Growth will be fuelled by robust economic activity, rising untapped demand, and the easing of capacity constraints at key metros, the ratings agency said.
Airport traffic in India is projected to rise from nearly 415 million passengers this fiscal to around 580 million by fiscal 2030, at a compound annual growth rate of 8-9 per cent, credit rating agency Crisil Ratings has said. This growth will be driven by strong economic activity, untapped demand, and easing of airport capacity constraints at select metros.
However, traffic will grow a muted 0-1 per cent in FY2025-26 due to weak demand after a major aircraft mishap, airbase closures along India’s western border in the first half, and airline disruptions in the second half.
With operational disruptions easing since December 2025, traffic growth is expected to rebound to 6-7 per cent next fiscal. This rebound will require commensurate airport infrastructure. Multiple airports in a region become necessary when existing airports reach capacity and have limited scope for expansion.
Operational and upcoming airports in the Delhi National Capital Region (NCR) and the Mumbai Metropolitan Region (MMR) are expected to have a combined annual capacity of around 40 million passengers by the end of this year, with expansion phases planned over the next four fiscals. By fiscal 2030, these airports could reach 45-50 million passengers annually.
Ankit Hakhu, Director, Crisil Ratings, said, “The older airports in the MMR and NCR are operating at close to their design capacity, with combined utilisation at 87 per cent last fiscal. Alternate airports in metros are expected to cater to 20-25 per cent of total traffic by fiscal 2030, ensuring viability as demand grows and connectivity improves. Timely ramp‑up will be crucial for scaling aeronautical and non‑aeronautical revenues within their first control periods.”
The older Mumbai airport slowed after fiscal 2017 due to capacity constraints, while Delhi continued to grow. Without alternate airports, Delhi would have faced similar bottlenecks. In contrast, Bengaluru and Hyderabad airports still have room to expand, with utilisation at 65 per cent last fiscal.
Dual Airport Risks
Globally, metro cities with multiple airports—such as New York, New Jersey, and London—have managed high utilisation levels successfully. But risks remain. Gauri Gupta, Team Leader, Crisil Ratings, noted, “Traffic could fall short if connectivity infrastructure lags, constraining accessibility and catchment expansion. Competitive intensity may rise where incumbent and new operators differ. Delays in aircraft deliveries could also affect airline capacity deployment.”
Despite these risks, credit profiles of older metro airports should remain stable, supported by steady traffic growth, regulatory safeguards (tariff true‑ups), and strong sponsor backing.
Dual airports in non‑metro cities face additional challenges: volatile traffic growth, lower tariffs at older airports, and proximity advantages could lead to underutilisation of new infrastructure. Broader risks such as aircraft availability or pandemic‑like disruptions remain monitorable.