GMR Airports financials: balance sheet, profit and loss, cash flow

NSE: GMRAIRPORTBSE: 532754Transport InfrastructureMid Cap

GMR AIRPORTS LIMITED · Formerly GMR Airports Infrastructure · Face value ₹1 · Listed Aug 2006

₹86.92₹0.35 (0.40%)BSE ₹86.96

Share price at the NSE close on 30 Oct 2026. Previous close ₹87.27.

30 Oct: open ₹86.87, high ₹88.75, low ₹85.36

52-week range of traded prices to 30 Oct 2026

₹84.11Low, 30 Mar 2026₹115.64High, 7 Jul 2026

Market cap: ₹92,665 Cr106th largest listed
P/E: 185.22
P/E without one-offs: 134.33
P/B: Net worth zero or below
Dividend yield: Nonein the last 12 months
ROE: Net worth zero or below
ROCE: 9.4%
Debt to equity: Net worth zero or below
Volume, NSE: 1,19,23,658

GMR Airports' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.GMR Airports annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Back to profit in the year to Mar 2026, ₹472 CrA loss in 9 of the 10 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.1% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, the company's revenue for that year, ₹8,721 Cr, differs from its quarters added, ₹9,207 Cr. From the year to Mar 2021, the company's revenue for that year, ₹6,229 Cr, differs from its quarters added, ₹6,135 Cr. From the year to Mar 2022, the company's revenue for that year, ₹4,601 Cr, differs from its quarters added, ₹6,480 Cr; the company reports the part of the business demerged on 11 Jan 2022 as discontinued, and figures before the change include it.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue14,807
Materials and goods−982
Employee costs−1,717
Other expenses−6,352
Operating profit5,757
Depreciation−1,837
Other income+393
One-off items−109
Finance costs−3,859
Profit before tax347
Tax−114
Joint ventures+240
Net profit472

What the company owns

Plant, investments and other assets₹48,344 Cr
Current investments₹4,291 Cr
Cash and bank₹993 Cr
Receivables₹596 Cr
Inventory₹540 Cr

What pays for it: net worth and liabilities

Borrowings₹42,196 Cr
Other liabilities₹11,241 Cr
Owed to suppliers₹1,328 Cr

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Sep 2026, the latest four quarters added.GMR Airports quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 27 May	Sep 2026Twelve monthsFiled 28 Oct
Revenue from operations	10,999	8,721	7,565	8,556	6,229	4,601	6,693	8,755	10,414	14,807	15,992
	7,547	6,535	5,870	5,927	5,151	2,498	4,970	5,789	6,648	9,051	9,924
Materials and goods bought	1,454	1,919	956	1,250	1,727	150	187	215	316	982	1,258
Employee costs	–	–	760	831	755	755	969	1,242	1,486	1,717	1,796
Other expenses	–	–	4,154	3,846	2,669	1,593	3,813	4,332	4,847	6,352	6,870
Operating profit before depreciation	3,452	2,186	1,695	2,629	1,079	2,103	1,724	2,966	3,766	5,757	6,068
Operating margin	31.4%	25.1%	22.4%	30.7%	17.3%	45.7%	25.8%	33.9%	36.2%	38.9%	37.9%
Materials, % of revenue	–	–	12.6%	14.6%	27.7%	3.3%	2.8%	2.5%	3.0%	6.6%	7.9%
Employee costs, % of revenue	–	–	10.0%	9.7%	12.1%	16.4%	14.5%	14.2%	14.3%	11.6%	11.2%
Other expenses, % of revenue	–	–	54.9%	45.0%	42.8%	34.6%	57.0%	49.5%	46.5%	42.9%	43.0%
Depreciation and amortisation	1,543	1,028	984	1,064	1,005	889	1,042	1,466	1,910	1,837	1,866
Operating profit after depreciation	1,909	1,158	711	1,564	74	1,213	681	1,500	1,856	3,920	4,202
Other income	633	553	720	667	634	358	596	452	422	393	407
Finance costs	3,911	2,316	2,684	3,545	3,172	2,019	2,343	2,929	3,705	3,859	3,797
Profit before one-off items and tax	−1,370	−606	−1,254	−1,314	−2,464	−447	−1,066	−977	−1,428	455	812
One-off items	1,482	0	−2,212	−681	−881	−388	254	115	607	−109	−190
Profit before tax	111	−606	−3,466	−1,995	−3,344	−835	−812	−861	−820	347	622
	737	45	−87	−85	−262	−12	114	193	182	114	121
Current tax	–	–	−87	−85	−262	−12	114	112	112	164	149
Deferred tax	–	–	0	0	0	0	0	80	70	−50	−28
Share of profit of joint ventures and associates	−68	−431	−88	−288	−346	71	86	225	185	240	286
Profit from discontinued businesses	–	–	110	−4	0	−379	–	1	–	–	–
	−575	−1,115	−3,356	−2,202	−3,428	−1,131	−840	−828	−817	472	788
Belonging to the company's shareholders	−575	–	−3,594	–	–	–	−179	−559	−393	175	500
Belonging to outside owners of subsidiaries	–	–	238	–	–	–	−661	−268	−424	297	287
Other comprehensive income	–	–	174	24	198	−456	−636	−169	11	−136	−253
Total comprehensive income	–	–	−3,183	−2,178	−3,230	−1,587	−1,476	−997	−806	336	535
Net margin	−5.2%	−12.8%	−44.4%	−25.7%	−55.0%	–	−12.5%	−9.5%	−7.8%	3.2%	4.9%
Net margin without joint ventures and associates	−4.6%	−7.8%	−43.2%	−22.4%	−49.5%	–	−13.8%	−12.0%	−9.6%	1.6%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the years to Mar 2018, Mar 2020, Mar 2021 and Mar 2022: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the period is a loss, which leaves no share to compare with the company's other periods. Net margin is left blank for the year to Mar 2022: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 27 May	Sep 2026Half yearFiled 28 Oct
	1,242	216	1,319	1,918	969	−870	−1,789	−1,549	−1,426
	−820	−2,459	−1,718	−818	−793	−2,164	−2,503	−2,480	−2,482
Share capital	604	604	604	604	604	604	1,056	1,056	1,066
Reserves	−1,424	−3,062	−2,322	−1,421	−1,396	−2,768	−3,559	−3,536	−3,548
Belonging to outside owners of subsidiaries	2,062	2,675	3,037	2,736	1,762	1,295	715	931	1,056
	23,962	28,153	32,273	26,516	32,157	35,285	37,634	42,196	46,288
Repayable after a year	21,664	26,522	30,990	24,405	28,367	34,333	33,724	34,498	39,215
Repayable within a year	2,299	1,631	1,283	2,111	3,790	952	3,910	7,698	7,073
	14,185	16,530	14,104	6,431	9,079	6,406	8,860	12,708	13,101
Trade payables	1,960	2,262	2,460	543	851	1,085	1,005	1,328	1,508
Other financial liabilities	7,489	10,289	8,264	2,940	3,535	3,263	2,420	2,130	2,511
Other liabilities	1,313	1,338	1,152	563	644	845	1,242	1,220	1,652
Provisions	1,060	968	904	236	238	256	280	322	342
Tax owed	65	42	41	37	20	4	2	12	14
	24,917	29,710	34,516	28,762	34,064	41,991	41,686	43,605	48,897
Other financial liabilities	722	747	1,389	1,740	2,877	4,043	4,360	5,521	5,936
Other liabilities	2,079	2,110	1,938	2,545	2,584	3,375	3,356	3,287	3,439
Provisions	123	106	82	49	46	45	48	92	83
Deferred tax	329	225	117	23	190	195	198	206	225
Liabilities going with businesses held for sale	60	72	22	–	–	1,156	–	–	–
	40,404	46,527	49,960	37,110	44,111	48,683	48,757	54,764	60,572
Held for sale or for a demerger	29	62	314	–	–	502	13	–	–
	29,806	34,148	35,420	30,468	35,233	40,641	42,908	44,972	46,123
Plant in use, after depreciation	9,614	9,380	9,021	9,495	14,319	27,236	26,756	26,876	–
Plant being built	857	3,809	6,616	10,163	11,173	1,670	3,802	5,433	–
Intangible assets	2,867	2,764	2,672	393	402	1,064	1,025	463	526
Goodwill	459	437	437	437	437	437	437	505	505
Intangible assets being developed	1	2	6	14	2	4	6	87	67
Property held to earn rent	3,140	3,491	535	0	–	0	0	–	–
Investments	7,765	147	410	338	98	193	283	238	270
Stakes in joint ventures and associates	0	7,013	6,400	1,774	1,842	1,415	1,345	1,430	1,552
Loans given	277	448	1,529	1,263	1,475	2,317	2,560	1,992	1,854
Other financial assets	2,332	3,090	3,069	1,868	2,262	2,811	3,105	3,027	4,302
Deferred tax	593	655	822	787	761	699	600	623	582
Trade receivables	109	110	148	0	–	0	0	–	–
Other assets	1,791	2,802	3,756	3,937	2,464	2,796	2,990	4,298	3,326
	10,570	12,317	14,226	6,642	8,878	7,540	5,836	9,792	14,449
Inventories	113	191	175	92	135	130	162	540	616
Trade receivables	1,447	1,424	1,146	376	369	482	531	596	645
Cash and cash equivalents	919	2,859	4,300	1,619	3,278	1,795	556	610	4,100
Other bank balances	711	1,589	2,114	1,496	743	1,031	388	382	239
Current investments	2,350	2,959	2,863	1,687	2,538	2,817	2,660	4,291	4,989
Loans given	110	917	713	253	466	314	118	704	636
Other financial assets	4,685	1,602	2,465	667	993	689	1,146	2,262	2,670
Other assets	235	776	451	452	357	282	275	406	554
Net debt	19,982	20,745	22,996	21,713	25,598	29,642	34,030	36,912	36,960

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 27 May	Sep 2026Half year
	3	3,256	2,299	3,880	3,443	4,884	3,030
	−36	3,345	2,255	4,013	3,559	5,058	3,103
	−1,672	976	418	1,178	68	−638	349
Inventories	0	0	0	−30	0	0	0
Payables	0	0	0	1,208	0	0	0
Other working capital	−1,672	976	418	0	68	−638	349
Tax paid	39	−89	44	−133	−117	−174	−73
Capital spending	1,646	3,138	3,921	4,525	4,129	3,329	1,609
Free cash flow	−1,642	118	−1,622	−644	−686	1,555	1,421
	2,433	−1,897	−2,422	−5,788	−3,673	−3,577	−1,793
Plant and property sold	128	76	38	3	6	27	0
Companies bought	0	0	0	−848	−1,069	−200	0
Interest received	286	555	327	190	251	957	90
Dividends received	304	543	139	239	232	219	6
	−1,056	−4,041	1,731	467	−1,010	−1,238	2,260
Borrowings raised	8,210	4,300	8,957	12,326	5,573	11,777	6,366
Borrowings repaid	−5,475	−4,731	−4,395	−8,299	−3,488	−9,444	−2,472
Interest paid	−3,769	−3,443	−3,059	−3,517	−2,993	−3,867	−1,508
Lease payments	−22	−20	0	0	−134	−154	−103
Dividends paid	0	0	0	0	74	98	25
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	1,381	−2,681	1,608	−1,442	−1,240	69	3,497

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.GMR Airports dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 27 May
Earnings per share	–	−₹2.28	−₹5.98	−₹4.03	−₹4.63	−₹1.70	−₹0.30	−₹0.93	−₹0.43	₹0.17
Diluted earnings per share	–	−₹2.28	−₹5.98	−₹4.03	−₹4.63	−₹1.70	−₹0.30	−₹0.93	−₹0.43	₹0.13
Book value per share	–	–	−₹1.36	−₹4.07	−₹2.85	−₹1.35	−₹1.31	−₹3.59	−₹2.37	−₹2.35
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%
Market cap at the year end (₹ crore)	9,658	10,171	11,951	9,869	14,667	22,303	24,476	49,253	79,963	89,487

Ratios

Consolidated, years to March.GMR Airports PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 27 May
Revenue growth	–	–	−13.3%	13.1%	–	–	45.5%	30.8%	19.0%	42.2%
Operating profit growth	–	–	−22.5%	55.1%	–	–	−18.0%	72.1%	27.0%	52.9%
	–	–	438.3%	–	–	–	22.3%	37.8%	16.8%	−7.0%
	–	–	–	–	–	–	–	15.6 pts	−21.0 pts	−23.9 pts
From the net margin	–	–	–	–	–	–	–	30.8 pts	−15.5 pts	−22.1 pts
From asset turnover	–	–	–	–	–	–	–	7.7 pts	3.0 pts	−1.8 pts
From borrowing	–	–	–	–	–	–	–	−23.0 pts	−8.5 pts	0.0 pts
Return on capital employed	–	–	2.8%	5.5%	0.2%	4.3%	2.1%	4.4%	5.2%	9.6%
Cash conversion	–	–	–	–	–	–	–	–	–	1,033.8%
Interest cover	0.5	0.5	0.3	0.4	0.0	0.6	0.3	0.5	0.5	1.0
Debt to equity	–	–	19.30	130.40	24.48	13.82	33.19	–	–	–
Receivable days	–	–	70	61	67	30	20	20	19	15
Inventory days	–	–	43	56	37	225	263	222	188	201
Payable days	–	–	748	661	520	1,326	1,658	1,847	1,163	494
Cash conversion cycle, days	–	–	−635	−544	−416	−1,071	−1,375	−1,605	−956	−278
Working capital days	–	–	−256	−426	−461	−197	−162	−148	−95	−12
Asset turnover	–	–	0.19	0.20	0.13	0.11	0.16	0.19	0.21	0.29
Assets per rupee of net worth	–	–	−49.27	−26.51	−23.10	−34.33	−50.43	−31.38	−20.88	−20.77
Sales per rupee of plant	–	–	0.79	0.91	0.69	0.48	0.47	0.32	0.39	0.55
Capital spending to depreciation	–	–	–	–	1.64	3.53	3.76	3.09	2.16	1.81
Plant being built, % of plant in use	–	–	8.9%	40.6%	73.3%	107.0%	78.0%	6.1%	14.2%	20.2%

Revenue growth and operating profit growth are left blank for the years to Mar 2018 and Mar 2021: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth and operating profit growth are left blank for the year to Mar 2022: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Debt to equity is left blank for the years to Mar 2024, Mar 2025 and Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.3%
Cash from operations against operating profit: 84.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	–	30.3%
Return on equity, average	–	17.5%	15.9%
Return on capital employed, average	–	5.1%	6.4%
Operating margin, average	30.7%	36.1%	36.3%
Net margin, average	−18.9%	−6.7%	−4.7%
Asset turnover, average	–	0.19	0.23
Cash conversion cycle, days, average	–	−1,057	−946
Interest cover, average	0.5	0.6	0.7

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	17,762	12,206	4,884
Cash from investing	−17,357	−13,038	−3,577
Cash from financing	−4,091	−1,782	−1,238
Capital spending	19,041	11,982	3,329
Dividends paid	172	172	98
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	42,933	29,676	11,777
Borrowings repaid	30,358	21,231	9,444

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	6	7	7	5	8
Altman Z-scorePublished threshold 1.1	–	–	−0.80	−0.58	−0.13	0.18	0.12	0.23	−0.28	−0.07
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.81	−3.80	−2.83	−2.76	−2.79	−2.67
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−12.16	−5.72	−1.77	2.33	−1.20	−1.61
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−14.72	7.65	−41.07	−47.24	−0.24	−8.73	−29.88
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	38.54	−46.57	44.27	20.58	−17.84	−22.61	21.96
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−29.71	8.63	−39.06	3.46	−4.33	4.32	8.42
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	4.59	10.24	7.45	1.90	0.12	2.66	2.78
Effective tax ratePublished threshold 17.16 per cent	662.32	–	–	–	–	–	–	–	–	32.81
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	–	–	−17.51

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
1 Sep 2026	CARE Ratings Limited	Fund-based-Short Term	CARE A1+Review, Re-affirm		10
1 Sep 2026	CARE Ratings Limited	Fund-based-Long Term	CARE AA-Review, Re-affirm	Stable	250
1 Sep 2026	CARE Ratings Limited	Debentures-Non Convertible Debentures	CARE AA-Review, Re-affirm	Stable	400
1 Sep 2026	CARE Ratings Limited	Non-fund-based-LT/ST	CARE AA- / CARE A1+Review, Re-affirm	Stable	500
1 Sep 2026	CARE Ratings Limited	Fund-based-LT/ST	CARE AA- / CARE A1+Review, Re-affirm	Stable	240
1 Sep 2026	CRISIL Ratings Limited	Non Convertible Debentures	Crisil AA-Review, Other	Stable	1,500
12 Feb 2026	CRISIL Ratings Limited	Bank Facilities	WithdrawnReview, Other		1,000
31 Dec 2025	CARE Ratings Limited	Bonds-Non-Convertible Bonds	CARE AReview, Re-affirm	Stable	1,100

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.