India's GMR Airports falls as weak passenger traffic persists
BUZZ-India's GMR Airports falls as weak passenger traffic persists ** Shares of Indian airport operator GMR Airports GMRI.NS fall 2.8% to 87.6 rupees
** Co reported 0.9% y/y rise in September passenger traffic to 9.24 million, while traffic at Hyderabad and Goa airports fell 12.7% and 26.9%, respectively
** JM Financial ("buy"; TP 115 rupees) says passenger traffic growth remained weak in September, with organic traffic, excluding newly added airports, declining 3.4% y/y
** Brokerage expects passenger traffic weakness to persist until November, before recovering from December due to favourable base effect following IndiGo's operational crisis in late 2025
** Expects higher international passenger traffic to support non-aeronautical revenue, forecasting 8% y/y revenue growth and 5% EBITDA growth in Q2FY27
** GMRI rated "strong buy" on average by 9 analysts, median PT at 121 rupees--LSEG compiled data
** YTD stock down 16.13%
(Reporting by Surbhi Misra in Bengaluru)
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