JM Financial has maintained its Buy rating on GMR Airports with a target price of Rs 115, implying further upside of up to 24% from current levels. Shares of GMR Airports rose around 2% to Rs 94.23 on Thursday.
The brokerage said passenger traffic remained subdued in August 2026, with GMR reporting around 1% year-on-year growth, including the recently added Nagpur and Bhogapuram airports. On an organic basis, however, passenger traffic declined 2.6% YoY, primarily due to continued weakness at GHIAL, where traffic fell 11.5%.
