GMR Airports Infrastructure Ltd remained in strong focus this morning as the stock surged over 5%, touching a new 52-week high on the back of heavy volumes and a positive brokerage update. By 10 AM, the stock had already climbed to ₹102.00 after opening at ₹97.66, comfortably beating its previous close of ₹97.68. The steady upward movement came even as the day’s low stayed near ₹97.50, showing strong buying interest from the opening bell.
Trading activity was exceptionally high, with more than 3.07 crore shares changing hands by 10 AM. This surge in participation came just as Jefferies released an upbeat note on the company, reaffirming its Buy rating and hiking the target price to ₹115, up from ₹108 earlier. The brokerage also boosted its EBITDA estimates by 3–7%, citing an improving outlook across segments.
Jefferies highlighted that GMR Airports offers a rare mix of utility-style stability and a consumption-driven business model. According to the report, the company delivered a standout EBITDA performance, rising 74% year-on-year in Q2, even though passenger traffic remained soft. The quarter was powered by newly implemented tariffs, strong non-aero revenue growth, and the steady scaling of adjacent businesses.
Traffic dipped during the quarter due to ongoing upgrades at Delhi Airport and temporary airline capacity cuts. However, Jefferies expects a rebound in the second half of the year as operations stabilise. Meanwhile, yields enjoyed solid tailwinds, especially in retail and duty-free categories. The company’s blended Aero YPP (yield per passenger) jumped 69% YoY and 18% QoQ, while Non-Aero YPP grew 17% YoY and 10% QoQ. GMR is also targeting minimum Non-Aero revenue growth of 14–15% YoY, which analysts say should support sustained profitability.
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