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Research updated
InterGlobe Aviation Ltd.
NSE: INDIGOIndustrialsAirlines
- Last close
- ₹4,877.60
- Day change
- +₹202.60 (+4.33%)vs
- Market cap
- ₹1.86 lakh crIndian rupees
- Research updated
- 2 reports
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About InterGlobe Aviation
InterGlobe Aviation Ltd., commonly known as IndiGo, operates as a leading airline company, offering both domestic and international air travel services. As India's largest airline by market share, IndiGo plays a pivotal role in connecting major and minor airports across the country, making air travel accessible to a broader audience. Its primary function is to provide safe, reliable, and efficient air transportation through a fleet of modern, fuel-efficient aircraft primarily consisting of Airbus models. IndiGo is known for its low-cost carrier business model, which emphasizes cost-effectiveness, punctuality, and customer service. This model allows the airline to maintain competitive pricing, attracting a diverse passenger base, including budget-conscious travelers and business professionals. IndiGo significantly impacts the aviation and tourism industries, contributing to increased mobility and economic growth within and beyond India. Its strategic operations and continuous expansion into new routes underpin IndiGo's status as a crucial player in the Asian aviation market, influencing both domestic travel dynamics and regional airline competition.
- Sector
- Industrials
- Industry
- Airlines
- Listing
- NSE: INDIGO
- Employees
- 41,907
- Headquarters
- Gurugram, India
- ISIN
- INE646L01027
- Website
- goindigo.in
Public research · Report of
Business model & financial foundation
IndiGo (NSE: INDIGO), Passenger airlines (low-cost carrier): revenue of ₹84,962 crore in FY26 (+5.1% on FY25), an EBITDA margin of 14.1%, net profit of ₹-2,392 crore and net debt of ₹26,099 crore.
- Revenue, FY26 (₹ crore)
- 84,962
- consolidated
- Revenue growth, FY26
- +5.1%
- on FY25
- EBITDA margin, FY26
- 14.1%
- EBITDA after FX (revenue less cost stack; before other income) / revenue
- Net profit, FY26 (₹ crore)
- -2,392
- to owners
- Return on equity, FY26
- -29.2%
- on average equity
- Net debt, FY26 (₹ crore)
- 26,099
- Net debt: total debt incl. leases less total cash (incl. investments, liened)
- Market capitalisation (₹ crore)
- 1,90,623
- at the close of 13 Oct 2026
Company profile
InterGlobe Aviation operates IndiGo, India's largest airline by domestic market share, using a largely A320-family low-cost fleet. It earns passenger ticket and ancillary revenue on domestic and growing international routes. Earnings depend on capacity, load factor, yield, jet fuel, the rupee and aircraft ownership costs, including leases.
| Item | Value |
|---|---|
| Legal name | InterGlobe Aviation Limited |
| Exchange and ticker | NSE: INDIGO; BSE: 539448 |
| ISIN | INE646L01027 |
| CIN | L62100DL2004PLC129768 |
| Sector | Transportation |
| Industry | Passenger airlines (low-cost carrier) |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP |
| Market capitalisation | ₹1,90,623 crore (13 Oct 2026) |
| Shares outstanding | 38.66 crore shares (FY26) |
| Price | ₹4,795 (close, 13 Oct 2026) |
| 52-week range | ₹3,895 - ₹5,970 (to 13 Oct 2026) |
| Website | https://www.goindigo.in |
Corporate structure and shareholding
Parent: InterGlobe Enterprises (promoter group).
| Entity | Holding | Business |
|---|---|---|
| Agile Airport Services Private Limited | 100% | Ground handling |
| InterGlobe Aviation Financial Services IFSC | 100% | Aircraft ownership and leasing in GIFT City |
| InterGlobe Aviation Ventures LLP | 100% | Venture investment vehicle |
A controlled trust, IndiGo Ventures Fund-I, creates a small minority interest; no associates or joint ventures.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 41.58% | 41.58% | 41.57% | 41.57% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 28.44% | 24.99% | 21.64% | 20.32% |
| Domestic institutions | 24.66% | 28.13% | 31.18% | 31.89% |
| of which mutual funds | 17.23% | 20.73% | 24.01% | 24.28% |
| Retail | 2.97% | 3.08% | 3.40% | 3.12% |
| Other | 2.35% | 2.22% | 2.21% | 3.10% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
IndiGo (NSE:INDIGO) monetises fleet availability through ASK, load factor and yield, with ancillary/cargo/OEM-related revenue. Domestic scale and prepaid tickets support pricing and collections; fuel, USD leases, maintenance and airport costs dominate cash economics. Subsidiary aircraft financing is consolidated/eliminated internally; external leases remain debt.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Air transportation and related services (single reportable segment, Ind AS 108) | 84,962 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| SpiceJet | Only other listed Indian scheduled carrier, although financially distressed. |
| Ryanair Holdings | Largest listed global low-cost carrier with a narrowbody cost model. |
| easyJet | Listed short-haul European low-cost airline peer. |
| Wizz Air | Emerging-market, fast-growing A320neo-family low-cost airline with Pratt & Whitney engine issues. |
| Southwest Airlines | Large domestic-focused listed low-cost carrier benchmark. |
| Air Arabia | Listed regional low-cost carrier competing on India-Gulf routes. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 25,931 | 53,608 | 68,904 | 80,803 | 84,962 |
| Cost of revenue (vendor classification) * | 27,055 | 46,777 | 54,016 | 62,715 | 68,511 |
| Other operating costs (vendor classification) * | 2,798 | 2,974 | 3,841 | 7,656 | 5,709 |
| EBITDA (vendor classification) * | 1,273 | 7,492 | 17,714 | 21,354 | 14,170 |
| EBIT * | -3,796 | 2,816 | 12,218 | 12,673 | 3,930 |
| Finance costs (mostly lease interest) | 2,358 | 3,120 | 4,169 | 5,080 | 5,891 |
| Profit before tax | -6,154 | -304.4 | 8,049 | 7,593 | -1,961 |
| Total tax expense | 8.16 | 1.40 | -123.2 | 335.0 | 433.1 |
| Profit after tax (incl. NCI) | -6,162 | -305.8 | 8,173 | 7,258 | -2,394 |
| Diluted EPS (₹) | -160.0 | -7.93 | 211.6 | 187.7 | -61.88 |
| Aircraft fuel expenses (fuel only) | 23,905 | 26,197 | 25,389 | ||
| Employee benefits expense | 6,462 | 7,473 | 8,272 | ||
| Other opex incl rentals, maintenance, airport, in-flight, FX loss | 22,220 | 29,075 | 39,317 | ||
| EBITDA after FX (revenue less cost stack; before other income) | 16,318 | 18,058 | 11,983 | ||
| Foreign exchange loss (net), memo: included in other_expenses | 717.4 | 1,618 | 8,976 | ||
| Other income | 2,327 | 3,295 | 4,552 | ||
| Depreciation and amortisation | 6,426 | 8,680 | 10,808 | ||
| Exceptional items (signed; negative = charge) | 0.00 | 0.00 | -1,796 | ||
| Profit attributable to non-controlling interest | 0.00 | 0.00 | -1.70 | ||
| Share of associates/JVs | n.a. | n.a. | n.a. | ||
| Profit attributable to owners | 8,173 | 7,258 | -2,392 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (incl. NCI) | -5,988 | -6,247 | 1,997 | 9,368 | 6,987 |
| Borrowings (bank working capital + overdraft; EXCLUDES lease liabilities) | 36,878 | 44,854 | 1,892 | 1,800 | 1,806 |
| Cash and cash equivalents | 1,015 | 1,268 | 695.3 | 1,073 | 1,324 |
| Trade receivables | 332.9 | 519.9 | 642.5 | 739.7 | 599.6 |
| Inventories | 408.1 | 591.1 | 624.8 | 820.3 | 984.8 |
| Trade payables | 3,152 | 3,209 | 3,158 | 4,176 | 4,991 |
| Property, plant and equipment (owned) | 1,215 | 1,346 | 1,903 | 2,678 | 11,087 |
| Capital work in progress | 119.3 | 0.00 | 0.10 | 0.70 | 38.7 |
| Total assets | 45,963 | 59,170 | 82,225 | 1,15,844 | 1,36,002 |
| Lease liabilities (current + non-current) | 49,388 | 65,010 | 75,943 | ||
| Total debt incl. leases (company definition, note 32) | 51,280 | 66,810 | 77,749 | ||
| Bank balances other than cash equivalents | 16,025 | 17,890 | 22,675 | ||
| Current investments (mutual funds, bonds, CP, CD) | 15,571 | 24,775 | 25,744 | ||
| Non-current investments | 974.8 | 1,318 | 1,931 | ||
| Total cash: cash, bank deposits, investments incl. under lien (company) | 34,738 | 48,171 | 51,651 | ||
| Free cash (non-lien liquidity) | 33,153 | 36,216 | |||
| Net debt: total debt incl. leases less total cash (incl. investments, liened) | 16,543 | 18,639 | 26,099 | ||
| Right of use assets | 34,202 | 49,074 | 52,054 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -4,717 | 1,408 | 21,218 | 24,151 | 23,470 |
| Free cash flow (vendor definition) * | 1,744 | 12,158 | 20,115 | 22,547 | 21,760 |
| Dividends paid (outflow negative) | n.r. | 0.00 | -386.5 | ||
| Capex: PPE/intangibles + leased-aircraft overhaul (outflow negative) | -340.2 | 108.7 | -2,022 | -2,415 | -2,272 |
| FCF after leases (CFO+capex+lease principal+all interest) | 9,458 | 10,771 | 280.6 | ||
| Repayment of lease liabilities net of incentives (outflow negative) | -6,242 | -6,901 | -16,180 | ||
| Interest paid on lease liabilities (outflow negative) | -3,435 | -4,038 | -4,723 | ||
| Net cash used in investing activities | -11,809 | -12,759 | -1,953 | ||
| Net cash used in financing activities | -9,979 | -11,015 | -21,276 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued equity shares at year end | 38.51 | 38.54 | 38.60 | 38.64 | 38.66 |
| Weighted average diluted shares | 38.62 | 38.68 | 38.65 | ||
| EBITDA after FX plus aircraft and engine rentals (derived) | 17,393 | 21,069 | 14,068 | ||
| EBITDA before FX loss (derived) | 17,035 | 19,676 | 20,959 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 16,970 | 22,111 | 22,152 | 20,496 | 18,555 | 23,472 | 22,438 | 24,584 |
| Cost of revenue (vendor classification) * | 15,516 | 15,811 | 16,739 | 15,743 | 17,578 | 17,330 | 21,904 | |
| Other operating costs (vendor classification) * | 1,669 | 1,890 | 1,951 | 1,946 | 2,195 | 2,295 | 2,300 | |
| EBITDA (vendor classification) * | 333.0 | 3,835 | 4,544 | 3,707 | 3,654 | -617.2 | 1,327 | |
| EBIT * | 333.0 | 3,835 | 4,544 | 3,707 | 2,107 | -867.1 | 1,327 | |
| Finance costs | 1,240 | 1,308 | 1,374 | 1,396 | 1,465 | 1,545 | 1,485 | 1,565 |
| Profit/(loss) before tax (after exceptional) | -907.1 | 2,527 | 3,169 | 2,311 | -2,482 | 562.2 | -2,352 | -238.4 |
| Total tax expense/(credit) | 79.6 | 78.3 | 101.9 | 134.4 | 100.4 | 13.1 | 185.2 | -0.40 |
| Profit/(loss) for the period incl NCI | -986.7 | 2,449 | 3,068 | 2,176 | -2,582 | 549.1 | -2,537 | -238.0 |
| Diluted EPS (not annualised) (₹) | -25.51 | 63.30 | 79.27 | 56.24 | -66.79 | 14.20 | -65.62 | -6.15 |
| Aircraft fuel expenses | 6,605 | 6,423 | 6,753 | 5,833 | 5,962 | 6,945 | 6,650 | 10,833 |
| Employee benefits expense | 1,849 | 1,919 | 1,947 | 2,050 | 2,045 | 2,103 | 2,075 | 2,279 |
| Other operating expenses (rentals, maint, airport, in-flight, FX, other) | 6,884 | 8,591 | 7,362 | 7,387 | 9,969 | 9,057 | 12,903 | 8,205 |
| Foreign exchange loss/(gain) net (inside other_expenses) | 240.6 | 1,456 | -136.6 | 147.3 | 2,892 | 1,113 | 4,823 | 82.5 |
| EBITDA (revenue - fuel - employee - other_expenses) | 1,631 | 5,179 | 6,089 | 5,227 | 579.5 | 5,367 | 810.0 | 3,267 |
| Other income | 789.4 | 882.1 | 945.6 | 1,046 | 1,044 | 1,069 | 1,392 | 1,030 |
| Depreciation and amortisation | 2,088 | 2,226 | 2,491 | 2,566 | 2,641 | 2,782 | 2,820 | 2,970 |
| Exceptional items (signed, negative = charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1,547 | -249.9 | 0.00 |
| Profit/(loss) attributable to non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | -0.40 | -0.70 | -0.60 | -0.40 |
| Share of profit of associates/JVs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit/(loss) attributable to owners | -986.7 | 2,449 | 3,068 | 2,176 | -2,582 | 549.8 | -2,536 | -237.6 |
| Basic EPS (not annualised) (₹) | -25.55 | 63.38 | 79.38 | 56.31 | -66.79 | 14.22 | -65.62 | -6.15 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 82.5% | 106.7% | 28.5% | 17.3% | 5.1% |
| EBITDA margin | 23.7% | 22.3% | 14.1% | ||
| Net margin | 11.9% | 9.0% | -2.8% | ||
| Return on equity | -384.6% | 127.7% | -29.2% | ||
| Return on capital employed | -12.5% | 8.1% | 57.5% | 168.3% | 39.4% |
| Return on assets | 11.6% | 7.3% | -1.9% | ||
| Net debt (₹ crore) | 16,543 | 18,639 | 26,099 | ||
| Net debt / EBITDA | 1.01x | 1.03x | 2.18x | ||
| Interest cover | -1.61x | 0.90x | 2.93x | 2.49x | 0.67x |
| Asset turnover | 0.58x | 1.02x | 0.97x | 0.82x | 0.67x |
| Receivable days | 5 | 4 | 3 | 3 | 3 |
| Inventory days (on revenue) | 6 | 4 | 3 | 4 | 4 |
| Payable days (on revenue) | 44 | 22 | 17 | 19 | 21 |
| Cash conversion | 2.60x | 3.33x | -9.81x | ||
| Capex intensity | 1.3% | 0.2% | 2.9% | 3.0% | 2.7% |
| Free cash flow (₹ crore) | -5,057 | 1,299 | 19,196 | 21,737 | 21,198 |
| Dividend payout | 0.0% | -16.2% | |||
| EPS, diluted (₹) | -160.0 | -7.93 | 211.6 | 187.7 | -61.88 |
| Book value per share (₹) | -155.5 | -162.1 | 51.73 | 242.4 | 180.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA after FX (revenue less cost stack; before other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt: total debt incl. leases less total cash (incl. investments, liened); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA after FX (revenue less cost stack; before other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on InterGlobe Aviation includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on InterGlobe Aviation
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.