# InterGlobe Aviation (INDIGO.NSE)

Canonical: https://gigainvestors.com/s/INDIGO.NSE

Analysis as of: 2026-10-16T07:33:23.912Z. Financial observations: FY2017–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 4,718.50 per share; close as of 2026-10-14.

Estimated value: low INR 619.69 per share, central INR 624.60 per share, high INR 630.82 per share. Buy at or below the central value INR 624.60 per share. Valuation as of 2026-10-16T07:33:23.912Z; scenarios are not confidence intervals.

Expected annual return: 3.1% at the stated quote. About 3.1% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 5

- Operating margin variation: 105.56×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.11×

- FY2019: -0.03×

- FY2020: 0.00×

- FY2021: -0.32×

- FY2022: -0.17×

- FY2023: 0.03×

- FY2024: 0.14×

- FY2025: 0.12×

- FY2026: 0.01×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.2%

- ROIC, second-lowest year: 1.6%

- Conservative return floor, median: 10.0%

- Conservative return floor, second lowest: 0.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 12.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: -17.1%

- FY2023: 4.2%

- FY2024: 27.2%

- FY2025: 15.8%

- FY2026: 1.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.21×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 14B

- Net income, five-year total: INR 66B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.6 pp

- Working capital / revenue, final three-year average: -3.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.64×

- FY2023: -0.37×

- FY2024: 0.89×

- FY2025: 1.02×

- FY2026: 3.96×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- Per-share earnings: 45.90 to 187.67 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: INR 1.14T

- Cumulative retained earnings: INR 8.9B

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 22.3%

- Per-share value change: INR 141.77

- Per-share value, starting three-year median: INR 45.90

- Per-share value, ending three-year median: INR 187.67

- Average buyback yield: 0.2%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: INR 46B

- ROIC, last three-year median: 15.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 45.90

- FY2018: INR 59.90

- FY2019: INR 4.09

- FY2020: INR -6.07

- FY2021: INR -150.89

- FY2022: INR -160.01

- FY2023: INR -7.93

- FY2024: INR 211.61

- FY2025: INR 187.67

- FY2026: INR -61.88

### accounting: pass

- Sloan accruals: -19.0%

- Receivables to sales index (DSRI): 0.77×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -14.0%

- FY2018: -7.9%

- FY2019: -12.1%

- FY2020: -17.1%

- FY2021: -9.7%

- FY2022: -18.0%

- FY2023: -22.0%

- FY2024: -15.9%

- FY2025: -14.6%

- FY2026: -19.0%

## Holders

## Price story

Down 21% since Jun 2025 · sales +5.1%

Story as of 2026-10-16T09:59:55.978Z; price observation 2026-10-14.

Price needs cash profits to grow 65.4% a year for ten years

### Sales · FY2025–2026

sales +5.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 186B 

- FY2018: INR 230B 

- FY2019: INR 285B 

- FY2020: INR 358B 

- FY2021: INR 146B 

- FY2022: INR 259B 

- FY2023: INR 544B 

- FY2024: INR 689B 

- FY2025: INR 808B 

- FY2026: INR 850B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in airline; annual sales are INR 849.6 billion.

- Source: https://www.screener.in/company/INDIGO/consolidated/ (filed 2026-10-16T07:33:23.912Z); FY2026: revenue 849620000000; operatingIncome 12290000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 1.4% to 14.4% during 2024–26; it earns 4.2% on its capital.

- Source: https://www.screener.in/company/INDIGO/consolidated/ (filed 2026-10-16T07:33:23.912Z); FY2024: operatingIncome / revenue = 14.4%.

- Source: https://www.screener.in/company/INDIGO/consolidated/ (filed 2026-10-16T07:33:23.912Z); FY2025: operatingIncome / revenue = 11.7%.

- Source: https://www.screener.in/company/INDIGO/consolidated/ (filed 2026-10-16T07:33:23.912Z); FY2026: operatingIncome / revenue = 1.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.912Z); 10-year return on capital observations [[2022,-0.17093211362542127],[2023,0.04214435146443515],[2024,0.27164546573656134],[2025,0.15809001136065717],[2026,0.01598969055186838]]; median 0.04214435146443515. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 5 years.

- Source: https://www.screener.in/company/INDIGO/consolidated/ (filed 2026-10-16T07:33:23.912Z); FY2017: growth capex 0; upkeep 2370000000; owner earnings 18790000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/INDIGO/consolidated/ (filed 2026-10-16T07:33:23.912Z); FY2018: growth capex 7830000000; upkeep 4370000000; owner earnings 22420000000. Growth capex / owner earnings = 0.34924174843889383.

- Source: https://www.screener.in/company/INDIGO/consolidated/ (filed 2026-10-16T07:33:23.912Z); FY2019: growth capex 9520000000; upkeep 7600000000; owner earnings 1570000000. Growth capex / owner earnings = 6.063694267515924.

- Source: https://www.screener.in/company/INDIGO/consolidated/ (filed 2026-10-16T07:33:23.912Z); FY2020: growth capex 0; upkeep 10880000000; owner earnings 26520000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/INDIGO/consolidated/ (filed 2026-10-16T07:33:23.912Z); FY2023: growth capex 0; upkeep 5700000000; cash acquisitions 0; owner earnings 1132290000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/INDIGO/consolidated/ (filed 2026-10-16T07:33:23.912Z); FY2024: growth capex 0; upkeep 11030000000; cash acquisitions 0; owner earnings 72527770000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/INDIGO/consolidated/ (filed 2026-10-16T07:33:23.912Z); FY2025: growth capex 0; upkeep 16050000000; cash acquisitions 0; owner earnings 74319000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.912Z); Dividend observations: [[2017,5420000000],[2018,12300000000],[2019,2310000000],[2020,1920000000],[2026,3860000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 65.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.912Z); Ten-year compound average after fade. Initial solved rate 0.9778001693260034. Price 4718.5; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-14.

## Monthly share-price history (INR per share)

- 2016-11: INR 859.80 per share

- 2016-12: INR 821.45 per share

- 2017-01: INR 903.00 per share

- 2017-02: INR 856.90 per share

- 2017-03: INR 1,051.40 per share

- 2017-04: INR 1,105.85 per share

- 2017-05: INR 1,106.90 per share

- 2017-06: INR 1,166.55 per share

- 2017-07: INR 1,290.75 per share

- 2017-08: INR 1,228.30 per share

- 2017-09: INR 1,096.80 per share

- 2017-10: INR 1,247.85 per share

- 2017-11: INR 1,121.55 per share

- 2017-12: INR 1,205.50 per share

- 2018-01: INR 1,214.95 per share

- 2018-02: INR 1,335.70 per share

- 2018-03: INR 1,290.45 per share

- 2018-04: INR 1,402.80 per share

- 2018-05: INR 1,219.25 per share

- 2018-06: INR 1,088.50 per share

- 2018-07: INR 929.70 per share

- 2018-08: INR 928.85 per share

- 2018-09: INR 826.10 per share

- 2018-10: INR 888.90 per share

- 2018-11: INR 1,038.25 per share

- 2018-12: INR 1,165.05 per share

- 2019-01: INR 1,187.80 per share

- 2019-02: INR 1,125.35 per share

- 2019-03: INR 1,428.15 per share

- 2019-04: INR 1,517.00 per share

- 2019-05: INR 1,676.30 per share

- 2019-06: INR 1,557.95 per share

- 2019-07: INR 1,557.20 per share

- 2019-08: INR 1,690.45 per share

- 2019-09: INR 1,889.65 per share

- 2019-10: INR 1,456.85 per share

- 2019-11: INR 1,444.20 per share

- 2019-12: INR 1,333.55 per share

- 2020-01: INR 1,378.25 per share

- 2020-02: INR 1,300.05 per share

- 2020-03: INR 1,066.15 per share

- 2020-04: INR 995.25 per share

- 2020-05: INR 965.50 per share

- 2020-06: INR 988.85 per share

- 2020-07: INR 979.85 per share

- 2020-08: INR 1,199.15 per share

- 2020-09: INR 1,249.10 per share

- 2020-10: INR 1,309.50 per share

- 2020-11: INR 1,514.15 per share

- 2020-12: INR 1,723.30 per share

- 2021-01: INR 1,547.75 per share

- 2021-02: INR 1,619.95 per share

- 2021-03: INR 1,631.95 per share

- 2021-04: INR 1,643.40 per share

- 2021-05: INR 1,758.90 per share

- 2021-06: INR 1,716.95 per share

- 2021-07: INR 1,647.35 per share

- 2021-08: INR 1,904.15 per share

- 2021-09: INR 2,021.70 per share

- 2021-10: INR 2,175.20 per share

- 2021-11: INR 1,905.05 per share

- 2021-12: INR 2,017.55 per share

- 2022-01: INR 1,856.85 per share

- 2022-02: INR 1,874.90 per share

- 2022-03: INR 2,014.15 per share

- 2022-04: INR 1,858.10 per share

- 2022-05: INR 1,838.55 per share

- 2022-06: INR 1,606.20 per share

- 2022-07: INR 1,867.95 per share

- 2022-08: INR 2,016.80 per share

- 2022-09: INR 1,855.30 per share

- 2022-10: INR 1,781.70 per share

- 2022-11: INR 1,937.45 per share

- 2022-12: INR 2,007.70 per share

- 2023-01: INR 2,124.25 per share

- 2023-02: INR 1,856.35 per share

- 2023-03: INR 1,910.65 per share

- 2023-04: INR 2,020.95 per share

- 2023-05: INR 2,372.50 per share

- 2023-06: INR 2,626.90 per share

- 2023-07: INR 2,592.90 per share

- 2023-08: INR 2,435.00 per share

- 2023-09: INR 2,381.20 per share

- 2023-10: INR 2,453.85 per share

- 2023-11: INR 2,705.35 per share

- 2023-12: INR 2,967.10 per share

- 2024-01: INR 2,961.35 per share

- 2024-02: INR 3,155.35 per share

- 2024-03: INR 3,548.65 per share

- 2024-04: INR 3,982.30 per share

- 2024-05: INR 4,189.05 per share

- 2024-06: INR 4,228.25 per share

- 2024-07: INR 4,472.20 per share

- 2024-08: INR 4,830.00 per share

- 2024-09: INR 4,787.45 per share

- 2024-10: INR 4,052.50 per share

- 2024-11: INR 4,378.90 per share

- 2024-12: INR 4,554.25 per share

- 2025-01: INR 4,324.35 per share

- 2025-02: INR 4,477.30 per share

- 2025-03: INR 5,115.35 per share

- 2025-04: INR 5,249.50 per share

- 2025-05: INR 5,330.00 per share

- 2025-06: INR 5,976.50 per share

- 2025-07: INR 5,910.50 per share

- 2025-08: INR 5,646.00 per share

- 2025-09: INR 5,594.50 per share

- 2025-10: INR 5,625.00 per share

- 2025-11: INR 5,901.50 per share

- 2025-12: INR 5,059.50 per share

- 2026-01: INR 4,596.50 per share

- 2026-02: INR 4,827.20 per share

- 2026-03: INR 3,943.50 per share

- 2026-04: INR 4,295.30 per share

- 2026-05: INR 4,405.00 per share

- 2026-06: INR 5,368.40 per share

- 2026-07: INR 5,171.00 per share

- 2026-08: INR 5,234.00 per share

- 2026-09: INR 4,984.00 per share

- 2026-10: INR 4,778.30 per share

## Annual estimated value (INR per share)

- FY2021: low INR 548.47 per share, central INR 578.77 per share, high INR 617.20 per share

- FY2022: low INR 284.06 per share, central INR 288.04 per share, high INR 293.10 per share

- FY2023: low INR 306.09 per share, central INR 309.24 per share, high INR 313.24 per share

- FY2024: low INR 432.05 per share, central INR 436.03 per share, high INR 441.08 per share

- FY2025: low INR 489.23 per share, central INR 493.89 per share, high INR 499.81 per share

- FY2026: low INR 619.69 per share, central INR 624.60 per share, high INR 630.82 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

InterGlobe Aviation

INDIGO · NSE

Nifty 50

Not a wonderful business

3 quality tests fail. A lower price would not fix the business.

Share price: INR 4,718.50
Buy up to: INR 624.60
Expected / yr: 3.1% at today's price (11.4% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

5 loss years were recorded (limit 2), and average operating margin was negative (must be zero or higher), and margins varied 10556.1% around their average (limit 35%).

Operating margin

10y median: 2.0%
Worst year: -32.0%
Latest · 2026: 1.4%

Capital return excluding acquisitions: median 4.2% (minimum 15%), and the second-worst year 1.6% (minimum 10%).

ROIC excluding acquisitions

5y median: 4.2%
Worst year: -17.1%
Latest · 2026: 1.6%

Each $1 of profit left $0.21 for owners over five years (minimum $0.80), and new investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.21×
Annual median: 0.89×
Latest · 2026: 3.96×

Per-share value rose from 45.9 to 187.67, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: INR -0.99
Worst year: INR -160.01
Latest · 2026: INR -61.88

Profits were backed by cash: accruals were -19% of assets (limit 10%).

Sloan accruals

10y median: -15.2%
Worst year: -7.9%
Latest · 2026: -19.0%

Profit record · fail 5 loss years in 10 (at most 2), mean operating margin -0.1%, three-year average owner earnings per share 44.96 INR. 5 loss years in the last 10; at most 2 allowed. Mean operating margin over the last ten years is negative.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price INR 859.80; 2016-12 · Price INR 821.45; 2017-01 · Price INR 903.00; 2017-02 · Price INR 856.90; 2017-03 · Price INR 1051.40; 2017-04 · Price INR 1105.85; 2017-05 · Price INR 1106.90; 2017-06 · Price INR 1166.55; 2017-07 · Price INR 1290.75; 2017-08 · Price INR 1228.30; 2017-09 · Price INR 1096.80; 2017-10 · Price INR 1247.85; 2017-11 · Price INR 1121.55; 2017-12 · Price INR 1205.50; 2018-01 · Price INR 1214.95; 2018-02 · Price INR 1335.70; 2018-03 · Price INR 1290.45; 2018-04 · Price INR 1402.80; 2018-05 · Price INR 1219.25; 2018-06 · Price INR 1088.50; 2018-07 · Price INR 929.70; 2018-08 · Price INR 928.85; 2018-09 · Price INR 826.10; 2018-10 · Price INR 888.90; 2018-11 · Price INR 1038.25; 2018-12 · Price INR 1165.05; 2019-01 · Price INR 1187.80; 2019-02 · Price INR 1125.35; 2019-03 · Price INR 1428.15; 2019-04 · Price INR 1517.00; 2019-05 · Price INR 1676.30; 2019-06 · Price INR 1557.95; 2019-07 · Price INR 1557.20; 2019-08 · Price INR 1690.45; 2019-09 · Price INR 1889.65; 2019-10 · Price INR 1456.85; 2019-11 · Price INR 1444.20; 2019-12 · Price INR 1333.55; 2020-01 · Price INR 1378.25; 2020-02 · Price INR 1300.05; 2020-03 · Price INR 1066.15; 2020-04 · Price INR 995.25; 2020-05 · Price INR 965.50; 2020-06 · Price INR 988.85; 2020-07 · Price INR 979.85; 2020-08 · Price INR 1199.15; 2020-09 · Price INR 1249.10; 2020-10 · Price INR 1309.50; 2020-11 · Price INR 1514.15; 2020-12 · Price INR 1723.30; 2021-01 · Price INR 1547.75 · Value 578.77 · Buy at or below 578.77; 2021-02 · Price INR 1619.95 · Value 578.77 · Buy at or below 578.77; 2021-03 · Price INR 1631.95 · Value 578.77 · Buy at or below 578.77; 2021-04 · Price INR 1643.40 · Value 578.77 · Buy at or below 578.77; 2021-05 · Price INR 1758.90 · Value 578.77 · Buy at or below 578.77; 2021-06 · Price INR 1716.95 · Value 578.77 · Buy at or below 578.77; 2021-07 · Price INR 1647.35 · Value 578.77 · Buy at or below 578.77; 2021-08 · Price INR 1904.15 · Value 578.77 · Buy at or below 578.77; 2021-09 · Price INR 2021.70 · Value 578.77 · Buy at or below 578.77; 2021-10 · Price INR 2175.20 · Value 578.77 · Buy at or below 578.77; 2021-11 · Price INR 1905.05 · Value 578.77 · Buy at or below 578.77; 2021-12 · Price INR 2017.55 · Value 578.77 · Buy at or below 578.77; 2022-01 · Price INR 1856.85 · Value 578.77 · Buy at or below 578.77; 2022-02 · Price INR 1874.90 · Value 288.04 · Buy at or below 288.04; 2022-03 · Price INR 2014.15 · Value 288.04 · Buy at or below 288.04; 2022-04 · Price INR 1858.10 · Value 288.04 · Buy at or below 288.04; 2022-05 · Price INR 1838.55 · Value 288.04 · Buy at or below 288.04; 2022-06 · Price INR 1606.20 · Value 288.04 · Buy at or below 288.04; 2022-07 · Price INR 1867.95 · Value 288.04 · Buy at or below 288.04; 2022-08 · Price INR 2016.80 · Value 288.04 · Buy at or below 288.04; 2022-09 · Price INR 1855.30 · Value 288.04 · Buy at or below 288.04; 2022-10 · Price INR 1781.70 · Value 288.04 · Buy at or below 288.04; 2022-11 · Price INR 1937.45 · Value 288.04 · Buy at or below 288.04; 2022-12 · Price INR 2007.70 · Value 288.04 · Buy at or below 288.04; 2023-01 · Price INR 2124.25 · Value 288.04 · Buy at or below 288.04; 2023-02 · Price INR 1856.35 · Value 309.24 · Buy at or below 309.24; 2023-03 · Price INR 1910.65 · Value 309.24 · Buy at or below 309.24; 2023-04 · Price INR 2020.95 · Value 309.24 · Buy at or below 309.24; 2023-05 · Price INR 2372.50 · Value 309.24 · Buy at or below 309.24; 2023-06 · Price INR 2626.90 · Value 309.24 · Buy at or below 309.24; 2023-07 · Price INR 2592.90 · Value 309.24 · Buy at or below 309.24; 2023-08 · Price INR 2435.00 · Value 309.24 · Buy at or below 309.24; 2023-09 · Price INR 2381.20 · Value 309.24 · Buy at or below 309.24; 2023-10 · Price INR 2453.85 · Value 309.24 · Buy at or below 309.24; 2023-11 · Price INR 2705.35 · Value 309.24 · Buy at or below 309.24; 2023-12 · Price INR 2967.10 · Value 309.24 · Buy at or below 309.24; 2024-01 · Price INR 2961.35 · Value 309.24 · Buy at or below 309.24; 2024-02 · Price INR 3155.35 · Value 436.03 · Buy at or below 436.03; 2024-03 · Price INR 3548.65 · Value 436.03 · Buy at or below 436.03; 2024-04 · Price INR 3982.30 · Value 436.03 · Buy at or below 436.03; 2024-05 · Price INR 4189.05 · Value 436.03 · Buy at or below 436.03; 2024-06 · Price INR 4228.25 · Value 436.03 · Buy at or below 436.03; 2024-07 · Price INR 4472.20 · Value 436.03 · Buy at or below 436.03; 2024-08 · Price INR 4830.00 · Value 436.03 · Buy at or below 436.03; 2024-09 · Price INR 4787.45 · Value 436.03 · Buy at or below 436.03; 2024-10 · Price INR 4052.50 · Value 436.03 · Buy at or below 436.03; 2024-11 · Price INR 4378.90 · Value 436.03 · Buy at or below 436.03; 2024-12 · Price INR 4554.25 · Value 436.03 · Buy at or below 436.03; 2025-01 · Price INR 4324.35 · Value 436.03 · Buy at or below 436.03; 2025-02 · Price INR 4477.30 · Value 493.89 · Buy at or below 493.89; 2025-03 · Price INR 5115.35 · Value 493.89 · Buy at or below 493.89; 2025-04 · Price INR 5249.50 · Value 493.89 · Buy at or below 493.89; 2025-05 · Price INR 5330.00 · Value 493.89 · Buy at or below 493.89; 2025-06 · Price INR 5976.50 · Value 493.89 · Buy at or below 493.89; 2025-07 · Price INR 5910.50 · Value 493.89 · Buy at or below 493.89; 2025-08 · Price INR 5646.00 · Value 493.89 · Buy at or below 493.89; 2025-09 · Price INR 5594.50 · Value 493.89 · Buy at or below 493.89; 2025-10 · Price INR 5625.00 · Value 493.89 · Buy at or below 493.89; 2025-11 · Price INR 5901.50 · Value 493.89 · Buy at or below 493.89; 2025-12 · Price INR 5059.50 · Value 493.89 · Buy at or below 493.89; 2026-01 · Price INR 4596.50 · Value 493.89 · Buy at or below 493.89; 2026-02 · Price INR 4827.20 · Value 624.60 · Buy at or below 624.60; 2026-03 · Price INR 3943.50 · Value 624.60 · Buy at or below 624.60; 2026-04 · Price INR 4295.30 · Value 624.60 · Buy at or below 624.60; 2026-05 · Price INR 4405.00 · Value 624.60 · Buy at or below 624.60; 2026-06 · Price INR 5368.40 · Value 624.60 · Buy at or below 624.60; 2026-07 · Price INR 5171.00 · Value 624.60 · Buy at or below 624.60; 2026-08 · Price INR 5234.00 · Value 624.60 · Buy at or below 624.60; 2026-09 · Price INR 4984.00 · Value 624.60 · Buy at or below 624.60; 2026-10 · Price INR 4778.30 · Value 624.60 · Buy at or below 624.60; 2026-10 · Price INR 4718.50 · Value 624.60 · Buy at or below 624.60

INR per share · annual estimates

Price & return math
Value range	INR 619.69 – INR 630.82
Buy at or below	Central value INR 624.60
Discount to value	1 − 4718.50 / 624.60 = -655.4%
Return / year	About 3.1% a year at today's price (required return 11.4%)
Cash-flow inputs	Owner cash INR 4.57/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash INR 576.89/share today.
Required return	11.4% / year, earned by construction at the central value

RevenueINR 850B

Revenue

Owner earningsINR -95B

Owner earnings

Operating margin1.4%

Operating margin

Net cash / debtINR -507B

Net cash / debt

Diluted shares387M

Diluted shares

Prices 14 Oct 2026 · FY2026