JEFFERIES ON GMR AIRPORTS ; ACCUMULATE | TP ₹135
• AERA approved Hyderabad Airport’s FY27-31 tariff order.
• Aero tariffs at ₹540-630 through FY29, broadly in line with estimates and flat/higher vs FY25-26.
• New Incremental ARR framework defers tariff recovery on large capex until commissioning.
• Hyderabad Airport capacity expansion from 34mn to 60mn passengers shifts related tariff upside to FY30-31.
• Recovery mechanism remains intact; only the timing of recovery changes.
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