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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 2/100PAT -111% YoY · margin compression · Rev +20% YoY · +10% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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%
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.
Trend score and candlestick chart
49NeutralMACD −
Technical chart
INDIGOdaily · 1Y · AUTO+10.3%Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 37.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 28% 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.
Relative Strength & Trend Stage
- Price is 4.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.1%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 25 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 25 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.6%.
- 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Debt/equity is 11.15.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 14th pctile, median 66 · Large: 9th pctile, median 73
149 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.6%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- —
- P/B
- 27.65
- EV/EBITDA
- 12.72
- Market Cap
- 192444.00Cr
Profitability
- ROE
- -27.10%
- ROCE
- 5.24%
- ROA
- -3.54%
- Dividend Y
- 0.20%
Growth (CAGR)
- Revenue 5Y
- 42.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 26.00%
Balance Sheet
- Debt/Equity
- 11.15
- Interest Coverage
- 1.65×
- Altman Z
- 1.88
- Book Value
- 180.00
Cash Flow
- FCF Yield
- 5.57%
- FCF Positive Y
- 8/5
- OCF
- 23470.00 Cr
- EPS TTM
- -124.31
Shareholding
- Promoter Hold
- 41.57%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 52%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable names in Services, ranked by similarity
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.