InterGlobe Aviation (INDIGO IN) Buy: Analyst Day – medium term remains protected

研报英文原文证据摘录

InterGlobe Aviation (INDIGO IN) Buy: Analyst Day – medium term remains protected

9 June 2026

InterGlobe Aviation EquitiesAirlines

(INDIGO IN)

Buy: Analyst Day – medium term remains protected India

◆ Extreme challenges in the near term; high fuel cost requires MAINTAIN BUY

further increase in yield, which could be demand-destructive

TARGET PRICE (INR) PREVIOUS TARGET (INR)

◆ Higher fares are expected to stay, which could boost medium-

5,545.00 5,545.00 term profitability; Indigo’s long-term targets unchanged

◆ Buy, TP unchanged at INR5,545.00; strategic investments, SHARE PRICE (INR) UPSIDE/DOWNSIDE

efficient cost structure, healthy pricing could boost profits 4,481.30 +23.7%

(as of 05 Jun 2026)

Extremely challenging business environment in the near term: Indigo acknowledged MARKET DATA

Market cap (INRm) 1,732,729 Free float 25%

near-term challenges driven by high fuel price, unavailability of Middle East and Pakistan Market cap (USDm) 18,249 BBG INDIGO IN

air space, and FX. Since the fuel price is very high, long-haul international operations 3m ADTV (USDm) 79 RIC INGL.BO

have become highly unprofitable, partly because of the significant increase in flight length. FINANCIALS AND RATIOS (INR)

Meanwhile, the government has capped the price of jet fuel (ATF), leaving airlines with an Year to 03/2026a 03/2027e 03/2028e 03/2029e

option to sign the MoU that will allow airlines to pay the capped price for domestic jet fuel. HSBC EPS -15.44 79.12 178.48 228.22 HSBC EPS (prev) -15.44 79.12 178.48 228.22

However, the airline would need to repay the benefits availed which may damage its Change (%) 0.0 0.0 0.0 0.0

Consensus EPS 41.63 126.02 209.59 236.10

competitive position later. Indigo said that it is still reviewing the position before reaching a PE (x) nm 56.6 25.1 19.6