Synopsis: Adani Airport Holdings Ltd (AAHL), the airport arm of Adani Enterprises, has officially set a listing timeline between 2027 and 2030. The “Zero-Minute” fact is that the group plans to invest ₹1 Lakh Crore ($11.1 Billion) over the next five years to double passenger capacity. A public listing—likely via a demerger—is contingent on the successful scale-up of the Navi Mumbai International Airport and the unit becoming cash-flow positive by 2028.
As of February 17, 2026, Adani Airport Holdings Ltd (AAHL) remains an incubating business under the flagship Adani Enterprises Ltd (AEL). While it is not yet an independent listed entity, the group has accelerated its “value-unlocking” roadmap. Following the successful operational launch of the Navi Mumbai International Airport (NMIA) on December 25, 2025, the airport business has transitioned from a pure construction phase to a high-growth operational phase, handling nearly 23% of India’s domestic air traffic.
The group’s strategy mimics its previous successes with Adani Green and Adani Total Gas, where businesses are scaled within the AEL incubator before being spun off to shareholders.
When is the Adani Airports IPO expected?
Management has indicated that the IPO or Demerger will likely occur between 2027 and 2030. According to Director Jeet Adani, the listing timing depends on three critical “gatekeeping” milestones:
- Navi Mumbai Operational Success: Achieving phase-one capacity of 20 million passengers per annum (achieved Dec 2025) and initiating the next terminal expansion.
- Financial Self-Sufficiency: Moving from being EBITDA positive (which it currently is, at a run-rate of ₹1,000+ Cr per quarter) to being Free Cash Flow positive. This is expected to happen within the next 2–3 years as capital expenditure slows.
- City-Side Monetization: Successfully pre-leasing major real estate projects, including the “Aero City” in Navi Mumbai, which features 20 hotels and commercial hubs.
AAHL Financial & Operational Pulse: Q3 FY26
| Key Metric | Q3 FY26 (Current) | Q3 FY25 (YoY) | Status |
| Total Income | ₹1,068.20 Cr | ₹640.49 Cr | 67% ↑ |
| Airports EBITDA | ₹1,568.00 Cr* | ₹1,101.00 Cr | 42% ↑ |
| Passenger Movement | 24.7 Million | 24.6 Million | Stable |
| Capex Plan | ₹1,00,000 Cr | – | 5-Year Roadmap |
*EBITDA tracking above income due to operational efficiencies and segmental accounting within AEL.
The “Analyst Consensus” on the Listing
Market participants view the airport business as the “jewel in the crown” of Adani’s infrastructure portfolio.
- Valuation Potential: Analysts suggest that a demerger would be more beneficial for Adani Enterprises shareholders than a fresh IPO, as it allows for a direct mirror-share allotment (similar to the HUL-Kwality Wall’s split).
- Expansion Bids: The group has confirmed it will bid for all 11 additional airports slated for privatization by the Indian government (including Varanasi and Amritsar), aiming to control 400 million passenger capacity by 2030.
- Funding Strategy: To reduce reliance on the parent company, AAHL is tapping the bond market. On Feb 12, 2026, the unit announced a ₹1,500 Crore bond issue at 8.45% to fund six of its major city airports.
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The Bottom Line
While an Adani Airports IPO is not imminent in 2026, the business is “listing-ready” in terms of scale. For the Aam Aadmi investor, the best way to gain exposure today is through Adani Enterprises (AEL), as any future demerger will likely reward existing AEL shareholders with free shares in the new airport entity.