67% share; bought at the fuel trough
| Peer | Status | P/E | ROE | Mkt cap | Why we do not hold it (approved text) | Links |
|---|---|---|---|---|---|---|
| InterGlobe Aviation | Held | - | -% | 1.94 L Cr | 67% share; bought at the fuel trough | |
| SpiceJet | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
| Air India (unlisted) | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
Peer numbers are shown only where the peer is in the security master (fundamentals pulled); "n/a" otherwise — a peer is not added to the data pull without a research request. Reasons are quoted from the one-pager (8 Sep 2026).
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.
All sectors we avoid or underweight →IndiGo (2.7%, Core) is owned for its structural position — the only Indian airline that has consistently made money — bought while fuel and fares are at their worst. Key variables to discuss: fuel, INR (dollar-denominated leases), capacity growth and yields.
| Domestic Passengers Carried - Market Share | 66.30 % | as of Jun 26 |
| International Passengers Carried - Market Share | 20.66 % | as of Mar 25 |