NEW DELHI, Aug. 31 -- India's airport operators are navigating FY27 with a problem that has less to do with demand for air travel than with airlines' ability to put planes in the air.

After a bruising year for airlines, capacity constraints, fleet shortages and geopolitical disruptions are limiting passenger growth at airports even as India's underlying demand for air travel remains strong.

The pressure is forcing airport operators to look beyond passenger traffic for growth, with cargo, maintenance, repair and overhaul (MRO), and other non-aeronautical businesses becoming increasingly important as new airport capacity takes longer to ramp up.

At the same time, operators are continuing to invest on the expectation that airline capacity...