Business Overview One of India’s largest private airport operators. Operates/has stakes in Delhi, Hyderabad, Goa (Mopa) airports and some international projects. Revenue comes from: Aeronautical charges (landing, passenger fees) Non-aero income (retail, duty-free, cargo, real estate) The company benefits from India’s fast-growing aviation sector and increasing passenger traffic. Financial Performance (Key Points) Revenue growth strong Revenue (TTM): ₹137B Growth driven by tariff hike at Delhi airport and rising passenger traffic. Recent profitability improvement Q2 FY26 PAT turned positive ₹35 crore vs losses earlier. Margins EBITDA margin about 42%+. ➡️ Operationally improving. Biggest Risk – Debt Major concern in the stock. Total debt about ₹414B Cash about ₹41B Net worth negative. Interest coverage 1x, meaning operating profit barely covers interest.

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