Adani Airports IPO: Unlocking Value in India’s Aviation Boom

• Adani Airport Holdings plans an IPO by 2027 as expansion efforts accelerate.
   
• India’s rising air travel demand is driving large airport upgrades and capacity additions. IATA notes ~174 million passengers traveled from and within India by air in 2024.
   
• Adani group is focusing on city-side development to grow non-aeronautical revenue streams steadily.
   
• A multi-year capex plan of nearly US $100 billion supports wider infrastructure ambitions.
   
• The IPO may offer long-term airport-sector exposure within India’s growing infrastructure landscape.
   
• Investors may track valuations, regulatory progress, and business performance ahead of the listing.
   

India’s aviation sector has entered a structural expansion phase, supported by sustained demand, fleet additions, and airport capacity creation.

India handled roughly 130 million passengers in FY2010. By FY2025, total passenger traffic crossed ~370 million, and current FY2026 run-rate trends indicate the country is moving toward the 400+ million annual passenger band on a sustained basis.

As of 2026, India operates 164 airports, compared to 74 in 2014, according to the Airports Authority of India (AAI). Passenger throughput has crossed 370 million in FY2025, with FY2026 traffic trending toward the 400 million mark.

Against this backdrop, a series of major infrastructure developments has materially reshaped India’s aviation capacity and passenger experience. 

• Noida International Airport is expected to materially expand NCR capacity and reduce congestion at Delhi. 
   
• Kempegowda International Airport Terminal 2 has lifted Bengaluru’s handling capacity beyond 40 million passengers annually. 
   
• Manohar International Airport strengthens western India’s tourism and charter traffic corridor. 
   
• Meanwhile, modernization at Chhatrapati Shivaji Maharaj International Airport Terminal 2 has enhanced throughput efficiency and commercial density at one of the country’s busiest hubs.
  
   

Airports in India have consequently evolved beyond pure transport infrastructure. With metro airports handling between ~60 million passengers annually in several cities, aviation infrastructure now plays a measurable role in employment generation, regional investment flows, and urban GDP expansion.

At the centre of this transformation is Adani Airport Holdings Ltd. (AAHL), which operates seven major airports including Mumbai.

The airport vertical is currently incubated under Adani Enterprises (NSE: ADANIENT).

The Adani Group does not appear to be rushing its airport business to market. Instead, the proposed IPO timeline aligns with operational milestones and capital cycle maturity.

According to a Bloomberg News report cited by Reuters (June 2025), the group is targeting a listing of its airport unit by March 2027, subject to regulatory approvals and market conditions.

The reported IPO window coincides with a broader US$100 billion capital expenditure plan over five to six years across the group’s infrastructure verticals.

What Sets the Timeline?

• Incubation under Adani Enterprises: The airport business continues to operate under Adani Enterprises (NSE: ADANIENT), which has historically incubated infrastructure platforms before potential value unlocking.
   
• EBITDA: The group has indicated ambitions to significantly scale EBITDA by FY2028 as traffic normalises and non-aeronautical revenues mature. This is in line with its IPO ambition as higher earnings will give the business better valuation support when it enters the public market.
   
• Capex Completion by 2027: Major projects, including Navi Mumbai International Airport, are expected to move into operational phases ahead of FY27, potentially reducing peak capex intensity. Once the heavy spending cycle ends, the business shifts into a phase with clearer revenue visibility, which is more suitable for public investors evaluating long term returns.

The listing timeline, therefore, appears milestone driven rather than calendar driven.

While the Adani Airports IPO may still be a couple of years away, one major milestone is already shaping investor expectations: Navi Mumbai International Airport (NMIA) commenced commercial operations on December 25, 2025. 

Importantly, NMIA began with restricted operating hours and has since shifted to 24 hour operations by late January 2026, marking a key step toward full scale ramp up (even if night schedules are still developing). 

• Capacity Boost: The airport is designed to handle around 2 crore passengers annually, easing the load on Mumbai’s existing airport and creating space for continued passenger growth.
   
• Strategic Hub: With two major airports serving the Mumbai Metropolitan Region, the aviation network becomes more distributed and capable of handling higher volumes, similar to setups seen in global metro regions.
   
• Airlines Lining Up: Carriers have published initial schedules and launch plans; IndiGo released its NMIA flight schedule, Akasa Air announced NMIA services (including a launch-day flight), and Air India Express opened bookings and confirmed frequencies starting Dec 25, with planned expansions into January 2026. 
   
• Valuation Benchmark: A live greenfield asset provides investors a tangible reference point but valuation will ultimately be shaped by the ramp trajectory (traffic build-up, airline basing, non-aero revenue per passenger, and operating costs), not just commissioning.

The Navi Mumbai project strengthens the group’s airport portfolio and sets clearer expectations ahead of the proposed listing.

If you’re evaluating the Adani Airports IPO over the next 1/2 years, it helps to understand what the business actually controls and what drives its economics.

With eight airports in its management and development portfolio, AAHL is India's largest airport infrastructure company, accounting for 23% of passenger footfalls and over 29% of India’s air cargo traffic.
 

Navi Mumbai is now operational and is currently in its phased ramp up stage, adding incremental capacity to the Mumbai Metropolitan Region.

It’s important that you understand what the business model of Adani Airports have: 

• Operational Core: Mumbai remains one of India’s busiest aviation hubs, while Navi Mumbai adds incremental runway and terminal capacity. Together, they create a stronger traffic base for aeronautical revenues.
• Consumer Ecosystem: AAHL is expanding its non-flying revenue stream by developing hotels, retail spaces, and offices around airports. This approach helps build an ecosystem where passengers engage with airport services even before or after they fly.
• Passenger Monetisation Base: AAHL served approximately 9.4 crore passengers in FY2024-25, giving it a large captive consumer base. The real investment question is not traffic alone, but how effectively that traffic converts into higher-margin non-aero revenue.
• Cargo & Logistics Platform: AAHL has reported handling over 1 million metric tonnes of cargo annually, positioning it as a significant air freight operator in India. Cargo offers diversification, especially as e-commerce and time-sensitive freight grow.

Adani Airport Holdings has already begun disclosing operating and financial indicators through its investor materials. Key numbers are as follows: 

• Revenue of ₹7,394 crore in FY24 vs ₹9,276 crore in FY25
• EBITDA rose from ₹3,447 crore (FY24) to ₹4,350 crore (FY25)
• Importantly, PAT moved from a loss of (₹227 crore) in FY24 to a profit of ₹772 crore in FY25
   

The Adani Airports IPO has the potential to draw significant attention when it opens, but reacting to headlines alone won’t help. A clearer approach can put you in a better position when the listing arrives.
 

• Watch Adani Enterprises [NSE: ADANIENT]
  This is the holding company for the airport business at the moment. Historically, when Adani has separated a business, existing shareholders have benefited through share allocations in the new entity. Holding the parent company could give you exposure to the airport business before the IPO is announced.
• Track leverage, refinancing, and cost of debt
  Airports require substantial capital, and large projects often involve high borrowing.  AAHL has been active in raising/refinancing capital (including a reported ₹1,500 crore bond issue at ~8.45% in Feb 2026). For IPO valuation, the key is whether debt remains manageable as capex intensity normalises.
• Compare with Peers 
  For a long time, GMR Airports [NSE: GMRINFRA] was the only listed option for airport-focused investors. With Adani’s entry, the sector gains a direct comparison point. Metrics like passenger traffic, non-aero revenue, and profitability will help investors understand how each operator performs.
• Long-term vs. Listing Gains
  Infrastructure investments work best over extended periods. Airport revenues build gradually, and value compounds as traffic, real estate, and commercial operations scale. If you participate in this IPO, consider a 5 to 10 year horizon rather than expecting quick listing day returns.
   

The planned 2027 listing of Adani Airports isn’t just another IPO announcement. It reflects how far India’s aviation ecosystem has come and how much room it still has to grow. 

With Navi Mumbai International Airport now commissioned and operational and major investments nearing completion, the business is entering a phase where revenues and scale will become more visible.

For investors, the opportunity lies in tracking how the business progresses from here. The steps taken over the next two years, from debt management to operational performance, will shape how the market values the company when it lists. If you’re looking to participate in India’s long-term infrastructure story, this is one sector worth keeping on your radar.

What is Adani Airports planning to list, and when?
Adani Airports, operated under Adani Airport Holdings Ltd. (AAHL), is under talks to go public by 2027 or 2028. The company is yet to file a DRHP with SEBI. 

Which airports are managed by Adani Airport Holdings Ltd.?
Adani Airport Holdings Ltd. (AAHL) operates a network of eight airports, including: [Chhatrapati Shivaji Maharaj International Airport, Navi Mumbai International Airport, Ahmedabad, Lucknow, Mangaluru, Guwahati, Jaipur, Thiruvananthapuram]

Will existing shareholders of Adani Enterprises benefit from this IPO?
Historically, when the Adani Group has demerged businesses, shareholders of Adani Enterprises [NSE: ADANIENT] received shares in the newly listed company. While no formal announcement has been made, investors holding the parent company may potentially gain early exposure.

What should investors track before the IPO?
Key factors include AAHL’s debt levels, progress on Navi Mumbai airport, EBITDA growth, regulatory updates, and the company’s ability to generate non-aero revenue from real estate, digital offerings, and cargo operations.

Is this IPO suitable for short-term listing gains?
Airport businesses typically create wealth over long periods due to gradual increases in passenger traffic, commercial revenues, and logistics growth. Investors should ideally have a 5-10 year view rather than expecting quick returns.

What makes airports an attractive investment theme?
Airports combine infrastructure, real estate, logistics, and digital services in one business model. As air travel demand rises and related services expand, multiple revenue streams develop around the airport ecosystem, making it a long-term growth sector.