Interglobe Aviation logo

Interglobe Aviation

INDIGO NSE

Key Fundamentals

LargecapAirlineAviation
Market Cap
1.9L Cr
Volatility
Moderate
P/E Ratio
-40
EBITDA
₹16,535 Cr
Return on Equity
-34.26%
Debt to Equity
11.15
Book Value
₹180.29
EPS
₹202.26
52W High
₹5,970
52W Low
₹3,895.2

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Key Insights

Weaknesses

3
  • Stock is trading at 27.3 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last 3 years: -21.7%

Growth Rate

Revenue Growth
6.44% lower than 3Y
Net Income Growth
-133% lower than 3Y
Cash Flow Change
-2.82% lower than 3Y
ROE
-144% lower than 3Y
ROCE
-74.11% higher than 3Y
EBITDA Margin (Avg.)
-27.25% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

InterGlobe Aviation (IndiGo) has a market capitalisation of about Rs 1,89,791 crore and remains India's largest airline, with roughly 62% domestic market share. Revenue keeps growing (16% 3-year sales CAGR, Q1 FY27 revenue up 19% YoY to Rs 25,614 crore), but profits have turned negative. The company posted a FY26 net loss of about Rs 2,390 crore, a trailing P/E of -39.3 and last-year ROE of -27%, while the stock trades at 27.12 times book value.

Bull Case 7
  • Dominant market position with about 62% share of the Indian aviation market, giving it scale, route density and bargaining power with airports and lessors.
  • Revenue growth has held up while profits fell: Q1 FY27 revenue rose 19% YoY to Rs 25,614 crore, and sales have compounded at 16% over 3 years and 42% over 5 years.
  • Recent losses come largely from external factors rather than weak demand. Fuel costs rose 85.7% YoY in Q1 FY27, alongside adverse forex moves and Middle East disruptions. Margins could recover if these ease.
  • The core business was still generating cash at the operating level: Q1 FY27 EBITDAR was Rs 3,832 crore, a 15.6% margin, even under heavy cost pressure.
  • Underlying earnings are stronger than reported earnings. In Q3 FY26 (Oct-Dec 2025), profit excluding exceptional items and forex effects was about Rs 3,131 crore, against reported net profit of Rs 549 crore.
  • Long-term shareholder returns have been steady, with stock CAGR of 18% over 10 years, 19% over 5 years and 27% over 3 years.
  • Demand stayed firm, with a Q1 FY27 load factor of 83.3%, only 1.3 percentage points lower YoY despite the disruptions.
Bear Case 8
  • Profitability has collapsed: TTM profit growth is -148%, FY26 ended with a net loss of about Rs 2,390 crore, and Q4 FY26 alone lost Rs 2,537 crore against a Rs 3,068 crore profit a year earlier.
  • Losses continued into Q1 FY27 at Rs 238 crore, against a Rs 2,176 crore profit in Q1 FY26, so there is no clear sign of recovery yet.
  • Margins have compressed sharply: Q1 FY27 EBITDAR fell 33.2% YoY and the EBITDAR margin dropped from 28% to 15.6%.
  • The valuation is high relative to book: the stock trades at 27.12 times book value, and the P/E of -39.3 gives no earnings support.
  • Earnings are very sensitive to fuel and currency: fuel costs jumped 85.7% YoY in Q1 FY27, and lease and aircraft obligations in foreign currency expose results to rupee depreciation.
  • The balance sheet is under strain: last-year ROE was -27% and the company has a low interest coverage ratio, partly because of heavy lease liabilities.
  • Promoter holding has fallen by 26.2% over the last 3 years, which reduces promoter ownership.
  • Recent stock performance is weak, with a 1-year return of -11%, and the dividend yield of 0.2% offers little income cushion.

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

AI News Digest

14d ago
Neutral 1
  • Saretsky reappointment faces dissent Aug 20

    InterGlobe Aviation shareholders approved financials and borrowing limits at the AGM. Gregg Saretsky's reappointment as director saw 4.6% dissent from institutional investors, a modest but notable governance signal.

TL;DR: Limited news flow for IndiGo this period, with only a routine AGM update. The 4.6% institutional dissent on a board reappointment is worth monitoring but not alarming. No operational or financial headwinds or catalysts emerged; the outlook hinges on upcoming quarterly results and broader aviation sector dynamics.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others2.54%Promot.41.57%Public3.69%FIIs20.32%DIIs31.89%As ofJun 2026

Documents

Frequently Asked Questions about Interglobe Aviation

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 trades as INDIGO on the NSE and under code 539448 on the BSE.
Which sector does Interglobe Aviation Ltd belong to?
Interglobe Aviation Ltd is classified under the Aviation sector, in the Airline industry.
What is the market capitalisation of Interglobe Aviation Ltd?
Interglobe Aviation Ltd has a market capitalisation of ₹1,90,638 Cr, which places it in the Large Cap band.
What is the PE ratio of Interglobe Aviation Ltd?
Interglobe Aviation Ltd trades at a PE ratio of -40.00, on earnings per share of ₹202.26, against a book value of ₹180.29 per share.
What is the 52-week high and low of Interglobe Aviation Ltd?
Over the last 52 weeks Interglobe Aviation Ltd has traded between ₹3,895.2 and ₹5,970.
Does Interglobe Aviation Ltd pay dividends?
Interglobe Aviation Ltd has a dividend yield of 0.20%.
What is the Return on Equity (ROE) of Interglobe Aviation Ltd?
Interglobe Aviation Ltd reported a return on equity of -34.26%. Its debt-to-equity ratio is 11.15.

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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