Adani Airports is looking to change the way its airports make money, with a bigger focus on retail, leasing and city-side development instead of regulated airport charges.
As India prepares for a major expansion in air travel, Adani Airports is working on a strategy to make its regulated airport revenue a much smaller part of its business.
Arun Bansal, CEO of Adani Airports Holding Ltd (AAHL), said the company wants the regulated revenue base to come down to “single digit” over time. The plan is to grow non-aeronautical businesses and city-side development to a point where regulated revenue becomes almost negligible.
Bansal was speaking at a panel discussion during the 13th SBI Banking and Economics Conclave 2026.
More money from what happens beyond the runway
Airport revenue does not only come from airlines and passengers paying for the use of runways, terminals and other core facilities.
Airports also earn from shops, restaurants, leasing, services and other commercial activities. These are broadly known as non-aeronautical revenues.
Adani Airports wants these businesses to play a much larger role across its airport network.
The idea is to reduce the company’s dependence on regulated charges while creating more revenue from commercial activity and development around airports.
Navi Mumbai could become India’s next international hub
The strategy comes as Adani prepares to expand the role of Navi Mumbai International Airport.
Bansal said Navi Mumbai has been planned and built with the ambition of becoming an international hub for India. However, he said its position as a global hub would depend on Indian airlines starting direct services from Navi Mumbai to destinations in Europe or the US.
He also said India does not necessarily need to depend on a single international aviation hub.
Bansal pointed to Singapore, Dubai and Qatar as examples of places that developed into major aviation hubs because of strong international connectivity.
For India, he said the growth of domestic airlines will be important.
IndiGo and Air India together have around 1,800 aircraft on order, according to Bansal. With these aircraft expected to be delivered by 2032, he said India could have the capacity to build a stronger global aviation network.
West Asia crisis puts India’s dependence in focus
The recent crisis in West Asia has also highlighted another issue — India’s heavy dependence on Middle Eastern airports for connecting passengers travelling between India, Europe and the US.
Bansal said the disruption showed why India needs stronger international connectivity of its own.
He argued that the regulatory framework should also support the development of Indian airports as global hubs.
Mumbai T1 demolition will move around 5 million passengers
While Navi Mumbai is being positioned for a bigger role, Mumbai’s existing airport is preparing for a major change of its own.
Adani operates Mumbai International Airport, where Terminal 1 is planned for demolition as part of the airport’s redevelopment.
Bansal said T1 is still intact, but its demolition cannot be pushed back. The airport operator has already given airlines time to plan how they will handle their operations.
The issue is not only about the terminal building. Around 5 million passengers currently handled by T1 will have to be accommodated elsewhere as the redevelopment moves ahead.
The airport operator cannot force airlines to move to a particular airport. According to Bansal, airlines can choose to operate from Mumbai, Navi Mumbai, Ahmedabad or other airports.
Traffic already being redistributed
In August 2026, Mumbai airport informed the Civil Aviation Ministry that demolition of part of Terminal 1 would begin from January 15, 2027.
Traffic is already being redistributed between Terminal 2 and Navi Mumbai International Airport to prepare for the changes.
The redevelopment will therefore put more pressure on the surrounding airport network, while also giving Navi Mumbai an opportunity to take on a larger share of Mumbai’s air traffic.
For Adani Airports, the two developments are linked to a broader plan: expand commercial activity at its airports, reduce dependence on regulated charges and build Navi Mumbai into a major international gateway as India’s aviation market grows.
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