JM Financial Bets Big on GMR Airports: 19% Upside Predicted Amid Aviation Boom

• JM Financial initiated 'buy' coverage on GMR Airports, setting a ₹120 price target, projecting an 18.5% upside.
• Brokerage sees Indian aviation on the cusp of strong growth driven by rising affluence and leisure spending.
• Key growth triggers include a robust project pipeline, large aircraft orderbook, and anticipated surge in passenger numbers.
• JM Financial forecasts GMR Airports' EBITDA CAGR at 19% and PAT CAGR at 111% over FY26-28.
• Consolidation of non-aero revenue streams and Delhi International Airport Ltd. expansion (FY26-30) are expected to boost revenue visibility.

Why It Matters: JM Financial predicts significant growth for GMR Airports, driven by India's aviation boom.