- GMR Airports outperformed the Nifty Midcap with a 6.5% jump, hinting at a possible sector‑wide rebound.
- CRISIL delivered a solid 3.7% gain, reinforcing the strength of India’s credit‑rating market.
- Revenue growth for GMR remains robust, but persistent losses raise red‑flag questions.
- CRISIL’s profit trajectory outpaces its peers, making it a potential defensive play.
- Upcoming board meeting and dividend announcements could add catalyst‑driven volatility.
You missed the GMR Airports breakout—now’s the time to reassess your midcap exposure.
Why GMR Airports' Surge Beats Midcap Momentum
GMR Airports closed at Rs 100.17, up 6.53% during the mid‑day session, outpacing the broader Nifty Midcap 150. The lift came on the back of a quarterly revenue climb to Rs 3,994.03 crore, a 50.5% year‑on‑year increase. While top‑line growth looks impressive, the bottom line tells a more nuanced story. Net profit swung from a loss in the preceding quarter to a modest Rs 152.90 crore, but the company still posted a cumulative loss of Rs 1,001.72 crore for FY 2025. The earnings per share (EPS) rose to Rs 0.12 from a negative figure a year earlier, a sign of improving operational efficiency.
For investors, the key question is whether the revenue surge can eventually translate into sustainable profitability. Historically, Indian airport operators have faced capital‑intensive cycles, with infrastructure spend and debt servicing eating into margins. GMR’s debt‑to‑equity ratio improved from –40.29% in Q3 2025 to –12.62% by year‑end, indicating a healthier capital structure, but the negative sign still reflects a net‑negative equity position—a red flag that warrants caution.
CRISIL's Steady Climb: What It Means for Credit Rating Play
CRISIL’s shares rose to Rs 4,609.50, gaining 3.74% on the day. The rating agency posted revenue of Rs 1,081.57 crore for Q4 2025, up 18.4% from the same period a year ago, and net profit climbed to Rs 241.50 crore, a 13.9% increase. Unlike GMR, CRISIL has managed to stay in the black every quarter, delivering a positive EPS of Rs 0.12 for the latest quarter.
CRISIL’s dividend track record—interim payouts of Rs 16 and Rs 9 in 2025—signals confidence in cash flow generation. In a sector where rating agencies benefit from a rising demand for ESG and sovereign credit assessments, CRISIL’s growth aligns with broader macro trends. Compared with peers such as ICRA and CARE, CRISIL’s profit margins are slightly higher, positioning it as a relatively defensive mid‑cap play.
Sector Landscape: Indian Airport & Credit Rating Industries in 2026
The Indian airport sector is entering a new growth phase, buoyed by a 10% YoY rise in passenger traffic and a government push for regional connectivity under the UDAN scheme. Competitors like Adani Airports and the Airports Authority of India (AAI) are expanding capacity, which could compress GMR’s market share if it does not accelerate its own runway and terminal projects.
On the rating side, the credit‑rating market is consolidating, with agencies increasingly offering integrated ESG and sovereign risk products. The sector’s revenue outlook is positive, with an estimated CAGR of 12% through 2028. This backdrop supports CRISIL’s earnings trajectory and offers a tailwind for its stock.
Technical Snapshot: Price Action and Valuation Metrics
From a technical standpoint, GMR Airports broke above its 20‑day moving average (MA20) at Rs 96, triggering a short‑term bullish signal. The Relative Strength Index (RSI) sits at 62, suggesting upward momentum without being overbought. However, the stock’s price‑to‑sales (P/S) ratio now sits at 5.2×, higher than the sector average of 3.8×, implying that investors are paying a premium for growth expectations.
CRISIL’s chart shows a clean uptrend, with the 50‑day MA acting as support at Rs 4,400. Its RSI is 58, comfortably within the neutral zone. The price‑to‑earnings (P/E) multiple of 19× is in line with peer averages, reflecting a fairly valued position.
Investor Playbook: Bull and Bear Cases
Bull Case – GMR Airports: Continued passenger growth, successful execution of new terminals, and a potential rights‑issue at a discount could improve the balance sheet. If GMR converts its revenue gains into operating profit, the stock could rally 30‑40% over the next 12 months.
Bear Case – GMR Airports: Persistent net losses, high capital expenditure, and competitive pressure from Adani could stall margin improvement. A failure to meet debt covenants may trigger a credit downgrade, pushing the stock down 15‑20%.
Bull Case – CRISIL: Rising demand for credit ratings, steady dividend payouts, and expanding ESG services could push earnings growth to double‑digit levels, supporting a 20% upside.
Bear Case – CRISIL: Regulatory changes, pricing pressure, or a slowdown in corporate financing could compress margins, leading to a 10% downside.
Investors should weigh these scenarios against their risk tolerance, consider sector diversification, and keep an eye on upcoming corporate actions—GMR’s board meeting on Feb 13 2026 and CRISIL’s dividend declarations—both of which could serve as catalysts for price movement.