NSE: INDIGO · BSE: 539448
INTERGLOBE AVIATION LTD
Operates India's largest domestic airline, carrying passengers on scheduled flights across domestic and international routes. Revenue is earned primarily from passenger ticket sales — yields rose 21.3% year on year to INR 6.04 in Q1 FY27 — supplemented by ancillary services and a small cargo operation. The carrier is reshaping long-haul: ending Boeing 787-9 damp-lease operations from October 2026, switching Mumbai-Amsterdam to A321XLR, and pausing London Heathrow until A350-900s arrive. Aircraft fuel is by far the biggest cost; fuel expenses nearly doubled year on year to Rs 10,833 crore in Q1 FY27 on Middle East tensions, dragging the airline to a Rs 238 crore net loss versus a Rs 2,176 crore profit a year earlier. Other large costs are other operating expenses (75.6% of FY26 revenue) and employee costs (9.7%). The business signed an MoU for 1,000+ CFM LEAP-1A engines to power future A320neo-family growth, targeting a 600-aircraft fleet and ~40% international capacity share by 2030. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic passenger operations, International passenger operations, Cargo services, Ancillary services. Cyclical, asset-heavy, fuel-and-FX-sensitive airline with a young, mostly single-fleet narrow-body backbone.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 25,931 | 54,446 | 68,904 | 80,803 | 84,962 |
| EBITDA (ex other income) | 547 | 6,495 | 16,318 | 18,058 | 10,187 |
| margin % | 2.1 | 11.9 | 23.7 | 22.3 | 12.0 |
| Owners' profit | 6,162 | (306) | 8,172 | 7,258 | (2,392) |
| EPS, as reported (₹) | (160.01) | (7.93) | 211.84 | 187.93 | (61.88) |
| ROE % · ROCE % | 102.9 · (16.1) | 4.9 · 8.0 | 409.4 · 23.8 | 77.5 · 15.5 | (34.3) · 4.0 |
| Debt / equity (x) | (0.65) | (0.36) | 0.95 | 0.19 | 0.26 |
| Cash from operations | 2,091 | 12,728 | 21,218 | 24,151 | 23,470 |
| Capex | (347) | (570) | (2,022) | (2,415) | (2,272) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16,970 | 22,111 | 22,152 | 20,496 | 18,555 | 23,472 | 22,438 | 24,584 |
| Profit before tax | (907) | 2,527 | 3,169 | 2,311 | (2,482) | 562 | (2,352) | (238) |
| Net profit | (987) | 2,449 | 3,068 | 2,176 | (2,582) | 549 | (2,537) | (238) |
| EPS (₹) | (25.55) | 63.38 | 79.38 | 56.31 | (66.79) | 14.22 | (65.62) | (6.15) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTERGLOBE AVIATION LTD ◆ | 1,77,747 | — | 25.44 | 12.1 | (34.3) | (2.0) | 42.1 | 17.5 |
| SPICEJET LTD. | 1,235 | — | — | 2.1 | 30.5 | 69.5 | (15.5) | (4.5) |
| TAAL TECH LTD. | 261 | 4.6 | 1.06 | 3.1 | 23.1 | 30.3 | 13.5 | 37.9 |
| GLOBAL VEC HELICORP LTD | 165 | — | — | — | 398.5 | (12.0) | — | 13.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 25.4 | 1.4 | 57 of 58 | 2% |
| ROCE | (2.0) | 7.0 | 66 of 76 | 13% |
| ROE | (34.3) | 7.3 | 57 of 58 | 2% |
| Debt / Equity | 0.3 | 0.3 | 28 of 58 | 53% |
| EBITDA margin | 17.5 | 11.3 | 22 of 65 | 67% |
| Revenue growth | 19.9 | 12.8 | 25 of 62 | 61% |
| Profit growth | (110.9) | 24.3 | 54 of 56 | 4% |
| Market cap | 177747 | 143 | 1 of 78 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · IndiGo board to consider Q2 FY27 results on Oct 29, 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · InterGlobe to approve Q2 and half-year results on October 29, 2026 | results | low | — | — |
| 13 Oct 2026 · Indigo faces Rs 3.5 crore customs penalty on ATF imports; to contest order | compliance | minimal | — | — |
| 8 Oct 2026 · Indigo confirms all shares in demat form; SEBI Reg 74(5) compliance filed | compliance | minimal | — | — |
| 25 Sept 2026 · CRISIL continues IndiGo ratings on Watch Developing amid fuel cost pressure | credit debt | medium | — | — |
| 25 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 20 Aug 2026 · Indigo AGM 2026: All 3 Resolutions Passed Including Higher Borrowing Limit | board shareholder meetings | low | — | — |
| 20 Aug 2026 · IndiGo 23rd AGM Proceedings - All 3 Resolutions Passed | board shareholder meetings | medium | — | — |
| 18 Aug 2026 · Indigo receives Rs 19.65 lakh GST penalty order, plans to contest | regulatory legal | medium | — | — |
| 3 Aug 2026 · Willie Walsh takes charge as IndiGo CEO | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.