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The rating agency for this Bond is IND-RA.
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Adani Airport Holdings Ltd. Feb '29
₹1,01,678.14YTM
8.55%Tenure left
29 monthsInterest payout
QuarterlyPrincipal payout
BulletBond details
Minimum investment₹1,01,678.14
Date of maturity12 Feb 2029
ISININE0GCN07054
Bond typeSenior
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About
Adani Airport Holdings Limited (AAHL) is a 100% subsidiary of Adani Enterprises Limited (AEL), incorporated to manage and hold the airport business of the Adani Group. AAHL holds a 49% stake in six regional airports—Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram (with the remaining 51% held directly by AEL)—which form part of its Restricted Group (AAHL RG) operating under 50-year concession agreements. Furthermore, AAHL directly and indirectly holds a ~73% stake in Mumbai International Airport Limited (MIAL), which in turn owns a 74% stake in Navi Mumbai International Airport Private Limited (NMIAL).;
Pros and Cons
Pros
Cons
The company manages a diversified pool of regionally established airports located in capital and major commercial cities across six states, attracting consistent domestic and international passenger traffic (25.8 million passengers in 8MFY26).
Aero revenue visibility is supported by a regulated 30% hybrid-till mechanism with tariff orders issued by AERA across all six restricted group airports, ensuring guaranteed asset returns.
Non-aeronautical income has grown rapidly, reaching INR 8.4 billion in 1HFY26 (and INR 13.59 billion in FY25), supported by joint venture structures in retail, food & beverage, duty-free, and lounge services.
The structural separation of the City Side Development (CSD) business from the AAHL Restricted Group prioritizes cash flows for core airport capex and insulates airport operations from real estate development risks.
AAHL benefits from strong operational, managerial, and financial backing from its parent, Adani Enterprises Limited (AEL), which has an established track record of incubating large infrastructure assets and funding shortfalls.
Other details
Clean price₹1,00,335.40
Dirty price₹1,01,678.14
Current yield8.55%
Security cover--
Issue size-32.39Cr
Original bond tenure36 months
TrusteeCatalyst Trusteeship Limited...
Mode of issueNCD
Listed onNSE
Listing date12 Feb 2026
Coupon rate8.45%
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