GMR Airports shares gain 2% after JM Financial retains Buy rating; sees up to 24% upside
GMR Airports shares witnessed an uptick on Thursday after JM Financial retained its Buy rating and Rs 115 target price, citing an improved risk-reward profile despite subdued passenger traffic. The brokerage expects traffic pressure to persist through November, but sees growth improving from December as favourable base effects and resilient international traffic support recovery.
JM Financial has retained its Buy rating on GMR Airports with a target price of Rs 115, indicating an additional upside potential of up to 24% from current market levels. The brokerage reported a 2% rise in GMR Airports shares to Rs 94.23 on Thursday, attributing the gain to the company's target multiple of 21x on operational airports in India.
Including the value of monetisable airport land, JM Financial's target price of Rs 115 was arrived at, with the addition of the upcoming Bhogapuram and Medan airports. Despite subdued passenger traffic in August 2026, with GMR reporting a 1% year-on-year growth, the brokerage sees a potential 24% upside given favourable base effects from the IndiGo airline crisis in late 2025.
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