Interglobe Aviation Ltd
Interglobe Aviation Ltd
Aviation F&OKey Fundamentals
LargecapAirlineAviationInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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42 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Weaknesses
3- Stock is trading at 29.3 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last 3 years: -26.2%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoInterGlobe Aviation (IndiGo) commands a dominant ~66% domestic market share with a 440-aircraft fleet and FY26 revenue of ₹89,513 crore, but swung to a net loss of ₹2,394 crore in FY26 (vs ₹7,258 crore profit in FY25) driven by ₹8,100 crore in forex losses, ₹1,200 crore in new labour law provisions, and operational disruptions. The stock trades at 29.06x book value with a negative trailing PE of -42.1 and a market cap of ~₹2.06 lakh crore.
- Dominant domestic market share of ~66.3% as of June 2026, the highest any carrier holds in a major aviation market globally
- Massive order book of ~930 aircraft from Airbus (including 60 A350-900s and 40 A321XLRs) positioning for fleet doubling by 2030
- FY26 total income grew 6.4% YoY to ₹89,513 crore despite severe headwinds, with capacity up 9.5% to 172.4 billion ASKs
- Excluding forex and exceptional items, IndiGo would have reported ₹7,502.5 crore profit in FY26, demonstrating underlying operational strength
- Fleet of 440 aircraft operating 2,200+ daily flights to 141 destinations including 45 international cities, with free cash balance of approximately ₹36,200 crore
- Carried 123.4 million passengers in FY26, up 4% YoY — more than any airline in Asia
- 3-year stock CAGR of 28% and 10-year CAGR of 21% reflecting long-term wealth creation track record
- International expansion underway with Boeing 787 Dreamliners for long-haul routes to Europe, opening new revenue streams
- FY26 net loss of ₹2,394 crore vs profit of ₹7,258 crore in FY25 — a complete reversal driven by non-operational headwinds
- Forex losses of approximately ₹8,100 crore in FY26 highlight significant unhedged currency exposure on dollar-denominated lease liabilities
- Stock trades at 29.06x book value, among the highest valuations in global aviation, leaving minimal margin of safety
- Trailing PE is negative at -42.1 with TTM profit declining 148%, making valuation difficult to justify on earnings basis
- Promoter holding has decreased by 26.2% over the last 3 years, signaling potential dilution of alignment with minority shareholders
- Low interest coverage ratio indicates vulnerability to rising financing costs as fleet expansion requires heavy capital expenditure
- Q1 FY27 loss of ₹238 crore with EBITDAR margin narrowing sharply to 15.6% from 28% YoY and load factor slipping 1.3pp to 83.3%
- New labour law provisions added ₹1,200 crore in one-time costs in FY26, with potential for further regulatory cost escalation
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 19h ago- FY26 net loss, massive forex hit Jul 28
Consolidated net loss of ₹23,936 million for FY26 driven by ₹89,757 million forex loss. Revenue grew 5.1% to ₹850 billion but couldn't offset currency headwinds.
- Q1FY26 swings to net loss Jul 23
Reported Q1FY26 net loss of ₹2,380 million vs profit of ₹21,763 million in the year-ago quarter, despite revenue rising to ₹245,841 million.
- ₹1.14 Cr customs penalty order Jul 27
Principal Commissioner of Customs, New Delhi imposed ₹1.14 crore penalty over revised classification of goods imported between April 2020 and March 2024.
- 1,000+ LEAP-1A engine MoU signed Jul 20
Signed MoU with CFM International for 1,000+ LEAP-1A engines including MRO capabilities, securing long-term fleet growth.
- Willie Walsh appointed as CEO Aug 3
Appointed Willie Walsh as CEO effective August 3, 2026, bringing over 40 years of global aviation leadership experience.
- 18.9% GHG intensity reduction in FY26 Jul 28
BRSR filing shows 18.9% reduction in GHG emission intensity since 2016, driven by A320neo fleet modernization with independent TUV India assurance.
- ₹54.62 Cr block trade on NSE Aug 6
~1,01,245 shares traded at ₹5,394.50/share totalling ₹54.62 crore, indicating active institutional interest.
- ₹30.81 Cr block trade on NSE Jul 27
~60,028 shares traded at ₹5,132.50/share totalling ₹30.81 crore, reflecting continued institutional participation.
- Norse lease ends, shifts to A321XLR Aug 1
Wide-body damp lease with Norse Atlantic ends Oct 31, 2026. Mumbai-Amsterdam moves to A321XLR; London routes paused until A350 delivery.
- 23rd AGM set for Aug 20 Jul 28
Annual General Meeting scheduled for August 20, 2026 via video conferencing with remote e-voting for shareholders.
- 113,500 stock options granted Jul 22
Committee approved 113,500 stock options under the 2023 scheme at exercise price of INR 10 each.
- Q1FY27 earnings call audio posted Jul 23
Audio recording of Q1FY27 earnings call made available on website per SEBI Regulation 30 compliance.
TL;DR: IndiGo is investing aggressively in long-term fleet growth (1,000+ engine MoU, A321XLR transition) and has brought in a seasoned global CEO in Willie Walsh. However, FY26 was marred by a ₹23,936 million net loss driven primarily by a ₹89,757 million forex hit, signalling significant currency risk exposure. Institutional block trades suggest steady market interest despite weak financials. The outlook hinges on whether the new leadership can mitigate forex volatility and deliver on fleet expansion without further earnings deterioration.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 16,683 | 14,944 | 19,452 | 17,825 | 19,571 | 16,970 | 22,111 | 22,152 | 20,496 | 18,555 | 23,472 | 22,438 | 24,584 |
| Expenses | 11,709 | 12,744 | 14,303 | 13,832 | 14,412 | 15,338 | 16,932 | 16,062 | 15,270 | 17,976 | 18,104 | 21,628 | 21,317 |
| Operating Profit | 4,974 | 2,200 | 5,149 | 3,994 | 5,159 | 1,631 | 5,179 | 6,089 | 5,226 | 580 | 5,367 | 810 | 3,267 |
| OPM % | 30% | 15% | 26% | 22% | 26% | 10% | 23% | 27% | 26% | 3.1% | 23% | 3.6% | 13% |
| Other Income | 478 | 559 | 610 | 680 | 678 | 789 | 882 | 946 | 1,046 | 1,044 | -478 | 1,142 | 1,030 |
| Interest | 954 | 1,021 | 1,095 | 1,099 | 1,158 | 1,240 | 1,308 | 1,374 | 1,396 | 1,465 | 1,545 | 1,485 | 1,565 |
| Depreciation | 1,408 | 1,549 | 1,666 | 1,803 | 1,876 | 2,088 | 2,226 | 2,491 | 2,566 | 2,640 | 2,782 | 2,820 | 2,970 |
| PBT | 3,091 | 189 | 2,998 | 1,771 | 2,804 | -907 | 2,527 | 3,169 | 2,311 | -2,482 | 562 | -2,352 | -238 |
| Tax % | 0% | 0% | 0% | -7% | 3% | 9% | 3% | 3% | 6% | 4% | 2% | 8% | 0% |
| Net Profit | 3,091 | 189 | 2,998 | 1,895 | 2,729 | -987 | 2,449 | 3,068 | 2,176 | -2,582 | 549 | -2,537 | -238 |
| EPS in Rs | 80.16 | 4.9 | 77.68 | 49.09 | 70.7 | -25.54 | 63.38 | 79.38 | 56.31 | -66.79 | 14.22 | -65.6 | -6.14 |
Profit & Loss
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 18,580 | 23,021 | 28,497 | 35,756 | 14,641 | 25,931 | 54,446 | 68,904 | 80,803 | 84,962 | 89,050 |
| Expenses | 16,362 | 19,991 | 28,646 | 31,666 | 14,626 | 25,356 | 47,915 | 52,548 | 62,701 | 72,925 | 79,026 |
| Operating Profit | 2,219 | 3,030 | -149 | 4,090 | 14 | 575 | 6,531 | 16,356 | 18,102 | 12,037 | 10,024 |
| OPM % | 12% | 13% | -0.5% | 11% | 0.1% | 2.2% | 12% | 24% | 22% | 14% | 11% |
| Other Income | 789 | 947 | 1,325 | 1,531 | 1,037 | 726 | 1,435 | 2,327 | 3,295 | 2,755 | 2,739 |
| Interest | 406 | 413 | 563 | 1,902 | 2,170 | 2,386 | 3,168 | 4,208 | 5,124 | 5,944 | 6,060 |
| Depreciation | 457 | 437 | 760 | 3,974 | 4,699 | 5,069 | 5,103 | 6,426 | 8,680 | 10,808 | 11,212 |
| PBT | 2,144 | 3,127 | -147 | -256 | -5,818 | -6,154 | -304 | 8,049 | 7,593 | -1,960 | -4,510 |
| Tax % | 23% | 28% | -207% | -9% | 0% | 0% | 0% | -2% | 4% | 22% | — |
| Net Profit | 1,659 | 2,242 | 157 | -234 | -5,806 | -6,162 | -306 | 8,172 | 7,258 | -2,394 | -4,808 |
| EPS in Rs | 45.9 | 58.33 | 4.09 | -6.07 | -151 | -160 | -7.93 | 212 | 188 | -61.87 | -124 |
| Div. Payout % | 74% | 10% | 122% | 0% | 0% | 0% | 0% | 0% | 5% | 0% | — |
Balance Sheet
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 361 | 384 | 384 | 385 | 385 | 385 | 386 | 386 | 386 | 387 |
| Reserves | 3,418 | 6,693 | 6,561 | 5,493 | -274 | -6,373 | -6,638 | 1,610 | 8,982 | 6,584 |
| Borrowings | 2,596 | 2,254 | 2,429 | 22,719 | 29,860 | 36,878 | 44,860 | 51,280 | 66,810 | 77,749 |
| Other Liabilities | 8,834 | 11,798 | 15,651 | 13,504 | 13,081 | 15,073 | 20,562 | 28,948 | 39,666 | 51,282 |
| Total Liabilities | 15,210 | 21,129 | 25,026 | 42,101 | 43,051 | 45,963 | 59,170 | 82,224 | 1,15,844 | 1,36,002 |
| Fixed Assets | 3,794 | 4,579 | 5,662 | 16,779 | 18,817 | 21,284 | 27,658 | 36,154 | 51,782 | 63,157 |
| CWIP | 25 | 32 | 24 | 140 | 72 | 125 | 21 | 1 | 3 | 59 |
| Investments | 3,713 | 6,344 | 6,517 | 9,499 | 7,339 | 8,106 | 11,558 | 16,546 | 26,093 | 27,675 |
| Other Assets | 7,677 | 10,174 | 12,824 | 15,682 | 16,823 | 16,447 | 19,933 | 29,524 | 37,966 | 45,111 |
| Total Assets | 15,210 | 21,129 | 25,026 | 42,101 | 43,051 | 45,963 | 59,170 | 82,224 | 1,15,844 | 1,36,002 |
Cash Flow
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 3,782 | 3,903 | 3,176 | 6,972 | -1,614 | 2,091 | 12,728 | 21,218 | 24,151 | 23,470 |
| Investing | -3,033 | -4,151 | -2,526 | -4,574 | 3,179 | 1,504 | -4,043 | -11,812 | -12,758 | -1,943 |
| Financing | -1,401 | 766 | -592 | -2,407 | -1,775 | -3,088 | -8,432 | -9,979 | -11,015 | -21,276 |
| Net Cash Flow | -652 | 518 | 58 | -9 | -210 | 506 | 253 | -573 | 378 | 251 |
| Free Cash Flow | 4,158 | 2,683 | 1,469 | 5,910 | -2,035 | 1,750 | 12,163 | 20,120 | 22,558 | 21,767 |
| CFO/OP | 190 | 153 | -2,197 | 178 | -10,784 | 398 | 201 | 133 | 136 | 197 |
Ratios
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 3 | 4 | 5 | 3 | 5 | 5 | 3 | 3 | 3 | 3 |
| Cash Conversion Cycle | 3 | 4 | 5 | 3 | 5 | 5 | 3 | 3 | 3 | 3 |
| Working Capital Days | -72 | -70 | -64 | -147 | -416 | -287 | -141 | -144 | -123 | -129 |
| ROCE % | — | 40% | 0% | 5% | -14% | -13% | 7% | 24% | 17% | 5% |
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Company Information
Interglobe Aviation Ltd (Indigo) is India’s largest passenger airline operating as a low-cost carrier. Serving 86 destinations including 24 international destinations, it provides passengers with a simple, unbundled product, fulfilling its singular brand promise of providing “low fares, on-time flights, and a courteous and hassle-free service” to its customers. IndiGo commenced operations in August 2006 with a single aircraft and has grown its fleet to 262 aircrafts. [1]