InterGlobe Aviation Ltd

β‚Ή 4,962 -0.78%
07 Jan 4:01 p.m.
πŸ”— Website | BSE: 539448 | NSE: INDIGO
1,91,876
4,962
6,232
37.9
220
0.20
17.3
104

ABOUT

Interglobe Aviation Ltd (Indigo) is India’s largest passenger airline operating as a low-cost carrier. Serving 86 destinations including 24 international destinations, it provides passengers with a simple, unbundled product, fulfilling its singular brand promise of providing β€œlow fares, on-time flights, and a courteous and hassle-free service” to its customers. IndiGo commenced operations in August 2006 with a single aircraft and has grown its fleet to 262 aircrafts.[1]

Stock Analysis

Description

InterGlobe Aviation (IndiGo) is India's largest passenger airline, operating as a low-cost carrier with a significant market share in both domestic and international segments. It aims to provide low fares, on-time flights, and a courteous service.

Key Growth Triggers

  • Market Leadership: IndiGo holds approximately 62% market share in the Indian aviation segment and is the 7th largest airline globally by daily departures.
  • Fleet Expansion: Continued expansion of its fleet, including firm orders for wide-body aircraft like the Airbus A350-900, to enhance international network connectivity.
  • Strategic Investments: Investments in subsidiaries for aviation asset acquisition and financial services.
  • Network Growth: Expansion of international routes and codeshare agreements to reach more global destinations.

Order Book

Currently no data available for Order Book.

Key Red Flags

  • Operational Disruptions: Recent severe disruptions causing widespread flight cancellations and delays due to factors like FDTL implementation, technical glitches, and rostering challenges.
  • Regulatory Scrutiny: Facing DGCA actions, including show-cause notices and schedule reductions, alongside penalties from DGCA and tax authorities (CGST, DGCA, Kuwait Tax Department).
  • Financial Impact: Reported net losses, particularly in Q2 FY26, driven by significant foreign exchange losses, impacting profitability.
  • Credit Rating Watch: Ratings placed on 'Watch Developing' by agencies like CRISIL and ICRA due to operational challenges and potential financial impacts.

Key Dates To Watch

  • December 10-15, 2025: Expected return to near-normal operations following early December disruptions.
  • January 22, 2026: Announcement of Q3 FY26 financial results.

Peer Comparison

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Interglobe Aviat4962.1037.90191876.400.20-2614.10-164.3718555.309.3417.3483314.3020.405062.40-2614.1022.555.898.83
2.SpiceJet29.374482.150.00-633.80-43.48781.22-14.259.104564.73-14.88-519.04-633.800.65
3.TAAL Enterprises3043.1518.42948.352.1414.27-1.7948.83-0.5932.73182.6631.7551.4814.274.2621.320.01
4.FlySBS Aviation533.6519.63923.420.0023.84358.46137.6164.3934.65247.7925.3847.0423.843.5121.130.09
5.Global Vectra195.55270.460.00-6.16-48.43117.62-5.376.66524.498.05-5.96-6.1660.70-0.07140.88

Quarterly Results

Figures in Cr.

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
14,93319,45222,11116,68319,57120,49614,16117,82522,15212,49814,94416,97018,555
YOY Sales Growth %
60.66%30.26%13.67%29.78%17.31%4.73%76.55%25.88%24.27%122.83%19.57%13.56%9.34%
Expenses
11,81914,30816,95111,71514,42515,29211,41213,84116,07012,47212,74815,35218,010
Material Cost %
0.53%0.51%0.49%0.45%0.44%0.51%0.52%0.49%0.48%0.5%0.55%0.48%0.61%
Employee Cost %
7.79%7.88%7.8%7.88%8.1%8.93%8.27%9.07%7.9%8.33%9.19%9.83%9.83%
Operating Profit
3,1145,1445,1604,9685,1465,2052,7483,9846,082252,1961,618545
OPM %
21%26%23%30%26%25%19%22%27%0%15%10%3%
Other Income
4766108844776801,0464386809533545587901,045
Exceptional items
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other income normal
4766108844776801,0464386809533545587901,045
Interest
8291,0951,3089541,1581,4039181,0991,3837281,0211,2401,475
Depreciation
1,3421,6602,2151,4041,8662,5531,3521,7962,4771,2371,5452,0782,629
Profit before tax
1,4182,9982,5203,0872,8022,2959161,7703,175-1,585188-909-2,514
Tax %
0%0%3%0%3%6%0%-7%3%0%0%9%4%
Net Profit
1,4182,9982,4423,0872,7272,1619161,8943,073-1,585188-989-2,614
EPS in Rs
36.7977.6963.280.0770.6455.9123.7649.0779.53-41.144.87-25.6-67.62

Profit & Loss

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
11,11713,92516,14018,58023,02128,49735,75614,64125,93154,44668,90480,80383,314
Sales Growth %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Expenses
10,68412,02212,97616,36219,99128,64831,68714,63825,37347,92652,57362,75366,322
Material Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Raw material cost
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Change in inventory
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Manufacturing Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Employee Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Operating Profit
4331,9043,1642,2193,030-1514,06925586,52116,33118,05016,992
OPM %
4%14%20%12%13%-1%11%0%2%12%24%22%20%
Other Income
3913955157899471,3251,5311,0367251,4312,3263,3073,928
Exceptional items
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other income normal
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Interest
1231503504064135631,9022,1702,3863,1684,2085,1335,569
Depreciation
2263025054574377603,9744,6995,0685,1016,4068,6379,875
Profit before tax
4751,8472,8242,1443,127-149-275-5,830-6,171-3178,0437,5885,477
Tax %
0%29%30%23%28%-205%-10%0%0%0%-2%4%β€”
Net Profit
4741,3041,9861,6592,242156-248-5,830-6,171-3178,1687,2535,062
Exceptional items AT
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Profit excl Excep
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Profit for PE
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Profit for EPS
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
EPS in Rs
15,454.0742,481.1155.1245.958.334.06-6.45-151.46-160.18-8.21211.6187.7131.02
Dividend Payout %
80%83%27%74%10%123%0%0%0%0%0%5%β€”

Balance Sheet

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
3131360361384384385385385386386386387
Reserves
3733862,3633,4186,6936,5605,478-314-6,421-6,6951,5468,9208,121
Borrowings
3,3503,9303,2452,5962,4532,42922,71929,86036,87844,86051,28067,08875,105
Long term Borrowings
3,0813,5883,0072,3962,2412,194347382416-0-0-0-0
Short term Borrowings
-0-0-0-0-0-0-02,1243,4812,2521,8921,8001,800
Lease Liabilities
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other Borrowings
266338238200211236339-0-0-0-0-0β€”
Other Liabilities
5,3486,4436,6628,83411,59915,63813,46713,04415,01820,49228,85739,51944,590
Trade Payables
3834757417751,0001,4551,5651,5563,1523,2133,1874,1914,624
Advance from Customers
1791932131773724474703044176788601,125β€”
Other liability items
4,7865,7755,7077,88310,22713,73611,43111,18411,44916,60124,81134,20339,967
Total Liabilities
9,10210,78912,63015,21021,12925,01242,04842,97445,86059,04382,0691,15,9141,28,203
Fixed Assets
3,9564,8764,7473,7944,5795,66216,77818,81521,28227,65036,03651,56557,092
Land
000000289.94294.42328.83328.83328.8328.8β€”
Building
100.11137.12123.05159.2222.22291.05470.07580.76501.38826.55903.11,010.7β€”
Plant Machinery
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Equipments
7.759.277.05131.52153.33235.16853.63890.07911.841,007.711,581.51,856.4β€”
Furniture & fittings
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Vehicles
4,180.895,323.315,017.674,243.065,278.856,813.3420,644.1125,737.0731,155.5340,674.4854,22075,888.4β€”
Intangible Assets
00000000000028.2
Other fixed assets
124.8437.531.6775.51101.88115.74146.75162.75169.83172.25225.8228.6β€”
Gross Block
4,450.465,671.555,336.784,672.335,848.397,575.522,555.1227,833.0533,264.8143,224.0657,566.679,687.2β€”
Accumulated Depreciation
494.49795.51589.38878.491,269.581,913.465,776.929,017.5811,982.7415,574.0921,530.128,122.4β€”
CWIP
00322532241407212521136
Investments
1,2725179863,7136,3446,5179,4997,2908,03311,51416,45326,40230,663
Other Assets
3,8745,3966,8647,67710,17412,80915,63116,79716,42019,85829,57837,94440,442
Inventories
6715287163183211286316408591625820873
Trade receivables
89105157159226362260219333520642740831
Receivables under 6m
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Receivables over 6m
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Prow for Doubtful
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Cash Equivalents
1,1021,9993,7194,6336,5818,60610,82911,22710,11711,81116,70918,85921,121
Loans & Advances
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other Assets items
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Total Assets
9,10210,78912,63015,21021,12925,01242,04842,97445,86059,04382,0691,15,9141,28,203

Cash Flows

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
1,5952,3843,1163,7823,9033,1606,943-1,6202,06412,70321,18324,065
Profit from operations
5722,0023,3842,0933,1313765,657-4561,5129,97417,35520,014
Receivables
-21-22-53-2-67-14110139-119-205-120-106
Inventory
-17-6517-87-20-28-75-30-92-183-34-196
Payables
1,1308619161,7341,9551,3982,096-3481,4234,0157,0198,977
Loans Advances
3900000000000
Other WC items
03-573469-3581,650-530-754-466-507-2,528-4,212
Working capital changes
1,1317773082,1131,5102,8791,593-1,0937463,1204,3384,464
Direct taxes
-108-395-576-424-738-95-306-72-194-392-511-413
Cash from Investing Activity
-2,914-940-1,337-3,033-4,152-2,526-4,5733,2281,527-4,039-11,759-12,782
Fixed assets purchased
-2,324-1,017-249-237-1,220-1,712-1,087-436-346-537-997-1,230
Fixed assets sold
0006130527167459412
Investments purchased
0-6,507-5,939-12,673-15,772-15,008-23,056-12,704-20,112-29,084-23,377-22,305
Investments sold
07,3665,51910,12313,51915,22020,72615,34919,60226,05919,45214,301
Interest received
129130329346531501369137921575761,147
Redeemp Cnce of Shares
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Acquisition of companies
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other investing items
-755-911-997-1,205-1,209-1,532-1,5518672,285-638-7,907-3,874
Cash from Financing Activity
1,285-1,308-1,220-1,401766-592-2,407-1,775-3,088-8,432-9,978-10,975
Redemption of debentures
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Proceeds from borrowings
1,815000048424,84415,236000
Repayment of borrowings
-4520000-2560-3,010-13,865-1,673-282-92
Interest paid fin
-19-10-12-17-21-29-34-29-1,998-2,668-3,496-4,077
Dividends paid
0-1,358-1,103-542-1,230-231-19200000
Financial liabilities
0-67-70-48-53-77-2,208-3,590-2,489-4,114-6,242-6,848
Other financing items
-60126-1,249-795-438-47-4000000
Net Cash Flow
-34136559-65251842-37-168503232-555308

Ratios

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
334345355333
Inventory Days
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Days Payable
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Cash Conversion Cycle
334345355333
Working Capital Days
-76-60-63-72-70-64-146-415-287-141-144-123
ROCE %
17%47%61%38%40%0%5%-14%-13%7%25%17%

Shareholding Pattern

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
71.92%67.86%67.77%63.25%63.12%57.29%55.29%49.29%49.27%49.27%43.54%41.58%
Alok Mehta
000000000000
Asha Mukherjee
0.320.320.230.230.140.140.1400000
Interglobe Enterprises Private Limited
37.837.7937.7937.7737.7537.7535.7535.7235.7135.7135.735.7
Kapil Bhatia
0.010.010.010.010.010.010.010.010.010.010.010.01
Rahul Bhatia
0.010.010.010.010.010.010.010.010.010.010.010.01
Rakesh Gangwal
13.2413.2313.2311.7311.725.895.895.315.35.34.734.53
Rohini Bhatia
000000000000
Shobha Gangwal
7.042.992.99000000000
The Chinkerpoo Family Trust (Trustee: Shobha Gangw___
13.513.513.513.4913.4913.4913.498.238.238.233.081.32
FIIs
17.77%19.43%19.76%20.29%18.7%23.66%24.43%25.4%24.83%25.12%27.31%28.44%
Government Of Singapore
β€”β€”β€”β€”β€”1.842.023.584.253.913.313.25
Government Pension Fund Global
β€”β€”β€”β€”β€”β€”β€”β€”1.121.1211.04
Jwalamukhi Investment Holdings
2.373.373.43.43.43.062.48β€”β€”β€”β€”β€”
Platinum International Fund
1.141.081.04β€”β€”β€”β€”β€”β€”β€”β€”β€”
DIIs
8.24%10.43%10.37%13.25%14.65%15.03%15.36%20.59%21.14%20.66%24.02%24.58%
Axis Mutual Fund Trustee Limited A/C Axis Mutual F
β€”β€”β€”β€”β€”β€”1.181.541.581.41.41.52
Hdfc Mutual Fund - Hdfc Bse 500 Etf
β€”β€”β€”β€”β€”β€”β€”β€”β€”1.641.972
ICICI Prudential Bluechip Fund
β€”1.27β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Icici Prudential Bharat Consumption Fund
β€”β€”β€”1.87β€”β€”β€”β€”β€”β€”β€”β€”
Icici Prudential Equity Arbitrage Fund
β€”β€”β€”β€”2.34β€”β€”β€”β€”β€”β€”β€”
Icici Prudential Flexicap Fund
β€”β€”1.14β€”β€”β€”β€”β€”β€”β€”β€”β€”
Icici Prudential India Opportunities Fund
β€”β€”β€”β€”β€”β€”β€”2.783.25β€”β€”β€”
Icici Prudential Large & Mid Cap Fund
β€”β€”β€”β€”β€”2.4β€”β€”β€”β€”β€”β€”
Icici Prudential Life Insurance Company Ltd
1.591.621.021.071.07β€”β€”β€”β€”β€”β€”β€”
Icici Prudential Long Term Wealth Enhancement Fund
β€”β€”β€”β€”β€”β€”β€”β€”β€”2.66β€”β€”
Icici Prudential Nifty Infrastructure Etf
β€”β€”β€”β€”β€”β€”2.31β€”β€”β€”β€”β€”
Icici Prudential Nifty50 Equal Weight Index Fund
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”2.89
Icici Prudential S&P Bse 500 Etf
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”3.77β€”
Kotak Balanced Advantage Fund
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”1.55β€”
Kotak Balanced Advantage Fund - 2
β€”β€”β€”β€”1.23β€”β€”β€”β€”β€”β€”β€”
Kotak Bluechip Fund
1.2β€”1.23β€”β€”β€”1.461.53β€”β€”β€”β€”
Kotak Equity Savings Fund
β€”β€”β€”β€”β€”β€”β€”β€”β€”1.35β€”β€”
Kotak Infrastructure & Economic Reform Fund
β€”1.35β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Kotak Large Cap Fund
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”1.33
Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty 100
β€”β€”β€”β€”β€”1.17β€”β€”1.35β€”β€”β€”
Kotak Pioneer Fund
β€”β€”β€”1.24β€”β€”β€”β€”β€”β€”β€”β€”
Nippon Life India Trustee LTD-A/C Nippon India Fle___
β€”1.14β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Nippon Life India Trustee Ltd- A/C Nippon India Gr
1.1β€”1.341.11.08β€”β€”β€”β€”1.131.591.53
Nps Trust - A/C Sbi Pension Fund Scheme - Nps Tier
β€”β€”β€”β€”β€”β€”β€”β€”β€”1.25β€”β€”
Nps Trust A/C - Sbi Pension Fund - Ups - Cg Schem
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”1.271.85
Nps Trust- A/C Icici Prudential Pension Fund Schem
β€”β€”β€”β€”β€”β€”β€”β€”1.12β€”β€”β€”
SBI Equity Hybrid Fund
β€”1.98β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Sbi Arbitrage Opportunities Fund
β€”β€”β€”β€”2.74β€”β€”2.41β€”β€”β€”β€”
Sbi Equity Hybrid Fund
β€”β€”β€”β€”β€”2.61β€”β€”2.13β€”β€”β€”
Sbi Magnum Equity Esg Fund
β€”β€”1.99β€”β€”β€”β€”β€”β€”β€”β€”β€”
Sbi Multicap Fund
β€”β€”β€”2.11β€”β€”β€”β€”β€”β€”β€”β€”
Sbi Nifty 50 Equal Weight Index Fund
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”2.28
Sbi Nifty Next 50 Etf
β€”β€”β€”β€”β€”β€”2.43β€”β€”β€”β€”β€”
Sbi Nifty Next 50 Index Fund
β€”β€”β€”β€”β€”β€”β€”β€”β€”1.55β€”β€”
Sbi Resurgent India Opportunities Scheme
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”1.62β€”
Uti Nifty 50 Index Fund
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”1
Westbridge Aif I
β€”β€”β€”β€”β€”β€”β€”2.752.582.22.192.19
Government
0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%
Public
1.98%2.19%2.02%3.16%3.45%3.95%4.85%4.64%4.69%4.88%5.05%5.32%
Others
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
No. of Shareholders
1,03,7771,06,2661,05,5111,40,1791,41,1061,70,0592,39,6502,49,0612,73,6772,89,4443,03,0623,16,246

News & Updates

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
1d - All securities dematerialised; no rematerialisation requests for quarter ended December 31, 2025.
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
2d - InterGlobe Aviation Limited has informed regarding allotment of ESOPs.
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015
31 Dec - Doubles A350-900 order to 60; 123m customers in 2025; Dec 3–5 disruption; Athens A321XLR service Jan 23, 2026.
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015
30 Dec - Tax demand INR 14,59,527 for FY2021-22 received Dec 29, 2025; company will contest.

Annual Reports

Credit Ratings

Rating update
24 Dec from crisil
Rating update
10 Dec from icra
Rating update
8 Dec from crisil
Rating update
25 Jul 2025 from icra
Rating update
16 Jul 2025 from crisil
Rating update
26 Jul 2024 from icra

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