NSE: INDIGO· MiscCyclical · Aug 26Large cap
InterGlobe Aviation
67% share; bought at the fuel trough
- Last close
- ₹4,872.00
- 29 Sept 2026 · reference
- 1D · 1M
- −0.1% · −5.7%
- price-only
- Weight
- 2.7%
- 31 Jul 2026 · Aug rank 14
- Thesis review
- 8 Sep 2026
- Why We Own, p56
Where the price sits
52-week range, house target and street targets
52w low ₹3,94452w high ₹5,934
- Reference close₹4,872
- Motilal Oswal · Buy₹6,580
Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.
Investment case and valuation
Approved model, 8 Sep 2026 review
₹5,001
Price (2026-09-07)
141.0x / 64.0x
FY27E / FY28E P/E (Buoyant sheet)
7.3%
FY27E ROE (Buoyant sheet)
n.m.
Trailing P/E
27.7x
Price / book
n.a.
EPS CAGR FY26–28E
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%.
- Model date
- 8 Sep 2026 (prices 7–8 Sep 2026)
- Horizon
- 12 months (bank pages: Sep-2027 roll-forward)
- Audience
- Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
- Reviewer · version
- Investment Committee framework · v1 (book)
Current vs history
Trailing multiples, FY-end
| Ratio | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 22.9x | 22.1x | 349.0x | n.m. | n.m. | n.m. | n.m. | 16.7x | 27.2x | n.m. |
| Price to Book | 10.2x | 7.0x | 7.9x | 7.0x | 830.0x | n.m. | n.m. | 70.7x | 21.3x | 22.1x |
Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.
UnavailableScenario lab disabled. Needs an approved forward EPS and forward P/E for InterGlobe Aviation plus a reference price. Missing inputs are not substituted.