Emkay Global starts India's GMR Airports with 'buy'
BUZZ-Emkay Global starts India's GMR Airports with 'buy' ** Emkay Global initiates India's GMR Airports GMRI.NS with "buy" and a PT of 120 rupees, citing earnings growth beyond core airport operations
** Brokerage says non-aero and adjacent businesses account for 67% of revenue and remain key drivers
** Expects revenue and EBITDA to grow at 13.7% and 16.5% CAGR, respectively, over FY26-FY29 on passenger growth and higher commercial revenue
** Says direct ownership of duty-free, cargo, retail and parking operations should boost margins
** Notes 2,451 acres of airport land remain available for monetisation, providing a long-term recurring income opportunity
** GMRI up 0.3% at 96.26 rupees on Tuesday
** Avg rating of eight analysts at "strong buy"; median PT is 120.50 rupees - data compiled by LSEG
** YTD, stock down 7.8%
(Reporting by Kashish Tandon in Bengaluru)