INDIGO
Large CapInterGlobe Aviation Limited
Services
InterGlobe Aviation Limited (IndiGo) is an Indian airline operating domestic and international routes. It welcomed over 123 million passengers in FY26, operating 670+ direct routes (520+ domestic, 150+ international) with a fleet of 441 aircraft, averaging c. 2,150 daily flights.
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 31 Mar 2026
Bad · 0/100PAT -183% YoY · margin compression · Rev +1% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹22,438 Cr | +1.3% | -4.4% |
| EBITDA | ₹810 Cr | -86.7% | -84.9% |
| Operating margin | 4.0% | -2300 bps | -1900 bps |
| PAT | ₹-2,537 Cr | -182.7% | -562.1% |
| PAT margin | -11.3% | -2516 bps | -1365 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 results show significant PAT and EBITDAR decline YoY, driven by higher expenses, particularly foreign exchange losses and CASK ex-fuel increase, despite modest revenue growth. Full-year PAT also turned negative.
The company's profitability was severely impacted in Q4 FY26 and for the full year, primarily due to a substantial increase in total expenses, particularly foreign exchange losses and CASK ex-fuel. While capacity (ASK) and passenger numbers grew, RASK declined for the full year, and load factors softened. The partial prepayment of finance lease obligations for asset acquisition is a positive long-term move, but current operational performance is concerning.
Network Expansion
Added 6 new domestic and 7 international destinations in FY26, expanding to 670+ direct routes.
Strategic Partnerships
Provided services to 94 additional international destinations through strategic partnerships in FY26.
Fleet Expansion
Increased aircraft count to 441 by March 31, 2026, adding 7 aircraft YoY.
Aircraft Fleet
Increased to 441 aircraft by March 31, 2026, from 434 in March 2025 (+7 aircraft).
New Destinations
Added 6 domestic and 7 international destinations during FY26.
Daily Flights
Averaged c. 2,150 daily flights in FY26 (c. 1,850 domestic, c. 300 international).
Foreign Exchange Fluctuations
Significant foreign exchange loss (net) of INR 48,229 million in Q4 FY26 and INR 89,757 million in FY26.
Rising Non-Fuel Costs
CASK ex-fuel increased by 46.6% YoY in Q4 FY26 and 17.6% YoY in FY26.
New Labour Codes Impact
Provision for increased social security benefits due to new labour codes (INR 12,192 million in FY26).
Operational Disruptions
Provision for compensation, travel vouchers, and penalties related to operational disruptions (INR 5,772 million in FY26).
Forex Volatility
High exposure to foreign exchange fluctuations, leading to substantial losses.
Regulatory Compliance Costs
Impact from new labor codes increasing social security benefit provisions.
Operational Efficiency
Costs associated with operational disruptions impacting profitability.
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.
YoY comparison is crucial for assessing the impact of seasonality and long-term trends in the airline industry. QoQ comparison (though not explicitly provided for all metrics in the summary tables) would be useful to track sequential momentum in capacity deployment and cost management, especially given the significant Q4 expense surge.
ASK (billion)
PositiveQ4FY26: 43.6 (+3.4% YoY); FY26: 172.4 (+9.5% YoY)
RPK (billion)
PositiveQ4FY26: 37.4 (+1.5% YoY); FY26: 145.5 (+7.5% YoY)
Load Factor (%)
NegativeQ4FY26: 85.8% (-1.7 pts YoY); FY26: 84.4% (-1.6 pts YoY)
Yield (INR)
NegativeQ4FY26: 5.20 (-2.2% YoY); FY26: 5.06 (-1.7% YoY)
Asset Acquisition Strategy
Approved partial prepayment of finance lease obligations up to USD 450 million for acquisition of aviation assets (aircraft, engines, parts).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CASK ex fuel ex forex | INR 3.15 (Q4FY26), INR 3.00 (FY26) | Trend in non-fuel, non-forex operating costs per ASK. |
| Load Factor | 85.8% (Q4FY26), 84.4% (FY26) | Improvement in capacity utilization to support RASK. |
| Foreign Exchange Impact | INR 48,229 mn loss (Q4FY26) | Mitigation strategies and impact of currency movements on profitability. |
| Asset Ownership Strategy | Prepayment of up to USD 450 million for asset acquisition | Execution of asset acquisition strategy and its impact on future finance costs and depreciation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -8.3% / mo
Technical chart
INDIGOdaily · 1Y-21.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 56. Wait for confirmation.
- SMA20 falling (~1.3% over last month) — short-term momentum negative.
- RSI(14) at 56 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 24% off 52W high · 16% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 6.3%.
- Cash flow contributes 7/10 to the score.
- Growth contributes 13/25 to the score.
Main drags
- Altman Z is 1.8, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 0/15; 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
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 5th percentile of the scored universe and 6th percentile within Services. Main check: financial discipline is weak at 18/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Debt/equity is 11.15.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Services: 6th pctile, median 66 · Large: 3rd pctile, median 74
160 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak 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 6.4%.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 11.15.
- ▸Altman Z is 1.79.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding fell 2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- —
- P/B
- 24.22
- EV/EBITDA
- 10.81
- Market Cap
- 168571.00Cr
Profitability
- ROE
- -12.20%
- ROCE
- 7.12%
- ROA
- -1.76%
- Dividend Y
- 0.23%
Growth (CAGR)
- Revenue 5Y
- 42.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- -11.00%
Balance Sheet
- Debt/Equity
- 11.15
- Interest Coverage
- 2.03×
- Altman Z
- 1.79
- Book Value
- 180.00
Cash Flow
- FCF Yield
- 6.35%
- FCF Positive Y
- 8/5
- OCF
- 23470.00 Cr
- EPS TTM
- -61.87
Shareholding
- Promoter Hold
- 41.57%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.