Macquarie on GMR Airports
O-P, TP Rs 120
Airports Economic Regulatory Authority (AERA) released the tariff order for Hyderabad for its 4th control period (CP4: FY26-31).
GMR got approval for Rs138bn Hyderabad expansion capex, supporting capacity growth to 80mn pax; execution remains FY30-weighted.
Think revenue remains most sensitive to Hyderabad's capacity being delivered on schedule with tariffs now recoverable on a user-pay basis.
August 27, 2026 77
