GMR Airports Limited has submitted its quarterly compliance certificate to BSE Limited and National Stock Exchange of India for the quarter ended March 31, 2026, fulfilling regulatory requirements under SEBI (Depositories and Participants) Regulations, 2018.

Regulatory Compliance Filing

The certificate was filed on April 07, 2026, by Company Secretary and Compliance Officer T. Venkat Ramana, addressing the mandatory requirements under Regulation 74(5) of SEBI regulations. The submission includes certification from the company's registrar and share transfer agent, KFin Technologies Limited.

Dematerialization Process Compliance

KFin Technologies Limited, serving as the registrar and share transfer agent, confirmed compliance with all dematerialization procedures during the quarter. The registrar certified that all demat requests were processed within the stipulated 15-day timeframe from receipt of certificates from depository participants.

The compliance activities included:

• Confirmation of demat requests through approval or rejection processes
• Verification that securities in certificates were listed on appropriate stock exchanges
• Proper mutilation and cancellation of physical security certificates after verification
• Substitution of depository names in the register of members for approved demat requests

Stock Exchange Communication

The filing was addressed to both major Indian stock exchanges where GMR Airports securities are traded. BSE Limited received communication regarding equity scrip 532754 and debt scrips 976449, 976601, 977026, and 977027. The National Stock Exchange was notified regarding the GMRAIRPORT symbol.

Registrar Operations

KFin Technologies Limited operates from its main operations center in Hyderabad's Financial District and maintains its registered office in Mumbai. The company, incorporated under CIN L72400MH2017PLC444072, continues to handle GMR Airports' share transfer and registry services, ensuring compliance with all regulatory requirements for securities handling and dematerialization processes.

GMR Airports has received positive analyst coverage from two major brokerage firms, with Jefferies maintaining a Buy rating at Rs 125 target price and Kotak Institutional Equities setting a Buy recommendation with Rs 112 target price, reflecting strong confidence in the airport operator's business fundamentals and growth prospects.

Brokerage Recommendations and Valuations

The investment firms have provided distinct perspectives on GMR Airports' valuation and market position:

Traffic Performance and Market Resilience

Jefferies noted that GMR Airports continues to demonstrate resilience in its domestic operations, with stable domestic traffic patterns providing a strong operational foundation. However, the company faces some headwinds in international traffic due to Middle East-related weakness.

Kotak Institutional Equities emphasized the company's business insulation from Middle East conflict impacts, highlighting the airport operator's ability to maintain operational stability despite regional geopolitical challenges.

Revenue Growth and Competitive Positioning

Jefferies emphasized GMR's robust non-aeronautical revenue performance, highlighting mid-teen growth rates in this crucial segment. This strong performance demonstrates the company's ability to diversify income streams beyond traditional aviation services.

Kotak's analysis highlighted the company's resilience against tariff risks and competition from Jewar airport, indicating strong competitive positioning in key markets.

Valuation Analysis and Strategic Outlook

Kotak Institutional Equities noted that GMR's current valuation of 10x FY30E EV/EBITDA at Rs 85 current market price appears attractive and potentially ignores upside from favorable legal outcomes. The brokerage identified strategic expansion opportunities including Hyderabad capacity expansion from FY29, improving Goa operations performance, and early commissioning of the Bhogapuram project.

Both brokerages recognized GMR's continued focus on financial discipline through deleveraging initiatives and refinancing activities, which is expected to strengthen the company's balance sheet and support future growth investments.