GMR Airports Limited (GMRAIRPORT.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-227.0%

-₹114.91

vs ₹90.48 price

Levered DCF

-₹108.60

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.44

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	525.24×	-179.91×	-89.84×	-135.17×	-21.74×	-5.25×	-4.06×	-3.28×
P/B	-37.17×	-28.23×	-23.3×	-30.87×	-27.27×	-8.54×	-4.01×	-22.72×
P/S	6.22×	6.79×	5.87×	3.73×	4.95×	4.19×	1.31×	1.59×
EV / EBITDA	21.41×	21.76×	23.93×	20.41×	21.4×	35.32×	15.59×	20.49×
Gross margin	45.5%	38.1%	29.1%	27.3%	44.1%	30.7%	29.7%	21.6%
Operating margin	28.2%	17.8%	16.4%	10.4%	27.4%	-0.8%	21.2%	12.0%
Net margin	1.2%	-3.8%	-6.5%	-2.7%	-22.7%	-80.0%	-32.3%	-48.5%
Current ratio	0.77×	0.66×	1.26×	0.98×	1.03×	1.03×	0.75×	0.75×
Debt / equity	-17.45×	-15.27×	-16.59×	-40.56×	-32.57×	-21.45×	-14.01×	-53.38×
Interest coverage	1.08×	0.5×	0.48×	0.29×	0.61×	-0.02×	0.45×	0.33×
Dividend yield	0.1%	0.1%	0.0%	0.0%	0.0%	0.0%	0.8%	0.8%
Payout ratio	56.0%	-18.8%	0.0%	0.0%	0.0%	0.0%	-3.2%	-2.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-7.1%	15.7%	25.8%	22.6%	125.1%	162.8%	98.8%	693.1%
Return on invested capital	6.8%	4.2%	3.3%	1.8%	3.7%	-0.1%	4.1%	2.7%
Return on assets	0.3%	-0.8%	-1.1%	-0.4%	-2.8%	-5.6%	-5.2%	-8.9%
Free cash flow yield	-1.2%	-1.0%	-1.3%	-6.6%	0.5%	-13.9%	-15.6%	-6.8%
Earnings yield	0.2%	-0.6%	-1.1%	-0.7%	-4.6%	-19.1%	-24.7%	-30.5%
Enterprise value	₹1.3T	₹1.1T	₹845.4B	₹533.6B	₹473.2B	₹472.3B	₹414.3B	₹383.9B
Net debt / EBITDA	6.73×	7.56×	9.65×	11.05×	11.31×	24.35×	11.88×	14.23×
Cash conversion cycle (days)	-4	-25	-22	-101	-218	34	79	193