Nevertheless, the Swiss airport operator has maintained its long-term confidence in Noida and the Indian aviation market.
In its half-year 2026 investor presentation, Zurich Airport stated operations at Noida Worldwide Airport commenced on June 15, 2026, after round 4 years of building.
The airport was launched with IndiGo and Akasa Air and is at the moment serving 17 home routes. Zurich Airport described the ability as a “new aviation gateway for North India.”
Nevertheless, the operator flagged a slower ramp-up than initially anticipated.
“Slower ramp-up anticipated as a result of difficult geopolitical atmosphere,” Zurich Airport stated in its presentation, including that near-term efficiency stays topic to “elevated uncertainty.”
Regardless of the slower begin, Zurich Airport stated its long-term evaluation stays constructive.
The corporate stated it has “robust confidence within the long-term development potential and engaging fundamentals of the Indian aviation market.”
Noida Airport dealt with round 25,000 passengers in June, its first month of operations, with site visitors rising to round 77,000 passengers in July.
Flight actions additionally elevated sharply, from 204 in June to 1,044 in July.
Zurich Airport stated the route community will proceed to increase, with worldwide companies anticipated to observe.
The airport at the moment has an preliminary capability of 12 million passengers every year, whereas Section-I funding is estimated at round CHF 750 million.
Early-stage EBITDA loss
The monetary efficiency displays the early stage of operations.
For the primary half of 2026, Noida Airport recorded:
- Income: CHF 2.5 million (~$3.1 million)
- Working bills: CHF 4.9 million (~$6.1 million)
- EBITDA: -CHF 2.4 million (~-$3 million)
The EBITDA loss is particularly for Noida Airport and covers the preliminary interval after industrial operations started in June.Zurich Airport’s general group efficiency, in the meantime, remained robust. The corporate reported EBITDA of CHF 374 million in first half of 2026, up 4% yr on yr.
Noida to weigh on Zurich’s prices within the close to time period
The opening of Noida can also be rising prices for Zurich Airport Group.
The corporate’s 2026 steering says working bills shall be greater due to the opening of Noida. Depreciation and amortisation can even rise as soon as operations start, whereas greater finance bills associated to Noida are anticipated to weigh on the consolidated outcome.
Zurich Airport has however retained its long-term India thesis.
In its worldwide technique, the corporate identifies India and Brazil as its key focus markets, with a technique centred on majority possession, lengthy concession durations and operational duty.
Noida is wholly owned by Zurich Airport, with the concession working till 2061.
Worldwide operations nonetheless forward
For Noida, the following main milestone would be the enlargement past home connectivity.
Zurich Airport stated the airport’s route community will proceed to increase and that worldwide companies are anticipated to observe.
The operator has subsequently positioned the present interval as an preliminary ramp-up part quite than a reassessment of its India technique.
The corporate stated the “long-term view and potential stay unchanged”, regardless of the slower near-term ramp-up.
