Stock to buy under Rs 100: Multibagger gets up to 37% upside targets

GMR Airports shares target price: Brokerage firms continue to remain positive on GMR Airports (GMR Airports Infrastructure Ltd) after the company airport tariff order offers clarity on FY27-31 aero tariffs, which were broadly aligning with estimates, though major capex recovery has been deferred until commissioning.

Shares of GMR Airports were trading lower around Rs 98.50 on Thursday, commanding a total market capitalization slightly below Rs 1.05 lakh crore. The stock is down 15 per cent from its 52-week high at Rs 115.60, hit in July 2026. However, it is up 20 per cent from its 52-week low at Rs 82.04 in September 2025.

Airports Economic Regulatory Authority of India (AERA) has approved GMR Hyderabad Airport's FY 27-31 tariff order, with aero tariffs of Rs 540-630 through FY29, broadly in line with estimates and flat/higher versus FY25-26 levels. AERA's new Incremental ARR framework defers tariff recovery on large capex until commissioning, said Jefferies.

As Hyd Airport expands capacity to 60 million pax, related tariff upside shifts to FY30-31 and will be linked to execution timelines. The recovery mechanism remains intact; only recovery timing changes, it said. Jefferies has maintained a 'buy' rating with a target price of Rs 135, suggesting a 37 per cent upside potential.

Shares of GMR Airports have tumbled nearly 10 per cent in the last one month, while the stock has remained largely flat in the last six months. It has gained nearly 15 per cent in the last one year, while it has delivered a 250 per cent return in the last five years.

GMR Airport has received the new tariff order for its Hyderabad airport, which contributes 27% to its total airport traffic. The new tariff order provides clarity on aero tariff for the next five years (FY27–31). It has an approved yield per pax of Rs 426. It has allowed differential aero tariffs for the same period. The aero charges per pax in FY27E to remain similar as in FY26, said ICICI Securities.

"The flat tariff is lower than initial expectations of a hike in the new control period. The aero tariffs do not consider the capex likely to be incurred in the control period. Note that aero charges consist of landing charges and parking charges; user development fee; and cargo handling. We maintain 'hold' with an unchanged target price of Rs 99," it added.

GMR Airports reported a net profit at Rs 150 crore for April-June 2026 period, its fourth consecutive quarter of positive profitability. Its total income rose 23 per cent YoY to Rs 4,085 crore, while EBITDA rose 22 per cent YoY to Rs 1,568 crore. Non-aero revenue contributed more than 50 per cent of the total income and it handled a record 30.22 million passengers in the given quarter.

GMR Airports’ medium-term outlook remains constructive, supported by portfolio expansion, strong Delhi performance and rising non-aero revenues. Bhogapuram’s commercial launch and Nagpur’s ramp-up provide incremental growth opportunities, while Aerocity monetisation and duty-free expansion offer additional earnings levers, said Religare Broking.

"Management expects traffic to remain soft in H1 FY27 before recovering in H2. Refinancing initiatives targeting debt cost below 10 per cent over the next 12 months should improve financial flexibility. Key risks include geopolitical disruptions, traffic softness and elevated leverage. Improving operations, new capacity and deleveraging potential support sustained earnings growth," it said with a 'buy' and a target price of Rs 135.