** Brokerage JM Financial initiates coverage on India's GMR Airports GMRI.NS with "Buy" rating; sets PT at 120 rupees

** Shares of GMRI up nearly 1% to 102 rupees

** Says co could witness positive PAT and strong growth in profitability over FY26-28 as it exits a capex-intensive phase

** Sees co benefitting from Indian consumers' rising affluence and increasing air travel

** Adds co has its presence in two of the critical airports Delhi and Hyderabad

** Says GMRI only listed entity at present, and benefits from investor interest in this space till other entities list on the stock exchanges

** GMRI rated "Strong buy" on avg by 7 analysts covering it; median PT at 115 rupees - data compiled by LSEG

** YTD, GMRI up 30%

(Reporting by Komal Salecha)

((Komal@thomsonreuters.com;))