# 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.

## Reported holder observations