Whalesbook
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 “low 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]
Market LeadershipAs of FY24, IndiGo has a market share of~62% in the Indian aviation segment, with the share growing consistently since 2007. It has a market share of ~18% in the international passenger segment.[1]It has become the7th largest airlinein the world measured by daily departures and the first Indian airline with a large fleet of 300+ aircraft.[2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market 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 value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Interglobe Aviat | 5436.50 | 41.52 | 210169.71 | 0.18 | -2614.10 | -164.37 | 18555.30 | 9.34 | 17.34 | 83314.30 | 20.40 | 5062.40 | -2614.10 | 24.70 | 5.89 | 8.83 |
| 2. | SpiceJet | 30.34 | – | 4288.84 | 0.00 | -633.80 | -43.48 | 781.22 | -14.25 | 9.10 | 4564.73 | -14.88 | -519.04 | -633.80 | – | 0.65 | – |
| 3. | FlySBS Aviation | 548.45 | 20.17 | 949.02 | 0.00 | 23.84 | 358.46 | 137.61 | 64.39 | 34.65 | 247.79 | 25.38 | 47.04 | 23.84 | 3.61 | 21.13 | 0.09 |
| 4. | TAAL Enterprises | 2942.90 | 17.81 | 917.11 | 1.02 | 14.27 | -1.79 | 48.83 | -0.59 | 32.73 | 182.66 | 31.75 | 51.48 | 14.27 | 4.12 | 21.32 | 0.01 |
| 5. | Global Vectra | 199.25 | – | 278.95 | 0.00 | -6.16 | -48.43 | 117.62 | -5.37 | 6.66 | 524.49 | 8.05 | -5.96 | -6.16 | 61.85 | -0.07 | 140.88 |
| – | Median: 5 Co. | 548.45 | 20.17 | 949.02 | 0.0 | -6.16 | -43.48 | 137.61 | -0.59 | 17.34 | 524.49 | 20.4 | 47.04 | -6.16 | 14.41 | 5.89 | 4.46 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 14,933 | 19,452 | 22,111 | 16,683 | 19,571 | 20,496 | 14,161 | 17,825 | 22,152 | 12,498 | 14,944 | 16,970 | 18,555 |
Expenses | 11,819 | 14,308 | 16,951 | 11,715 | 14,425 | 15,292 | 11,412 | 13,841 | 16,070 | 12,472 | 12,748 | 15,352 | 18,010 |
Operating Profit | 3,114 | 5,144 | 5,160 | 4,968 | 5,146 | 5,205 | 2,748 | 3,984 | 6,082 | 25 | 2,196 | 1,618 | 545 |
Other Income | 476 | 610 | 884 | 477 | 680 | 1,046 | 438 | 680 | 953 | 354 | 558 | 790 | 1,045 |
Profit before tax | 1,418 | 2,998 | 2,520 | 3,087 | 2,802 | 2,295 | 916 | 1,770 | 3,175 | -1,585 | 188 | -909 | -2,514 |
Tax % | 0% | 0% | 3% | 0% | 3% | 6% | 0% | -7% | 3% | 0% | 0% | 9% | 4% |
Net Profit | 1,418 | 2,998 | 2,442 | 3,087 | 2,727 | 2,161 | 916 | 1,894 | 3,073 | -1,585 | 188 | -989 | -2,614 |
EPS in Rs | 36.79 | 77.69 | 63.20 | 80.07 | 70.64 | 55.91 | 23.76 | 49.07 | 79.53 | -41.14 | 4.87 | -25.60 | -67.62 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 11,117 | 13,925 | 16,140 | 18,580 | 23,021 | 28,497 | 35,756 | 14,641 | 25,931 | 54,446 | 68,904 | 80,803 | 83,314 |
Expenses | 10,684 | 12,022 | 12,976 | 16,362 | 19,991 | 28,648 | 31,687 | 14,638 | 25,373 | 47,926 | 52,573 | 62,753 | 66,322 |
Operating Profit | 433 | 1,904 | 3,164 | 2,219 | 3,030 | -151 | 4,069 | 2 | 558 | 6,521 | 16,331 | 18,050 | 16,992 |
Other Income | 391 | 395 | 515 | 789 | 947 | 1,325 | 1,531 | 1,036 | 725 | 1,431 | 2,326 | 3,307 | 3,928 |
Interest | 123 | 150 | 350 | 406 | 413 | 563 | 1,902 | 2,170 | 2,386 | 3,168 | 4,208 | 5,133 | 5,569 |
Depreciation | 226 | 302 | 505 | 457 | 437 | 760 | 3,974 | 4,699 | 5,068 | 5,101 | 6,406 | 8,637 | 9,875 |
Profit before tax | 475 | 1,847 | 2,824 | 2,144 | 3,127 | -149 | -275 | -5,830 | -6,171 | -317 | 8,043 | 7,588 | 5,477 |
Net Profit | 474 | 1,304 | 1,986 | 1,659 | 2,242 | 156 | -248 | -5,830 | -6,171 | -317 | 8,168 | 7,253 | 5,062 |
EPS in Rs | 15,454.07 | 42,481.11 | 55.12 | 45.90 | 58.33 | 4.06 | -6.45 | -151.46 | -160.18 | -8.21 | 211.60 | 187.70 | 131.02 |
Dividend Payout % | 80% | 83% | 27% | 74% | 10% | 123% | 0% | 0% | 0% | 0% | 0% | 5% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 31 | 31 | 360 | 361 | 384 | 384 | 385 | 385 | 385 | 386 | 386 | 386 | 387 |
Reserves | 373 | 386 | 2,363 | 3,418 | 6,693 | 6,560 | 5,478 | -314 | -6,421 | -6,695 | 1,546 | 8,920 | 8,121 |
Borrowings | 3,350 | 3,930 | 3,245 | 2,596 | 2,453 | 2,429 | 22,719 | 29,860 | 36,878 | 44,860 | 51,280 | 67,088 | 75,105 |
Other Liabilities | 5,348 | 6,443 | 6,662 | 8,834 | 11,599 | 15,638 | 13,467 | 13,044 | 15,018 | 20,492 | 28,857 | 39,519 | 44,590 |
Total Liabilities | 9,102 | 10,789 | 12,630 | 15,210 | 21,129 | 25,012 | 42,048 | 42,974 | 45,860 | 59,043 | 82,069 | 115,914 | 128,203 |
Fixed Assets | 3,956 | 4,876 | 4,747 | 3,794 | 4,579 | 5,662 | 16,778 | 18,815 | 21,282 | 27,650 | 36,036 | 51,565 | 57,092 |
Gross Block | 4,450.46 | 5,671.55 | 5,336.78 | 4,672.33 | 5,848.39 | 7,575.50 | 22,555.12 | 27,833.05 | 33,264.81 | 43,224.06 | 57,566.60 | 79,687.20 | – |
Accumulated Depreciation | 494.49 | 795.51 | 589.38 | 878.49 | 1,269.58 | 1,913.46 | 5,776.92 | 9,017.58 | 11,982.74 | 15,574.09 | 21,530.10 | 28,122.40 | – |
CWIP | 0 | 0 | 32 | 25 | 32 | 24 | 140 | 72 | 125 | 21 | 1 | 3 | 6 |
Investments | 1,272 | 517 | 986 | 3,713 | 6,344 | 6,517 | 9,499 | 7,290 | 8,033 | 11,514 | 16,453 | 26,402 | 30,663 |
Other Assets | 3,874 | 5,396 | 6,864 | 7,677 | 10,174 | 12,809 | 15,631 | 16,797 | 16,420 | 19,858 | 29,578 | 37,944 | 40,442 |
Total Assets | 9,102 | 10,789 | 12,630 | 15,210 | 21,129 | 25,012 | 42,048 | 42,974 | 45,860 | 59,043 | 82,069 | 115,914 | 128,203 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 1,595 | 2,384 | 3,116 | 3,782 | 3,903 | 3,160 | 6,943 | -1,620 | 2,064 | 12,703 | 21,183 | 24,065 |
Cash from Investing Activity | -2,914 | -940 | -1,337 | -3,033 | -4,152 | -2,526 | -4,573 | 3,228 | 1,527 | -4,039 | -11,759 | -12,782 |
Cash from Financing Activity | 1,285 | -1,308 | -1,220 | -1,401 | 766 | -592 | -2,407 | -1,775 | -3,088 | -8,432 | -9,978 | -10,975 |
Net Cash Flow | -34 | 136 | 559 | -652 | 518 | 42 | -37 | -168 | 503 | 232 | -555 | 308 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 3 | 3 | 4 | 3 | 4 | 5 | 3 | 5 | 5 | 3 | 3 | 3 |
Inventory Days | – | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 3 | 3 | 4 | 3 | 4 | 5 | 3 | 5 | 5 | 3 | 3 | 3 |
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% |
Direct from BSE filings, auto-summarised
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