GMR Airports Limited

NSEI:GMRINFRA Stock Report

Market Cap: ₹811.5b

GMR Airports Valuation

Is GMRINFRA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of GMRINFRA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GMRINFRA (₹76.85) is trading below our estimate of fair value (₹131.99)

Significantly Below Fair Value: GMRINFRA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GMRINFRA?

Key metric: As GMRINFRA is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for GMRINFRA. This is calculated by dividing GMRINFRA's market cap by their current revenue.
What is GMRINFRA's PS Ratio?
PS Ratio8.5x
Sales₹95.71b
Market Cap₹811.46b

Price to Sales Ratio vs Peers

How does GMRINFRA's PS Ratio compare to its peers?

The above table shows the PS ratio for GMRINFRA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average7.7x
DREAMFOLKS Dreamfolks Services
1.8x15.3%₹22.3b
JSWINFRA JSW Infrastructure
15.1x16.4%₹612.5b
ADANIPORTS Adani Ports and Special Economic Zone
8.6x14.0%₹2.4t
CONCOR Container Corporation of India
5.2x14.4%₹469.1b
GMRINFRA GMR Airports
8.5x27.6%₹811.5b

Price-To-Sales vs Peers: GMRINFRA is expensive based on its Price-To-Sales Ratio (8.5x) compared to the peer average (7.7x).

Price to Sales Ratio vs Industry

How does GMRINFRA's PS Ratio compare vs other companies in the IN Infrastructure Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
JITFINFRA JITF Infralogistics
0.6xn/aUS$227.79m
SADBHIN Sadbhav Infrastructure Project
0.3xn/aUS$26.14m
533427 VMS Industries
0.3xn/aUS$11.76m
No more companies available in this PS range
GMRINFRA 8.5xIndustry Avg. 1.7xNo. of Companies4PS03.26.49.612.816+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: GMRINFRA is expensive based on its Price-To-Sales Ratio (8.5x) compared to the Asian Infrastructure industry average (1.7x).

Price to Sales Ratio vs Fair Ratio

What is GMRINFRA's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GMRINFRA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio8.5x
Fair PS Ratio10.6x

Price-To-Sales vs Fair Ratio: GMRINFRA is good value based on its Price-To-Sales Ratio (8.5x) compared to the estimated Fair Price-To-Sales Ratio (10.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst GMRINFRA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹76.85
₹84.33
+9.7%
21.7%₹110.00₹69.00n/a3
Nov ’25₹79.99
₹84.33
+5.4%
21.7%₹110.00₹69.00n/a3
Oct ’25₹93.93
₹88.33
-6.0%
15.0%₹106.00₹74.00n/a3
Sep ’25₹94.48
₹86.67
-8.3%
17.5%₹106.00₹69.00n/a3
Aug ’25₹101.52
₹81.33
-19.9%
16.5%₹100.00₹69.00n/a3
Jul ’25₹97.62
₹81.33
-16.7%
16.5%₹100.00₹69.00n/a3
Jun ’25₹84.60
₹79.33
-6.2%
19.4%₹100.00₹63.00n/a3
May ’25₹85.15
₹69.00
-19.0%
8.7%₹75.00₹63.00n/a2
Apr ’25₹83.55
₹68.50
-18.0%
9.5%₹75.00₹62.00n/a2
Mar ’25₹85.55
₹68.50
-19.9%
9.5%₹75.00₹62.00n/a2
Feb ’25₹79.10
₹59.00
-25.4%
6.8%₹63.00₹55.00n/a2
Jan ’25₹80.35
₹59.00
-26.6%
6.8%₹63.00₹55.00n/a2
Dec ’24₹60.90
₹59.00
-3.1%
6.8%₹63.00₹55.00n/a2
Nov ’24₹54.25
₹55.50
+2.3%
0.9%₹56.00₹55.00₹79.992
Oct ’24₹59.55
₹55.00
-7.6%
1.8%₹56.00₹54.00₹93.932
Sep ’24₹62.95
₹54.50
-13.4%
2.8%₹56.00₹53.00₹94.482
Aug ’24₹51.45
₹48.50
-5.7%
1.0%₹49.00₹48.00₹101.522
Jun ’24₹40.80
₹39.00
-4.4%
12.8%₹44.00₹34.00₹84.602
May ’24₹45.65
₹39.50
-13.5%
13.9%₹45.00₹34.00₹85.152
Apr ’24₹40.55
₹39.50
-2.6%
13.9%₹45.00₹34.00₹83.552
Mar ’24₹38.30
₹38.50
+0.5%
11.7%₹43.00₹34.00₹85.552
Feb ’24₹37.55
₹38.50
+2.5%
11.7%₹43.00₹34.00₹79.102
Jan ’24₹39.75
₹38.50
-3.1%
11.7%₹43.00₹34.00₹80.352
Dec ’23₹42.75
₹39.67
-7.2%
10.2%₹43.00₹34.00₹60.903
Nov ’23₹37.50
₹39.67
+5.8%
10.2%₹43.00₹34.00₹54.253

Analyst Forecast: Target price is less than 20% higher than the current share price.

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