COMPANY INTELLIGENCE PROFILE
ADANI AIRPORT HOLDINGS LIMITED
Adani Airport Holdings Limited (AAHL) is the airports vertical of the Adani group — a wholly-owned subsidiary of Adani Enterprises that operates and develops India's largest private airport portfolio (Mumbai, Navi Mumbai and seven other airports).
Adani Airport Holdings Limited, a subsidiary of Adani Enterprises, manages India's largest private airport portfolio, encompassing major airports such as Mumbai, Navi Mumbai, Ahmedabad, and several others. Operating within the transport and storage sector, AAHL generates revenue from aeronautical and non-aeronautical streams. Financially, the company reported a net worth of approximately Rs 7,787.8 crore for FY2024-25, with significant asset growth. It maintains a stable credit rating with CRISIL.
AI-generated, may contain errors.
Business Overview
- AAHL is the holding company for the Adani group's airports business, incubated under flagship Adani Enterprises Ltd.
- It operates and develops airports across India — including Mumbai International Airport (MIAL), the greenfield Navi Mumbai International Airport (NMIAL), and airports at Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram — making it India's largest private airport operator.
- Revenue is split between aeronautical and fast-growing non-aeronautical, retail, F&B, city-side/real estate, streams.
- It holds 18 subsidiaries across India, UAE, France, Macau and the UK.
Sector & Classification
Transport and Storage — services incidental to air transportation (airport operations/development); NIC group 62100 per CIN
Directors & Key Management
Directors — source notes
Malay Ramesh Mahadevia (00064110, Managing Director); Jeet Gautam Adani (08556189, Director); Arun Bansal (10320484, Whole-time Director); Omkar Goswami (00004258, Director); Rajender Mohan Malla (00136657, Director); Gauri Trivedi (06502788, Director); Dipali Hemant Sheth (07556685, Director); Dharmeshkumar Anilbhai Desai (Company Secretary, no DIN)
GST Registrations
| GSTIN | State | PAN |
|---|---|---|
| 24AASCA6037C1ZT | Gujarat | AASCA6037C |
GST — source notes
Primary GSTIN: 24AASCA6037C1ZT (Gujarat); PAN: AASCA6037C; Active (Adani Airport Holdings)
Financials
Adani Airport Holdings Limited's FY2024-25 net worth increased by 20.77% to approximately Rs 7,787.8 crore. Total assets rose by 35.03% to Rs 55,706.3 crore, with borrowings at Rs 33,268.2 crore. The company reported an 8.52% net profit margin and 11.97% operating margin. Non-aero revenue reached Rs 1,359 crore.
AI-generated, may contain errors.
| FY2024-25 (per Tofler) | Net Worth ~Rs 7,787.8 crore (+20.77% YoY) |
| Total Assets | ~Rs 55,706.3 crore (+35.03%) |
| Total Borrowings | ~Rs 33,268.2 crore (+34.55%) |
| Net Profit Margin | 8.52%, Operating Margin 11.97%, ROE 6.28%, D/E 0.36. |
| Absolute revenue and PAT figures not cleanly obtained, Tofler ranges inconsistent; standalone statements paywalled. | |
| Non-aero revenue FY25 ~Rs 1,359 crore, vs Rs 936 crore FY24, per company credit update. | |
Loans & Charges
- Charges/borrowings obtained (Tofler): total borrowings ~Rs 33,268 crore FY25.
- Key charge-holders include Catalyst Trusteeship Limited, ~Rs 16,174.4 crore across 8 facilities, largely NCD trustee, and ICICI Bank Limited (~Rs 90 crore).
- Full charge register not exhaustively obtained.
Credit Ratings
- CRISIL A+/Stable assigned to Rs 1,900 crore NCDs
- Outlook on long-term bank facilities/NCDs revised to Stable from Negative (CRISIL). India Ratings (Ind-Ra) has rated/upgraded AAHL's NCDs. Historically also rated by CARE. Confirmed rated as investment-grade.
Legal & Compliance
- None specifically found in reliable sources
- Airport concession/regulatory matters, AERA tariff, DIAL/MIAL-related litigation, exist at operating-subsidiary level but not confirmed at AAHL holding-company level.
Competitive Landscape
- Adani Group's airports platform — operates 7+ Indian airports. Key competitors: GMR Airports, rev ~₹9,000 Cr; Delhi/Hyd airports
- Bangalore Int'l Airport (Fairfax), Fairfax-controlled (BLR airport)
- Cochin Int'l Airport, Kochi airport operator
- GVK (legacy), legacy Mumbai-airport operator (sold).
Frequently Asked Questions
What does ADANI AIRPORT HOLDINGS LIMITED do?
Adani Airport Holdings Limited (AAHL) is the airports vertical of the Adani group, a wholly-owned subsidiary of Adani Enterprises that operates and develops India's largest private airport portfolio (Mumbai, Navi Mumbai and seven other airports).
What is ADANI AIRPORT HOLDINGS LIMITED's CIN?
ADANI AIRPORT HOLDINGS LIMITED's Corporate Identification Number (CIN) is U62100GJ2019PLC109395.
What is ADANI AIRPORT HOLDINGS LIMITED's GST number?
ADANI AIRPORT HOLDINGS LIMITED's primary GSTIN is 24AASCA6037C1ZT.
When was ADANI AIRPORT HOLDINGS LIMITED incorporated?
ADANI AIRPORT HOLDINGS LIMITED was incorporated on 02 August 2019.
Is ADANI AIRPORT HOLDINGS LIMITED listed on the stock exchange?
Unlisted (public limited; NCDs listed/rated)
What are ADANI AIRPORT HOLDINGS LIMITED's latest financials?
FY2024-25 (per Tofler): Net Worth ~Rs 7,787.8 crore (+20.77% YoY); Total Assets ~Rs 55,706.3 crore (+35.03%); Total Borrowings ~Rs 33,268.2 crore (+34.55%); Net Profit Margin 8.52%, Operating Margin 11.97%, ROE 6.28%, D/E 0.36.
Who are ADANI AIRPORT HOLDINGS LIMITED's main competitors?
Adani Group's airports platform, operates 7+ Indian airports. Key competitors: GMR Airports (rev ~₹9,000 Cr; Delhi/Hyd airports); Bangalore Int'l Airport (Fairfax) (Fairfax-controlled (BLR airport)); Cochin Int'l Airport (Kochi airport operator); GVK (legacy) (legacy Mumbai-airport operator (sold)).
Sources
CRISIL, ICRA, CARE Edge, India Ratings rating rationales; MCA / DIN records via tofler.in, falconebiz.com; MCA charge index via tofler.in, falconebiz.com; MCA filings / annual report via tofler.in; MCA filings via tofler.in; MCA financial statements via tofler.in, thecompanycheck.com; MCA registry via tofler.in, falconebiz.com, thecompanycheck.com; entrackr.com, moneycontrol.com, inc42.com (round names); Tracxn treated as unverified; indiankanoon.org; trade press; knowyourgst.com, mastersindia.co, findgst.in (GSTIN self-verifying via embedded PAN); tofler.in, thecompanycheck.com, company disclosures & trade press
Information compiled from public registry and secondary sources. It may be incomplete or dated; verify independently before relying on it.