GMR Airports Infrastructure has delivered a strong price and volume performance following its Q2FY26 results, with the stock meeting the one-month price objective set earlier by market expert Mr.SP Tulsian.

Today, the stock hit a fresh 52-week high of Rs. 102.45 (52-week low: Rs. 67.75), with a VWAP of Rs. 101.24, compared with a previous close of Rs. 97.70. Intraday, the share traded between Rs. 97.55 and Rs. 102.45, on a significantly elevated traded quantity of 32.57 lakh shares versus a two-week average of 5.19 lakh shares, generating turnover of about Rs. 32.97 crore and valuing the company at a full market capitalisation of roughly Rs. 1.08 lakh crore.

The stock strength has been underpinned by an encouraging Q2FY26 performance, where total income rose 45% YoY to Rs. 3,754 crore even as passenger traffic declined 4% YoY to 27.8 million. The volume softness was driven primarily by an 8% YoY drop in Delhi airport traffic, owing to geo-political factors and the Runway 10/28 upgradation, yet Delhi airport’s standalone net revenue rose 37% YoY to Rs. 1,048 crore, highlighting the benefit of tariff and yield actions. Hyderabad and Goa airports, meanwhile, reported 6% and 9% YoY growth in traffic respectively.

Yield metrics were the key positive surprise: aero yield per passenger jumped 69% YoY and 18% QoQ to Rs. 469, while non-aero yield increased 17% YoY and 10% QoQ to Rs. 415, reflecting better pricing, richer traffic mix and improving commercial monetisation.

On profitability, Q2FY26 EBITDA rose 59% YoY to a record-high Rs. 1,531 crore, with Delhi Airport posting its highest EBITDA since Q1FY22 at Rs. 675 crore, and Hyderabad Airport delivering a record EBITDA of Rs. 430 crore. Following the Airports Economic Regulatory Authority’s (AERA) order extending the useful life of airport assets from 30 years to 50 years, depreciation charges moderated, enabling a swing to a positive PBT of Rs. 68 crore in Q2FY26, against a net loss of Rs. 111 crore in Q1FY26 and Rs. 543 crore in Q2FY25.

At the standalone level, Delhi and Hyderabad airports reported PAT of Rs. 74 crore and Rs. 100 crore respectively, while at the consolidated level, net loss attributable to owners stood at Rs. 35 crore, largely on account of one-off items. Management commentary and current trends keep the company on track to report a positive bottom line for FY26E, after effectively breakeven performance in Q2FY26.

At the current market capitalisation of about Rs. 1.01–1.08 lakh crore and an enterprise value of roughly Rs. 1.35 lakh crore (on consolidated net debt of about Rs. 34,000 crore), Mr.SP Tulsian views the valuation as attractive for a platform that handles nearly 27% of India’s aviation traffic. Earnings visibility is seen improving further as non-aero monetisation picks up, helped by the company’s move to in-house duty-free operations at Delhi airport from 28 July 2025 and at Hyderabad airport from 10 September 2025, in addition to the broader recovery and premiumisation in Indian air travel.

In this backdrop, Mr.SP Tulsian reiterates his positive stance on GMR Airports Infrastructure, anchored in the strong Q2FY26 operating performance, rising aero and non-aero yields, improving profitability profile and the strategic position of the GMR airport portfolio in India’s aviation ecosystem.