Adani Enterprises Ltd (AEL) will channel over 42 per cent of its planned ₹40,000 crore capital expenditure for FY27 into its airports business, including the construction of a new terminal in Ahmedabad ahead of the Commonwealth Games 2030, as it scales up aviation infrastructure.
Out of the total planned capex, around ₹17,000 crore has been earmarked for airports, making it the largest investment segment, CFO Jugeshinder Singh said. “We were close to 95 percent of our target capex this year. It has been a very good year from that point of view. We expect the capex for next year to be at the same level around ₹40,000 crore,” Singh told investors recently.
AEL is also accelerating expansion at the Navi Mumbai International Airport, with Phase II set to begin as traffic ramps up. “All the traffic projections for Navi Mumbai, Mumbai and the MMR region show that we will reach capacity at Navi Mumbai in 12–18 months. We are accelerating this project,” he said. In addition to airside capacity, a significant portion of investments will go into city-side development across Mumbai, Navi Mumbai, Ahmedabad, Lucknow and Jaipur airports, aimed at enhancing non-aero revenue streams and passenger experience.
The remaining capex will be distributed across PVC (₹9,000 crore), natural resources and mining (₹4,000 crore), and new energy businesses, including hydrogen (₹10,000 crore), reflecting AEL’s diversified infrastructure push.
Operationally, the airport’s business continued to deliver strong growth, with aero revenue rising 26 per cent year-on-year and non-aero revenue growing 31 per cent in FY26, driven by higher traffic and improved monetisation. The company said it has now transitioned to a more infrastructure-led model, with around 80 per cent of EBITDA coming from mature, long-term-contracted businesses, enhancing earnings visibility. AEL added that its incubation journey has moved beyond the initial capex-heavy phase, with a growing share of stable earnings positioning it for sustained cash generation and future value unlock.