{"id":16630,"date":"2026-10-19T11:51:10","date_gmt":"2026-10-19T06:21:10","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16630"},"modified":"2026-10-17T18:31:55","modified_gmt":"2026-10-17T13:01:55","slug":"adani-airport-holdings-ncds-credit-ratings-yield-spreads-and-balance-sheet-analysis","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/adani-airport-holdings-ncds-credit-ratings-yield-spreads-and-balance-sheet-analysis\/","title":{"rendered":"Adani Airport Holdings NCDs: Credit Ratings, Yield Spreads, and Balance Sheet Analysis"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<p data-pm-slice=\"1 1 []\">Adani Airport Holdings Limited (AAHL) has expanded its airport operations and earnings, supported by passenger traffic growth and infrastructure development. Its credit profile reflects both business growth and the funding needs of ongoing expansion. Investors evaluating its NCDs can consider its credit ratings, financial performance, debt levels and refinancing requirements.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/adani-airport-holdings-ncds-credit-ratings-yield-spreads-and-balance-sheet-analysis\/#Airport_Business_Performance_FY24%E2%80%93FY26\" >Airport Business Performance: FY24\u2013FY26<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/adani-airport-holdings-ncds-credit-ratings-yield-spreads-and-balance-sheet-analysis\/#Credit_Rating_History_From_A_to_AA\" >Credit Rating History: From A+ to AA-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/adani-airport-holdings-ncds-credit-ratings-yield-spreads-and-balance-sheet-analysis\/#Balance_Sheet_and_Leverage_A_Longer-Term_View\" >Balance Sheet and Leverage: A Longer-Term View<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/adani-airport-holdings-ncds-credit-ratings-yield-spreads-and-balance-sheet-analysis\/#Expansion_Plans_and_Debt-Servicing_Capacity\" >Expansion Plans and Debt-Servicing Capacity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/adani-airport-holdings-ncds-credit-ratings-yield-spreads-and-balance-sheet-analysis\/#Understanding_AAHL_NCD_Yields_and_Spreads\" >Understanding AAHL NCD Yields and Spreads<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/adani-airport-holdings-ncds-credit-ratings-yield-spreads-and-balance-sheet-analysis\/#Key_Risks_Before_Investing\" >Key Risks Before Investing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/adani-airport-holdings-ncds-credit-ratings-yield-spreads-and-balance-sheet-analysis\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/adani-airport-holdings-ncds-credit-ratings-yield-spreads-and-balance-sheet-analysis\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n<\/div>\n\n\n<p>Adani Airport Holdings Limited is an Adani Group company established to acquire, develop and manage airport infrastructure. Its portfolio includes six airports: Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram, along with its interests in Mumbai International Airport and Navi Mumbai International Airport.<\/p>\n\n\n\n<p>AAHL raises funds through instruments including non-convertible debentures. NCDs are debt securities that pay interest under specified terms and require principal repayment according to their contractual schedule. An investor\u2019s return depends on the coupon, purchase price, maturity and payment terms.<\/p>\n\n\n\n<p>Airport operators earn revenue from aeronautical activities, such as passenger and aircraft charges, and non-aeronautical activities, including retail, advertising, rentals, cargo and other services. Aeronautical revenue is subject to regulatory frameworks, while non-aeronautical income can help diversify cash flows and improve profitability.<\/p>\n\n\n\n<p>However, airport development is capital-intensive. Expanding terminals and passenger capacity can support future revenue, but construction spending and additional borrowing may put pressure on near-term cash flow. That makes the relationship between operating earnings, debt and repayment capacity central to an NCD investment assessment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Airport_Business_Performance_FY24%E2%80%93FY26\"><\/span><strong>Airport Business Performance: FY24\u2013FY26<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Adani Enterprises\u2019 reported Airports segment has grown significantly over the past three financial years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"547\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/16112120\/image-1-3-1024x547.png\" alt=\"\" class=\"wp-image-16632\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/16112120\/image-1-3-1024x547.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/16112120\/image-1-3-300x160.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/16112120\/image-1-3-768x411.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/16112120\/image-1-3-1536x821.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/16112120\/image-1-3.png 1921w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em><strong>Adani Enterprises\u2019 Airports segment performance, FY24\u2013FY26.<\/strong><\/em><\/p>\n\n\n\n<p><em>Source: Adani Enterprises FY24, FY25 and FY26 results. Figures are from the reported Airports business segment.<\/em><\/p>\n\n\n\n<p>The segment\u2019s total income rose approximately 62% between FY24 and FY26, while EBITDA more than doubled. Profit before tax also moved from a loss in FY24 and FY25 to a positive \u20b91,427 crore in FY26. Passenger movements increased more modestly, from 88.6 million to 95.3 million.<\/p>\n\n\n\n<p>The difference between passenger growth and EBITDA growth suggests that revenue mix, tariffs, commercial activity and operating performance matter alongside traffic volumes. In FY26, Adani Enterprises reported growth in both aeronautical and non-aeronautical revenue.<\/p>\n\n\n\n<p>These figures describe the Airports segment reported by Adani Enterprises. They should not be directly combined with AAHL\u2019s separate credit-summary figures or the adjusted financials published by rating agencies, because those datasets have different reporting scopes and accounting definitions.<\/p>\n\n\n\n<p><strong>L(earn) More:<\/strong><\/p>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-sells-25000-crore-of-bonds-tightens-crr-rules-to-drain-excess-bank-liquidity\/\" aria-label=\"RBI Sells \u20b925,000 Crore of Bonds, Tightens CRR Rules to Drain Excess Bank Liquidity\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17181515\/RBI-Sells-%E2%82%B925000-Crore-of-Bonds-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"RBI Sells \u20b925,000 Crore of Bonds\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17181515\/RBI-Sells-%E2%82%B925000-Crore-of-Bonds-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17181515\/RBI-Sells-%E2%82%B925000-Crore-of-Bonds-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17181515\/RBI-Sells-%E2%82%B925000-Crore-of-Bonds-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17181515\/RBI-Sells-%E2%82%B925000-Crore-of-Bonds-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17181515\/RBI-Sells-%E2%82%B925000-Crore-of-Bonds.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-sells-25000-crore-of-bonds-tightens-crr-rules-to-drain-excess-bank-liquidity\/\">RBI Sells \u20b925,000 Crore of Bonds, Tightens CRR Rules to Drain Excess Bank Liquidity<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/adani-airport-holdings-ncds-credit-ratings-yield-spreads-and-balance-sheet-analysis\/\" aria-label=\"Adani Airport Holdings NCDs: Credit Ratings, Yield Spreads, and Balance Sheet Analysis\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17183107\/Adani-Airport-Holdings-NCDs-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Adani Airport Holdings NCDs\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17183107\/Adani-Airport-Holdings-NCDs-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17183107\/Adani-Airport-Holdings-NCDs-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17183107\/Adani-Airport-Holdings-NCDs-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17183107\/Adani-Airport-Holdings-NCDs-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17183107\/Adani-Airport-Holdings-NCDs.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/adani-airport-holdings-ncds-credit-ratings-yield-spreads-and-balance-sheet-analysis\/\">Adani Airport Holdings NCDs: Credit Ratings, Yield Spreads, and Balance Sheet Analysis<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/beyond-mutual-funds-the-beginners-guide-to-sips-in-bonds\/\" aria-label=\"Beyond Mutual Funds: The Beginner\u2019s Guide to SIPs in Bonds\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17180941\/Beyond-Mutual-Funds-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Beyond Mutual Funds\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17180941\/Beyond-Mutual-Funds-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17180941\/Beyond-Mutual-Funds-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17180941\/Beyond-Mutual-Funds-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17180941\/Beyond-Mutual-Funds-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/17180941\/Beyond-Mutual-Funds.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/beyond-mutual-funds-the-beginners-guide-to-sips-in-bonds\/\">Beyond Mutual Funds: The Beginner\u2019s Guide to SIPs in Bonds<\/a><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit_Rating_History_From_A_to_AA\"><\/span><strong>Credit Rating History: From A+ to AA-<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Credit ratings provide an independent assessment of an issuer\u2019s capacity to meet its debt obligations. AAHL\u2019s rating history shows a period of pressure on its outlook in 2023, a return to Stable in 2024 and a CRISIL upgrade in 2025.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Date<\/strong><\/td><td><strong>Agency<\/strong><\/td><td><strong>Rating action<\/strong><\/td><\/tr><tr><td>January 2022<\/td><td>CRISIL<\/td><td>A+\/Stable<\/td><\/tr><tr><td>March 2023<\/td><td>CRISIL<\/td><td>A+\/Negative<\/td><\/tr><tr><td>January 2024<\/td><td>CRISIL<\/td><td>A+\/Negative reaffirmed<\/td><\/tr><tr><td>August 2024<\/td><td>CRISIL<\/td><td>A+\/Stable<\/td><\/tr><tr><td>August 2025<\/td><td>CRISIL<\/td><td>Upgraded to AA-\/Stable<\/td><\/tr><tr><td>February 2026<\/td><td>CRISIL<\/td><td>AA-\/Stable reaffirmed; proposed \u20b92,000 crore NCDs rated<\/td><\/tr><tr><td>July 2026<\/td><td>India Ratings<\/td><td>IND AA- affirmed; outlook revised to Positive<\/td><\/tr><tr><td>September 2026<\/td><td>India Ratings<\/td><td>Additional NCDs rated IND AA-\/Positive; existing rating affirmed<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p><em>Source: CRISIL and India Ratings rating releases. Ratings from separate agencies are shown independently and should not be treated as directly interchangeable.<\/em><\/p>\n\n\n\n<p>CRISIL\u2019s March 2023 outlook revision reflected concerns around non-aeronautical revenue and regulatory risk. In August 2024, the agency moved the outlook back to Stable. The August 2025 upgrade to AA-\/Stable was driven in part by an improvement in non-aeronautical revenue, which rose from \u20b9936 crore in FY24 to \u20b91,359 crore in FY25 in CRISIL\u2019s assessment.<\/p>\n\n\n\n<p>India Ratings\u2019 July 2026 outlook revision to Positive reflected further growth in non-aeronautical income and the prospect of improved financial flexibility. Its September 2026 release assigned IND AA-\/Positive to additional NCDs while affirming the existing rating.<\/p>\n\n\n\n<p>An improved rating can support investor confidence and potentially help an issuer access funding on more favourable terms. It does not eliminate default risk or guarantee a particular market price, yield or investment return.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Balance_Sheet_and_Leverage_A_Longer-Term_View\"><\/span><strong>Balance Sheet and Leverage: A Longer-Term View<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The company\u2019s own FY25 credit result summary provides a useful four-year view of its asset base, borrowing and operating earnings.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Financial metric<\/strong><\/td><td><strong>FY22<\/strong><\/td><td><strong>FY23<\/strong><\/td><td><strong>FY24<\/strong><\/td><td><strong>FY25<\/strong><\/td><\/tr><tr><td>EBITDA<\/td><td>\u20b91,484 crore<\/td><td>\u20b92,953 crore<\/td><td>\u20b93,447 crore<\/td><td>\u20b94,350 crore<\/td><\/tr><tr><td>Gross debt<\/td><td>\u20b98,487 crore<\/td><td>\u20b911,774 crore<\/td><td>\u20b913,815 crore<\/td><td>\u20b920,163 crore<\/td><\/tr><tr><td>Net debt<\/td><td>\u20b97,842 crore<\/td><td>\u20b911,000 crore<\/td><td>\u20b912,416 crore<\/td><td>\u20b919,249 crore<\/td><\/tr><tr><td>Gross assets<\/td><td>\u20b921,220 crore<\/td><td>\u20b926,155 crore<\/td><td>\u20b932,171 crore<\/td><td>\u20b942,305 crore<\/td><\/tr><tr><td>Cash balance<\/td><td>\u20b9646 crore<\/td><td>\u20b9774 crore<\/td><td>\u20b91,399 crore<\/td><td>\u20b9914 crore<\/td><\/tr><tr><td>Gross assets \/ net debt<\/td><td>2.7x<\/td><td>2.4x<\/td><td>2.6x<\/td><td>2.2x<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p><em>Source: AAHL FY25 Credit Result Summary. Figures follow the company\u2019s definitions; gross debt excludes Ind AS adjustments and shareholder subordinated debt.<\/em><\/p>\n\n\n\n<p>The table reveals two trends. First, AAHL\u2019s EBITDA and gross assets increased substantially between FY22 and FY25, reflecting the expansion and development of the airport business. Second, debt grew alongside that expansion. Net debt increased from \u20b97,842 crore in FY22 to \u20b919,249 crore in FY25, while cash balances fell from \u20b91,399 crore in FY24 to \u20b9914 crore in FY25.<\/p>\n\n\n\n<p>The gross-assets-to-net-debt ratio also declined from 2.7x in FY22 to 2.2x in FY25. Although this is not a substitute for a formal leverage or debt-service measure, it shows that net debt grew faster than the asset coverage indicated by this particular metric.<\/p>\n\n\n\n<p>These trends make it important to look beyond EBITDA growth alone. Creditors need to assess how much operating cash flow remains available after operating costs, interest, taxes and capital expenditure, and whether liquidity is sufficient to cover scheduled debt payments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Latest leverage indicators<\/strong><\/h3>\n\n\n\n<p>India Ratings\u2019 July 2026 release reported net leverage (net debt including lease liabilities divided by EBITDA) of 3.1x in FY24, 2.79x in FY25 and 3.30x in FY26 for its rated group. It also reported non-aeronautical revenue of \u20b99.36 billion in FY24, \u20b913.59 billion in FY25 and \u20b922.79 billion in FY26 across the scope specified in its rationale.<\/p>\n\n\n\n<p>The increase in FY26 net leverage, despite higher EBITDA, is a reminder that borrowing and lease liabilities can rise as the business invests. India Ratings expected the growth in non-aeronautical revenue to support a reduction in net leverage below 5.5x in the medium term.<\/p>\n\n\n\n<p>These agency-adjusted ratios should not be compared directly with ratios calculated from AAHL\u2019s credit-summary figures. Their definitions, consolidation scopes and adjustments differ.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Expansion_Plans_and_Debt-Servicing_Capacity\"><\/span><strong>Expansion Plans and Debt-Servicing Capacity<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AAHL\u2019s growth plans require significant capital expenditure. CRISIL\u2019s February 2026 rationale discussed a proposed outlay of more than \u20b925,000 crore over FY26\u2013FY30, including Mumbai International Airport and Navi Mumbai International Airport. It also discussed separate investment plans for the six-airport group. Because these plans cover different scopes, they should not be added together without confirming that the amounts are distinct.<\/p>\n\n\n\n<p>CRISIL estimated debt servicing of approximately \u20b9600 crore in each of FY26 and FY27, expected to be met through cash flows of around \u20b92,100 crore and \u20b93,200 crore, respectively. It also referred to approximately \u20b914,000 crore of capex during FY26\u2013FY27, funded through internal cash accruals and additional debt. These are agency estimates made in February 2026, not audited actual outcomes for both years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"551\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/16112120\/image-4-1024x551.png\" alt=\"\" class=\"wp-image-16631\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/16112120\/image-4-1024x551.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/16112120\/image-4-300x161.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/16112120\/image-4-768x413.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/16112120\/image-4-1536x826.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/10\/16112120\/image-4.png 2046w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em><strong>How airport operations, capex and leverage influence credit risk.<\/strong><\/em><\/p>\n\n\n\n<p>The central question is whether the growth in cash generation can keep pace with investment and debt obligations. Investors should consider:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Debt servicing:<\/strong> Is cash flow sufficient to cover interest and scheduled principal repayments?<\/li>\n\n\n\n<li><strong>Funding mix:<\/strong> How much capex will be funded by internal accruals, equity or additional borrowing?<\/li>\n\n\n\n<li><strong>Execution risk:<\/strong> Could construction delays and cost overruns increase funding requirements?<\/li>\n\n\n\n<li><strong>Regulatory risk:<\/strong> Could tariff decisions or changes affecting non-aeronautical revenue weaken expected cash flows?<\/li>\n\n\n\n<li><strong>Refinancing risk:<\/strong> Will maturing debt need to be replaced under less favourable market conditions?<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Understanding_AAHL_NCD_Yields_and_Spreads\"><\/span><strong>Understanding AAHL NCD Yields and Spreads<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An NCD\u2019s coupon rate is not the same as its yield to maturity (YTM). The coupon is the stated interest rate, while YTM estimates the annualised return implied by the bond\u2019s market price and contractual cash flows, assuming the investor holds it to maturity and payments are made as scheduled.<\/p>\n\n\n\n<p>Historical trading data illustrates why investors should check the traded price rather than relying on the coupon alone. On 8 October 2026, the CDSL corporate-bond trade repository recorded the following weighted-average yields:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>NCD<\/strong><\/td><td><strong>Coupon<\/strong><\/td><td><strong>Maturity<\/strong><\/td><td><strong>Exchange<\/strong><\/td><td><strong>Weighted-average traded yield<\/strong><\/td><\/tr><tr><td>INE0GCN07054<\/td><td>8.45%<\/td><td>12 February 2029<\/td><td>BSE<\/td><td>8.7120%<\/td><\/tr><tr><td>INE0GCN07054<\/td><td>8.45%<\/td><td>12 February 2029<\/td><td>NSE<\/td><td>8.2573%<\/td><\/tr><tr><td>INE0GCN07062<\/td><td>8.96%<\/td><td>28 September 2029<\/td><td>BSE<\/td><td>9.2272%<\/td><\/tr><tr><td>INE0GCN07062<\/td><td>8.96%<\/td><td>28 September 2029<\/td><td>NSE<\/td><td>9.0872%<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p><em>Source: CDSL Corporate Bond Trade Repository, trades dated 8 October 2026. These are historical observations, not live quotes or assured returns.<\/em><\/p>\n\n\n\n<p>The differing yields across exchanges highlight the importance of checking the observation date, traded price, volume and number of transactions. A thinly traded bond may not have a continuously available market price, and the yield observed in an earlier transaction may not be available to an investor placing an order later.<\/p>\n\n\n\n<p>Investors also compare a corporate bond\u2019s YTM with that of a government security of a similar maturity. The difference is called the yield spread:<\/p>\n\n\n\n<p><strong>Yield spread (basis points) = (Corporate bond YTM \u2212 comparable government bond yield) \u00d7 100<\/strong><\/p>\n\n\n\n<p>A wider spread can reflect greater perceived credit risk, lower liquidity or other factors. A meaningful comparison requires an appropriately matched benchmark and consistent observation dates. This article does not include a historical yield-spread chart because the available NCD observations do not establish a consistent series around the August 2025 rating upgrade.<\/p>\n\n\n\n<p>NCD yields should therefore be assessed alongside credit ratings, operating performance, leverage, liquidity and future funding commitments rather than treated as a standalone measure of investment quality.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Risks_Before_Investing\"><\/span><strong>Key Risks Before Investing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Despite the improvement in ratings and reported operating earnings, AAHL NCDs are not risk-free.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Capital expenditure and leverage:<\/strong> Large investment programmes can increase borrowing and delay the conversion of earnings into cash available for creditors.<\/li>\n\n\n\n<li><strong>Regulatory risk:<\/strong> Airport tariffs and the treatment of non-aeronautical revenue depend on regulatory decisions. Changes could affect expected returns and cash flows.<\/li>\n\n\n\n<li><strong>Execution risk:<\/strong> Construction delays, cost overruns or slower-than-expected passenger and commercial growth may weaken financial flexibility.<\/li>\n\n\n\n<li><strong>Liquidity risk:<\/strong> Listed NCDs may not trade frequently. Investors selling before maturity may have to accept a price below their purchase price.<\/li>\n\n\n\n<li><strong>Credit and group-related risk:<\/strong> Ratings are assessments, not guarantees. Adverse developments affecting AAHL or the entities within the relevant rated group could affect credit quality.<\/li>\n<\/ul>\n\n\n\n<p>Before investing, review the specific NCD\u2019s terms, credit rating and outlook, maturity, YTM, traded price, liquidity and your ability to hold the security through its term.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AAHL\u2019s financial history shows a growing airport platform, with higher operating earnings and a larger asset base. It also shows substantial borrowing growth and a decline in cash balances in FY25. The CRISIL upgrade in 2025 and India Ratings\u2019 Positive outlook in 2026 are supportive signals, but they do not remove the risks associated with expansion spending, leverage, regulation and refinancing.<\/p>\n\n\n\n<p>For investors evaluating AAHL NCDs, the key question is whether the yield adequately compensates for the security\u2019s credit, liquidity and maturity risks, given the company\u2019s future funding requirements.<\/p>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: Adani Airport Holdings Limited (AAHL) has expanded its airport operations and earnings, supported by passenger traffic growth and infrastructure&hellip;<\/p>\n","protected":false},"author":16,"featured_media":16664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1026,25],"tags":[],"class_list":["post-16630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide","category-bond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Adani Airport Holdings NCDs: Credit Ratings, Yield Spreads &amp; Financial Analysis<\/title>\n<meta name=\"description\" content=\"Explore Adani Airport Holdings NCDs, including credit ratings, yield spreads, debt levels, cash flows and balance sheet risks. 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