InterGlobe Aviation Limited · Research view

InterGlobe Aviation Limited

NSE: INDIGOBSE: 539448ISIN INE646L01027Face value ₹10standalone

₹4,921

+0.84% · 2026-10-01 · 52-wk ₹3,944–₹5,934

Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidated standalone

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

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

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: ₹−2,503 cr
Net worth: ₹6,452 cr
Total debt: ₹1,806 cr
EPS (basic): ₹−64.74
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 2 transport services.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated

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: −134.5%vs last year
Change in net profit since FY22: +59%

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

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

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?

Margins — FY22 to FY26% of revenue · consolidated

EBITDA marginNet margin

Concern

ROE declined from 127.7% to -29.3% year on year.

Rule ROE_DETERIORATED_YOY

EBITDA margin now: 19.3%
5-year range: 4.8–27.0%
ROE FY2026: −31.8%
ROCE FY2026: 58.3%

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 — FY22 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Concern

Operating profit covers interest only 0.97× (FY2026).

Rule INTEREST_COVER_LOW

Operating cash flow vs net profit₹ crore · FY22–FY26

Operating cash flowNet profit

Total debt: ₹1,806 cr
Operating cash flow ÷ net profit: 3.32×FY2026
Free cash flow: ₹21,237 cr
Current ratio: 1.47×

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?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

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%

RSI (14) · 0–10043.5 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Profit lagging revenue
Revenue 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
Watch
Sharp margin drop
EBITDA margin dropped 7.0 percentage points in a single year, from 26.4% to 19.5% — worth investigating.
MARGIN_SHARP_DROP · conviction 71
Watch
Growth slowing
Revenue growth has slowed for 3 consecutive years, from 110.0% to 5.1%.
GROWTH_DECELERATING · conviction 57
Concern
Profit fell
Net profit fell 133.0% year on year (FY2025 → FY2026).
PROFIT_DECLINED_YOY · conviction 54
Concern
Returns declining
ROE declined from 127.7% to -29.3% year on year.
ROE_DETERIORATED_YOY · conviction 54
Watch
Reported profit carries a one-off
FY2026 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
Concern
Thin interest cover
Operating 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.

Income & balance sheet — ₹ crore, consolidated
Metric	FY22	FY23	FY24	FY25	FY26
Revenue	25,931	54,446	68,904	80,803	84,962
Total income	26,655	55,878	71,230	84,110	89,511
EBITDA	1,255	7,916	18,618	21,313	16,393
Profit before tax	−6,171	−317	8,043	7,588	−2,083
Net profit	−6,171	−317	8,167	7,253	−2,503
EPS (₹)	−160.3	−8.2	211.7	187.8	−64.7
Net worth	−6,035	−6,303	1,932	9,307	6,452
Total debt	3,897	2,252	1,892	1,800	1,806
Operating cash flow	2,064	12,703	21,183	24,065	23,379
Free cash flow	2,326	12,845	19,861	22,037	21,237

Key ratios — consolidated
Ratio	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	110.0	26.6	17.3	5.1
Profit growth YoY	—	—	—	-11.2	-134.5
Profitability
EBITDA margin %	4.8	14.5	27.0	26.4	19.3
Net margin %	-23.2	-0.6	11.5	8.6	-2.8
Return on equity %	102.2	5.1	-373.7	129.1	-31.8
Return on capital %	178.3	-91.0	-10752.2	169.8	58.3
Leverage & cash
Debt to equity	-0.65	-0.36	0.98	0.19	0.28
Cash flow ÷ profit	—	—	2.59	3.32	—
Current ratio	0.90	1.09	1.16	1.48	1.47