Adani Airports is moving ahead with a large-scale city-side development strategy worth INR 20,000 crore, aimed at strengthening its nonaeronautical revenue streams and creating long-term value across its airport portfolio. Close to INR 14,000 crore from this total will be invested into real estate projects near Mumbai and Navi Mumbai airports, where the group sees high growth potential.
The company wants to increase the share of non-aero revenue coming from commercial activities like retail, hotels and office spaces to 70% by 2030, compared to nearly 50% currently. Aeronautical revenue, which comes from passenger and airline fees, is expected to drop below 30% in the overall mix going forward.
In the first quarter of FY26, the airport business earned INR 2,715 crore in revenue, a 25% increase from the previous year. This was largely driven by higher passenger volumes and stronger non-aero income. The segment has become the third-largest contributor to the group's earnings, behind its Integrated Resource Management and New Energy operations.
The first phase of the city-side plan will cover 655 acres across eight airports Mumbai, Navi Mumbai, Ahmedabad, Lucknow, Jaipur, Guwahati, Thiruvananthapuram and Mangaluru. Navi Mumbai alone will see a 240-acre development, including five hotels with around 1,000 rooms, three office towers and a shopping mall, all integrated into a walkable district.
To fund this push, Adani raised USD 750 million through external commercial borrowings earlier this year. The company is targeting continuous footfalls and long-term lease value by blending travel, hospitality and business zones.
