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InterGlobe Aviation Ltd
(INDIGO)
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Rating:53Neutral
Price Target:
₹5,420.00
▲(8.73% Upside)
Action:Reiterated
Date:05/31/26
The score is anchored by improving operations and strong, consistent cash generation, but is held back materially by balance-sheet leverage and the latest year’s net loss. Technicals are neutral-to-weak versus longer-term moving averages, and valuation is expensive with minimal dividend support.
Positive Factors
Strong free cash flow generation
Consistent positive operating and free cash flow—even when net income turned negative—provides durable liquidity to fund fleet maintenance, lease obligations, and working capital. This persistent cash generation supports operational continuity and strategic investments without relying solely on equity issuance.
Negative Factors
Very high leverage
Extremely elevated debt relative to equity materially limits financial flexibility and increases sensitivity to interest rates and market funding conditions. High leverage constrains capital allocation, raises refinancing risk during downturns, and reduces the company’s ability to absorb industry cyclicality without external support.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Consistent positive operating and free cash flow—even when net income turned negative—provides durable liquidity to fund fleet maintenance, lease obligations, and working capital. This persistent cash generation supports operational continuity and strategic investments without relying solely on equity issuance.
Read all positive factors
InterGlobe Aviation Ltd (INDIGO) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.03T
Dividend Yield0.19%
Average Volume (3M)12.83K
Price to Earnings (P/E)―
Beta (1Y)1.42
Revenue Growth8.96%
EPS Growth-171.64%
CountryIN
Employees41,907
SectorGeneral
Sector StrengthN/A
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)-124.34
Shares Outstanding386,666,600
10 Day Avg. Volume9,877
30 Day Avg. Volume12,830
Financial Highlights & Ratios
PEG Ratio0.48
Price to Book (P/B)21.87
Price to Sales (P/S)1.79
P/FCF Ratio6.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹5,126.00Price Target Upside2.83% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)80.25
Revenue Forecast (FY)₹1.02T
InterGlobe Aviation Ltd Business Overview & Revenue Model
Company Description
InterGlobe Aviation Limited, together with its subsidiaries, provides air transportation services under the IndiGo brand in India and internationally. The company offers pre-flight and post-flight ground handling operations; passenger and cargo se...
How the Company Makes Money
InterGlobe Aviation Ltd. primarily makes money by operating commercial flights under the IndiGo brand and earning revenue per passenger carried and per flight operated. Its main revenue stream is passenger ticket revenue (fares) from scheduled dom...
InterGlobe Aviation Ltd Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
38
Negative
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 890.50B | 849.62B | 804.96B | 673.87B | 536.08B | 256.72B |
| Gross Profit | 163.78B | 184.52B | 151.55B | 126.12B | 62.69B | -23.06B |
| EBITDA | 97.93B | 147.38B | 204.48B | 180.41B | 75.25B | 9.51B |
| Net Income | -48.06B | -23.92B | 72.58B | 81.72B | -3.06B | -61.62B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 1.36T | 1.16T | 822.25B | 591.70B | 459.63B |
| Cash, Cash Equivalents and Short-Term Investments | 497.43B | 497.43B | 333.07B | 212.23B | 141.80B | 79.46B |
| Total Debt | 0.00 | 777.49B | 668.10B | 512.80B | 448.54B | 368.78B |
| Total Liabilities | -69.87B | 1.29T | 1.06T | 802.28B | 654.16B | 519.51B |
| Stockholders Equity | 69.87B | 69.71B | 93.68B | 19.96B | -62.47B | -59.88B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 225.36B | 217.37B | 201.15B | 121.58B | 17.44B |
| Operating Cash Flow | 0.00 | 248.08B | 241.51B | 212.18B | 127.28B | 20.91B |
| Investing Cash Flow | 0.00 | -32.87B | -127.59B | -118.09B | -40.59B | 15.02B |
| Financing Cash Flow | 0.00 | -212.79B | -110.15B | -99.79B | -84.32B | -30.88B |
InterGlobe Aviation Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | ₹3.67B | 32.01 | ― | 1.80% | -48.87% | -82.41% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹1.12T | -248.10 | ― | ― | 42.18% | ― | |
53 Neutral | ₹2.03T | -42.89 | ― | 0.20% | 8.96% | -171.64% | |
41 Neutral | ₹2.28B | -6.83 | ― | ― | -1.58% | -779.17% | |
39 Underperform | ₹18.80B | -2.31 | ― | ― | -14.50% | -239.75% |
* General Sector Average
IN:INDIGO
InterGlobe Aviation Ltd
5,240.00
-729.20
-12.22%
IN:DREAMFOLKS
Dreamfolks Services Limited
68.82
-82.23
-54.44%
IN:GLOBALVECT
Global Vectra Helicorp Limited
158.25
-67.25
-29.82%
IN:GMRAIRPORT
GMR Airports Ltd
104.20
15.51
17.49%
IN:JETAIRWAYS
Jet Airways (India) Limited
34.04
0.00
0.00%
IN:SPICEJET
SpiceJet Limited
12.04
-22.33
-64.97%
InterGlobe Aviation Ltd Corporate Events
InterGlobe Aviation Sets Virtual AGM for August 20, 2026 and Releases FY26 Annual Report
Jul 28, 2026
InterGlobe Aviation Ltd has scheduled its 23rd Annual General Meeting for August 20, 2026, at 11:00 a.m. IST, to be conducted via video conferencing or other audio-visual means in line with guidance from the Ministry of Corporate Affairs and SEBI....
InterGlobe Aviation Closes Trading Window Ahead of June Quarter Results
Jun 24, 2026
InterGlobe Aviation Limited has announced that its trading window for dealing in company shares will be closed from July 1, 2026, in line with SEBI’s Prohibition of Insider Trading Regulations, 2015 and its internal code of conduct for desig...
InterGlobe Aviation shares investor presentation for 2026 Analysts Meet
Jun 8, 2026
InterGlobe Aviation has released an investor presentation ahead of its 2026 Analysts Meet, providing updated information to market participants about its business and performance. The presentation has been filed with Indian stock exchanges and mad...
IndiGo to Halt Manchester Flights Amid Cost Pressures, Return One Dreamliner Lease
Jun 2, 2026
InterGlobe Aviation’s IndiGo unit will temporarily discontinue flights to and from Manchester from 31 August 2026, citing extended flight times due to international airspace constraints and a sharply unfavorable cost environment. As part of ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.