However, 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 said operations at Noida International Airport commenced on June 15, 2026, after around four years of construction.
The airport was launched with IndiGo and Akasa Air and is currently serving 17 domestic routes. Zurich Airport described the facility as a “new aviation gateway for North India.”
However, the operator flagged a slower ramp-up than initially anticipated.
“Slower ramp-up expected due to challenging geopolitical environment,” Zurich Airport said in its presentation, adding that near-term performance remains subject to “elevated uncertainty.”
Despite the slower start, Zurich Airport said its long-term assessment remains positive.
The company said it has “strong confidence in the long-term growth potential and attractive fundamentals of the Indian aviation market.”
Noida Airport handled around 25,000 passengers in June, its first month of operations, with traffic rising to around 77,000 passengers in July.
Flight movements also increased sharply, from 204 in June to 1,044 in July.
Zurich Airport said the route network will continue to expand, with international services expected to follow.
The airport currently has an initial capacity of 12 million passengers per annum, while Phase-I investment is estimated at around CHF 750 million.
Early-stage EBITDA loss
The financial performance reflects the early stage of operations.
For the first half of 2026, Noida Airport recorded:
- Revenue: CHF 2.5 million (~$3.1 million)
- Operating expenses: CHF 4.9 million (~$6.1 million)
- EBITDA: -CHF 2.4 million (~-$3 million)
The EBITDA loss is specifically for Noida Airport and covers the initial period after commercial operations began in June.Zurich Airport’s overall group performance, meanwhile, remained strong. The company reported EBITDA of CHF 374 million in first half of 2026, up 4% year on year.
Noida to weigh on Zurich’s costs in the near term
The opening of Noida is also increasing costs for Zurich Airport Group.
The company’s 2026 guidance says operating expenses will be higher because of the opening of Noida. Depreciation and amortisation will also rise once operations begin, while higher finance expenses related to Noida are expected to weigh on the consolidated result.
Zurich Airport has nevertheless retained its long-term India thesis.
In its international strategy, the company identifies India and Brazil as its key focus markets, with a strategy centred on majority ownership, long concession periods and operational responsibility.
Noida is wholly owned by Zurich Airport, with the concession running until 2061.
International operations still ahead
For Noida, the next major milestone will be the expansion beyond domestic connectivity.
Zurich Airport said the airport’s route network will continue to expand and that international services are expected to follow.
The operator has therefore positioned the current period as an initial ramp-up phase rather than a reassessment of its India strategy.
The company said the “long-term view and potential remain unchanged”, despite the slower near-term ramp-up.
