Interglobe Aviation Ltd logo

Interglobe Aviation Ltd

INDIGO NSE

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]

AI Verdict: HOLD Confidence: 5%

InterGlobe Aviation commands strong analyst support with 83% buy ratings and impressive 3-year stock CAGR of 27%, but the negative PE of -81x and TTM profit decline of -119% signal severe near-term earnings pressure. At 27.8x book value, the risk-reward is unfavorable until profitability stabilizes.

Key Fundamentals

Volatility
High Risk
EBITDA
₹10,187 Cr
Return on Equity
409.35%
Debt to Equity
10.39
EPS
₹202.26
52W High
₹6,232.5
52W Low
₹3,895.2

Technical Indicators

Key Insights

Strengths

1
  • Company's median sales growth is 23.8% of last 10 years

Weaknesses

3
  • Stock is trading at 31.2 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last 3 years: -26.3%

Growth Rate

Revenue Growth
1.03% ↗
Net Income Growth
-127.20% ↗
Cash Flow Change
13.83% ↗
ROE
-81.07% ↗
ROCE
-34.64% ↗
EBITDA Margin (Avg.)
-55.18% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk high

InterGlobe Aviation commands strong analyst support with 83% buy ratings and impressive 3-year stock CAGR of 27%, but the negative PE of -81x and TTM profit decline of -119% signal severe near-term earnings pressure. At 27.8x book value, the risk-reward is unfavorable until profitability stabilizes.

Bull Case 7
  • Overwhelming analyst consensus with 83.33% buy ratings (20 out of 24 analysts recommend buy)
  • Strong 3-year stock CAGR of 27% and 5-year CAGR of 24% demonstrating long-term wealth creation
  • Robust 10-year compounded sales growth of 18% reflecting consistent revenue expansion in Indian aviation
  • Median sales growth of 23.8% over the last 10 years indicates durable demand and market share gains
  • Large market cap of Rs 192,684 crore provides liquidity, index inclusion benefits, and institutional ownership stability
  • 5-year compounded sales growth of 42% shows post-COVID revenue recovery has been exceptionally strong
  • 10-year stock CAGR of 17% outperforms broader market indices over the long term
Bear Case 8
  • TTM compounded profit decline of -119% signals the company has swung into losses recently
  • Negative PE ratio of -81x confirms current earnings are negative, making valuation stretched on any recovery timeline
  • Price-to-book ratio of 27.8x (trading at 30.1x book value) is extremely expensive for an airline business with cyclical earnings
  • Promoter holding has decreased by 26.3% over the last 3 years, indicating reduced promoter confidence or dilution
  • Last year ROE of -14% shows the company is destroying shareholder value at the equity level
  • Low interest coverage ratio indicates debt servicing burden is pressuring already weak profitability
  • 3-year compounded profit decline of -19% shows earnings deterioration is not just a one-quarter event
  • Dividend yield of only 0.2% offers negligible income cushion while investors bear high valuation risk

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2d ago
Headwinds 2
  • Six international routes suspended Jun 4

    IndiGo halts flights to six international cities from July to September 2026 citing soft demand and high costs, though it retains over 1,800 weekly international flights.

  • Manchester flights halted, 787 returned Jun 2

    IndiGo stops Manchester flights from Aug 31, 2026 due to airspace constraints and high costs, returning one Boeing 787-9 to Norse Atlantic Airways.

Neutral 5
  • ₹487Cr block trade on NSE May 25

    Approximately 10.89 lakh shares traded at ₹4,476.40 per share aggregating ₹487.33 crores, indicating significant institutional activity.

  • ₹34.5Cr block trade at ₹5,030.90 Jun 22

    Around 68,590 shares traded at ₹5,030.90 per share totaling ₹34.51 crores on NSE, suggesting institutional participation.

  • Gangwal confirms no share encumbrance Jun 15

    Promoter Rakesh Gangwal and RG Group confirmed no encumbrance on InterGlobe Aviation shares beyond those already disclosed in FY26.

  • Investor and analyst meets scheduled Jun 5

    InterGlobe Aviation held an investor meet in London on June 11-12 and an analyst meet in Gurugram on June 8, 2026. No unpublished price-sensitive information shared.

  • Q4FY26 earnings call recording released May 30

    Audio recording of InterGlobe Aviation's Q4FY26 earnings call held on May 29, 2026 made available on the company website.

TL;DR: InterGlobe Aviation faces near-term headwinds from soft international demand and rising costs, leading to suspension of select routes and a widebody aircraft return. Block trade activity shows continued institutional interest, with share price rising from ₹4,476 in late May to ₹5,031 by late June. Promoter governance remains clean with no undisclosed encumbrances. The route rationalization is a watch item — if demand weakness persists beyond Q2FY27, international expansion momentum could slow further.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
14,161
16,683
14,944
19,452
17,825
19,571
16,970
22,111
22,152
20,496
18,555
23,472
22,438
Expenses
11,412
11,715
12,748
14,308
13,841
14,425
15,352
16,951
16,070
15,292
18,010
18,119
21,697
Operating Profit
2,748
4,968
2,196
5,144
3,984
5,146
1,618
5,160
6,082
5,205
545
5,353
741
OPM %
19%
30%
15%
26%
22%
26%
10%
23%
27%
25%
3%
23%
3%
Other Income
438
477
558
610
680
680
790
884
953
1,046
1,045
-403
1,144
Interest
918
954
1,021
1,095
1,099
1,158
1,240
1,308
1,383
1,403
1,475
1,557
1,574
Depreciation
1,352
1,404
1,545
1,660
1,796
1,866
2,078
2,215
2,477
2,553
2,629
2,768
2,801
PBT
916
3,087
188
2,998
1,770
2,802
-909
2,520
3,175
2,295
-2,514
625
-2,490
Tax %
0%
0%
0%
0%
-7%
3%
9%
3%
3%
6%
4%
2%
7%
Net Profit
916
3,087
188
2,998
1,894
2,727
-989
2,442
3,073
2,161
-2,614
613
-2,662
EPS in Rs
23.76
80.07
4.87
77.69
49.07
70.64
-25.6
63.2
79.53
55.91
-67.62
15.85
-68.86
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
13,925
16,140
18,580
23,021
28,497
35,756
14,641
25,931
54,446
68,904
80,803
84,962
Expenses
12,022
12,976
16,362
19,991
28,648
31,687
14,638
25,373
47,926
52,573
62,753
73,118
Operating Profit
1,904
3,164
2,219
3,030
-151
4,069
2
558
6,521
16,331
18,050
11,844
OPM %
14%
20%
12%
13%
-1%
11%
0%
2%
12%
24%
22%
14%
Other Income
395
515
789
947
1,325
1,531
1,036
725
1,431
2,326
3,307
2,833
Interest
150
350
406
413
563
1,902
2,170
2,386
3,168
4,208
5,133
6,009
Depreciation
302
505
457
437
760
3,974
4,699
5,068
5,101
6,406
8,637
10,751
PBT
1,847
2,824
2,144
3,127
-149
-275
-5,830
-6,171
-317
8,043
7,588
-2,083
Tax %
29%
30%
23%
28%
-205%
-10%
0%
0%
0%
-2%
4%
20%
Net Profit
1,304
1,986
1,659
2,242
156
-248
-5,830
-6,171
-317
8,168
7,253
-2,502
EPS in Rs
42,481
55.12
45.9
58.33
4.06
-6.45
-151
-160
-8.21
212
188
-64.73
Div. Payout %
83%
27%
74%
10%
123%
0%
0%
0%
0%
0%
5%
0%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
31
360
361
384
384
385
385
385
386
386
386
387
Reserves
386
2,363
3,418
6,693
6,560
5,478
-314
-6,421
-6,695
1,546
8,920
6,065
Borrowings
3,930
3,245
2,596
2,453
2,429
22,719
29,860
36,878
44,860
51,280
67,088
85,246
Other Liabilities
6,443
6,662
8,834
11,599
15,638
13,467
13,044
15,018
20,492
28,857
39,519
50,996
Total Liabilities
10,789
12,630
15,210
21,129
25,012
42,048
42,974
45,860
59,043
82,069
1,15,914
1,42,694
Fixed Assets
4,876
4,747
3,794
4,579
5,662
16,778
18,815
21,282
27,650
36,036
51,565
62,568
CWIP
0
32
25
32
24
140
72
125
21
1
3
16
Investments
517
986
3,713
6,344
6,517
9,499
7,290
8,033
11,514
16,453
26,402
35,213
Other Assets
5,396
6,864
7,677
10,174
12,809
15,631
16,797
16,420
19,858
29,578
37,944
44,898
Total Assets
10,789
12,630
15,210
21,129
25,012
42,048
42,974
45,860
59,043
82,069
1,15,914
1,42,694
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
2,384
3,116
3,782
3,903
3,160
6,943
-1,620
2,064
12,703
21,183
24,065
23,379
Investing
-940
-1,337
-3,033
-4,152
-2,526
-4,573
3,228
1,527
-4,039
-11,759
-12,782
-9,027
Financing
-1,308
-1,220
-1,401
766
-592
-2,407
-1,775
-3,088
-8,432
-9,978
-10,975
-14,280
Net Cash Flow
136
559
-652
518
42
-37
-168
503
232
-555
308
72
Free Cash Flow
1,367
2,867
4,158
2,683
1,454
5,883
-2,040
1,725
12,171
20,780
22,846
21,789
CFO/OP
146
117
190
153
-2,156
178
-64,520
404
201
133
136
199
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
3
4
3
4
5
3
5
5
3
3
3
3
Cash Conversion Cycle
3
4
3
4
5
3
5
5
3
3
3
3
Working Capital Days
-60
-63
-72
-70
-64
-146
-415
-287
-141
-144
-123
-22
ROCE %
47%
61%
38%
40%
0%
5%
-14%
-13%
7%
25%
17%
7%

Shareholding Pattern

As of Mar 2026
Promoters 41.57%
DIIs 31.14%
FIIs 21.64%
Public 5.60%
Government 0.04%
Total 99.99%
  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
67.77%
63.25%
63.12%
57.29%
55.29%
49.29%
49.27%
49.27%
43.54%
41.58%
41.57%
41.57%
FIIs
19.76%
20.29%
18.70%
23.66%
24.43%
25.40%
24.83%
25.12%
27.31%
28.44%
24.99%
21.64%
DIIs
10.37%
13.25%
14.65%
15.03%
15.36%
20.59%
21.14%
20.66%
24.02%
24.58%
28.08%
31.14%
Government
0.07%
0.07%
0.07%
0.07%
0.07%
0.07%
0.07%
0.07%
0.07%
0.07%
0.04%
0.04%
Public
2.02%
3.16%
3.45%
3.95%
4.85%
4.64%
4.69%
4.88%
5.05%
5.32%
5.31%
5.60%
No. of Shareholders
1,05,511
1,40,179
1,41,106
1,70,059
2,39,650
2,49,061
2,73,677
2,89,444
3,03,062
3,16,246
3,87,056
4,02,483

Documents

1
Concall - Jul 2018 Jul 2018
2
Concall - Feb 2019 Feb 2019
3
Concall - Dec 2019 Dec 2019
4
Concall - Mar 2023 Mar 2023
5
Concall - Jun 2024 Jun 2024

Frequently Asked Questions about Interglobe Aviation Ltd

What does Interglobe Aviation Ltd do?
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 f...
Where is Interglobe Aviation Ltd (INDIGO) listed?
Interglobe Aviation Ltd is listed on the Indian stock exchanges. It is listed on NSE: INDIGO and BSE: 539448. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Interglobe Aviation Ltd belong to?
Interglobe Aviation Ltd operates in the Services sector within the Transport Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the 52-week high and low of Interglobe Aviation Ltd?
Over the past 52 weeks, Interglobe Aviation Ltd has traded between a low of ₹3,895.2 and a high of ₹6,232.5. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Interglobe Aviation Ltd?
Interglobe Aviation Ltd has a Return on Equity (ROE) of 409.35%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Interglobe Aviation Ltd on Tapetide?
On Tapetide, you can view Interglobe Aviation Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website goindigo.in
CEO Mr. Petrus Johannes Theodorus Elbers
Employees 41,049
Listed 2015-11-10
Face Value ₹ 10
Issued Size 38,65,90,598

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