Beyond Airlines: 4 Infrastructure Stocks That Could Gain From India’s Airport Growth Plans 

Synopsis: As India’s civil aviation ministry targets over 350 operational airports by 2047, four listed companies across heat exchangers, electronics manufacturing, power cables, and airfield construction are being positioned as beneficiaries of the build-out though their actual proximity to airport procurement chains varies from direct runway contracts to thematic backdrop.

India’s plan to more than double its operational airports over the next two decades has moved from policy document to active construction, with terminal expansions, greenfield projects at Tier-2 cities, and defence airfield upgrades all moving through the procurement pipeline simultaneously. The capital expenditure required runs into the lakhs of crore, and the spending footprint is wide enough to pull in companies across HVAC components, electronics manufacturing services, power cables, and civil construction. Four listed names are being cited, with varying degrees of plausibility, as ways to capture a slice of that spending. How close each actually sits to the airport procurement chain turns out to vary as sharply as their market capitalisations.

1. KRN Heat Exchange

KRN Heat Exchanger and Refrigeration designs, manufactures, and supplies fin-and-tube and microchannel heat exchangers to HVAC and refrigeration original equipment manufacturers. The company does not sell into airports directly; it sells to contractors and air-conditioning manufacturers who eventually supply and install climate control systems in large terminal buildings.

That distinction matters. KRN’s revenue depends on OEM purchase orders, not on airport tenders. Its recent expansion into bus air-conditioning and data-centre cooling points to a diversification effort that is not exclusively airport-driven, even if growing terminal square footage does enlarge the total market for the type of high-performance thermal components the company makes. In June 2026, KRN completed a qualified institutional placement at Rs. 1,060 per share, raising Rs. 350 crore earmarked for subsidiary investment and capacity expansion at its Neemrana plant in Rajasthan.

With a market capitalization of around Rs. 8,005.57 crore, the shares of KRN Heat Exchanger and Refrigeration closed on Friday at around Rs. 1,223 per share and a P/E of around 104..48.

For FY26, consolidated revenue grew 39.53 percent to Rs. 600 crore from Rs. 430 crore in FY25, while net profit rose 43.40 percent to Rs. 76 crore. The fourth quarter saw revenue of Rs. 179 crore, up 35.60 percent year-on-year, with net profit jumping 53.33 percent to Rs. 23 crore. Operating margin held around 18.5 percent on an average for the full year. One watch point: debtor days increased from 79 to 106 days, a working capital trend worth tracking as capacity at Neemrana ramps up through FY27.

2. Kaynes Technology

Kaynes Technology is an end-to-end electronics manufacturing services company incorporated in 1988 and headquartered in Mysore, serving automotive, aerospace and defence, railway, medical, and industrial customers. Its order book stood at Rs. 8,366 crore at the close of FY26, materially ahead of its trailing revenue base of Rs. 3,626 crore, giving the business multi-year revenue visibility. Airport digitalization baggage handling electronics, biometric systems, IoT-enabled airport infrastructure, and air traffic control instrumentation falls within the segments Kaynes is certified and equipped to serve.

The gap in the airport investment thesis is that the disclosed order book does not break out airport-linked awards from the larger defence, railway, and industrial mix. How much of that Rs. 8,366 crore is traceable to airports rather than to its legacy segments is not available from public disclosures. With a market capitalisation of around Rs. 22,295.73 crore, the shares of Kaynes Technology India closed on Friday at Rs. 3,326 per share and a P/E of around 58.18.

For FY26, consolidated revenue rose 33.2 percent to Rs. 3,626 crore from Rs. 2,722 crore in FY25, while net profit climbed 24 percent to Rs. 364 crore. The fourth quarter was softer at the bottom line: PAT fell 21.5 percent year-on-year to Rs. 91 crore even as EBITDA grew 15 percent, because higher depreciation from the newly commissioned OSAT semiconductor unit and rising contingent liabilities linked to acquisition-related performance guarantees compressed earnings. EBITDA margin contracted 150 basis points to 15.6 percent in Q4 against the year-earlier quarter. No dividend was paid for FY26. Management has said FY27 is expected to outpace FY26 as the OSAT facility moves from commissioning costs to commercial volumes.

3. Polycab India

Polycab India is India’s largest integrated manufacturer of wires and cables, with a 26-27 percent share of the domestic organised market, alongside an FMEG segment that covers fans, LED lighting, switches, and switchgear. Its connection to airport infrastructure is the most direct of the four companies here. Major terminal projects and runway electrification require extra-high-voltage power cables for primary grid connectivity, and Polycab’s institutional project sales channel is where such orders typically land.

The EPC segment which fell 13 percent in revenue during FY26 handles turnkey power distribution contracts of exactly the type that large airport builds generate. Secondary demand from terminal retail areas, lounges, and offices feeds the FMEG business without needing to be separately tracked. Citi, which has a Buy rating with a Rs. 10,500 target, cited a Rs. 24 billion EHV capex opportunity and BharatNet-linked revenue of Rs. 18-20 billion for FY27 as near-term catalysts.

With a market capitalisation of around Rs. 1,44,127.62 crore, the shares of Polycab India closed on Friday at Rs. 9,568 per share, down 0.70 percent from a previous closing price of Rs. 9,635.00 apiece, and a P/E of around 53.59.

For FY26, consolidated revenue rose 29 percent to Rs. 28,884 crore from Rs. 22,408 crore in FY25, while net profit climbed 32 percent to Rs. 2,708 crore, with EBITDA growing 35 percent to Rs. 4,013 crore. The wires and cables segment grew 33 percent to Rs. 25,179 crore, while FMEG rose 25 percent to Rs. 2,069 crore on solar product traction. The EPC segment declined 13 percent in revenue but maintained EBIT margin at 9.9 percent. Net cash from operations more than doubled to Rs. 3,811 crore for the year, and the net cash position on the balance sheet strengthened to Rs. 4,190 crore from Rs. 2,460 crore a year earlier. The board recommended a dividend of Rs. 46.14 per share for FY26.

4. Tarmat

Tarmat is a Mumbai-based microcap construction company incorporated in 1986 that builds airport runways, taxiways, and parking bays alongside national and state highway projects. Unlike the three companies above, Tarmat’s airport exposure is direct: it is currently executing runway, parking bay, and taxi track projects at airports in Mumbai, Cochin, Trichy, and Tuticorin, and its historical project list includes runway resurfacing at both Mumbai and Delhi international airports. Its order pipeline comes from AAI and defence agencies rather than from private sector construction activity, and the company holds ISO 9001 certification for airport and highway construction, a procurement prerequisite.

The practical constraint is the company’s size. At a market capitalization below Rs. 150 crore, Tarmat’s quarterly revenues are small and highly dependent on project milestone timing; a single delayed billing cycle can move net profit by over 20 percent in either direction within a quarter. With a market capitalisation of around Rs. 124.04 crore, the shares of Tarmat Ltd closed on Friday at around Rs. 49.49 per share and a P/E of around 19.75.

For Q4 FY26 , Tarmat reported revenue of Rs. 42.4 crore and net profit of Rs. 2.96 crore, with net profit surging 419.30 percent year-on-year on a very low base. Revenue grew 12.36 percent year-on-year and net profit grew 161.95 percent quarter-on-quarter from the preceding quarter, consistent with civil construction milestone dependency.

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