IndiGo, officially known as InterGlobe Aviation Limited, reigns as India’s foremost passenger airline, distinguishing itself as a prominent low-cost carrier in the aviation sector. With a commanding market share of 55%, IndiGo has secured its position as the unrivaled leader in the Indian aviation landscape, serving as the country’s largest airline both in terms of passengers transported and fleet size.
In this comprehensive article, we will delve into every aspect of this airline, from its operational excellence to its impact on the global aviation industry, shedding light on the reasons behind its remarkable success.
About IndiGO
IndiGo, India’s leading low-cost carrier, has etched an impressive legacy in the aviation sector. Serving 86 destinations, including 24 international ones, the airline upholds its brand promise of “low fares, on-time flights, and courteous, hassle-free service.” With over 300 million passengers flown by November 2022 and the largest jet fleet among Asian low-cost carriers, IndiGo’s impact is undeniable. Operating 1,900 daily flights to 116 destinations, it is a symbol of operational excellence, with its primary hub at Delhi’s Indira Gandhi International Airport.
Founded in 2006, IndiGo’s journey to becoming India’s largest carrier and going public in 2015 is remarkable. Punctuality accolades, such as ranking 3rd globally in 2021, underscore its commitment. Notably, in June 2023, it made history by ordering 500 Airbus A320 family aircraft, surpassing all others.
As of November 4, 2023, IndiGo’s market capitalization is ₹96,741 Cr, with a stock price of ₹2,509, cementing its status as a formidable player in the aviation industry.
IndiGo Q2 FY2024 Results Highlights
- Q2 FY24 Profit: IndiGo posted a profit of Rs 188.9 crore, a significant turnaround from a net loss of Rs 1,583.33 crore in the same period the previous year.
- Revenue Growth: The company’s revenue from operations increased by 19.5% to Rs 14,943 crore, up from Rs 12,497 crore in the corresponding period last year.
- Strong Passenger Growth: In the quarter ending September 2023, IndiGo carried 234.09 lakh passengers, achieving a market share of 60.7%, compared to 175.16 lakh passengers and a 58% market share in the same period the previous year.
- Exceeding Expectations: IndiGo surpassed market expectations, as analysts had anticipated a bottom-line loss of Rs 2,060 crore on a topline of Rs 14,438 crore.
- Network Expansion: The airline expanded its network by adding 10 new destinations, bringing the total number of destinations to 115.
- Robust Financials: Passenger ticket revenues increased by 17.6% YoY, and ancillary revenues rose by 20.5% compared to the same period last year.
- Improved EBITDAR: The company’s consolidated operating profit (EBITDAR) for the quarter was Rs 2,436.4 crore, a significant improvement from Rs 229.2 crore in the year-ago quarter.
- Strong Operational Performance: Available seat kilometers rose by 27.7%, and revenue passenger kilometers surged by 34.3% YoY.
- Load Factor: IndiGo’s load factor stood at 83.4% at the end of the September quarter, an increase from 79.2% in the year-ago period.
Below are the trading platforms that you can use to purchase IndiGO shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| November 2023 | ₹2,759.90 | ₹2,509.00 |
| December 2023 | ₹2,850.98 | ₹2,591.80 |
As of November 4, 2023, IndiGo’s share price stands at ₹2,509, reflecting a slight increase of 0.73%.
Looking ahead, market projections suggest that in November 2023, the share price could reach a maximum of ₹2,759.90, while the minimum price is expected to be ₹2,509.00.
As we move into December 2023, the estimates indicate a potential peak price of ₹2,850.98, with a minimum of ₹2,591.80. These projections offer investors a glimpse into the expected price range for IndiGo shares in the coming months, reflecting both the company’s financial performance and broader market dynamics.
| When | Maximum Price | Minimum Price |
| January 2024 | ₹2,909.16 | ₹2,529.70 |
| February 2024 | ₹2,968.53 | ₹2,581.33 |
| March 2024 | ₹3,029.11 | ₹2,634.01 |
| April 2024 | ₹2,940.89 | ₹2,557.29 |
| May 2024 | ₹2,897.42 | ₹2,519.50 |
| June 2024 | ₹3,001.73 | ₹2,610.20 |
| July 2024 | ₹2,971.71 | ₹2,584.10 |
| August 2024 | ₹3,090.58 | ₹2,687.46 |
| September 2024 | ₹3,214.21 | ₹2,794.96 |
| October 2024 | ₹3,151.18 | ₹2,740.16 |
| November 2024 | ₹3,245.72 | ₹2,822.36 |
| December 2024 | ₹3,326.86 | ₹2,892.92 |
In the year 2024, IndiGo’s share price is anticipated to follow a dynamic trajectory. As the year unfolds, January may witness the stock’s value ranging from a maximum of ₹2,909.16 to a minimum of ₹2,529.70. These fluctuations continue through the months, with February projected to reach a maximum of ₹2,968.53 and a minimum of ₹2,581.33.
March shows a further increase, hitting a maximum of ₹3,029.11 and a minimum of ₹2,634.01. The trend persists into the following months, offering potential investors a glimpse into the expected price range for IndiGo shares throughout 2024. It’s a dynamic journey with opportunities and challenges on the horizon, reflecting both market dynamics and the airline’s performance.
| When | Maximum Price | Minimum Price |
| January 2025 | ₹3,393.40 | ₹2,610.31 |
| February 2025 | ₹3,480.41 | ₹2,677.24 |
| March 2025 | ₹3,616.14 | ₹2,781.65 |
| April 2025 | ₹3,545.24 | ₹2,727.11 |
| May 2025 | ₹3,441.98 | ₹2,647.68 |
| June 2025 | ₹3,596.87 | ₹2,766.82 |
| July 2025 | ₹3,526.34 | ₹2,712.57 |
| August 2025 | ₹3,635.41 | ₹2,796.47 |
| September 2025 | ₹3,762.64 | ₹2,894.34 |
| October 2025 | ₹3,860.47 | ₹2,969.59 |
| November 2025 | ₹3,956.98 | ₹3,043.83 |
| December 2025 | ₹4,055.91 | ₹3,119.93 |
In 2025, IndiGo’s share price is poised for a remarkable journey, reflecting potential growth and investor sentiment. January kicks off with a projected maximum price of ₹3,393.40 and a minimum of ₹2,610.31, hinting at a wide range of fluctuations. The subsequent months continue to show significant price movements, with February indicating a maximum of ₹3,480.41 and a minimum of ₹2,677.24. As we progress through the year, the trend appears to be generally upward, with March potentially reaching a maximum of ₹3,616.14 and a minimum of ₹2,781.65.
The positive momentum continues into the spring, with April projecting a maximum of ₹3,545.24 and a minimum of ₹2,727.11. May suggests a maximum of ₹3,441.98 and a minimum of ₹2,647.68. The trend remains bullish through June, with a maximum of ₹3,596.87, and July maintaining stability with a maximum of ₹3,526.34. August projects a maximum of ₹3,635.41, and September indicates even further growth with a maximum of ₹3,762.64 and a minimum of ₹2,894.34.
As we approach the end of the year, the outlook remains positive, with October’s maximum projected at ₹3,860.47, November at ₹3,956.98, and December potentially reaching a high of ₹4,055.91, demonstrating a strong upward trajectory. These projections provide investors with a glimpse of the anticipated price range for IndiGo shares throughout 2025, reflecting both market dynamics and the airline’s performance. It’s a promising journey, underlining the potential for growth and opportunity in the aviation sector.
| Year | Maximum Price | Minimum Price |
| 2026 | ₹4,258.70 | ₹2,981.09 |
| 2027 | ₹4,684.58 | ₹3,279.20 |
| 2028 | ₹6,558.41 | ₹3,279.20 |
| 2029 | ₹5,678.27 | ₹2,839.14 |
| 2030 | ₹7,381.76 | ₹5,167.23 |
IndiGo’s share price is poised for significant growth over the coming years, based on the projections for the period spanning from 2026 to 2030. In 2026, the stock is expected to exhibit a considerable range, with a maximum price of ₹4,258.70 and a minimum of ₹2,981.09, underlining the potential for fluctuations. The outlook remains bullish, as we progress into 2027, where the maximum is projected to reach ₹4,684.58, and the minimum is expected to be ₹3,279.20.
This positive trajectory continues through 2028 and beyond, with substantial growth potential. By 2030, IndiGo’s share price is anticipated to achieve a maximum of ₹7,381.76, signifying remarkable long-term potential, while the minimum is projected to be ₹5,167.23. These forecasts hint at an exciting journey for investors, reflecting optimism in the airline’s future prospects.
Financial Condition of IndiGO: Last 5 years
| Financials | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Sales (Rs. Crores) | 28,497 | 35,756 | 14,641 | 25,931 | 54,446 |
| Expenses (Rs. Crores) | 28,648 | 31,687 | 14,638 | 25,373 | 47,926 |
| Operating Profit (Rs. Crores) | -151 | 4,069 | 2 | 558 | 6,521 |
| OPM (%) | -1% | 11% | 0% | 2% | 12% |
| Other Income (Rs. Crores) | 1,325 | 1,531 | 1,036 | 725 | 1,431 |
| Interest (Rs. Crores) | 563 | 1,902 | 2,170 | 2,386 | 3,168 |
| Depreciation (Rs. Crores) | 760 | 3,974 | 4,699 | 5,068 | 5,101 |
| Profit before tax (Rs. Crores) | -149 | -275 | -5,830 | -6,171 | -317 |
| Tax (%) | 205% | 10% | 0% | 0% | 0% |
| Net Profit (Rs. Crores) | 156 | -248 | -5,830 | -6,171 | 5,609 |
| EPS (in Rs) | 4.06 | -6.45 | -151.46 | -160.18 | 145.49 |
Over the last five years, IndiGo’s financial performance has witnessed significant fluctuations, reflecting the challenges and opportunities in the aviation industry. In 2019, the company reported sales of Rs. 28,497 Crores, almost on par with its expenses at Rs. 28,648 Crores, resulting in a slight operating loss. However, by 2020, IndiGo rebounded with robust sales of Rs. 35,756 Crores and a notable operating profit of Rs. 4,069 Crores, indicating an operating margin of 11%.
The year 2021 brought turbulence as the aviation sector faced the impact of the global pandemic. Sales dwindled to Rs. 14,641 Crores, and IndiGo reported a significant operating loss of Rs. 5,830 Crores, which was reflected in its negative operating profit margin.
While 2022 showcased a modest recovery with sales at Rs. 25,931 Crores and a slim operating profit of Rs. 558 Crores, it was in 2023 that IndiGo made a remarkable resurgence. Sales skyrocketed to Rs. 54,446 Crores, driven by a growing demand for domestic travel. The company achieved an operating profit of Rs. 6,521 Crores, with an impressive operating margin of 12%.
The financial rollercoaster of the past five years underlines the resilience of IndiGo, adapting to the volatile industry dynamics. Despite challenges, the airline has shown a remarkable ability to bounce back, posting a net profit of Rs. 5,609 Crores in 2023, and a significant improvement in earnings per share, reaching Rs. 145.49. These numbers suggest a promising outlook for the company as it navigates the ever-changing aviation landscape.
Emkay Global Financial has issued a bullish recommendation for InterGlobe Aviation, endorsing a “buy” rating on the stock. They have set a target price of Rs 3000 in their research report.
FAQs
What is IndiGo’s current market capitalization?
IndiGo’s current market capitalization is ₹96,741 Crores.
What is the current share price of IndiGo as of November 4, 2023?
As of November 4, 2023, the current share price of IndiGo is ₹2,509.
What is the expected share price target for IndiGo in December 2023?
In December 2023, the share price is projected to vary from ₹2,591.80 (minimum) to ₹2,850.98 (maximum).
Can you provide the share price target for IndiGo in 2025?
The share price target for January 2025 is ₹3,393.40 (maximum) and ₹2,610.31 (minimum).
What is the share price target for IndiGo in 2030?
In 2030, the share price target is anticipated to reach a maximum of ₹7,381.76 and a minimum of ₹5,167.23.
What is IndiGo’s current Price-to-Earnings (P/E) ratio?
The current Price-to-Earnings (P/E) ratio for IndiGo is 17.2.
What is the face value of IndiGo’s shares?
The face value of IndiGo’s shares is ₹10.0.
How did IndiGo perform in Q2 FY2024 compared to the previous year?
In Q2 FY2024, IndiGo posted a profit of Rs 188.9 crore, a significant turnaround from a net loss of Rs 1,583.33 crore in the same period the previous year.
What is IndiGo’s operating profit margin (OPM) in 2023?
In 2023, IndiGo achieved an operating profit margin of 12%.
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Conclusion
In conclusion, IndiGo, officially known as InterGlobe Aviation Limited, stands as a paramount player in the Indian and global aviation industry. As India’s foremost passenger airline, it boasts a remarkable 55% market share, underscoring its dominance in the country. Renowned for its commitment to low fares, on-time performance, and impeccable service, IndiGo’s extensive network covers 86 destinations, including 24 international ones. With an impressive fleet size surpassing all other Asian low-cost carriers and over 300 million passengers flown by November 2022, it is a symbol of operational excellence.
IndiGo’s journey, from its inception in 2006 to becoming the largest Indian carrier and going public in 2015, is a testament to its exceptional growth. The airline consistently ranks among the world’s most punctual, and its historic order of 500 Airbus A320 family aircraft in June 2023 solidifies its ambition.
Financially, IndiGo has weathered challenges and triumphs in the past five years, showcasing resilience and adaptability. The share price targets from 2023 to 2030 indicate a positive outlook for the company. In summary, IndiGo is more than an airline; it is an aviation trailblazer, setting the bar for operational excellence, growth, and customer satisfaction in the industry. Its impact on the aviation world is undeniable, and its future prospects remain promising, making it an appealing choice for investors and a symbol of India’s thriving aviation landscape.
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