COMPANY INTELLIGENCE PROFILE
ADANI AIRPORT HOLDINGS LIMITED
AAHL is the holding company for the Adani group's airports business, incubated under flagship Adani Enterprises Ltd.
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
Primary GSTIN: 24AASCA6037C1ZT (Gujarat); PAN: AASCA6037C; Active (Adani Airport Holdings)
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. 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.
Funding History
n/a (subsidiary of listed Adani Enterprises Ltd; funded via parent equity and NCD/bank debt rather than venture funding)
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?
AAHL is the holding company for the Adani group's airports business, incubated under flagship Adani Enterprises Ltd.
What is the CIN of ADANI AIRPORT HOLDINGS LIMITED?
ADANI AIRPORT HOLDINGS LIMITED's Corporate Identification Number (CIN) is U62100GJ2019PLC109395.
When was ADANI AIRPORT HOLDINGS LIMITED incorporated?
ADANI AIRPORT HOLDINGS LIMITED was incorporated on 02 August 2019 and is registered with RoC-Ahmedabad (Gujarat).
Who are the directors of ADANI AIRPORT HOLDINGS LIMITED?
Directors on record include Malay Ramesh Mahadevia (DIN 00064110); Jeet Gautam Adani (DIN 08556189); Arun Bansal (DIN 10320484); Omkar Goswami (DIN 00004258); Rajender Mohan Malla (DIN 00136657); Gauri Trivedi (DIN 06502788); Dipali Hemant Sheth (DIN 07556685).
Where is ADANI AIRPORT HOLDINGS LIMITED registered?
The registered office of ADANI AIRPORT HOLDINGS LIMITED is at Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad, Gujarat 382421.
Information compiled from public registry and secondary sources. It may be incomplete or dated; verify independently before relying on it. Known gaps: GSTINs not obtained; exact FY25 absolute revenue and PAT not cleanly obtained (paywalled/inconsistent); full exhaustive charge register not obtained; detailed shareholding percentages beyond wholly-owned status not itemized.