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India's largest airline by market share, running a low-cost domestic and international passenger network.
India's largest airline by market share, running a low-cost domestic and international passenger network.
Earns from ticket sales plus fees for bags, seats and meals, flying mainly one aircraft family to keep maintenance, crew training and fuel costs low; most of its fleet is leased. It was founded in 2006 by Rahul Bhatia's InterGlobe group and Rakesh Gangwal.
In one line: India's Southwest Airlines.
Moat: narrow (scale, cost advantage, distribution). Largest domestic fleet/route network and a low-cost operating model give a durable cost edge over rivals.
Headquarters: Gurugram, India · Founded: 2006 · Employees: 45,051
Size InterGlobe Aviation (INDIGO.NS) is an India Industrials company (Airlines) with a market value of $22.4B, the 46th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹5,476 on 6 Nov 2026.
Performance Over six months the shares gained 21.5%, against +8.5% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 12.7% over the last twelve months (peer median +11.6%); the operating margin is 7.5% (peer median 7.3%).
Valuation It trades at 105.8× forward earnings against a peer median of 13.4× (most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +42%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points below its cost of capital (14.1% WACC).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹939B | ₹847B | ₹805B | ₹674B | ₹536B |
| Revenue growth | — | +5% | +19% | +26% | — |
| Gross profit | ₹159B | ₹150B | ₹152B | ₹126B | ₹62.7B |
| EBITDA | ₹187B | ₹208B | ₹195B | ₹156B | ₹86.8B |
| Net income | -₹41.0B | -₹23.9B | ₹72.6B | ₹81.7B | -₹3.06B |
| Free cash flow | n/a | ₹225B | ₹228B | ₹206B | ₹123B |
| Capital expenditure | n/a | ₹22.7B | ₹24.1B | ₹11.0B | ₹5.70B |
| Total debt | ₹873B | ₹777B | ₹668B | ₹513B | ₹449B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INDIGO.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.7% | +5.3% | 3rd highest of 21 |
| 6-month return | +21.5% | +8.5% | 4th highest of 21 |
| Distance from 52-week high | -8.3% | -18.3% | 5th highest of 21 |
| Revenue growth (TTM) | +12.7% | +11.6% | 8th highest of 21 |
| Operating margin | 7.5% | 7.3% | 10th highest of 21 |
| Forward P/E | 105.8× | 13.4× | most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 25.5% | -3.9% | most demanding of 14 |
| Growth delivered (Del g) | +42.2% | +29.3% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | -16.8 pp | -36.3 pp | 4th most demanding of 14 |
| ROIC minus cost of capital | -1.0 pp | +3.0 pp | 7th lowest of 21 |
| EV / EBITDA | 13.2× | 6.7× | most expensive of 18 |
| Net debt / EBITDA | 1.9× | 1.8× | 9th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| InterGlobe Aviation INDIGO.NS | India | $22.4B | +22% | +13% | 8% | 105.8× | 25.5% | +42.2% |
| Southwest Airlines LUV | United States | $21.8B | +8% | +14% | 5% | 13.7× | n/a | n/a |
| International Consolidated Airlines IAG.L | United Kingdom | $25.3B | +9% | +4% | 14% | 8.3× | -3.9% | +32.4% |
| Singapore Airlines C6L.SI | Singapore | $17.2B | +11% | +5% | 12% | 30.1× | -11.0% | +40.0% |
| Ryanair Holdings PLC Sponsored ADR RYAAY | United States | $29.5B | +2% | +9% | 13% | 17.0× | 6.4% | +56.7% |
| Air China 0753.HK | Hong Kong | $15.4B | -27% | +11% | -4% | n/a | 11.7% | +18.9% |
| LATAM Airlines Group SA Sponsored ADR LTM | United States | $13.8B | -7% | +21% | 14% | 7.0× | -7.2% | +29.3% |
| United Airlines UAL | United States | $36.6B | +13% | +12% | 6% | 13.6× | 7.8% | +30.9% |
| China Southern Airlines 1055.HK | Hong Kong | $12.3B | -32% | +12% | 0% | n/a | n/a | n/a |
| Cathay Pacific Airways 0293.HK | Hong Kong | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% | +20.0% |
| Deutsche Lufthansa LHA.DE | Germany | $11.4B | +7% | +8% | -1% | 9.7× | n/a | n/a |
| China Eastern Airlines 0670.HK | Hong Kong | $10.8B | -40% | +13% | -4% | n/a | 18.6% | +18.1% |
| Qantas Airways QAN.AX | Australia | $9.79B | +9% | +8% | 7% | 10.9× | n/a | n/a |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% | +28.4% |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| Delta Air Lines DAL | United States | $57.4B | +19% | +14% | 7% | 13.4× | 9.9% | +30.0% |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | n/a | n/a | n/a |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 21.1× | n/a | n/a |
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 24.2× | 5.0% | +18.4% |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | n/a | n/a | n/a |
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 10.1× | -17.0% | +19.9% |