GMR Airports gets first rating upgrade in a decade
CARE Ratings lifts long-term rating to 'A+/Positive' from 'A/Stable', citing return to consolidated profitability in FY26.
— 1 earlier story on GMR Airports Ltd. →What's new
- CARE upgraded GMR Airports' long-term bonds and bank facilities to 'CARE A+' from 'CARE A'.
- Short-term facilities raised to 'CARE A1+' from 'CARE A1'.
- FY26 was GMR's first consolidated profit in over a decade, enabling the upgrade.
Why this matters
The upgrade acknowledges GMR's financial turnaround after years of losses. But one-notch moves are routine for large-cap issuers; this is unlikely to materially lower GMR's borrowing costs or surprise the market.
What we're watching
- Whether GMR can sustain profitability into FY27 to justify a further upgrade.
- Impact on the company's cost of debt and refinancing plans.
- Any change in promoter or institutional shareholding following the rating action.
The full read
GMR Airports has its first annual profit in over a decade, and CARE Ratings has responded with a one-notch credit upgrade. The long-term rating moved to 'CARE A+' from 'CARE A', with the outlook revised to Positive from Stable. Short-term facilities also improved to 'CARE A1+'. The action covers ₹1,500 crore of instruments. The upgrade is modest — CARE itself describes it as a 'modest incremental development' unlikely to materially surprise the market. For a company with a market cap of ₹1,14,502 crore, one notch does not change borrowing dynamics overnight. What matters more is the direction: GMR is out of the red, and the Positive outlook leaves room for further upgrades if it sustains profitability. The real test is whether FY27 delivers a repeat of FY26's ₹239-crore quarterly net profit.
Questions answered
- How much debt instruments does this rating cover?
- The rating action covers non-convertible bonds and bank facilities of up to ₹1,500 crore.
- What was GMR's previous rating?
- The previous long-term rating was 'CARE A' with a Stable outlook; short-term was 'CARE A1'.
- Why did CARE upgrade the rating now?
- The upgrade follows GMR's return to consolidated profitability in fiscal 2026 — its first annual profit in over a decade.
- Is a one-notch upgrade significant for a large-cap company like GMR?
- Typically, one-notch upgrades are modest and not market-moving. The positive outlook, however, suggests potential for further improvement.
GMR Airports Ltd.
Latest quarter · Mar 2026
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All notes on GMRAIRPORT →- 10 Jul 2026 · 7:57 PM IST GMR Airports gets first rating upgrade in a decade
- 53d ago GQG Partners cut its GMR Airports stake by nearly a third over four months.