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Interglobe Aviation

INDIGO NSE
₹5,140.80 +115.80 (+2.30%)
P/E
Not meaningful: loss-making over the last twelve months
View as Markdown
MCP
Close 4 Nov 2026 ₹5,140.80 −552.20 −9.70% 1Y
Start ₹5,693.00

Key Fundamentals

LargecapTransport ServicesServices

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
5.24%
Debt to Equity
17.47
EPS (TTM)
−₹106.10
Book Value
₹129.19
Market Cap
—
P/E (TTM)
Not meaningful: loss-making over the last twelve months
P/B
39.79
ROE
−27.10%
Dividend Yield
0.20%
EBITDA
₹16,535 Cr
52W High
₹5,970.00
52W Low
₹3,895.20
Day Range
₹5,030.00 – ₹5,154.90
Volume
7,95,054

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

48 Average

Data confidence 91/100

Category scores

Quality
58
Good
Returns, margins, earnings quality 22% weight
Valuation
40
Weak
Cheap vs sector & own history 24% weight
Growth
52
Average
Sales & profit trajectory 9% weight
Financial Health
13
Poor
Solvency, leverage, coverage 9% weight
Momentum
75
Strong
Trend strength, vol-adjusted 12% weight
Ownership
54
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

3
  • Stock is trading at 37.8 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last 3 years: -21.7%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3313
OscillatorsNeutral333
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
66.76
Neutral
MACD (12,26,9)
8.74
Bullish
SMA (50)
4,905.68
Bullish
SMA (200)
4,798.71
Bullish

As of

Analyst Rating

Based on 25 analysts
BUY84%

21 of 25 analysts rate Buy, 3 Hold, 1 Sell.

As of

BUY
21
84%
HOLD
3
12%
SELL
1
4%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
5Y+42.14%
3Y+15.99%
1Y+5.15%
TTM+12.66%

Net profit

Net profit growth by window
5YLoss narrowed by ₹3,412 Cr
3YLoss widened by ₹2,088 Cr
1YTurned to loss
TTMTurned to loss

Operating cash flow

Operating cash flow growth by window
5YTurned positive
3Y+22.63%
1Y−2.82%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+14.07 pp
3Y+2.17 pp
1Y−8.23 pp
TTM−8.40 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹18,580 Cr
Mar 2018₹23,021 Cr
Mar 2019₹28,497 Cr
Mar 2020₹35,756 Cr
Mar 2021₹14,641 Cr
Mar 2022₹25,931 Cr
Mar 2023₹54,446 Cr
Mar 2024₹68,904 Cr
Mar 2025₹80,803 Cr
Mar 2026₹84,962 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹1,659 Cr
Mar 2018₹2,242 Cr
Mar 2019₹157 Cr
Mar 2020−₹234 Cr
Mar 2021−₹5,806 Cr
Mar 2022−₹6,162 Cr
Mar 2023−₹306 Cr
Mar 2024₹8,172 Cr
Mar 2025₹7,258 Cr
Mar 2026−₹2,394 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹5,763 Cr +101.8% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Interglobe Aviation (IndiGo), India's dominant low-cost carrier, trades at ₹4,919.9 with a market cap of ₹1,91,179.57 crore as of 2026-11-02. The company reports a negative TTM EPS of ₹-106.1 and a negative ROE of -34.26%, despite delivering 42% compounded sales growth over five years, presenting a mixed picture of top-line momentum against bottom-line deterioration.

Bull Case 8
  • Strong 5-year compounded sales growth of 42%, indicating sustained revenue expansion as India's aviation market grows and IndiGo maintains its dominant market share
  • TTM revenue growth remains healthy at 13%, showing continued top-line momentum even on a larger base
  • 3-year compounded sales growth of 16% demonstrates consistent demand recovery and fleet expansion post-pandemic
  • 10-year stock CAGR of 18% reflects long-term wealth creation and market confidence in the business model
  • 3-year stock CAGR of 26% shows strong medium-term price appreciation, outperforming many large-cap peers
  • 5-year stock CAGR of 17% indicates the stock has rewarded patient investors through multiple business cycles
  • ROCE stands at 4.02%, which while modest, remains positive and suggests the company is generating some return on total capital deployed despite current profitability headwinds
  • The stock trades roughly 18% below its 52-week high of ₹5,970, suggesting the current price level reflects some correction from peak optimism
Bear Case 8
  • TTM EPS is deeply negative at ₹-106.1, indicating the company is currently loss-making on a trailing twelve-month basis
  • ROE is sharply negative at -34.26%, meaning the company is destroying shareholder equity rather than generating returns on it
  • Price-to-book ratio of 38.08 is extremely elevated, meaning investors are paying nearly 38 times book value for each share
  • Debt-to-equity ratio of 11.15 is very high, reflecting a heavily leveraged balance sheet largely driven by lease liabilities, with a low interest coverage ratio compounding the risk
  • TTM compounded profit growth is -149%, representing a severe deterioration in profitability versus the prior period
  • Promoter holding has decreased by 21.7% over the last three years, which may signal reduced insider confidence or dilution concerns
  • Last-year ROE was -27%, showing that the negative return on equity is not just a one-quarter anomaly but a sustained trend
  • 1-year stock return of -13% indicates the market has repriced the stock downward, underperforming broader indices over the recent period

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

AI News Digest

9h ago

TL;DR: IndiGo faces a notable demand headwind with Q2FY27 domestic traffic declining 6% YoY — the sharpest drop in five years — compounded by a 16% sequential decline. No offsetting positive catalysts have emerged in recent news flow. The trend is deteriorating and bears watching for signs of whether this reflects seasonal softness, capacity adjustments, or a structural slowdown in domestic air travel demand.

Headwinds 1
  • Domestic traffic drops 6% YoY Oct 6

    Interglobe Aviation's domestic air traffic fell 6% YoY in Q2FY27, the steepest YoY decline recorded in at least the last five years. Sequential traffic also declined 16% QoQ.

Quarterly Results

₹ Cr
INDIGO quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
14,944
19,452
17,825
19,571
16,970
22,111
22,152
20,496
18,555
23,472
22,438
24,584
23,364
Expenses
12,744
14,303
13,832
14,412
15,338
16,932
16,062
15,270
17,976
18,104
21,628
21,317
21,456
Operating Profit
2,200
5,149
3,994
5,159
1,631
5,179
6,089
5,226
580
5,367
810
3,267
1,907
OPM %
15%
26%
22%
26%
10%
23%
27%
26%
3.1%
23%
3.6%
13%
8%
Other Income
559
610
680
678
789
882
946
1,046
1,044
−478
1,142
1,030
948
Interest
1,021
1,095
1,099
1,158
1,240
1,308
1,374
1,396
1,465
1,545
1,485
1,565
1,658
Depreciation
1,549
1,666
1,803
1,876
2,088
2,226
2,491
2,566
2,640
2,782
2,820
2,970
3,074
PBT
189
2,999
1,771
2,804
−907
2,527
3,169
2,311
−2,482
562
−2,352
−238
−1,876
Tax %
0%
0%
−7%
3%
9%
3%
3%
6%
4%
2%
8%
0%
0%
Net Profit
189
2,998
1,895
2,729
−987
2,449
3,068
2,176
−2,582
549
−2,537
−238
−1,879
EPS (₹)
4.9
77.68
49.09
70.7
−25.54
63.38
79.38
56.31
−66.79
14.22
−65.6
−6.14
−48.58

Profit & Loss

₹ Cr
INDIGO profit and loss, annual, ₹ crore
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
93,858
Expenses
16,362
19,991
28,646
31,666
14,626
25,356
47,915
52,548
62,701
72,925
82,506
Operating Profit
2,219
3,030
−149
4,090
14
575
6,531
16,356
18,102
12,037
11,352
OPM %
12%
13%
−0.5%
11%
0.1%
2.2%
12%
24%
22%
14%
12%
Other Income
789
947
1,325
1,531
1,037
726
1,435
2,327
3,295
2,755
2,643
Interest
406
413
563
1,902
2,170
2,386
3,168
4,208
5,124
5,944
6,253
Depreciation
457
437
760
3,974
4,699
5,069
5,103
6,426
8,680
10,808
11,646
PBT
2,144
3,127
−147
−256
−5,818
−6,154
−304
8,049
7,593
−1,960
−3,904
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
−4,105
EPS (₹)
45.9
58.33
4.09
−6.07
−151
−160
−7.93
212
188
−61.87
−106
Div. Payout %
74%
10%
122%
0%
0%
0%
0%
0%
5%
0%
—

Balance Sheet

₹ Cr
INDIGO balance sheet, annual, ₹ crore
Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
361
384
384
385
385
385
386
386
386
387
387
Reserves
3,418
6,693
6,561
5,493
−274
−6,373
−6,638
1,610
8,982
6,584
4,609
Borrowings
2,596
2,254
2,429
22,719
29,860
36,878
44,860
51,280
66,810
77,749
87,303
Other Liabilities
8,834
11,798
15,651
13,504
13,081
15,073
20,562
28,948
39,666
51,282
55,870
Total Liabilities
15,210
21,129
25,026
42,101
43,051
45,963
59,170
82,224
1,15,844
1,36,002
1,48,169
Fixed Assets
3,794
4,579
5,662
16,779
18,817
21,284
27,658
36,154
51,782
63,157
72,672
CWIP
25
32
24
140
72
125
21
1
3
59
60
Investments
3,713
6,344
6,517
9,499
7,339
8,106
11,558
16,546
26,093
27,675
26,456
Other Assets
7,677
10,174
12,824
15,682
16,823
16,447
19,933
29,524
37,966
45,111
48,981
Total Assets
15,210
21,129
25,026
42,101
43,051
45,963
59,170
82,224
1,15,844
1,36,002
1,48,169

Cash Flow

₹ Cr
INDIGO cash flow, annual, ₹ crore
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/EBITDA
190
153
−2,197
178
−10,784
398
201
133
136
197

Ratios

INDIGO financial ratios, annual
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

Log in to view Interglobe Aviation insights

61 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 41.57%
  • DIIs 33.31%
  • FIIs 19.89%
  • Public 3.62%
  • Others 1.61%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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…
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 Services sector, in the Transport Services industry.
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 as of 4 Nov 2026.
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 -27.10%. Its debt-to-equity ratio is 17.47.

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.

Website goindigo.in
CEO Mr. Petrus Johannes Theodorus Elbers
Employees 41,049
Listed 10 Nov 2015
Face Value ₹10

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