GMR Airports Ltd: 4Q broadly in-line, look for HYD tariff reset and rebounding 2H traffic ahead

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GMR Airports Ltd: 4Q broadly in-line, look for HYD tariff reset and rebounding 2H traffic ahead

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GMR Airports Ltd

4Q broadly in-line, look for HYD tariff

reset and rebounding 2H traffic ahead

Reiterate Rating: BUY | PO: 122.00 INR | Price: 97.84 INR

4Q broadly in-line, positive outlook commentary 28 May 2026

GMR Airports (“GAL”) 4Q earnings were broadly in-line with BofAe. We came away from Equity

4Q confident that GAL is delivering on its strategy of growing its non-aero and real

estate earnings despite near-term global headwinds. Outlook commentary suggests that

Key ChangesGAL sees a return to stronger traffic growth from 2H FY27 as headwinds ease, while it

is sounding more positive on the upcoming Hyderabad (“HYD”) regulatory tariff reset. (Rs) Previous Current

We reiterate our Buy rating with upside catalysts from easing geopolitical disruptions, 2027E EBITDA (m) 70,432.7 70,653.8

improving traffic and the HYD regulatory decision. 2028E EBITDA (m) 82,985.4 83,797.7

2029E EBITDA (m) 93,213.5 94,395.4

GAL 4Q looks broadly in-line

GAL returned to full year profits in FY26 for the first time in a decade benefiting from Nathan Gee, CFA >>

Research Analyst

growth in its non-aero platform business and the Delhi tariff reset. GAL’s 4Q EBITDA of Merrill Lynch (Singapore)

Rs15bn was broadly in-line with BofAe, while 4Q net income of Rs2.5bn was boosted by +65 6678 0418 nathan.gee@bofa.com

lower 4Q tax rates and one-off Greek associate gains.

Amy Han >>

Merrill Lynch (Hong Kong)FY27 outlook: Upside to HYD tariffs, traffic growth in 2H amy.han@bofa.com

GAL’s outlook commentary was broadly positive looking beyond the near-term geopolitical Hiro Nakakura, CFA >>

and macro headwinds. GAL sees FY27 traffic growth at +5-7% YoY boosted by new Research Analyst