InterGlobe Aviation Ltd.
NSE: INDIGOInterGlobe Aviation Ltd.: A 30-second snapshot
IndiGo (INDIGO) is India's largest airline by market share, currently priced at ₹5,021.50 — marginally above its 200-DMA of ₹5,012.55 and 11.55% above its 50-DMA of ₹4,505.64. The stock is down 6.55% over 12 months and 19.43% from its 52-week high, while RSI has moved to 70.96 following a 15.16% rebound over 3 months. Q4 FY26 delivered a net loss of ₹2,536 crore, reversing a profit in the prior-year quarter, with debt-to-equity at 866.46 reflecting lease-heavy aviation accounting under Ind AS 116.
P/E
—
Forward P/E
21.6
ROE
—
Debt / Equity
866.46
Profit Margin
+3.8%
Div. Yield
+0.2%
5Y ROE > 15%
2/5
5Y FCF > 0
4/5
Quality
35/100
News
8 headlines · 1 positive · 7 negative
India's IndiGo cuts six international routes amid rising costs, airspace restrictions - Reuters
Reuters
IndiGo reports Rs 2,536 crore loss in Jan-March quarter over forex losses - The New Indian Express
The New Indian Express
IndiGo records unexpected Rs 25 bn quarterly loss amid West Asia conflict - ThePrint
ThePrint
IndiGo Q4 Results 2026: Aviation firm posts net loss of ₹2,537 crore versus profit last year, revenue up 1% - Mint
Mint
IndiGo clocks Q4 loss of ₹2,536 crore on turbulence from forex losses, exceptional items - CNBC TV18
CNBC TV18
Recent context
- ·Q4 FY26 results (May 2026) showed a net loss of ₹2,536 crore versus a profit in Q4 FY25, driven by forex losses and labour-code provisions; revenue was up 1% year-on-year.
- ·IndiGo announced suspension of six international routes including Manchester (from August 31) citing rising costs and airspace restrictions, reducing its international network exposure.
- ·The stock rebounded 15.16% over the 3 months to 22 June 2026 despite the Q4 loss, pushing RSI to 70.96 and bringing price within ₹35 of the identified resistance level at ₹5,056.
Strengths
- +FCF positive in 4 of last 5 years, suggesting the core operating cash engine has been intact even through periods of reported net losses.
- +Forward PE of 21.62 is materially below the Services peer median PE of ~35 (ADANIPORTS: 31.6; BLUEDART: 47.9; CONCOR: 28.8), indicating the market is pricing in a lower earnings multiple relative to the broader sector.
- +Price is above both the 50-DMA (₹4,505.64) and 200-DMA (₹5,012.55), marking the first time in the recent downtrend that both moving averages are in close proximity below the price.
- +Mean analyst rating of 1.48 across 25 analysts (1–5 scale, lower = more constructive) represents one of the more constructive readings in the analyst community based on this dataset.
Weaknesses
- −Earnings declined 77.6% over 5 years with Q4 FY26 posting a net loss of ₹2,536 crore on forex losses and exceptional items — the consistency score of 47/100 reflects this erratic earnings history.
- −Debt-to-equity of 866.46 with a rising debt trend represents the highest leverage ratio in the peer group by a wide margin, driven by aircraft lease capitalisation under Ind AS 116.
- −Quality score of 11/100 places INDIGO last (6th of 6) in the Services peer group — significantly below even the second-lowest peer, DELHIVERY at 18.
- −Seven of 8 recent news items are negative in sentiment, covering the Q4 loss, six international route suspensions, and ongoing cost pressures from airspace restrictions — the most concentrated negative news flow in this dataset.
Open questions
- ?Is the Q4 FY26 net loss of ₹2,536 crore primarily a one-time forex and exceptional-item event, or does it reflect a recurring structural drag on airline profitability?
- ?How does IndiGo's Ind AS 116 lease capitalisation compare to global airline peers when evaluating the debt-to-equity of 866.46 — and what is the company's net debt position excluding lease liabilities?
- ?Given that 6 international routes are being suspended amid rising costs, is IndiGo's international expansion thesis — a key growth narrative in prior years — still intact?
- ?What is driving the 15.16% price rebound over 3 months despite deteriorating earnings, and does the forward PE of 21.62 reflect a plausible consensus earnings forecast for FY27?
Peer comparison: Services
Ranks 6 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| INDIGO | InterGlobe Aviation Ltd.You're viewing | — | — | 11 |
| Industry avg | across 5 peers | 85.4 | +10.4% | 33 |
| ADANIPORTS | Adani Ports and Special Economic Zone Ltd. | 31.6 | +15.6% | 49 |
| GMRAIRPORT | GMR Airports Ltd. | — | — | 40 |
| BLUEDART | Blue Dart Express Ltd. | 47.9 | +14.8% | 36 |
| CONCOR | Container Corporation of India Ltd. | 28.8 | +9.8% | 23 |
| DELHIVERY | Delhivery Ltd. | 233.2 | +1.6% | 18 |
Technical state
Current price
₹5,021.50
SMA 50
₹4,505.64
SMA 200
₹5,012.55
RSI (14)
71.0 (overbought)
From 52w high
-19.4%
1Y return
-6.5%
3M return
+15.2%
50-DMA
Above
200-DMA
Above
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- highDebt-to-equity of 866.46 is driven by aviation lease obligations under Ind AS 116; debt trend is rising with a consistency score of 47/100. This leverage level makes the business highly sensitive to fuel price shocks, demand contractions, and rupee depreciation.
- high5-year earnings growth of -77.6% and a trailing net profit margin of 3.79%, with ROE unavailable for most of the observation window. Q4 FY26 reported a net loss of ₹2,536 crore on forex losses and exceptional items, versus a profit in the prior-year quarter. FCF was positive in 4 of the last 5 years, but the earnings trajectory signals structural profitability fragility.
- high7 of 8 recent news items carry negative sentiment. Key themes include the Q4 FY26 net loss of ₹2,536 crore, suspension of six international routes amid rising costs and airspace restrictions (including Manchester from 31 August), and forex-driven earnings pressure. Only 1 of 8 items is positive.
- mediumRSI at 70.96 — in overbought territory — after a 15.16% gain over 3 months. The stock sits just ₹35 above the 52-week resistance level of ₹5,056 and is 19.43% below the 52-week high. While the price is above both the 50-DMA (₹4,505.64) and 200-DMA (₹5,012.55), the overbought reading near resistance warrants attention.
- lowQuality score of 11/100 ranks INDIGO last (6th of 6) in the Services peer group which includes ADANIPORTS (49), GMRAIRPORT (40), BLUEDART (36), CONCOR (23), and DELHIVERY (18). The peer set spans ports, logistics, and airports — limiting direct comparability — but the quality ranking gap is material.
Cross-section contradictions
- Mean analyst rating of 1.48 across 25 analysts (1–5 scale, lower = more constructive) reflects broadly constructive sell-side coverage, while recent news flow registers 7 negative vs 1 positive item centred on a Q4 FY26 net loss of ₹2,536 crore.
- Forward PE of 21.62 implies the market is pricing a material earnings recovery, yet 5-year earnings growth stands at -77.6% and the most recent quarter recorded a net loss of ₹2,536 crore driven by forex and exceptional charges.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 21 Jun 2026 · rotates through NIFTY 500 every ~5 days