InterGlobe Aviation Ltd (INDIGO) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+4.33%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 20.3%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: -27.1%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹5,466.73

200-Day DMA ● Overlay

₹5,070.18

14-Day RSI ● Overlay

67.2 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹1.91 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

23.6x

Price / EPS

Book Value (₹) Assets

₹180.0

P/B: 27.4x

ROE (%) Quality

-27.1%

Net Profit / Equity

ROCE (%) Efficiency

5.2%

EBIT / Capital

Dividend Yield Yield

0.00%

Face Value: ₹10

Debt / Equity Solvency

11.15x

Manageable

EPS (TTM) Per Share

₹240.28

Trailing 12M

OPM (%) Spread

11.0%

EBITDA Margin

Free Cash Flow Cash

₹21,767 Cr

CFO - Capex

About InterGlobe Aviation Ltd

InterGlobe Aviation Ltd (IndiGo) (INDIGO) is a leading Indian enterprise operating in the Hospitality & Travel sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 7.9% × Turnover: 0.85x × Leverage: 12.15x = ROE: -27.1%

✓ Company Strengths (Pros)

• TickerPulse fundamental algorithm rates overall quality at 80/100.

⚠ Key Considerations & Risks (Cons)

• Company has a high debt-to-equity ratio of 11.15x.
• Stock is trading at a premium of 27.4x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹89,050 Cr

Latest PAT

-₹4,808 Cr

EPS (TTM)

₹240.28

OPM %

11.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹16,683 Cr	₹14,944 Cr	₹19,452 Cr	₹17,825 Cr	₹19,571 Cr	₹16,970 Cr	₹22,111 Cr	₹22,152 Cr	₹20,496 Cr	₹18,555 Cr	₹23,472 Cr	₹22,438 Cr	₹24,584 Cr
Operating Profit (EBITDA)	₹4,974 Cr	₹2,200 Cr	₹5,149 Cr	₹3,994 Cr	₹5,159 Cr	₹1,631 Cr	₹5,179 Cr	₹6,089 Cr	₹5,226 Cr	₹580.00 Cr	₹5,367 Cr	₹810.00 Cr	₹3,267 Cr
OPM %	30.0%	15.0%	26.0%	22.0%	26.0%	10.0%	23.0%	27.0%	26.0%	3.1%	23.0%	3.6%	13.0%
Interest Expense	₹954.00 Cr	₹1,021 Cr	₹1,095 Cr	₹1,099 Cr	₹1,158 Cr	₹1,240 Cr	₹1,308 Cr	₹1,374 Cr	₹1,396 Cr	₹1,465 Cr	₹1,545 Cr	₹1,485 Cr	₹1,565 Cr
Depreciation	₹1,408 Cr	₹1,549 Cr	₹1,666 Cr	₹1,803 Cr	₹1,876 Cr	₹2,088 Cr	₹2,226 Cr	₹2,491 Cr	₹2,566 Cr	₹2,640 Cr	₹2,782 Cr	₹2,820 Cr	₹2,970 Cr
Profit before Tax (PBT)	₹3,091 Cr	₹189.00 Cr	₹2,998 Cr	₹1,771 Cr	₹2,804 Cr	-₹907.00 Cr	₹2,527 Cr	₹3,169 Cr	₹2,311 Cr	-₹2,482 Cr	₹562.00 Cr	-₹2,352 Cr	-₹238.00 Cr
Net Profit (PAT)	₹3,091 Cr	₹189.00 Cr	₹2,998 Cr	₹1,895 Cr	₹2,729 Cr	-₹987.00 Cr	₹2,449 Cr	₹3,068 Cr	₹2,176 Cr	-₹2,582 Cr	₹549.00 Cr	-₹2,537 Cr	-₹238.00 Cr
EPS in ₹	₹80.16	₹4.90	₹77.68	₹49.09	₹70.70	₹-25.54	₹63.38	₹79.38	₹56.31	₹-66.79	₹14.22	₹-65.60	₹-6.14

Annual P&L (₹ Cr)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹18,580 Cr	₹23,021 Cr	₹28,497 Cr	₹35,756 Cr	₹14,641 Cr	₹25,931 Cr	₹54,446 Cr	₹68,904 Cr	₹80,803 Cr	₹84,962 Cr	₹89,050 Cr
Expenses	₹16,362 Cr	₹19,991 Cr	₹28,646 Cr	₹31,666 Cr	₹14,626 Cr	₹25,356 Cr	₹47,915 Cr	₹52,548 Cr	₹62,701 Cr	₹72,925 Cr	₹79,026 Cr
Operating Profit	₹2,219 Cr	₹3,030 Cr	-₹149.00 Cr	₹4,090 Cr	₹14.00 Cr	₹575.00 Cr	₹6,531 Cr	₹16,356 Cr	₹18,102 Cr	₹12,037 Cr	₹10,024 Cr
OPM %	12%	13%	-0.5%	11%	0.1%	2.2%	12%	24%	22%	14%	11%
Interest	₹406.00 Cr	₹413.00 Cr	₹563.00 Cr	₹1,902 Cr	₹2,170 Cr	₹2,386 Cr	₹3,168 Cr	₹4,208 Cr	₹5,124 Cr	₹5,944 Cr	₹6,060 Cr
Depreciation	₹457.00 Cr	₹437.00 Cr	₹760.00 Cr	₹3,974 Cr	₹4,699 Cr	₹5,069 Cr	₹5,103 Cr	₹6,426 Cr	₹8,680 Cr	₹10,808 Cr	₹11,212 Cr
Profit before Tax	₹2,144 Cr	₹3,127 Cr	-₹147.00 Cr	-₹256.00 Cr	-₹5,818 Cr	-₹6,154 Cr	-₹304.00 Cr	₹8,049 Cr	₹7,593 Cr	-₹1,960 Cr	-₹4,510 Cr
Net Profit	₹1,659 Cr	₹2,242 Cr	₹157.00 Cr	-₹234.00 Cr	-₹5,806 Cr	-₹6,162 Cr	-₹306.00 Cr	₹8,172 Cr	₹7,258 Cr	-₹2,394 Cr	-₹4,808 Cr
EPS in Rs	45.90	58.33	4.09	-6.07	-150.85	-159.94	-7.93	211.73	187.84	-61.87	-124.31

Balance Sheet (₹ Cr)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹361.00 Cr	₹384.00 Cr	₹384.00 Cr	₹385.00 Cr	₹385.00 Cr	₹385.00 Cr	₹386.00 Cr	₹386.00 Cr	₹386.00 Cr	₹387.00 Cr
Reserves & Surplus	₹3,418 Cr	₹6,693 Cr	₹6,561 Cr	₹5,493 Cr	-₹274.00 Cr	-₹6,373 Cr	-₹6,638 Cr	₹1,610 Cr	₹8,982 Cr	₹6,584 Cr
Borrowings (Debt)	₹2,596 Cr	₹2,254 Cr	₹2,429 Cr	₹22,719 Cr	₹29,860 Cr	₹36,878 Cr	₹44,860 Cr	₹51,280 Cr	₹66,810 Cr	₹77,749 Cr
Total Liabilities	₹15,210 Cr	₹21,129 Cr	₹25,026 Cr	₹42,101 Cr	₹43,051 Cr	₹45,963 Cr	₹59,170 Cr	₹82,224 Cr	₹1.16 Lakh Cr	₹1.36 Lakh Cr
Fixed Assets	₹3,794 Cr	₹4,579 Cr	₹5,662 Cr	₹16,779 Cr	₹18,817 Cr	₹21,284 Cr	₹27,658 Cr	₹36,154 Cr	₹51,782 Cr	₹63,157 Cr
Total Assets	₹15,210 Cr	₹21,129 Cr	₹25,026 Cr	₹42,101 Cr	₹43,051 Cr	₹45,963 Cr	₹59,170 Cr	₹82,224 Cr	₹1.16 Lakh Cr	₹1.36 Lakh Cr

Cash Flows (₹ Cr)	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹3,782 Cr	₹3,903 Cr	₹3,176 Cr	₹6,972 Cr	-₹1,614 Cr	₹2,091 Cr	₹12,728 Cr	₹21,218 Cr	₹24,151 Cr	₹23,470 Cr
Cash from Investing (CFI)	-₹3,033 Cr	-₹4,151 Cr	-₹2,526 Cr	-₹4,574 Cr	₹3,179 Cr	₹1,504 Cr	-₹4,043 Cr	-₹11,812 Cr	-₹12,758 Cr	-₹1,943 Cr
Cash from Financing (CFF)	-₹1,401 Cr	₹766.00 Cr	-₹592.00 Cr	-₹2,407 Cr	-₹1,775 Cr	-₹3,088 Cr	-₹8,432 Cr	-₹9,979 Cr	-₹11,015 Cr	-₹21,276 Cr
Free Cash Flow (FCF)	₹4,158 Cr	₹2,683 Cr	₹1,469 Cr	₹5,910 Cr	-₹2,035 Cr	₹1,750 Cr	₹12,163 Cr	₹20,120 Cr	₹22,558 Cr	₹21,767 Cr

Efficiency Ratios	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	3	4	5	3	5	5	3	3	3	3
Inventory Days	0	0	0	0	0	0	0	0	0	0
Cash Conversion Cycle (Days)	3	4	5	3	5	5	3	3	3	3
ROCE %	0%	40%	0%	5%	-14%	-13%	7%	24%	17%	5%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹3,669.73 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹5,665.00

DCF Fair Value

₹3,669.73

Graham Number

₹986.48

Margin of Safety

-56.5%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹3,669.73

Premium / Overvalued (Margin: -56.5%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹3,571	₹3,539	₹3,507	₹3,475
10%	₹3,637	₹3,604	₹3,572	₹3,540
12%	₹3,703	₹3,670	₹3,637	₹3,604
14%	₹3,770	₹3,735	₹3,702	₹3,669

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹3,670	Fairly Valued
Benjamin Graham Number	₹986	Market Priced
Historical Sector P/E	₹5,286	Premium
EV / EBITDA Multiplier	₹5,948	In-Line
Free Cash Flow Yield Model	₹5,552	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 3/9 (Caution / High Leverage)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

3 / 9 Pass

Altman Z-Score

2.13 (Grey Zone (Moderate Solvency))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Elevated leverage at 11.15x

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 11.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

41.57%

FIIs (Foreign)

20.32%

DIIs (Domestic)

31.85%

Government

0.15%

Public / Retail

6.23%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	63.25%	63.12%	57.29%	55.29%	49.29%	49.27%	49.27%	43.54%	41.58%	41.57%	41.57%	41.57%
+ FIIs (Foreign Portfolio)	20.29%	18.70%	23.66%	24.43%	25.40%	24.83%	25.12%	27.31%	28.44%	24.99%	21.64%	20.32%
+ DIIs (Mutual Funds / Insurance)	13.25%	14.65%	15.03%	15.36%	20.59%	21.14%	20.66%	24.02%	24.58%	28.08%	31.14%	31.85%
+ Public (Retail & HNIs)	3.16%	3.45%	3.95%	4.85%	4.64%	4.69%	4.88%	5.05%	5.32%	5.31%	5.60%	6.23%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Hospitality & Travel.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

INDIGO Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

INDIGO Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

INDIGO Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹7,251.20

Accelerated market share capture in Hospitality & Travel, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹6,344.80

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 24x P/E.

🐻 Bear Case (15%) -12.0%

₹4,985.20

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Hospitality & Travel)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 19:01 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ InterGlobe Aviation Ltd (INDIGO)	Target Stock	₹5,665.00	+4.33%	23.6x	-27.1%	5.2%	11.15	₹1.91 Lakh Cr
Indian Hotels Company Ltd (Taj) (IHCL)	Luxury Hotels, Resorts & Palaces	₹718.00	-1.46%	52.6x	14.2%	17.1%	0.22	₹1.02 Lakh Cr
Indian Railway Catering & Tourism (IRCTC)	Rail Ticketing, Catering & Travel	₹472.00	+2.62%	26.3x	34.4%	46.1%	0.02	₹36,328 Cr
EIH Ltd (Oberoi Group) (EIHOTEL)	Luxury Hotel & Dining Hospitality	₹312.00	+1.12%	29.0x	14.0%	20.2%	0.03	₹18,626 Cr
CHALET HOTELS Ltd (CHALET)	Hospitality & Travel Operations	₹799.20	-1.56%	34.7x	19.0%	17.0%	0.64	₹18,558 Cr
TITAGARH RAIL SYSTEMS Ltd (TITAGARH)	Hospitality & Travel Operations	₹730.85	+4.04%	55.5x	6.8%	10.9%	0.25	₹10,781 Cr
LEMON TREE HOTELS Ltd (LEMONTREE)	Hospitality & Travel Operations	₹115.60	-0.28%	68.3x	9.3%	12.3%	0.24	₹8,530 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	19:01:53 IST	✓ Live Sync
Financial Statements (10Y)	InterGlobe Aviation Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

InterGlobe Aviation Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About InterGlobe Aviation Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Hospitality & Travel)

Metric Explainer

Stock DNA Methodology

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