Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 25 Sep - CRISIL continues IndiGo’s AA-/A1+ ratings on watch developing for Rs9,000 crore bank facilities.
Source: Bse
InterGlobe Aviation Limited (INDIGO)
Large CapServices stocks · Large cap · NSE
InterGlobe Aviation Limited (IndiGo) is an Indian airline providing passenger and cargo air transport services. It operates an extensive domestic network and is expanding its international presence through direct flights and strategic partnerships.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result23 Jul, 09:11 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
29BearishSMA20 -3.0% / mo · MACD −
Stock trend: 29
Sector RS: —
Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
INDIGOD candles · FIT view+1.8%Latest close ₹4641.50 on 2026-10-21
Bar
-0.2%
RSI
35
MACD hist
-18.58
52W pos
36%
2026-10-21O ₹4650.00H ₹4722.60L ₹4585.00C ₹4641.50Vol 5.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INDIGONifty 500
- INDIGO
- -12.5%
- Nifty 500
- -6.5%
- Vs Nifty 500
- -6.0 pp
Chart stats
21 Oct 2026- From 52W high
- -22.3%
- 52W range position
- 36%
- ATR (14)
- 2.6%
- Volume vs 20D
- 0.77x
- Avg traded value
- ₹346 Cr
- 20D price channel
- ₹4,585 - ₹5,069.5
₹5,970
₹3,895.2 - ₹5,970
₹119.8
Latest completed session
20-session average
25.4% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED25
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +19.9% · PAT -110.9% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 2/100PAT -111% YoY · margin compression · Rev +20% YoY · +10% QoQ
Filed 23 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹24,584 Cr | +19.9% | +9.6% |
| EBITDA | ₹3,267 Cr | -37.5% | +303.3% |
| Operating margin | 13.0% | -1300 bps | +940 bps |
| PAT | ₹-238 Cr | -110.9% | NDF |
| PAT margin | -1.0% | -1159 bps | +1034 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 26.24
- EV/EBITDA
- 12.27
- Market Cap
- 182836.00Cr
Profitability
- ROE
- -27.10%
- ROCE
- 5.24%
- ROA
- -3.54%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 42.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 11.15
- Interest Coverage
- 1.65×
- Altman Z
- 1.83
- Book Value
- 180.00
Cash Flow
- FCF Yield
- 5.86%
- FCF Positive Y
- 8/5
- OCF
- 23470.00 Cr
- EPS TTM
- -124.31
Shareholding
- Promoter Hold
- 41.57%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 40%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 24.6k+9.6% vs prev
Net Profit
₹ CrLatest: -238+90.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~3.1% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 22% off 52W high · 19% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
43
RS percentile
Stage 1 Base / Transition
1M return
-6.1%
3M return
-12.5%
6M return
+1.9%
1Y return
-20.2%
RS 1D
+1
RS 20D
-1
Sector rank
#3
Industry rank
-
Stage evidence
- Price is within 3.7% of the 30-week proxy.
- The 30-week proxy changed +1.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 84.69-0.32%
RS vs Nifty 50085
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth13/25
Quality0/20
Balance Sheet0/15
Cash Flow7/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
25
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
25/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 5.9%.
- Cash flow contributes 7/10 to the score.
- Growth contributes 13/25 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
—
PB
26.2
EV/EBITDA
12.3
ROE
-27.1%
ROCE
5.2%
FCF Yield
5.9%
Debt/Equity
11.2
MoS
—
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
25
Previous: 25
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
25
25
25
25
25
25
25
25
25
25
25
25
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
31.2
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DRONE
SME
Drone Destination Ltd.
Aviation
match 46
29
69.3
1.9%
-170%
OVERVALUED
GLOBALVECT
Small
Global Vectra Helicorp Limited
Aviation
match 45
15
—
-676.0%
—
OVERVALUED
FWSTC
SME
Flywings Simulator Training Centre Ltd.
Aviation
match 45
41
24.8
17.4%
+7%
WATCHLIST
FLYSBS
SME
FlySBS Aviation Ltd.
Aviation
match 42
68
17.2
26.2%
+36%
UNDERVALUED
MMTC
Large
MMTC Limited
Trading
match 10
24
43.6
-14.3%
-69%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-24T07:16:33.987Z
Management commentary snapshot
IndiGo reported a net loss of INR 2,380 million in Q1 FY27, a significant reversal from a profit of INR 21,763 million YoY, driven by an 85.7% surge in fuel costs and a 34.4% increase in total expenses, despite an 18.9% rise in total income.
The company's profitability is under severe pressure, evidenced by the swing to a net loss and a substantial decline in EBITDAR margin. While revenue and yield growth are positive, they are insufficient to offset the sharp increase in fuel expenses and other operating costs, exacerbated by currency depreciation.
Growth engines
International Network Expansion
Added 7 international destinations and 97 additional international destinations through strategic partnerships in Q1'27.
Capacity Growth
ASK increased by 2.9% YoY and Closing Aircraft increased by 16 to 432 in Q1'27.
Yield Improvement
Yield increased by 21.3% YoY to INR 6.04 in Q1'27.
Capacity and execution
Fleet Expansion
Closing Aircraft increased by 16 to 432 in Q1'27 compared to Q1'26.
New International Routes
Added 7 international destinations including Amsterdam, London, and Shanghai during Q1'27.
New Domestic Routes
Added 6 domestic destinations including Jewar and Jamnagar during Q1'27.
Tailwinds
Strong Demand for Air Travel
Yield increased by 21.3% YoY and RASK increased by 16.5% YoY, indicating pricing power.
International Expansion
Added 7 international destinations and 97 additional international destinations through strategic partnerships in Q1'27.
Headwinds
Soaring Fuel Costs
Aircraft fuel expenses increased by 85.7% YoY to INR 108,329 million.
Overall Cost Inflation
Total expenses increased by 34.4% YoY and CASK ex fuel increased by 10.0% YoY.
Currency Depreciation
Average Exchange Rate (INR/USD) depreciated by 11.4% YoY to 95.02, contributing to higher costs.
Forex Losses
Foreign exchange (gain)/ loss (net) was a loss of INR 825 million in Q1'27, compared to a gain in Q1'26.
Risk radar
Fuel Price Volatility
Aircraft fuel expenses increased by 85.7% YoY, demonstrating significant exposure to fuel price movements.
Foreign Exchange Fluctuations
Average Exchange Rate (INR/USD) depreciated by 11.4% YoY and Foreign exchange (gain)/ loss (net) was a loss of INR 825 million.
Operating Cost Escalation
CASK ex fuel increased by 10.0% YoY, indicating broader inflationary pressures on non-fuel costs.
Load Factor Decline
Load factor declined by 1.3 pts to 83.3%, suggesting potential softening demand or increased competition.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Airline industry performance is highly seasonal, making year-over-year comparisons essential to assess underlying operational and financial trends, such as capacity deployment, demand, and cost management.
Sector KPIs management disclosed
ASK (Available Seat Kilometer)
43.5 bn (Q1'27) vs 42.3 bn (Q1'26), +2.9%
RPK (Revenue Passenger Kilometer)
36.2 bn (Q1'27) vs 35.7 bn (Q1'26), +1.4%
Load Factor (%)
83.3% (Q1'27) vs 84.6% (Q1'26), (1.3 pts)
Yield (INR)
6.04 (Q1'27) vs 4.98 (Q1'26), +21.3%
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Fuel Cost/ASK | INR 2.49 | Stabilization or decline in fuel prices and its impact on CASK. |
| CASK ex fuel | INR 3.22 | Management's ability to control non-fuel operating expenses. |
| Load Factor | 83.3% | Recovery in passenger demand and optimal capacity utilization. |
| Forex Impact | INR 825 million loss | Stability in INR/USD exchange rate and hedging effectiveness. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
55Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 16th percentile of the scored universe and 14th percentile within Services. Main check: balance sheet trust is weak at 26/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
160 docs text-extracted · 54 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Services: 14th pctile, median 66 · Large: 9th pctile, median 73
Evidence depth
Financial-only
160 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
26
weak · leverage and solvency
Discipline
38
weak · capital discipline
Results
29
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.9%.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 11.15.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Interest coverage is 1.6x.
- ▸ROCE is low at 5.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching InterGlobe Aviation Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Jul - InterGlobe Aviation Limited has informed about Copy of Newspaper Publication
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 7 Jul - InterGlobe Aviation Limited has informed regarding allotment of ESOPs
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 30 Jun - CRISIL continued IndiGo’s AA-/A1+ ratings on Watch Developing for ₹9,000 crore bank facilities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Jun
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.