Year-on-year changes compare like periods. Recovery CAGR from FY2022 includes the pandemic base and does not determine long-term growth. No YTD figure is multiplied to invent a full year.

Reported financial performance · ₹ crore

FY2022–FY2023 show reported profit/loss from an official parliamentary reply; revenue and expenditure are not supplied there. FY2024–FY2025 use AAI airport-wise profitability tables. Airport-level FY2026 financial outturn has not been verified. N/A is not zero. These are accounting results under AAI, not EBITDA or future concession cash flow.

Financial inputs come from the committed workbench assumptions, including the 15% equity hurdle by default. The overlay replaces its upfront and CWIP fields with one total allowance, phases terminal capacity and retains cash for future works. Initial capex remains included in lifecycle capex.

Protected bids first; base-case prices are a conditional negotiation reference

All fees are first-operating-FY ₹ per domestic-equivalent billable passenger, using the assumed international multiplier and escalation in the workbench. Policy: opening 75%, target 90%, hard stop 100% of the lower of base and downside ceilings, rounded down to ₹5. Percentages are editable negotiation rules, not estimates of competitors’ bids. “Hold” means no protected positive bid is supported; even a zero fee may fail. Base-only bands require an explicit decision to accept or mitigate the downside.

Selected bid cash flow & funding

Twenty-two city links cover every airport. They are an investable pilot plan, not a surveyed origin–destination matrix or a list of confirmed services. Combine rail and bus interchanges, flight-timed departures, visible fares, luggage space and arrival reliability. Road travel times and all commercial quantities below are editable planning assumptions. Historical official pages support geographic context or an existing service only.

Rides = min(airport passenger movements × disjoint route exposure × capture, daily round trips × 2 × seats × operating days). One passenger movement supports at most one airport access ride in this model; exposure shares must total ≤100% per airport. This is not a unique flyer or population estimate. Operator contribution = fare revenue − airport receipt − ₹/km operating cost; no fleet ownership cost, tax or operator profit allowance is included. A positive contribution therefore does not prove bankability. Airport revenue is only its assumed net concession receipt, never gross bus fares.

Commercial and engineering turnaround test · not a promised result

Test an additional ₹100 net non-aero revenue per passenger at first-FY prices, 10% lower fixed opex, and 20% lower post-initial lifecycle works. Initial capex, fee rules and consideration are unchanged. This is an explicit unverified opportunity case; later capex reductions require scope approval and must not remove mandatory works. It does not establish that these savings can be achieved.

Submission gates & evidence ledger

AAI airport charges register · Full official / assumption register · Blender / Three.js and illustrative OLS

Portfolio reconciliation & unphased benchmark

Benchmark fees below omit capacity phasing and reserve retention. Use the bid decision layer above for recommendations.

B1–B5 are retained internal dossier labels, not official lot numbers or investment ranks. Group composition is supported by the 149th PPPAC index (4 August 2026); final award terms require the tender pack. Traffic defaults are sourced AAI reported counts; capex and commercial inputs remain assumptions.

Six financial years of reported passenger traffic · FY2021–FY2026

FY2026 = April 2025–March 2026. These are the figures as published in the linked source vintages; later AAI revisions can differ. Zero is a reported zero, not missing data. FY2021–FY2022 were affected by COVID; rebound growth is not a sustainable long-run assumption. March 2026 figures come from AAI’s currently linked Mar2k26Annex3_0.pdf, rather than the superseded broken URL.

Capacity evidence and first expansion triggers · all eleven airports

“Source dated” does not mean confirmed as of November 2026. Peak-hour and runway inputs may be legacy assumptions. Simultaneous terminal occupancy is not necessarily a measured peak-hour processing rate. Trigger years are screening signals, not approved construction dates.

Convert traffic into illustrative flyer equivalents

No passenger-origin survey or verified catchment population was supplied. The top-down view infers resident and visitor flyer equivalents from reported throughput using explicit trip-frequency assumptions. It does not measure unique flyers. A separate bottom-up resident-demand calculation remains blank until population is entered; population and propensity assumptions are not verified forecasts.

Validate district/ward population, income and age mix, trip purpose, fares, surface access, competing airports and tourism-origin surveys before treating this as a market forecast. The financial model is not automatically rebased to the bottom-up estimate.

These airport records and risk prompts are inherited from the supplied dossier and remain unverified. They are useful questions for the data room, not design standards or contractual commitments.

Selected group: risk register & pre-bid questions

Legacy likelihood and impact ratings are subjective 1–5 inputs. Article and schedule references have not been checked against a concession agreement. Proposed mitigations are requests for clarification, not enforceable protections.

Official evidence register · reviewed 1 November 2026

Numerical reconciliation of the original dossier

Original capex category totals form an alternative classification of the lifecycle total; they are not additional to it. Initial capex is included in lifecycle capex. Nominal escalated model spend is separately calculated and will exceed the base-price budget when escalation is positive.

Repair and interpretation log

• Replaced missing quote, chart, annual financial and 3D callbacks with a complete local model, input validation and native HTML/SVG interactions.
• Embedded Three.js and Blender-authored GLBs for an offline 3D viewer. Source links need internet; no map tiles or external assets are requested.
• Replaced hard-coded IRRs and fabricated simulation results with recalculated cash flows. Version 3 adds 500 actual seeded stress paths per bundle, phased capacity, cash retention and explicit consideration scenarios.
• Replaced unsupported quotes with transparent conditional bid policies and Hold decisions where downside tests fail. No pooled RAB guarantee, compliance assertion or unverified official clause is used.
• Recalculated weighted scores, international shares, utilisation ratios and portfolio totals from the airport rows. No correct capex totals were changed merely to appear revised.
• Added OSM georeferenced footprints, Blender assets and editable illustrative OLS. Mapped footprints, assumed heights and planning geometry are labelled separately; certified surveys remain required.

Before a bid can be approved

1. Obtain and version the final tender pack, schedules and all addenda; resolve official lot IDs, eligibility, award limits and concession dates.
2. Reconcile sourced FY2026 reported traffic and international mix with audited data-room records; confirm throughput versus billable passenger definitions and exemptions.
3. Reconcile upfront consideration, existing assets, CWIP, mandatory capex, land funding and handback costs without double counting.
4. Build airport-specific AERA/tariff and tax schedules, including allocation of non-aero revenue. Confirm whether pooling is legally permitted.
5. Validate construction/capacity timing, debt terms, reserves, sponsor liquidity and operational costs against data-room records and lender requirements.