GMR Airports: Broker Targets ₹120-₹128, Key Levels

Why GMR Airports is back on broker radars

GMR Airports Infrastructure Ltd. has seen a cluster of broker updates and initiations that have reset the near-term discussion around valuation and potential upside. The latest notes highlight changes in key modelling inputs such as discount rate, revenue growth assumptions, profit margins, and future valuation multiples. Alongside these revisions, multiple brokerages have reiterated or initiated Buy calls with targets ranging from the low ₹100s to ₹130.

The stock has also been active on the tape, with reports of sharp single-day moves and price levels close to its 52-week high. For investors tracking airports and travel-linked plays, the recent flow of targets helps frame how different houses are thinking about earnings trajectory and valuation.

Stock snapshot: current price and 52-week range

Available price data shows GMR Airports at ₹97.84 as the current share price. The stock’s 52-week high is ₹110.36, while the 52-week low is ₹79.92.

A separate market update noted the stock ended at ₹100 on Monday, up 6.99% for the day, and that the stock has gained 43.18% over the last one year. Another update put the stock around ₹103.1, up roughly 1.5% on the day, and flagged that it was nearing the ₹110 zone.

JM Financial initiates coverage with a Buy and ₹120 target

A key trigger in the recent news flow was a coverage initiation by JM Financial, which issued a Buy rating and set a ₹120 price target. The note pegged the implied upside at about 18.5% from the referenced recent closing price.

JM Financial also shared medium-term growth expectations, forecasting 19% EBITDA CAGR for FY26-28. It further projected that this could translate into 111% PAT CAGR over the same period, signalling an expectation of operating leverage and improving profitability.

BofA starts coverage: Buy rating and ₹128 target

Another significant initiation came from BofA Securities, which launched coverage with a Buy rating and a ₹128 per share target price. The brokerage framed this as 21% upside potential from current levels, while another mention in the same update described the upside as up to 20%.

On valuation, BofA said it values GMR Airports at 15 times adjusted EV/EBITDA, factoring regulatory adjustments and land-bank value. The note also referenced an estimated 11% EBITDA boost from a recent Delhi regulatory win.

A separate price datapoint in the same update noted the stock closed 0.63% lower at ₹107.67 on Monday.

Jefferies and Citi maintain Buy ratings after quarterly performance

Broker commentary also included updates from Jefferies and Citi.

Jefferies maintained a Buy rating after what was described as strong December quarter results and set a ₹125 target price. The note compared this with a referenced close of ₹94.08 (Friday, 13 February), implying around 25% potential upside.

Citi also maintained a Buy rating with a ₹109 target price. Citi cited a sharp swing in core profitability: core profit of ₹320 crore in the quarter, versus a core loss of ₹150 crore in the year-ago quarter and a ₹10 crore loss in the preceding quarter.

A wide target history: models shift, not a single direction

Beyond the prominent Buy initiations, multiple target revisions were cited across updates, often tied to incremental changes in assumptions.

Some notes said analysts trimmed their price target on GMR Airports from ₹130.00 to ₹125.00, citing updated assumptions that combined a lower discount rate and P/E multiple with higher projected revenue growth but reduced profit margins. Other updates described targets that were kept steady at ₹93.0 due to modest changes in discount rate, revenue growth, profit margins, and a slightly lower future P/E.

There were also references to fair value being maintained at ₹113.83, and a target being trimmed to about ₹112.67 on updated assumptions around discount rate and future P/E. In other instances, targets were described as nudged higher to about ₹109.20, while another trail of updates mentioned increases from ₹95.50 to ₹98.75, ₹98.75 to ₹104.50, and ₹104.50 to ₹109.20.

Key numbers and broker targets at a glance

Timeline of select target changes cited

Trading plan mentioned: entry zone, stop loss, and targets

One market note offered a short-term trading framework for GMRAIRPORT: accumulate in the ₹95-₹90 zone, with targets of ₹115-₹125, and a stop loss below ₹84 on a closing basis. The note pegged the potential upside at 33% with a 6-8 week time frame, while a related line referenced 8-10 weeks.

This trading plan sits alongside the broader broker target range, and highlights that different market participants are working with different horizons and risk controls.

Market impact and what to watch next

The immediate market impact described across updates is that the stock has moved closer to its ₹110.36 52-week high and has reacted to new coverage initiations. Broker commentary also shows the valuation debate is being driven by the cost of capital (discount rate), margin expectations, and the multiple investors are willing to pay on forward earnings or EV/EBITDA.

From the facts cited, the next set of monitorables will likely remain the same: whether operating performance supports the optimistic growth projections like 19% EBITDA CAGR (FY26-28), whether profitability sustains the turnaround indicated by ₹320 crore core profit, and how regulatory outcomes such as the referenced Delhi decision continue to feed into estimates.

Conclusion

GMR Airports is seeing an unusually dense run of broker updates, with Buy calls and targets such as ₹120 (JM Financial) and ₹128 (BofA) adding to existing views like ₹125 (Jefferies) and ₹109 (Citi). The stock’s trading levels, the ₹95-₹90 accumulation zone mentioned by traders, and proximity to the ₹110.36 52-week high are now central reference points. Future revisions are likely to keep revolving around discount rates, margin assumptions, and how quickly earnings and cash flows track the growth path laid out in these notes.