Delhi airport swings to ₹477 cr profit as non-aero revenue hits ₹3,607 cr
DIAL's FY26 turnaround is built on retail and F&B, not flights. Non-aero now drives 81% of net income, with retail up 9% and F&B up 18% even as air traffic slipped 1%. Spend per passenger reached ₹1,063, validating GMR's 'mall in an airport' play ahead of Aerocity expansion.
What happened
Delhi Airport (DIAL) · Delhi airport swung to ₹477 cr profit in FY26, powered by non-aero revenue of ₹3,607 cr (81% of net income). Retail grew 9% and F&B 18%,
Key facts
- Profit ₹476.9 cr FY26
- Loss ₹976.2 cr FY25
- Non-aero revenue ₹3,607 cr (+9%)
- Non-aero 81% of net income
- Retail 27% of non-aero (+9%)
- F&B revenue ₹390 cr (+18%)
- Spend per passenger ₹1,063
- CPD rentals ₹949 cr
- Air traffic -1%
- AAI revenue share 45.99%
Why this matters
Aerocity expansion and concession M&A in airport retail/F&B are the highest-leverage plays as 'mall in an airport' economics get validated.