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Swing Capital

Interglobe Aviation Ltd

NSE: INDIGO BSE: 539448

Interglobe Aviation Ltd (Indigo) is India’s largest passenger airline operating as a low-cost carrier. Serving 86 destinations including 24 international destinations, it provides passengers with a simple, unbundled product, fulfilling its singular brand promise of providing “low fares, on-time flights, and a courteous and hassle-free service” to its customers. IndiGo commenced operations in August 2006 with a single aircraft and has grown its fleet to 262 aircrafts. [1]

₹4,257
52W: ₹3895 — ₹6232
PE 36.3 · Book ₹220 · +1835% vs book
Market Cap₹1,64,599 Cr
Stock P/E36.3Price to Earnings
ROCE17.3%Return on Capital
ROE104%Return on Equity
Div. Yield0.23%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 53.5% CAGR over last 5 years
  • +Company's median sales growth is 23.8% of last 10 years

Weaknesses

  • −Stock is trading at 19.3 times its book value
  • −Company has low interest coverage ratio.
  • −Tax rate seems low
  • −Promoter holding has decreased over last 3 years: -26.3%

Shareholding Pattern

Promoters41.57%
FIIs21.64%
DIIs31.14%
Public5.6%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters55.29%49.29%▼6.049.27%▼0.049.27%43.54%▼5.741.58%▼2.041.57%▼0.041.57%
FIIs24.43%25.4%▲1.024.83%▼0.625.12%▲0.327.31%▲2.228.44%▲1.124.99%▼3.521.64%▼3.3
DIIs15.36%20.59%▲5.221.14%▲0.620.66%▼0.524.02%▲3.424.58%▲0.628.08%▲3.531.14%▲3.1
Public4.85%4.64%▼0.24.69%▲0.14.88%▲0.25.05%▲0.25.32%▲0.35.31%▼0.05.6%▲0.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales14,94419,45217,82519,57116,97022,11122,15220,49618,55523,472
Expenses12,74814,30813,84114,42515,35216,95116,07015,29218,01018,119
Operating Profit2,1965,1443,9845,1461,6185,1606,0825,2055455,353
OPM %15%26%22%26%10%23%27%25%3%23%
Net Profit1882,9981,8942,727-9892,4423,0732,161-2,614613
EPS ₹4.8777.6949.0770.64-25.663.279.5355.91-67.6215.85

AI Insights

Revenue Trend

TTM revenue at ₹84,676Cr, up 4.8% YoY. OPM at 20%.

Debt Position

Borrowings at ₹75,105Cr. Debt-to-equity ratio: 9.25x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹6Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 31.14% (+20.77pp change). FIIs: 21.64% (+1.88pp change). Promoters hold 41.57%.

Margin & Efficiency

ROCE improving from 17% (Mar 2014) to 17% (Mar 2025). Working capital days: -123.

Valuation

PE 36.3x with 17.3% ROCE. Price is 1835% above book value of ₹220. Dividend yield: 0.23%.

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