Adani frames airports as 'toll roads with consumption'; Dharavi to unlock 130-150 mn sq ft from FY27
At Adani Conference 2026, group pitched airports as retail-hospitality-F&B platforms citing low Indian passenger spends vs global peers. Dharavi redevelopment across 600 acres adds 130-150 mn sq ft saleable real estate from FY27. FY26 capex Rs 1.55 lakh cr, EBITDA Rs 94,834 cr, net debt/EBITDA 3.3x.
What happened
Adani Group · At Adani Conference 2026, group flagged airports as 'toll roads with consumption attached' with retail, hospitality and F&B upside given low
Key facts
- Capex Rs 1.55 lakh crore FY26
- EBITDA Rs 94,834 crore FY26
- Cash Rs 55,852 crore
- $100 billion energy transition
- Net debt/EBITDA 3.3x
- Dharavi 600 acres, 95 mn sq ft rehab, 130-150 mn sq ft saleable
Why this matters
Watch for Adani to court anchor retail, hospitality, and F&B JV partners across airports and Dharavi's 130-150 mn sq ft pipeline—land-and-footfall-for-equity structures could reset partnership economics in Indian retail real estate.