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Bond Market News
Delhi International Airport Upgraded to BB
April 25, 2025
Delhi International Airport (DIAL) was upgraded by a notch to BB from BB- by S&P. The upgrade results from expectation of significant improvement in DIAL’s cash flows due to the implementation of higher tariffs under the current tariff control period (CP4), running from 1 April 2024, to 31 March 2029. The company’s operating cash flow- to-debt ratio is expected to increase from 0.3% in fiscal 2025 to about 8.2% in fiscal 2026, with further improvement to 10-12% in fiscal 2027 and 2028. This is driven by an expected increase in aeronautical revenue per passenger and a nearly doubled EBITDA to INR 25.8bn ($300mn) by fiscal 2026. According to S&P, the regulatory environment is strengthening, with more timely tariff adjustments and a favorable regulatory framework supporting DIAL’s expansion and cost pass-through. Solid passenger traffic growth is also contributing to improved cash flow, with traffic expected to rise by 7% annually, reaching 85mn passengers in fiscal 2026.
Its 6.45% 2029s traded stable at 99.5, yielding 6.59%.
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