Is Aena or GMR Airports Infrastructure more undervalued?

As of Sep 5, 2026, Aena is at +4% to fair value and GMR Airports Infrastructure at -81%. Aena is the more undervalued of the two. Model-based estimate, not financial advice.

Which has higher quality, Aena or GMR Airports Infrastructure?

Aena has a quality score of 69/100 and GMR Airports Infrastructure 21/100. Aena leads on quality.

STOCK COMPARISON

Aena vs GMR Airports Infrastructure: Fair Value & Quality

Both stocks run through our valuation models. Here is how Aena (AENA) and GMR Airports Infrastructure (GMRINFRA) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Aena as the more attractively valued of the two: Aena trades at €25.82 versus a fair value of €26.90 (+4%), while GMR Airports Infrastructure trades at ₹97.50 versus ₹18.95 (-81%).

Aena

AENA.MC · EUR · Industrials

+4%

upside to fair value

fairly valued

Price€25.82

Fair Value€26.90

Quality69/100

GMR Airports Infrastructure

GMRINFRA.BSE · INR · Industrials

-81%

upside to fair value

overvalued

Price₹97.50

Fair Value₹18.95

Quality21/100

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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

AenaGMR Airports Infrastructure

Valuation

18.2×P/E (TTM)—

7.08×P/S (TTM)0.10×

4.97×P/B—

13.1×EV/EBITDA10.6×

3.02×PEG—

+4.2%Fair value upside−80.6%

4.2%Dividend yield0.1%

€1.09Dividend per share—

Profitability

31%Operating margin16%

—EBIT margin trend (5Y)2.51×

24%Return on equity—

10%Return on assets2%

Growth

12%Revenue growth (YoY)21%

14.4%Avg. growth/yr (3Y)31.3%

23.5%Avg. growth/yr (5Y)4.4%

+12.4%Value creation/yr—

Balance & size

11.3×Interest coverage (EBIT/interest)0.9×

0.53×Debt / equity—

$46BMarket cap$10B

healthyGrowth qualityexpensive

Aena leads: 7 to 3 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Aenaof which business quality 68 · market factors 60 GMR Airports Infrastructureof which business quality 22 · market factors 54

ProfitabilityMargins and returns on capital today

Quality GrowthAre margins and returns improving?

CashflowEarnings quality: real cash, not paper profit

Fin. StrengthBalance sheet, leverage, solvency risk

InvestmentDisciplined investing over empire-building

Low VolatilityCalm price path (market factor)

MomentumPrice trend over the last 3–12 months (market factor)

52W MomentumDistance to the 52-week high (market factor)

Net IssuanceBuybacks instead of dilution

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model family	AenaPrice €25.82	GMR Airports InfrastructurePrice ₹97.50
DCF Models	+12%close to the price€28.85	n/a
Earnings-Based	-45%below the price€14.12	n/a
Dividend Discount	-32%below the price€17.57	-99%below the price₹1.34
Multiples	+5%close to the price€27.07	-84%below the price₹15.23
Asset-Based	-84%below the price€4.11	n/a
Growth DCF	-26%below the price€19.22	n/a
Economic Profit	-43%below the price€14.75	n/a
Growth Earnings	-6%close to the price€24.15	n/a
Minimum	-84%below the price€4.11	-99%below the price₹1.34
Maximum	+12%close to the price€28.85	-84%below the price₹15.23
Median	-29%below the price€18.39	-92%below the price₹8.28
Geometric mean	-36%below the price€16.48	-95%below the price₹4.51

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Aena: 15 of 26 models see the stock below the current price.

GMR Airports Infrastructure: 4 of 4 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Aena

Bear €15.45Fair Value €26.90Bull €36.38

€25.82 = current price (white tick)

GMR Airports Infrastructure

Bear ₹7.47Fair Value ₹18.95Bull ₹30.41

₹97.50 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Aena · Industrials

Quality score69 · Top 25%

Fair value upside+4% · above median

GMR Airports Infrastructure · Industrials

Quality score21 · bottom 25%

Fair value upside-81% · bottom 25%

Bottom line

Aena has the higher quality score (69/100).

See the full analysis →

Aena · GMR Airports Infrastructure

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.