Emkay sees 25% upside in GMR Airports on non-aeronautical growth

Emkay Global has initiated Buy-rated coverage on GMR Airports with a target price of Rs 120, implying 25% upside from current levels. The brokerage expects non-aeronautical and adjacent businesses—including duty-free, cargo, and airport-linked developments—to drive incremental profitability.

Stronger earnings and cash flows are projected to support margin expansion and deleveraging through FY29, according to the analyst note.