Adani's Airport Playbook

The Morning Brief · Dec 30, 2025 · 17m

Mumbai finally has its second airport — a long-awaited addition that could reshape how India’s busiest aviation market moves. Beyond the terminal and runway, it signals the scale of Adani’s airport ambitions. In just a few years, the group has built a network of eight airports, and in FY25 its airport business turned profitable with ₹9,276 crore in revenue, ₹4,350 crore in EBITDA and ₹772 crore profit, supported by passenger growth, tariff resets and fast-expanding non-aero revenue from retail, duty-free, lounges and F&B. But there’s a road ahead — connectivity…