Motilal Oswal's research report on InterGlobe Aviation
InterGlobe Aviation (IndiGo) has expanded its domestic network to 88 destinations and added new international routes, including 7 new destinations, while navigating fuel price volatility and economic risks. With an order for nearly 985 aircraft, including that of Airbus A350-900s, the airline aims to enhance efficiency and meet the rising demand by CY30. IndiGo aims to solidify its domestic leadership while preparing for global expansion through its Reassure, Develop, and Create strategy. It focuses on enhancing customer trust, expanding its network, upgrading digital capabilities, and introducing new aircraft to support future growth. IndiGo is boosting its international presence through strategic partnerships and loyalty programs. In FY24, it served 106.7m customers and added 63 aircraft.
Outlook
The stock trades at ~24x FY26E EPS. We maintain our Neutral rating based on 10x FY26E EV/EBITDAR multiple, with a TP of INR4,970.
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