67% share; bought at the fuel trough
InterGlobe Aviation is engaged in the business of aviation, hospitality, logistics, technology, airline management, advanced pilot training and aircraft maintenance engineering. The company is in the low cost carrier (LCC) segment of the airline industry in India. The principal activities of the company comprise of air transportation which includes passenger and cargo services and providing related allied services including in-flight sales.
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 other aircraft-related equipment leasing. In addition, the company provides cargo transport; charter flights; hotel booking services through its website and mobile app. As of March 31, 2025, its fleet consisted of 441 aircraft. The company serves business and leisure travelers, students, and families. InterGlobe Aviation Limited was incorporated in 2004 and is based in Gurugram, India.
Key people: Mr. William Matthew Walsh M.Sc. (Chief Executive Officer) · Mr. Kiran Thadimarri (Chief Financial Officer) · Mr. Isidro Pablo Porqueras Orea (Chief Operating Officer) · Mr. Neetan Chopra (Chief Digital & Information Officer) · Richa Chhabra (Director of Investor Relations) · Ms. Saguna Vaid (General Counsel)
Interglobe Aviation major competitors are SpiceJet, Global Vectra Helico. Market Cap of Interglobe Aviation is ₹1,92,254 Crs. While the median market cap of its peers are ₹839 Crs.
Interglobe Aviation seems to be financially stable compared to its competitors.The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
IndiGo is India's largest airline, an Airbus A320-family low-cost carrier operating 432 aircraft to 97 domestic and 46 international destinations (Q1FY27). It carried 80.8 lakh domestic passengers in July 2026 for a record 67.4% domestic market share (Air India group 24%, Akasa 5.5%, SpiceJet 1.6%). International is ~33% of capacity and targeted at ~40% by 2030; it has ~900 aircraft on order for delivery through 2035.
TTM PE not meaningful (TTM net loss Rs 4,808 cr). P/B 27.7x on a depleted book (Rs 180/share); pre-crisis the stock traded ~20-25x forward EPS, the market is looking through FY27 to a normalised FY28 (Buoyant sheet: 141x FY27e / 64x FY28e). EV/EBITDA n.m.; dividend yield 0.2%.
| SpiceJet | SpiceJet has negative reserves (Rs -3,356 cr, book value Rs -18/share), Rs 4,219 cr borrowings, only 1.6% market share and a Rs 234 cr Q1FY27 loss on Rs 1,120 cr revenue - not an investable franchise. |
| Air India (unlisted) | Not listed; Tata group fleet down 13% YoY and 24% share with a loss-making legacy full-service model, so IndiGo is the only liquid, scaled way to own Indian aviation growth. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Misc — 4.6%: IndiGo, plus undisclosed small caps
The Misc bucket is InterGlobe Aviation (2.7%) plus a share of the 5% "Others" line of undisclosed small-cap positions. IndiGo is the purest consumption-of-services franchise in India: a 67% domestic market share (Air India group 24%, Akasa 5.5%), the lowest unit costs of any airline in the world with a 432-aircraft fleet and 900+ on order, and a cash balance of ₹52,885 crore. The reason it is available is the West Asia conflict: jet fuel is up ~120% year on year on crack spreads, ATF is 40% of costs, the company lost ₹238 crore in Q1FY27 and ₹2,536 crore in Q4FY26, and high fares have rationed demand (domestic passengers −4.8% in July). That is the cycle, not the franchise. Pre-crisis IndiGo earned ₹7,000–8,000 crore a year; our Core classification says we expect it to again, and the sheet's FY28E ROE of 33% against 7% in FY27E is that normalisation.
SpiceJet is a going-concern question with 1.6% share; Air India is unlisted. There is no second airline worth owning in India. The undisclosed "Others" (5.0%) include the portfolio's Real Estate (0.6%) and Textiles (0.5%) exposure — see the "Other sectors" page.
| Domestic Passengers Carried - Market Share | 66.30 % | as of Jun 26 |
| International Passengers Carried - Market Share | 20.66 % | as of Mar 25 |