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Mkt Cap
Market Capitalization
₹1,68,010Cr
Rev Gr TTM
Revenue Growth TTM
10.72%
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Compare up to 10 companies side by side across valuation, profitability, and growth.

INDIGO
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 76.5 | 29.8 | 19.6 | 30.3 | 25.9 | 17.3 | 13.6 | 13.7 | 24.3 | 4.7 | 9.3 | 6.2 |
| 11,409 | 11,709 | 12,744 | 14,303 | 13,832 | 14,412 | 15,339 | 16,932 | 16,063 | 15,270 | 17,976 | 18,105 |
Operating Profit Operating ProfitCr |
| 19.4 | 29.8 | 14.7 | 26.5 | 22.4 | 26.4 | 9.6 | 23.4 | 27.5 | 25.5 | 3.1 | 22.9 |
Other Income Other IncomeCr | 440 | 478 | 559 | 610 | 680 | 678 | 789 | 882 | 946 | 1,046 | 1,044 | -478 |
Interest Expense Interest ExpenseCr | 918 | 954 | 1,021 | 1,095 | 1,099 | 1,158 | 1,240 | 1,308 | 1,374 | 1,396 | 1,465 | 1,545 |
Depreciation DepreciationCr | 1,353 | 1,408 | 1,549 | 1,666 | 1,803 | 1,876 | 2,088 | 2,226 | 2,491 | 2,566 | 2,641 | 2,782 |
| 920 | 3,091 | 189 | 2,999 | 1,771 | 2,804 | -907 | 2,527 | 3,169 | 2,311 | -2,482 | 562 |
| 1 | 0 | 0 | 0 | -124 | 75 | 80 | 78 | 102 | 134 | 100 | 13 |
|
Growth YoY PAT Growth YoY% | 154.7 | 390.4 | 111.9 | 110.8 | 106.1 | -11.7 | -622.3 | -18.3 | 61.9 | -20.3 | -161.7 | -77.6 |
| 6.5 | 18.5 | 1.3 | 15.4 | 10.6 | 13.9 | -5.8 | 11.1 | 13.8 | 10.6 | -13.9 | 2.3 |
| 23.8 | 80.2 | 4.9 | 77.7 | 49.1 | 70.7 | -25.6 | 63.4 | 79.4 | 56.3 | -66.8 | 14.2 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 23.9 | 23.8 | 25.5 | -59.0 | 77.1 | 110.0 | 26.6 | 17.3 | 4.8 |
| 16,437 | 20,064 | 28,700 | 31,697 | 14,654 | 25,384 | 47,951 | 52,587 | 62,745 | 67,413 |
Operating Profit Operating ProfitCr |
| 11.5 | 12.8 | -0.7 | 11.3 | -0.1 | 2.1 | 11.9 | 23.7 | 22.4 | 20.4 |
Other Income Other IncomeCr | 789 | 947 | 1,325 | 1,536 | 1,037 | 726 | 1,435 | 2,327 | 3,295 | 2,558 |
Interest Expense Interest ExpenseCr | 331 | 340 | 509 | 1,876 | 2,142 | 2,358 | 3,132 | 4,169 | 5,080 | 5,780 |
Depreciation DepreciationCr | 457 | 437 | 760 | 3,974 | 4,699 | 5,069 | 5,103 | 6,426 | 8,680 | 10,480 |
| 2,144 | 3,127 | -147 | -256 | -5,818 | -6,154 | -304 | 8,049 | 7,593 | 3,561 |
| 485 | 884 | -305 | -22 | -12 | 8 | 1 | -123 | 335 | 350 |
|
| | 35.1 | -93.0 | -248.6 | -2,384.8 | -6.1 | 95.0 | 2,772.6 | -11.2 | -55.8 |
| 8.9 | 9.7 | 0.6 | -0.7 | -39.7 | -23.8 | -0.6 | 11.9 | 9.0 | 3.8 |
| 45.9 | 60.0 | 4.1 | -6.1 | -150.9 | -160.0 | -7.9 | 211.8 | 187.9 | 83.1 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 361 | 384 | 384 | 385 | 385 | 385 | 386 | 386 | 386 | 387 |
| 3,412 | 6,687 | 6,556 | 5,487 | -280 | -6,379 | -6,638 | 1,611 | 8,982 | 8,247 |
Current Liabilities Current LiabilitiesCr | 4,785 | 6,123 | 8,010 | 16,437 | 18,924 | 22,417 | 23,851 | 30,798 | 34,218 | 39,783 |
Non Current Liabilities Non Current LiabilitiesCr | 6,646 | 7,929 | 10,071 | 19,786 | 24,017 | 29,534 | 41,565 | 49,430 | 72,258 | 79,818 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 9,446 | 14,632 | 18,117 | 22,456 | 20,814 | 20,229 | 26,149 | 35,853 | 50,703 | 57,221 |
Non Current Assets Non Current AssetsCr | 5,763 | 6,498 | 6,910 | 19,645 | 22,237 | 25,734 | 33,021 | 46,371 | 65,140 | 71,014 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 3,782 | 3,903 | 3,176 | 6,972 | -1,614 | 2,091 | 12,728 | 21,218 | 24,151 |
Investing Cash Flow Investing Cash FlowCr | -3,038 | -4,160 | -2,536 | -4,568 | 3,197 | 1,502 | -4,059 | -11,809 | -12,759 |
Financing Cash Flow Financing Cash FlowCr | -1,401 | 766 | -592 | -2,407 | -1,775 | -3,088 | -8,432 | -9,979 | -11,015 |
|
Free Cash Flow Free Cash FlowCr | 4,158 | 2,683 | 1,469 | 5,910 | -2,035 | 1,750 | 12,163 | 20,709 | 22,558 |
| 227.9 | 174.1 | 2,019.5 | -2,983.5 | 27.8 | -33.9 | -4,162.3 | 259.6 | 332.7 |
CFO To EBITDA CFO To EBITDA% | 176.5 | 132.0 | -1,561.0 | 171.8 | 11,864.4 | 382.0 | 195.9 | 130.0 | 133.7 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 37,978 | 49,454 | 54,859 | 41,106 | 62,931 | 77,565 | 73,726 | 1,36,810 | 1,97,578 |
Price To Earnings Price To Earnings | 22.9 | 22.1 | 348.9 | 0.0 | 0.0 | 0.0 | 0.0 | 16.7 | 27.2 |
Price To Sales Price To Sales | 2.0 | 2.1 | 1.9 | 1.1 | 4.3 | 3.0 | 1.4 | 2.0 | 2.5 |
Price To Book Price To Book | 10.1 | 7.0 | 7.9 | 7.0 | 598.9 | -12.9 | -11.8 | 68.5 | 21.1 |
| 16.7 | 15.3 | -238.1 | 13.0 | -5,995.1 | 190.6 | 16.4 | 10.5 | 13.6 |
Profitability Ratios Profitability Ratios |
| 99.3 | 99.5 | 99.5 | 99.5 | 99.6 | 99.5 | 99.5 | 99.5 | 99.5 |
| 11.5 | 12.8 | -0.7 | 11.3 | -0.1 | 2.1 | 11.9 | 23.7 | 22.4 |
| 8.9 | 9.7 | 0.6 | -0.7 | -39.7 | -23.8 | -0.6 | 11.9 | 9.0 |
| 40.1 | 37.2 | 4.0 | 5.7 | -12.3 | -12.3 | 7.3 | 22.9 | 16.6 |
| 44.0 | 31.7 | 2.3 | -4.0 | -5,531.0 | 102.8 | 4.9 | 409.3 | 77.5 |
| 10.9 | 10.6 | 0.6 | -0.6 | -13.5 | -13.4 | -0.5 | 9.9 | 6.3 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Executive Summary**
Interglobe Aviation Ltd, operating as **IndiGo**, is India’s largest airline and one of the world’s fastest-growing carriers. With a strong foundation in the low-cost carrier (LCC) model, the airline has evolved into a global aviation player, actively expanding into international long-haul markets, enhancing digital capabilities, and investing in infrastructure, innovation, and sustainability. As of **November 2025**, IndiGo is executing a strategic shift toward becoming a global aviation hub connector, supported by fleet modernization, digital transformation, and aggressive network expansion—domestically and internationally.
---
### **Key Highlights (Recent Developments: May–Oct 2025)**
#### **1. International Expansion & Long-Haul Foray**
- **Europe Launches:** IndiGo commenced **direct operations to Manchester and Amsterdam** in July 2025, marking its historic entry into the UK and Europe. Services to **Copenhagen, London (Heathrow), and Athens** are scheduled to follow.
- **Fleet Strategy:** To bridge the gap ahead of **A350-900** deliveries (starting CY2027), IndiGo entered a **damp-lease agreement with Norse Atlantic** for **six Boeing 787-9** widebody aircraft. One is already operational on the Mumbai–Amsterdam and Delhi–Bangkok routes.
- **Future Growth:** Orders for **Airbus A350-900 (60 firm + optional)** and **A321XLR** aircraft will support long-haul expansion to the Americas, Africa, and deeper into Europe by 2030.
#### **2. Premium Product & Customer Experience**
- **IndiGoStretch:** A **premium economy/business class product** launched in phases since March 2025. It debuted on the Delhi–Bangkok route and is now being rolled out on key international and metro domestic routes (Delhi-Mumbai, Delhi-Bengaluru, etc.). Features include wider seats, enhanced legroom, priority boarding, and premium meals.
- **Customer Feedback:** Strong demand and positive feedback have validated the product, supporting expansion plans.
#### **3. Digital & Technological Transformation**
- **Relaunched Platform:** IndiGo updated its website and mobile app with modern architecture, improved UX, and expanded services including **hotel bookings**, aligning with a broader travel ecosystem approach.
- **AI Innovation:** Launched **6Eskai**, an **AI-powered GPT-4 chatbot** available in 11 languages, to streamline customer service and bookings.
- **NDC Distribution:** Partnered with **Amadeus** to distribute rich content via New Distribution Capability (NDC), enhancing offerings for travel agents and corporate clients.
#### **4. Strategic Alliances & Connectivity**
- **Codeshare Agreements:** Expanded partnerships with **Delta Air Lines, Virgin Atlantic, Air France-KLM, Japan Airlines, Qantas, Jetstar, and Turkish Airlines**.
- Enables connectivity to **over 50 additional global destinations** including major U.S., European, and Australian cities.
- Reciprocal agreement with **KLM** offers access to 30 European destinations via Amsterdam.
- **Global Stature:** Successfully hosted the **81st IATA Annual General Meeting in New Delhi (July 2025)**—a testament to its rising influence in global aviation.
#### **5. Fleet & Capacity Scale**
- **Current Fleet:** Over **434 aircraft** (as of July 2025), primarily Airbus A320neo family (A320neo, A321neo), supported by damp-leased 787s.
- **Largest Order Book Globally:** A combined firm order of **~900 aircraft**, including:
- **A321XLR** (mid-2025 deliveries)
- **A350-900** (widebody, deliveries from 2027)
- The airline is adding **over one new aircraft per week** and aims for a fleet of **600+ by 2030**.
#### **6. Domestic Dominance & New Connectivity**
- **Domestic Network:** Operates to **91 domestic destinations**, including recent additions like **Hindon (Ghaziabad), Adampur (Jalandhar)**, and upcoming access to **Jewar and Navi Mumbai airports** as the launch carrier.
- **Market Share:** Holds **~62% domestic market share** (FY2025), the highest in India.
- **Route Expansion:** Added **10 new international** and **4 new domestic destinations** in FY2025.
- **Daily Operations:** Over **2,200 flights daily**, connecting **600+ direct city pairs**.
#### **7. Cargo & Ancillary Revenue Growth**
- **CarGo Business:** Carried **~400,000 tonnes of cargo in FY2025**, with a **36% YoY increase in international tonnage**.
- **Widebody Advantage:** 787-9 aircraft can carry **8–10 tonnes of cargo per flight**, unlocking high-margin opportunities on international routes.
- Strategic expansion into **European cargo corridors** positions IndiGo to capture underdeveloped Indian carrier share in global air freight.
#### **8. Innovation & Strategic Initiatives**
- **IndiGo Ventures:** Launched in August 2024, the airline’s **venture capital arm** raised an initial **INR 450 crores** and invested in **Jeh Aerospace** (high-precision aerospace manufacturing).
- Plans to allocate **Rs. 3,000 crores** total to back startups in aviation tech, sustainability, and digital travel.
- **MRO Development:** Signed an MoU with **Bengaluru International Airport Limited (BIAL)** to establish a **state-of-the-art MRO facility**, reducing turnaround time and operating costs.
- **Engineering Hubs:** Already operates maintenance facilities in **Delhi and Bengaluru**, capable of heavy checks and engine replacements.
#### **9. Loyalty & Brand Engagement**
- **BluChip Loyalty Program:** Enrolled **3.8 million members** (up from 2.9M in May 2025), offering lifetime validity, easy redemption, and one of the **highest reward rates** in India.
- **Partnerships:** Collaborations with **Accor, Swiggy**, and **Kotak Mahindra Bank** (co-branded credit card) enhance lifestyle value and data-driven engagement.
#### **10. Operational Excellence**
- **On-Time Performance (OTP):** Ranked #1 in India since November 2024, consistently above **81%** (DGCA metro categories).
- **Technical Reliability:** Among the highest **dispatch reliability rates globally**.
- **Flight Cancellations:** Only **1.03%**, reflecting efficient operations despite high volume.
- **Fleet Age:** Maintains the **world’s youngest fleet among carriers with >100 aircraft** (average age: **~4.4 years**).
---
### **Strategic Vision & Roadmap (2025–2030)**
| **Strategic Goal** | **Key Initiatives** |
|--------------------|----------------------|
| **Becoming a Global Aviation Hub** | Leveraging fleet expansion (A350, XLR), international alliances, and MRO investments to connect India globally. |
| **Doubling Scale by 2030** | Targeting 600+ aircraft, 2x passenger volume, and expansion into Americas, Africa, and Oceania. |
| **International Capacity Growth** | Increase international ASK share from **28% (FY2025)** to **40% by FY2030**. |
| **Digital Ecosystem Development** | Expanding beyond air travel to include hotels, fintech, and personalized travel services via direct bookings. |
| **Sustainable Operations** | Phasing out single-use plastics, water-saving tech, and waste-to-compost projects (e.g., Indore Airport). |
---
### **Financial & Market Position (FY2025 Highlights)**
- **Passenger Traffic:** Served **over 118 million passengers** in FY2025.
- **Cargo:** CarGo contributed significant ancillary revenue with strong YoY growth.
- **Market Recognition:** Named **“Airline of the Year” (Air Transport Awards)** and **“Best Low-Cost Airline in India & South Asia” (Skytrax)** in 2024.
- **Customer Satisfaction:** Highest **Net Promoter Score (NPS)** among Indian carriers, driven by reliability and service quality.