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GMR Airports Limited — Bonds & AA- (CARE) Rating

Corporate · Infrastructure

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Methodology v1.0 Download Report (PDF) Watch
Agency Rating
AA- (CARE)
Most common current rating on senior bonds
3 of 7 rated · CARE, 30 Sep 2026
Total Debt Outstanding
₹8,900 Cr
Across 7 instruments
Active Bonds
7
First Issue
22 Nov 2023
Latest Issue
9 Sep 2026
Maturity Range
2026 - 2029
Observation
7 active bonds tracked from this issuer.
View details →
Coverage: High Data Quality: High Sources: NSE, BSE, SEBI, rating agencies

Latest events

Last 90 days · company disclosures to the exchanges and agency announcements. Not our assessment.
  • 28 Sep 2026 Interest payment notice Intimation regarding voluntary redemption of Non-Convertible Bonds along with accrued Interest and redemption premium
  • 7 Sep 2026 Redemption notice Notice for Voluntary Redemption of Non-Convertible Bonds
  • 2 Sep 2026 Credit rating disclosure Credit Ratings
  • 1 Sep 2026 Rating upgraded to AA- CRISIL
  • 25 Aug 2026 Credit rating disclosure Credit Rating
Issuer health card 1 item to look at
  • Current ratings CARE AA-, CRISIL A+, CARE A-
  • Rating range Current ratings range from A- (CARE 29 Feb 2024) to AA- (CARE 30 Sep 2026)
  • Rating direction, 12 months 1 upgrade, 0 downgrades
  • Watch / negative outlook None in 12 months
  • Issuer not cooperating No such actions in 12 months
  • Rating withdrawn, 12 months No withdrawal of this issuer's rating in 12 months
  • Newest agency rating Dated 30 Sep 2026
  • Payment record No payment disclosures since 17 Jul 2026
  • Defaults on record No bond marked defaulted
  • Traded in the last 30 days 3 of 7 active bonds had an exchange trade
  • Exchange filings, 90 days 94 filings on NSE/BSE

A checklist of published facts, not a rating or a view on credit quality. Ratings are the agencies' own; payment record covers NSE disclosures since 17 Jul 2026; "late" means paid more than 3 days after the due date (next-working-day payments are allowed). Rating range covers every current rating on the issuer's active bonds, with each agency's rating date. Rating actions count only when the agency's heading names this issuer, not pools or trusts it originated; a withdrawal is flagged only when the issuer's rating itself is withdrawn, not a single facility. Rating age uses the newest rating date on file and is flagged when older than 12 months. See methodology.

Alert me about GMR Airports Limited An email when a rating agency acts on this issuer (including any cut to default grade D) or a payment is disclosed late or short. Free, no account needed.
01 Issuer Overview
Sector
Infrastructure
Issuer Type
Corporate
First Tracked Bond
22 Nov 2023
Start of this issuer's debt program timeline
  • 7 active bonds tracked from this issuer.
  • 0 of 5 tracked bonds with a stated security status are secured. (based on 5 bonds with a disclosed security status)
  • Most recent rating action: upgrade by CRISIL on 1 Sep 2026.

GMR Airports Limited, a corporate issuer in the Infrastructure sector, is tracked on RetailBonds.in. Outstanding bonds carry a coupon of 5.00%, paid annually. Maturities on outstanding bonds fall between 2026 - 2029.

Data sourced from NSDL, BSE, NSE, and registered credit rating agencies. Verify against the issuer's offer document before transacting.

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02 Debt Profile
Outstanding Bonds
7
Tracked by RetailBonds
Amount Tracked
₹8,900 Cr
Of bonds tracked by RetailBonds — not the issuer's total outstanding debt (disclosed for 5 of 7 bonds)
Avg Coupon
5.00%
Same rate on every bond
Avg Remaining Tenure
1.1 Yrs
Nearest maturity Nov 2026
Secured
0%
0 of 5 bonds with known status
Callable
0
Of 7 bonds
Avg Spread vs G-Sec
+217 bps
Credit premium, from 3 bonds with a current market yield

Maturity Profile

Active bonds maturing, by year. Bar height relative to the tallest year (3 bonds).

0 2026: 2 bonds, avg coupon 5.00% 2 bonds 2026 2027: 1 bond, ₹1,500 Cr tracked, avg coupon 5.00% 1 bond 2027 2028: 3 bonds, ₹5,900 Cr tracked, avg coupon 5.00% 3 bonds 2028 2029: 1 bond, ₹1,500 Cr tracked, avg coupon 5.00% 1 bond 2029

Security Type / Instrument Mix

  • NCD 7 bonds · 100% · ₹8,900 Cr tracked

Funding Evolution

■ Issued that year — Cumulative outstanding (tracked)
2025: ₹7,400 Cr issued 2025 2026: ₹1,500 Cr issued 2026 Cumulative: ₹7,400 Cr Cumulative: ₹8,900 Cr

Based on 5 of 7 active bonds with a known issue date and issue size — the rest are excluded, not assumed zero.

Financial Snapshot

H1 FY27
Debt / Equity
0.00
 
Debt Service Coverage (DSCR)
0.00
 
Interest Service Coverage (ISCR)
0.01
 
Total Financial Indebtedness
₹10,425.45 Cr
 
Unlisted Debt Securities Outstanding
₹0.00 Cr
 
Defaults on Unlisted Debt Securities
₹0.00 Cr
 
Revenue from Operations
₹2,357.28 Cr
 
Net Profit / Loss
₹59.81 Cr
 
Profit Before Tax
₹79.93 Cr
 

As filed under SEBI LODR Reg 52(4) / Integrated Filing, filed 28 Oct 2026. Figures are reported facts, not a rating or recommendation.

03 Credit Profile
  • AA 3 bonds · 43%
  • A 4 bonds · 57%
AgencyRatingOutlookBonds
CARE AA- Stable 3
CARE A- — 2
CRISIL A+ Stable 2

Recent Rating Actions

AA-
Upgrade · Stable
04 Outstanding Bonds View all bonds →
ISIN Bond Name Coupon Rating Maturity YTM Last Trade Details
INE903F08185 GMR Airports 5.00% Nov 2026 NCD 5.00% A- (CARE) 2026-11-22 — —
INE903F08201 GMR Airports 5.00% Nov 2026 NCD 5.00% A- (CARE) 2026-11-24 — —
INE776C08083 GMR Airports 5.00% Feb 2027 NCD 5.00% A+ (CRISIL) 2027-02-13 9.00% 2026-10-30
INE776C08059 GMR Airports 5.00% Feb 2028 NCD 5.00% AA- (CARE) 2028-02-25 — —
INE776C08067 GMR Airports 5.00% Apr 2028 NCD 5.00% AA- (CARE) 2028-04-03 — —
INE776C08075 GMR Airports 5.00% Aug 2028 NCD 5.00% A+ (CRISIL) 2028-08-13 9.00% 2026-11-06
INE776C08091 GMR Airports 5.00% Sep 2029 NCD 5.00% AA- (CARE) 2029-09-09 9.40% 2026-10-08
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YTM is the market yield from the latest BSE/NSE trade. It shows “—” when that trade is over 30 days old, the bond is under 30 days from maturity, it is a market-linked debenture, or the price failed our checks (hover the dash for the reason). A coupon is never shown as a yield.

05 Market Activity

Last 30 days, across all outstanding bonds from this issuer.

BSE Traded Value (Last 30 Days)
—
Number of Trades (Last 30 Days)
7
Avg. Yield (Last 30 Days)
9.43%
06 Regulatory Filings
Credit Rating Rationale
07 Methodology & Data Coverage
DatasetCountFreshness
Credit Ratings (current) 7 2026-09-30
Rating Actions History 1 2026-09-01
Secondary-Market Trades 30 2026-11-06
Reg52(4) Payment Disclosures 0 —

Methodology version 1.0. See full methodology for sources and limitations.

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Frequently Asked Questions
How many active bonds does GMR Airports Limited have?

GMR Airports Limited currently has 7 active bonds with coupons of 5.00%, maturities spanning 2026 - 2029.

What is GMR Airports Limited's credit rating?

The most common current rating on GMR Airports Limited's senior bonds is AA- (CARE). Ratings on file come from CARE, CRISIL.

Are GMR Airports Limited's bonds secured?

Of the 5 bonds with a disclosed security status, 0 are secured (0%) and 5 are unsecured.

When do GMR Airports Limited's bonds mature?

GMR Airports Limited's active bonds mature between 2026 - 2029; the nearest matures in Nov 2026; the average tenure is 1.1 Yrs.

What is the average coupon on GMR Airports Limited's bonds?

The average coupon across GMR Airports Limited's 7 active bonds is 5.00%.

Disclaimer: This page aggregates publicly available data about GMR Airports Limited for informational purposes only. Ratings shown are the opinion of the issuing rating agency and are not buy/sell recommendations. RetailBonds.in does not issue its own ratings or investment advice. Verify all data against the issuer’s offer document before transacting.