InterGlobe Aviation Limited (INDIGO) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of InterGlobe Aviation Limited stock ₹11,831, price ₹5,420, upside +118.3%, quality 47 out of 100. Rating: strongly undervalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range ₹1,547 – ₹6,156 · fair‑value band ₹7,416 – ₹20,292 · the ₹5,420 price screens below the ₹11,831 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 3, 2026.
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InterGlobe Aviation Limited, together with its subsidiaries, provides air transportation services under the IndiGo brand in India and internationally.
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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 aircraft engine leasing, as well as related financial services.
In addition, the company provides cargo transport; charter flights; hotel booking services through its website and mobile app; and cadet pilot program for pilot training. As of March 31, 2025, its fleet consisted of 434 aircraft.
The company serves businesses, leisure travelers, students, and families. InterGlobe Aviation Limited was incorporated in 2004 and is based in Gurugram, India.
Stock analysis
InterGlobe Aviation Limited (INDIGO) currently trades at ₹5,420, while our model-based Fair Value estimate is ₹11,831, implying the stock looks roughly 54% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹11,831 per share, and 9 of the 14 models we run sit above the ₹5,420 price.
Bear case: the Earnings-Based group reads lowest at ₹2,834, and 5 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ₹7,416 (bear) to ₹20,292 (bull), the price of ₹5,420 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 47/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
InterGlobe Aviation Limited reported revenue of ₹850B in FY2026 versus ₹257B in FY2022, a compound +34.9%/yr. Reported net income was −₹23.9B in FY2026.
Key figures
Market cap ₹2.1T (≈ $22.2B) Large · P/S ratio 2.03 · EPS (TTM) ₹−106.15 · Dividend yield 0.2% · Net margin −4.4% · Return on equity −60.1% · Return on assets (EBIT) 5.2% · Operating margin 0.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 14 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 12% fair-value upside, at 118%, INDIGO screens cheaper than that median.
Fair Value models
Bear₹7,416Fair Value ₹11,831Bull₹20,292
Price ₹5,420 · Upside +118.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+5.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+42.3%
Start year 2021 (pandemic). Over 10 years: +18.1% a year
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.0%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−36.1% (2021) → 11.9% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−7.1%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about −10.8% a year for the price and +6.4% for the forecasts.
Compare InterGlobe Aviation Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Airlines · 52 stocks
Beats the industry median on 2/11 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside+118.3% · Top 25%
Profitability
Return on assets−1.8% · Bottom 25%
Net margin (12 months)−4.4% · Bottom 25%
Operating margin (12 months)0.7% · Below median
Growth and dividend
Revenue growth (quarter YoY)25.9% · Top 25%
Dividend yield (12 months)0.2% · Bottom 25%
Valuation Multiplesvs Airlines median · lower = cheaper
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Is InterGlobe Aviation Limited (INDIGO) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of ₹11,831 versus a price of ₹5,420, about +118% upside (undervalued).
What is the fair value of INDIGO?
Our model-based fair value for InterGlobe Aviation Limited is ₹11,831 (as of Nov 3, 2026), built from audited fundamentals. The current price: ₹5,420.
What is the quality score of INDIGO?
InterGlobe Aviation Limited has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for InterGlobe Aviation Limited (INDIGO)?
Our model-based price target is the fair value of ₹11,831 (as of Nov 3, 2026) from 14 valuation models. Cautious scenario ₹7,416, optimistic scenario ₹20,292. It is a calculation from audited fundamentals, not an analyst target.
What is the InterGlobe Aviation Limited stock forecast for 2026?
Our models put fair value at ₹11,831, about +118% upside versus a price of ₹5,420 (undervalued). Cautious scenario ₹7,416, optimistic scenario ₹20,292. The calculation is refreshed regularly with new filings.
What is the revenue of InterGlobe Aviation Limited (INDIGO)?
InterGlobe Aviation Limited reported trailing-twelve-month revenue of about ₹939B (latest available figure, as of Nov 3, 2026).
Does InterGlobe Aviation Limited pay a dividend?
InterGlobe Aviation Limited currently shows a dividend yield of 0.20% relative to its recent price (as of Nov 3, 2026).
What growth is priced into InterGlobe Aviation Limited (INDIGO)?
For today's price to be fair in a discounted-cash-flow model, InterGlobe Aviation Limited would have to grow free cash flow by -7.1 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +42.3 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of INDIGO use?
Our models discount InterGlobe Aviation Limited at 10.7 %: a base by market capitalisation (large), damped by beta 0.60, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For InterGlobe Aviation Limited that is -7.1 % per year a year over ten years, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has InterGlobe Aviation Limited (INDIGO) delivered so far?
Over the past 5 years revenue at InterGlobe Aviation Limited grew +42.3 % a year. The price currently implies -7.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of InterGlobe Aviation Limited (INDIGO) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into InterGlobe Aviation Limited (-7.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of InterGlobe Aviation Limited (INDIGO)?
The free-cash-flow yield on the price is 10.76 %: that much free cash flow InterGlobe Aviation Limited produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of InterGlobe Aviation Limited (INDIGO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For InterGlobe Aviation Limited it is ₹11,831 per share (as of Nov 3, 2026), against a price of ₹5,420. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is InterGlobe Aviation Limited stock overvalued or undervalued in 2026?
As of Nov 3, 2026, INDIGO trades below its calculated fair value: price ₹5,420, fair value ₹11,831, a gap of about +118% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INDIGO?
No. The price is what the market pays today (₹5,420); the fair value is what the company's own numbers justify (₹11,831). For InterGlobe Aviation Limited the two are ₹6,411 per share apart. That gap is exactly why we show both numbers side by side.
How much is InterGlobe Aviation Limited worth?
The market values InterGlobe Aviation Limited at about ₹2.1T (market capitalisation, as of Nov 3, 2026). Per share that is ₹5,420; our models calculate a fair value of ₹11,831 per share.
What do the bullish and bearish scenarios say about INDIGO?
Our models span a range for InterGlobe Aviation Limited: cautious scenario ₹7,416, base ₹11,831, optimistic ₹20,292 per share (as of Nov 3, 2026, price ₹5,420). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of InterGlobe Aviation Limited (INDIGO)?
Balance-sheet figures for InterGlobe Aviation Limited (as of Nov 3, 2026): return on equity −60.1%. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is INDIGO from its 52-week high?
InterGlobe Aviation Limited trades at ₹5,420, about 8% below its 52-week high of ₹5,919 and 37% above the low of ₹3,944 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ₹11,831 is for.
Which stocks are comparable to InterGlobe Aviation Limited?
From the same area (Industrials) we also value Delta Air Lines, Inc, United Airlines Holdings, Ryanair Holdings, Southwest Airlines Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is InterGlobe Aviation Limited stock attractive at the current price?
The data as of Nov 3, 2026: price ₹5,420, calculated fair value ₹11,831 (+118%), Quality Score 47/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INDIGO calculated?
We run InterGlobe Aviation Limited through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹11,831, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. InterGlobe Aviation Limited currently trades 54% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of InterGlobe Aviation Limited (INDIGO)?
The closing price on Nov 5, 2026 was ₹5,420. Our model-based fair value is ₹11,831, about +118% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with InterGlobe Aviation Limited right now?
The large discount to fair value meets weak quality (47/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (₹7,416). The market is more pessimistic than our downside scenario. The model range is unusually wide (₹7,416 to ₹20,292). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Where does the earnings growth of InterGlobe Aviation Limited (INDIGO) come from?
Earnings per share at InterGlobe Aviation Limited grew +18.6 % a year from 2015 to 2026. Broken into its drivers: revenue per share +18.3 %, EBIT margin +1.3 %, tax rate +3.7 %, residual (interest, one-offs) −4.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of InterGlobe Aviation Limited
How large is the market capitalisation of InterGlobe Aviation Limited (INDIGO)?
The market capitalisation of InterGlobe Aviation Limited is ₹2.1T (≈ $22.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of InterGlobe Aviation Limited (INDIGO)?
The price-to-sales ratio of InterGlobe Aviation Limited is 2.03 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of InterGlobe Aviation Limited (INDIGO)?
Earnings per share at InterGlobe Aviation Limited are ₹−106.15. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of InterGlobe Aviation Limited (INDIGO)?
The dividend yield of InterGlobe Aviation Limited is 0.2%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of InterGlobe Aviation Limited (INDIGO)?
The net margin of InterGlobe Aviation Limited is −4.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of InterGlobe Aviation Limited (INDIGO)?
The return on equity (ROE) of InterGlobe Aviation Limited is −60.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of InterGlobe Aviation Limited (INDIGO)?
On an EBIT basis the return on assets of InterGlobe Aviation Limited is 5.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of InterGlobe Aviation Limited (INDIGO)?
The operating margin of InterGlobe Aviation Limited is 0.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at InterGlobe Aviation Limited (INDIGO)?
Revenue at InterGlobe Aviation Limited is growing +25.9% versus a year earlier (3y avg +16.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at InterGlobe Aviation Limited (INDIGO)?
Earnings per share at InterGlobe Aviation Limited are growing −77.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does InterGlobe Aviation Limited (INDIGO) carry?
The net debt of InterGlobe Aviation Limited is ₹537B (fiscal year 2026, ≈ 2.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 3, 2026