High-spending passengers are making Adani’s airports richer than ever

Aviation revenues of Adani Group, the largest private airport operator, increased by more than one fifth compared to the previous year. ₹3,495 crore in the first nine months of FY26. Non-aviation revenues from duty-free shopping and food and drink sales increased by a third ₹4,743 crore and accounted for half of the company’s total revenue ₹The parent company is Adani Enterprises Ltd. 9,652 crore, according to the investor presentation made by.

Aero revenue includes revenues from aircraft landing fees, parking fees, terminal rentals, and user fees charged to passengers. Revenues from duty-free shops and food and beverage outlets fall into the non-aviation category, which also includes rental and retail sales, parking, passenger services and other items.

The fact that non-aviation revenues outpace aviation revenues is in line with the company’s goals. Adani Airport CEO Arun Bansal said in recent media interviews that the company aims to generate 70% of its revenue from non-aviation sources by 2030. According to analysts at brokerage firm JM Financial, non-aeronautical revenue provides a greater return on capital employed than aviation revenue.

The company will invest ₹20,000 crore on city side developments to increase non-aero revenue, Economic Times He reported on August 7, 2025, quoting Bansal. Almost three-quarters of the investment will be allocated to Mumbai and Navi Mumbai airports, he said.

Adani operates eight businesses Airports across India: Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, Thiruvananthapuram and Navi Mumbai opened in December. The company is expected to be the next to be listed by Adani Group.

Adani Group did not respond Mint‘s request for comment.

GMR Airports

Comparatively, non-aviation revenue GMR Airports Ltd, the only listed private airport operator in India and the closest peer to Adani, operated airports in Delhi, Hyderabad and North Goa. ₹2,147 crore in the first half of FY26. This constituted 42 percent of total revenue. ₹5,099 crore across these three domestic airports.

Only at Delhi airport non-aero revenues exceeded aero revenues. GMR also operates airports in Indonesia, Greece and the Philippines. The company has not yet announced its third quarter earnings.

Analysts at JM Financial noted that rising wealth among affluent Indians has led to a significant premium in consumption.

“This is reflected in increased international travel (largely driven by metro cities) as well as an increase in non-aviation spending. The increase in non-aviation spending is seen in duty-free and airport retail sales. We expect this trend to continue, especially at airports located in metro cities (Delhi, Mumbai, Bengaluru and Hyderabad),” analysts said in their Dec. 19 note on GMR Airports. he said.

Analysts argued that the rise continues This increase in domestic air traffic was led by non-metropolitan cities and was largely driven by passengers flying for the first time. They noted that this segment did not lead to growth in non-aero revenue, which provides higher returns on capital, due to limited spending power.

“Metro airports are the airports where we expect a strong increase in non-aviation revenues. In particular, we are already witnessing some changes; for example, we are witnessing purchases even on departures, compared to duty-free spending only on arrival,” analysts said. It was also stated that spending increased in categories beyond drinks, such as cosmetics, perfumes and confectionery.

“We estimate that non-aviation sales at major metro or joint venture airports may grow at a CAGR of 10% over FY26-28. This is driven by both increased air passengers and increased spend penetration, particularly at metro airports,” they said.