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 29.6 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 3d agoInterGlobe Aviation (IndiGo) commands a dominant ~64% domestic market share in India with a fleet of 440+ aircraft and FY26 revenue of ₹84,962 crore (up 5.1% YoY), but swung to a net loss of ₹2,394 crore in FY26 versus a profit of ₹7,258 crore in FY25, driven primarily by forex headwinds and higher costs. The stock trades at 30x book value with a market cap of ~₹2.10 lakh crore, reflecting the market's premium for scale despite near-term earnings volatility.
- Dominant domestic market share of ~64%, the highest any carrier holds in a major aviation market globally, providing pricing power and network advantages
- Fleet of 440+ aircraft operating 2,200+ daily flights to 141 destinations (45 international), giving unmatched scale in India's underpenetrated aviation market
- FY25 delivered record net profit of ₹7,258 crore with 18% revenue growth, demonstrating strong underlying earnings power when macro conditions are favourable
- Revenue from operations grew 5.1% YoY to ₹84,962 crore in FY26 despite a challenging environment, with total income at ₹89,513 crore (+6.4% YoY)
- Excluding forex and exceptional items, FY26 adjusted profit was ₹7,503 crore — higher than FY25 reported profit — indicating core operating business remains resilient
- Capacity grew 9.5% in FY26 to 172.4 billion ASKs, and the airline carried 123.4 million passengers (+4% YoY), more than any airline in Asia
- Stock CAGR of 29% over 3 years and 21% over 10 years reflects long-term wealth creation track record
- Investment-grade credit rating achieved and free cash balance of approximately ₹36,200 crore provides a buffer for fleet expansion and cyclical downturns
- FY26 net loss of ₹2,394 crore versus ₹7,258 crore profit in FY25, a swing of nearly ₹9,650 crore driven by forex losses and cost pressures
- Stock trades at 30x book value, making valuation extremely demanding and leaving little margin of safety if growth slows
- Negative PE of -42.9 on trailing earnings with compounded profit declining 148% TTM, signalling sharp earnings deterioration
- Promoter holding decreased by 26.2% over the last 3 years, indicating significant dilution or selling by insiders
- Load factor declined to 84.4% in FY26 from 86% in FY25, while yield fell 2.2% to ₹5.20, suggesting pricing pressure as capacity outpaces demand
- Low interest coverage ratio highlights vulnerability to rising lease liabilities and debt costs in a capital-intensive business
- Heavy forex exposure — rupee depreciation caused material non-cash losses; Q4 FY26 loss of ₹2,537 crore was entirely driven by currency translation impacts
- Dividend yield of just 0.19% provides negligible income return relative to the risk profile and capital employed
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago- FY26 net loss, massive forex hit Jul 28
InterGlobe Aviation reported a consolidated net loss of ₹23,936 million for FY26, driven by ₹89,757 million forex loss. Revenue rose 5.1% to ₹850 billion but couldn't offset currency headwinds.
- Q1FY26 swings to net loss Jul 23
Consolidated net loss of ₹2,380 million for Q1FY26 versus a 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 a ₹1.14 crore penalty on Jul 27 over revised classification of goods imported between Apr 2020 and Mar 2024.
- DGCA warning for cargo lapses Jul 11
DGCA issued a warning letter on Jul 8 for cargo spillage detected in Jan 2026 and SOP deviations under Dangerous Goods Rules. No significant financial impact reported but corrective action required.
- Willie Walsh appointed as CEO Aug 3
Willie Walsh, with 40+ years of global aviation leadership experience, appointed CEO effective Aug 3, 2026, bringing credibility and strategic depth.
- 1,000+ LEAP-1A engine MoU signed Jul 20
IndiGo signed an MoU with CFM International for over 1,000 LEAP-1A engines including MRO capabilities, securing long-term fleet expansion and maintenance support.
- 18.9% GHG intensity reduction in FY26 Jul 28
BRSR filing shows 18.9% reduction in GHG emission intensity since 2016 through A320neo fleet modernization, independently assured by TUV India.
- ₹54.62 Cr block trade on NSE Aug 6
Approximately 1,01,245 shares traded at ₹5,394.50 per share totalling ₹54.62 crores, indicating institutional activity.
- ₹30.81 Cr block trade on NSE Jul 27
Around 60,028 shares traded at ₹5,132.50 per share for ₹30.81 crores, reflecting continued institutional interest.
- Norse lease ends, shift to A321XLR Aug 1
Wide-body damp lease with Norse Atlantic ends Oct 31, 2026 citing geopolitical costs. Mumbai-Amsterdam shifts to A321XLR; London paused until A350 delivery.
- 23rd AGM set for Aug 20 Jul 28
Annual General Meeting scheduled for Aug 20, 2026 via video conferencing with remote voting for shareholders.
- 113,500 stock options granted Jul 22
Committee approved 113,500 stock options under the 2023 scheme at an exercise price of INR 10 each.
- Q1 FY27 earnings call audio posted Jul 23
Audio recording of Q1FY27 earnings call made available on company website per SEBI Regulation 30.
TL;DR: IndiGo faces significant near-term financial headwinds with a ₹24 billion FY26 net loss driven primarily by forex exposure of nearly ₹90 billion, and Q1FY26 also swung to a loss. On the positive side, the appointment of veteran aviation leader Willie Walsh as CEO and a massive 1,000+ engine MoU with CFM signal strong long-term strategic intent. Institutional block trades at ₹5,100-5,400 levels suggest sustained market confidence, but profitability recovery hinges on forex stabilization and operational execution under new leadership.
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% |
Documents
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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]