InterGlobe Aviation Limited (INDIGO) Fair Value & Analysis
Industrials · IN · Market cap ₹2.0T (≈ $21.5B) · ISIN INE646L01027
What is InterGlobe Aviation Limited really worth?
Below-average quality, trading 19% below our fair value of ₹6,146.
Strengths
Risks
Fair value as of: Aug 30, 2026
From 16 valuation models · updated 6 days ago
Fair value updated Aug 30, 2026, revised from ₹3,073 to ₹6,146 (+100.0%) since Aug 13, 2026. Share price −7.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (₹5,269). The market is more pessimistic than our downside scenario.
- Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
60‑month range ₹1,547 – ₹6,156 · fair‑value band ₹5,269 – ₹8,377 · the ₹4,977 price screens below the ₹6,146 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 30, 2026.
Analysis
InterGlobe Aviation Limited (INDIGO) currently trades at ₹4,977, while our model-based Fair Value estimate is ₹6,146, implying the stock looks roughly 19.0% undervalued today. The Quality Score stands at 49/100 (below-average quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of ₹11,879 per share, and 10 of the 16 models we run sit above the ₹4,977 price. Bear case: the Earnings-Based group reads lowest at ₹3,400, and 6 of the 16 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, InterGlobe Aviation Limited generated revenue of ₹847B at a net margin of 3.8%. Revenue grew 6.2% year over year. It earns a return on equity of 82.2%. Net debt stands at ₹537B. Fundamentals as of Aug 30, 2026
Our scenario range runs from ₹5,269 (bear case) to ₹8,377 (bull case); at ₹4,977, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 20% below its 52-week high and 28% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 59% fair-value upside, at 23%, INDIGO screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 16 models by family
Widest divergence: DCF Models (₹11,879) versus Asset-Based (₹120.79). Highest evidence: FCF DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 52 · Market factors (momentum, volatility) 52
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
InterGlobe Aviation Limited, together with its subsidiaries, provides air transportation services under the IndiGo brand in India and internationally. The company offers pre-flight and post-flight ground handling operations; passenger and cargo services; and related allied services, such as in-flight sales, and other allied services at the airports.
Full company description
InterGlobe Aviation Limited, together with its subsidiaries, provides air transportation services under the IndiGo brand in India and internationally. The company offers pre-flight and post-flight ground handling operations; passenger and cargo services; and related allied services, such as in-flight sales, and other allied services at the airports. It also engages in aircraft and aircraft engine leasing, as well as related financial services. In addition, the company provides cargo transport; charter flights; hotel booking services through its website and mobile app; and cadet pilot program for pilot training. As of March 31, 2025, its fleet consisted of 434 aircraft. The company serves businesses, leisure travelers, students, and families. InterGlobe Aviation Limited was incorporated in 2004 and is based in Gurugram, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
InterGlobe Aviation Limited reported revenue of ₹850B in FY2026 versus ₹257B in FY2022, a compound +34.9%/yr. Reported net income was −₹23.9B in FY2026.
of which total revenue +19.6 % · buybacks/dilution −1.1 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Airlines · 57 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Airlines median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 20/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Airlines stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Delta Air Lines, Inc DAL | $80.07 | $115.82 | +45% |
| United Airlines Holdings UAL | $110.60 | $175.62 | +59% |
| Ryanair Holdings RYA | €25.47 | €41.26 | +62% |
| Southwest Airlines Co LUV | $38.73 | $14.76 | −62% |
| Singapore Airlines Limited C6L | 7.09 SGD | 7.89 SGD | +11% |
| Air China Limited 601111 | ¥5.94 | ¥7.16 | +21% |
| LATAM Airlines Group LTM | $52.50 | $106.79 | +103% |
| China Southern Airlines Company 600029 | ¥5.08 | ¥1.28 | −75% |
| Deutsche Lufthansa AG LHA | €7.99 | €18.94 | +137% |
| China Eastern Airlines Corporation 600115 | ¥3.57 | ¥14.20 | +298% |
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