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Result Update
Interglobe Aviation Ltd
Aviation
Hold
Current Price 5637
Target Price 5330
November 05, 2025
FX misery; sticky AoG causes margin stress

IndiGo’s Q2FY26 EBITDAR (-62% YoY) missed consensus by 39% due to higher forex loss. CASK ex-fuel/forex at +4% YoY likely to worsen further.
Company Update
Interglobe Aviation Ltd
Aviation
Hold
Current Price 5679
Target Price 5428
September 29, 2025
Losing altitude amid dark clouds

Our scheduled flights tracker—a good lead indicator with strong correlation/low variance versus actuals—points towards a weak Q2.
Result Update
SpiceJet Ltd
Aviation
Hold
Current Price 35
Target Price 40
September 06, 2025
Below-par Q1 showing; Q2 outlook steady

SpiceJet (SJ) posted Q1FY26 EBITDAR of INR123mn versus INR2.8bn in Q1FY25 on lower ASKM (-28%), PLFs (-736bp) and higher CASK (+8%).
Result Update
Interglobe Aviation Ltd
Aviation
Hold
Current Price 5740
Target Price 5428
July 30, 2025
Weak demand affects Q1; Q2 steady

IndiGo’s Q1FY26 EBITDAR at INR57bn (-1% YoY) missed our/consensus estimate by 11%/5% on lower yield (-5% YoY) and higher CASK.
Sector Update
Aviation
June 18, 2025
Geopolitical headwind for Indian carriers

We gauge the impact of geopolitical tensions on IndiGo, capture Q1FY26E scheduled flights’ trend and provide actual April-2025 data.
Result Update
SpiceJet Ltd
Aviation
Hold
Current Price 44
Target Price 48
June 15, 2025
Strong Q4; buckle up, turbulence ahead

SpiceJet (SJ) posted Q4FY25 EBITDAR of INR2.2bn versus a loss of INR148mn YoY as yields (+28% YoY) offset operational weakness.

Result Update
Interglobe Aviation Ltd
Aviation
Hold
Current Price 5462
Target Price 5199
May 22, 2025
Strong demand buoys Q4; Q1FY26 bleak

IndiGo’s Q4FY25 EBITDAR at INR70bn (+58% YoY) beat our/consensus estimate by 18%/18% due to better yield (+4%) and lower CASK (-3%).
Company Update
Interglobe Aviation Ltd
Aviation
Hold
Current Price 4981
Target Price 4768
March 19, 2025
Going global; international ASKM to rise

We recently attended Indigo’s Investor Day. Key takeaways: i) Industry PAX traffic to double by FY30E to 510mn (242mn in FY25E). ii) Indigo expects its PAX traffic and capacity (ASKMs) to grow in early-double digits in
Result Update
SpiceJet Ltd
Aviation
Hold
Current Price 48
Target Price 52
February 26, 2025
Signs of improvement; recovery gradual

SpiceJet (SJ) posted Q3FY25 EBITDAR of INR(206)mn from INR(140)mn YoY [INR(2.3)bn sequentially] as yields (+18% YoY) offset operational weakness. SJ’s operations are set to improve as it has started to induct grounded
Sector Update
Aviation
February 20, 2025
Q4 flights growth healthy, led by IndiGo

We capture scheduled flights, PAX, capacity and market shares.
Result Update
Interglobe Aviation Ltd
Aviation
Hold
Current Price 4066
Target Price 4459
January 25, 2025
Better yields, PLF drive beat; Q4 mixed

Indigo’s Q3 EBITDAR of INR59bn (+8% YoY/+2.5x QoQ) beat our estimate by 8%, mainly on better yields (+4%) and higher RPKM (+2%).
Sector Update
Aviation
December 20, 2024
Aviation - SpiceJet, IndiGo gain at Air India’s cost; Sector Update

We capture monthly PAX, capacity-adds, market shares and upcoming flight schedules.
Result Update
Interglobe Aviation Ltd
Aviation
Hold
Current Price 4366
Target Price 4415
October 27, 2024
Interglobe Aviation (INDIGO IN, INR 4,366, downgrade to HOLD) - Headwinds of change; Result Update

Following a 108–133% outperformance to US/European peers since Jan-22, we are downgrading IndiGo to ‘HOLD’ on 1.5x+ valuations to global peers and valuation premium to global LCCs ~2SD above average, slowing domestic
Sector Update
Aviation
September 26, 2024
SpiceJet’s short-term gain is Indigo’s pain

SpiceJet (SJ) recently closed a INR30bn QIP, providing much-needed short-term relief, but long-term challenges remain. Despite capital infusion, SpiceJet continues to operate in a graveyard industry prone to insolvencies
Sector Update
Aviation
August 26, 2024
Cap adds high; IndiGo share down 192bp

We capture monthly PAX, fares, capacity additions, market shares and upcoming flight schedules.
Result Update
Interglobe Aviation Ltd
Aviation
Buy
Current Price 4493
Target Price 5300
July 28, 2024
One-off drives beat; Q2 to be turbulent

Indigo’s Q1FY25 EBITDAR of INR58bn (+11% YoY/+31% QoQ) beat our estimate by 22%, primarily on finalisation of compensation from OEM for grounded aircraft and recognition of a shortfall regarding 2HFY24.
Sector Update
Aviation
July 10, 2024
Steady demand; Indigo reign continues

We capture monthly PAX, fares, capacity adds and market shares.
Sector Update
Aviation
June 03, 2024
Resilient demand; poised for lofty highs

We capture monthly PAX, fares, capacity adds and market shares.
Result Update
Interglobe Aviation Ltd
Aviation
Buy
Current Price 4401
Target Price 5192
May 23, 2024
Turbulence in Q1; clearer skies ahead

Indigo posted Q4FY24 EBITDAR of INR44bn (+49% YoY/-19% QoQ), 27% above estimate. Growth is attributable to strong capacity addition, low ATF cost and a rise in yields, partially offset by AoG.
Company Update
Interglobe Aviation Ltd
Aviation
Buy
Current Price 3986
Target Price 4288
May 01, 2024
Charting a course across new frontiers

Indigo’s entry in the wide-body aircraft space via its order placement for 30 A350–900 (with right to add 70 more) aircraft shall strengthen its global network and enhance its share in the international segment.