Interglobe Aviation
Interglobe Aviation
Aviation F&OKey Fundamentals
LargecapAirlineAviationTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
3- Stock is trading at 27.6 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 2d agoInterGlobe Aviation (IndiGo), with a market cap of ₹1,87,471 Cr, is India's dominant low-cost carrier that has delivered a 5-year stock CAGR of 21% but currently trades at a negative PE of -40 and a P/B of 27.56x, reflecting a sharp TTM profit decline of -148%. The company's sales have compounded at 42% over 5 years, though TTM revenue growth has moderated to 9%.
- Dominant market position in Indian aviation with a market cap of ₹1,87,471 Cr, making it the largest listed Indian airline by a wide margin
- Strong long-term stock price performance with a 10-year CAGR of 19% and a 3-year CAGR of 26%, indicating sustained investor wealth creation over time
- Impressive 5-year compounded sales growth of 42%, reflecting robust capacity expansion and route network growth across domestic and international markets
- 5-year compounded profit growth of 10%, demonstrating ability to convert top-line expansion into earnings over a full business cycle despite aviation sector volatility
- Dividend yield of 0.2%, which while modest, is rare among Indian airlines and signals some capital return discipline
- TTM revenue still growing at 9% even in a period of margin compression, suggesting underlying demand remains intact
- 3-year compounded sales growth of 16% indicates the company continued expanding through the post-COVID recovery phase with sustained momentum
- TTM compounded profit has declined -148%, signaling a sharp swing from profitability to losses in the most recent period
- Negative PE ratio of -40 confirms the company is currently loss-making on a trailing basis, raising questions about near-term earnings recovery
- Stock trades at 27.56x book value, an extremely elevated P/B multiple that leaves little margin of safety if operational recovery is delayed
- Last year ROE stood at -27%, indicating the company destroyed shareholder equity value in the most recent fiscal year
- Promoter holding has decreased by 26.2% over the last 3 years, a significant reduction that may signal reduced insider conviction or stake monetisation
- Company has a low interest coverage ratio, suggesting operating earnings may be insufficient to comfortably service debt obligations
- 1-year stock price return of -13% reflects market repricing of near-term earnings deterioration and sector headwinds
- TTM sales growth has decelerated sharply to 9% from the 5-year compounded rate of 42%, indicating a meaningful slowdown in top-line momentum
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- AGM dissent on board appointment Aug 20
InterGlobe Aviation shareholders approved financials and borrowing limits at AGM. Gregg Saretsky's reappointment as director faced 4.6% dissent from institutional investors.
- GST penalty order contested Aug 18
Interglobe Aviation received a ₹19.65 lakh GST penalty order from Noida tax authorities over alleged document deficiencies during goods transport. The airline plans to appeal the order.
TL;DR: A quiet period for IndiGo with no material positive or negative catalysts. The 4.6% dissent on a board appointment and a minor ₹19.65 lakh GST penalty are both immaterial to the business. No clear directional signal from recent news flow; watch for upcoming quarterly traffic data and fuel cost trends for more meaningful indicators.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY14–FY27.
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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]
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