Jefferies has maintained its ‘Buy’ rating on GMR Airports Infrastructure Ltd., raising the target price to ₹100 following a strong Q4 and an optimistic FY26 outlook.
In Q4FY25, EBITDA grew 24% YoY to ₹1,010 crore, beating Jefferies’ estimate of ₹940 crore. Growth was supported by a 10% increase in passenger traffic, a 13% rise in non-aeronautical revenues, and land monetisation income at Delhi International Airport Ltd. (DIAL)—part of which was a one-off.
Jefferies expects FY26 EBITDA to grow 45%+, with profitability returning after years of losses, driven by:
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New tariff implementation at DIAL
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Consolidation of Delhi Duty Free Services (DDFS) operations
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Stronger contribution from non-aero streams
The brokerage raised its EBITDA estimates by 7–9% to incorporate DDFS earnings and views GMR as a re-rating candidate in India’s infrastructure space.
Disclaimer: This article is based on the brokerage report by Jefferies. It does not constitute investment advice.
