst forecast:
  • Average target: ₹109.50
  • Range: ₹93–₹123. ^[32]
• Trendlyne “consensus target” (as of 2 Dec 2025):
  • LTP: ~₹108.02
  • Consensus target:₹104.50
  • Implied ~3% downside vs current price, but still tagged as a “Buy” idea overall. ^[33]
• BofA Securities stands out on the bullish side with a ₹128 target, implying ~18–20% upside from today’s levels. ^[34]

In short, legacy targets cluster around or slightly below today’s price, while the newest foreign‑broker call sits noticeably higher.

Quant/retail forecast models

Retail‑oriented and quantitative sites are more enthusiastic – but need to be treated as statistical toys, not gospel:

• StockInvest.us projects that, based on the current short‑term trend, GMR Airports “is expected to rise ~18.9% over the next 3 months”, with a 90% probability band of ₹115.7–₹129.2 at the end of that period. ^[35]
• WalletInvestor’s long‑term AI model sees the stock nearly doubling over five years, pointing to a 2030 price around ₹195, equivalent to an ~80% gain from current levels. ^[36]

Most serious investors will use those as scenario generators rather than as literal predictions – useful for framing risk/reward, but definitely not something to blindly plug into a DCF.

Balance sheet, bonds and leverage: still the elephant in the terminal

For all the good news on tariffs and EBITDA, leverage remains the central risk.

• TradingView data shows FY revenue of ~₹102.6 billion but net income of about –₹3.9 billion, and net income per employee still negative. ^[37]
• Smart‑Investing and Simply Wall St both highlight negative equity at the parent level and warn that interest coverage is still tight even after refinancing. ^[38]

To address this, GMR has been actively refinancing:

• A major bond programme of over ₹6,000 crore was lined up in mid‑2025 with coupons around 10.5%, aimed at refinancing older, costlier debt and smoothing maturities. ^[39]
• Project‑level loans like the ₹2,600 crore facility for Nagpur airport are largely non‑recourse to the parent but still add to overall group leverage and execution risk. ^[40]

The equity story, therefore, still hinges on two simple but non‑trivial conditions:

1. Airport cash flows must keep compounding – especially at Delhi and Hyderabad, where tariff and non‑aero levers are strongest.
2. Debt markets must remain open and reasonably priced, so the group can refinance rather than shrink too aggressively.

Key risks investors are watching

From the flow of brokerage notes, regulatory commentary and even retail‑investor forums, the main risk clusters look like this: ^[41]

1. Regulatory and legal risk
   • Uncertain outcome of the Delhi/Mumbai UDF and HRAB dispute.
   • Future tariff resets at Delhi, Hyderabad and new airports.
   • Ongoing tussles over competing airports (Hindon, Noida, Navi Mumbai) and air‑space constraints.
2. Leverage and interest‑rate risk
   • High gross debt and negative equity at the parent.
   • Exposure to refinancing risk if credit conditions tighten or if airport cash flows disappoint.
3. Traffic and macro risk
   • Global or domestic slowdowns that hit air travel.
   • Geopolitical shocks (airspace closures, regional conflict) that hit high‑yield international traffic – particularly at Delhi.
4. Execution risk
   • On‑time, on‑budget completion of Bhogapuram, Nagpur and other brownfield expansions.
   • Successful ramp‑up of high‑margin non‑aero businesses and Aerotropolis projects.
5. Governance and capital allocation
   • The trend of declining promoter share pledges – GMR has appeared in lists of stocks where promoter pledging is falling – is a positive, but investors will still watch related‑party dealings and capital allocation closely. ^[42]

How the 2 December 2025 picture fits together

Putting it all in one frame:

• Near term
  • The stock is in a clean uptrend, riding strong Q2 numbers, tariff tailwinds and a wave of positive technical signals.
  • Fresh BofA coverage with a ₹128 target has added fuel, and today’s new 52‑week high plus heavy volumes underline strong institutional and retail interest. ^[43]
• Medium term (2026–2027)
  • Consensual broker targets (₹104–₹115) say “most of the simple recovery story is already in the price”, at least on a 12‑month view. Upside from here depends on:
    • sustained traffic and non‑aero growth,
    • clean execution on Bhogapuram, Mopa stabilisation and Nagpur, and
    • a benign outcome from the regulatory knife‑fight. ^[44]
• Long term (5+ years)
  • If India’s aviation market and GMR’s non‑aero engine both deliver, the company is well placed as a scale platform with scarce assets. That’s why several AI/quant models and long‑duration forecasts assume material upside into the early 2030s – though those models are only as good as their assumptions. ^[45]

For now, GMR Airports Ltd sits in that awkward but intriguing category of stocks where operational momentum and narrative are both strong, but balance‑sheet risk and regulatory uncertainty still loom large.

Anyone analysing the stock after today’s move has to hold both ideas in their head at once: yes, the turnaround is real… and no, it’s not de‑risked yet.

References

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