WatchTalking point
Profit lagging revenue
Revenue grew 5.1% but profit declined 133.0%, so the company kept less of each rupee of revenue as profit.
Importance 74 / 95 · growth
InterGlobe Aviation Limited · Research view
InterGlobe Aviation Limited
NSE: INDIGOBSE: 539448ISIN INE646L01027Face value ₹10consolidated
₹4,921
+0.84% · 2026-10-01 · 52-wk ₹3,944–₹5,934
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Sharp margin drop
EBITDA margin dropped 7.0 percentage points in a single year, from 26.4% to 19.5% — worth investigating.
Importance 71 / 95 · anomaly
WatchTalking point
Growth slowing
Revenue growth has slowed for 3 consecutive years, from 110.0% to 5.1%.
Importance 57 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Services › Services › Transport Services › Airline.
- Market cap
- ₹1.90 L cr
- FY2026 revenue
- ₹84,962 cr
- FY2026 net profit
- ₹−2,394 cr
- Net worth
- ₹6,987 cr
- Total debt
- ₹1,806 cr
- EPS (basic)
- ₹−61.88
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 transport services.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 5.1% but profit declined 133.0%, so the company kept less of each rupee of revenue as profit.
Rule PROFIT_SLOWER_THAN_REVENUE
- Revenue growth per year
- +34.5%over 4 years
- Revenue growth
- +5.1%vs last year
- Net profit growth
- −133.0%vs last year
- Change in net profit since FY22
- +61%
Revenue growth has slowed for 3 consecutive years, from 110.0% to 5.1%.
Net profit fell 133.0% year on year (FY2025 → FY2026).
Revenue compounded at 34.5% a year over 4 years (₹25,931 → ₹84,962) — though FY2023 saw a one-off step-change of 110% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Concern
Q1 FY27 net profit was ₹-238 cr, down 110.9% from ₹2,176 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Watch
Q1 FY27 net profit declined 110.9% while revenue grew 19.9% vs the same quarter last year — a gap of 130.9 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
Concern
Q1 FY27 EBIT was ₹1,327 cr, down 64.2% from ₹3,707 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 16,970 | — | −987 | — | −5.8% |
| Q3 FY25 | 22,111 | +13.7% | 2,449 | −18.3% | 11.1% |
| Q4 FY25 | 22,152 | +24.3% | 3,068 | +61.9% | 13.8% |
| Q1 FY26 | 20,496 | +4.7% | 2,176 | −20.2% | 10.6% |
| Q2 FY26 | 18,555 | +9.3% | −2,582 | +161.7% | −13.9% |
| Q3 FY26 | 23,472 | +6.2% | 549 | −77.6% | 2.3% |
| Q4 FY26 | 22,438 | +1.3% | −2,537 | −182.7% | −11.3% |
| Q1 FY27 | 24,584 | +19.9% | −238 | −110.9% | −1.0% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹89,050 crTTM
- EBITDA
- ₹14,559 crTTM
- EBIT
- ₹3,347 crTTM
- PBT
- ₹−4,510 crTTM
- Net profit
- ₹−4,808 crTTM
C. Corporate actions
13 Aug 2025DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share
19 Aug 2019DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
2 Aug 2018DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
18 Aug 2017DividendDividend - Rs. - 34.0000 — ₹34.00/share
12 Sept 2016DividendFinal Dividend - Rs. - 15.0000 — ₹15.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROE declined from 127.7% to -29.3% year on year.
Rule ROE_DETERIORATED_YOY
- EBITDA margin now
- 19.5%
- 5-year range
- 4.9–27.1%
- ROE FY2026
- −29.3%
- ROCE FY2026
- 57.4%
EBITDA margin has ranged from 4.9% to 27.1% over 4 years and sits at 19.5% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Concern
Operating profit covers interest only 0.97× (FY2026).
Rule INTEREST_COVER_LOW
Operating cash flowNet profit
- Total debt
- ₹1,806 cr
- Operating cash flow ÷ net profit
- 3.33×FY2026
- Free cash flow
- ₹21,205 cr
- Current ratio
- 1.51×
Free cash flow has been positive in 5 of the last 5 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 transport services (FY2026, consolidated). No peer-relative rule fired for this company.
Not enough peers in this set report the underlying metrics yet for a ranking.
- P / E
- —TTM to Jun 26
- P / B
- 27.2×latest book
- P / S
- 2.1×TTM sales
- Earnings yield
- −2.5%TTM to Jun 26
On the trailing twelve months. Last full year: · P/S 2.1× · ROE -29.3%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −12.2%
- 3-year return
- +106.7%
- 5-year return
- +149.0%
- From 52-wk high
- −17.1%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹5,131
- vs 200-day avg
- Above₹4,828
- RSI (14)
- 43.5neutral
- MACD histogram
- 0.5
- From 52-wk high
- −17.1%
- From 52-wk low
- +24.8%
- 30-day volatility
- 19.5%ann.
- 6-month return
- +18.6%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit lagging revenueRevenue grew 5.1% but profit declined 133.0%, so the company kept less of each rupee of revenue as profit.PROFIT_SLOWER_THAN_REVENUE · conviction 74
- WatchSharp margin dropEBITDA margin dropped 7.0 percentage points in a single year, from 26.4% to 19.5% — worth investigating.MARGIN_SHARP_DROP · conviction 71
- WatchGrowth slowingRevenue growth has slowed for 3 consecutive years, from 110.0% to 5.1%.GROWTH_DECELERATING · conviction 57
- ConcernProfit fellNet profit fell 133.0% year on year (FY2025 → FY2026).PROFIT_DECLINED_YOY · conviction 54
- ConcernReturns decliningROE declined from 127.7% to -29.3% year on year.ROE_DETERIORATED_YOY · conviction 54
- WatchReported profit carries a one-offFY2026 pre-tax profit includes a ₹1,796 exceptional charge (91.6% of PBT) — the underlying trend differs from the reported number.PROFIT_INCLUDES_EXCEPTIONALS · conviction 48
- ConcernThin interest coverOperating profit covers interest only 0.97× (FY2026).INTEREST_COVER_LOW · conviction 47
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 25,931 | 54,446 | 68,904 | 80,803 | 84,962 |
| Total income | 26,657 | 55,881 | 71,231 | 84,098 | 89,513 |
| EBITDA | 1,273 | 7,930 | 18,644 | 21,354 | 16,535 |
| Profit before tax | −6,154 | −304 | 8,049 | 7,593 | −1,961 |
| Net profit | −6,162 | −306 | 8,172 | 7,258 | −2,394 |
| EPS (₹) | −160.0 | −7.9 | 211.8 | 187.9 | −61.9 |
| Net worth | −5,988 | −6,247 | 1,996 | 9,368 | 6,987 |
| Total debt | 3,897 | 2,252 | 1,892 | 1,800 | 1,806 |
| Operating cash flow | 2,091 | 12,728 | 21,218 | 24,151 | 23,470 |
| Free cash flow | 2,351 | 12,837 | 19,790 | 21,749 | 21,205 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 110.0 | 26.6 | 17.3 | 5.1 |
| Profit growth YoY | — | — | — | -11.2 | -133.0 |
| Profitability | |||||
| EBITDA margin % | 4.9 | 14.6 | 27.1 | 26.4 | 19.5 |
| Net margin % | -23.1 | -0.5 | 11.5 | 8.6 | -2.7 |
| Return on equity % | 102.9 | 5.0 | -384.6 | 127.7 | -29.3 |
| Return on capital % | 181.5 | -92.9 | -23045.4 | 168.3 | 57.4 |
| Leverage & cash | |||||
| Debt to equity | -0.65 | -0.36 | 0.95 | 0.19 | 0.26 |
| Cash flow ÷ profit | — | — | 2.60 | 3.33 | — |
| Current ratio | 0.90 | 1.10 | 1.16 | 1.48 | 1.51 |