Air Transport Stocks and Companies in India

The largest Air Transport stocks in India by market value are IndiGo (₹1.99 lakh crore), Afcom Holdings (₹3,651 crore) and SpiceJet (₹1,166 crore), at prices of 4 Nov 2026.

• IndiGo: ₹5,140.80 | market value ₹1.99 lakh crore
• Afcom Holdings: ₹1,262.75 | market value ₹3,651 crore | P/E 24.9
• SpiceJet: ₹7.64 | market value ₹1,166 crore

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

All 3 listed Indian Air Transport Service companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Air Transport Service index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Interglobe Aviation Ltd₹1.9 lakh cr
2. Afcom Holdings Ltd₹3,660 cr
3. SpiceJet Ltd₹1,140 cr

3 Air Transport companies in the Air Transport Service industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 3 are listed below, largest first. The largest is Interglobe Aviation (₹1.89 lakh crore) and the smallest with a market value is SpiceJet.

Download all 3 Air Transport companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 14% ahead of NIFTY 500. Earnings across its companies fell 93% on average over the last four reported quarters.

0 of 3 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Not ahead of NIFTY 500 on the three-month view this week; 2 of the 3 companies in the industry index above their 200-day average (no change from four weeks earlier); 0 of those 3 pass the momentum test (1 fewer than four weeks earlier); earnings direction not measurable.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings not called, only 2 of 3 members have four comparable quarters on file, and three is the floor for a reading.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 3 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Air Transport Service has done worse than the NIFTY 500 by 31.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 9.7%.

Air Transport Service has done worse than the NIFTY 500 by 31.7% over 52 weeks and by 9.7% over 13 weeks. 0 of 3 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months).

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Afcom Holdings Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 57.8% evidence confidence.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

Afcom Holdings Ltd has the strongest one-year price move in Air Transport Service at +52.2%. It also leads on relative strength against the NIFTY, at +24.8%. 2 of 3 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Air Transport Service itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

This is a deeply cyclical airline aggregate that has swung from years of heavy losses to record profitability and is now sitting at the top of its own range. The aggregate is essentially one stock, IndiGo is the only large-cap here and it dragged headline sector profit in the most recent window while small carriers added back. In the week of 22 June 2026, 75% of 4 Air Transport Service companies were beating the Nifty 500, against 0% on 2 February 2026.

From our industry review of 27 June 2026. A newer review (10 October 2026) did not cover Air Transport Service, so this is the latest we have.

1 of 3 Air Transport Service companies held a results call for July to September 2026. Interglobe Aviation guided: Q3 and full-year capacity growth in early single digits on a year earlier including damp-lease exit and geopolitical discipline.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 0.9 points over the last two quarters. Founders and promoters cut theirs by 4.2 points.

• Spending on new plants and equipment was ₹3,005 crore in the last 12 months, 77% less than a year before.
• Projects still being built grew 590% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 5 Air Transport Service companies, in percentage points.

Ownership and spending as of 10 October 2026.

If crude/ATF retreats toward the ~$69 pre-conflict level and IndiGo sustains 20%+ operating margins into FY27 with sector profit re-accelerating above the 2024 peak, then the record margins are structural (fleet/cargo mix) rather than cyclical and this is durable growth, not a top, the fuel-driven peak-margin read would break.

From our industry review of 10 October 2026.

This is the written read behind the Air Transport Service figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 28 Jul 2026, so the words are older than the numbers. 3 themes are live here.

The Air Transport Service sector analysis for the week ending 17 July 2026 covers 1 constituent, TAALTECH. The single data point reveals a company experiencing significant profit growth despite a guarded management tone. TAALTECH reported consolidated revenues of ₹60.94 cr for Q4 FY26, marking a 26.3% increase year-on-year and a 19.3% rise quarter-on-quarter.

How old this read is: OLD: this read comes from our Air Transport Service sector brief dated 28 Jul 2026, about 3 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Air Transport Service sector brief, 28 Jul 2026.

Interglobe Aviation Ltd has the highest Revenue among the 3 Air Transport Service companies compared here, at ₹93,858 crore. SpiceJet Ltd is next at ₹4,786 crore. Afcom Holdings Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Interglobe Aviation Ltd is the largest at ₹93,858 crore, 19.6× the revenue of SpiceJet Ltd. Afcom Holdings Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 107.1% from a ₹640 crore base, with 8 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Interglobe Aviation Ltd is the size to compare against; Afcom Holdings Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Interglobe Aviation Ltd's growth falls below Afcom Holdings Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Afcom Holdings Ltd has the highest OPM among the 3 Air Transport Service companies compared here, at 40%. Interglobe Aviation Ltd is next at 8%. Interglobe Aviation Ltd has the highest Margin change at +4.9 percentage points, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Afcom Holdings Ltd leads opm at 40%; Interglobe Aviation Ltd leads margin change at +4.9 percentage points.

What this means: Afcom Holdings Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Afcom Holdings Ltd has the highest Net profit among the 3 Air Transport Service companies compared here, at ₹146 crore. The same company also has the highest Profit growth, at the 100% top of the scoring scale. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Afcom Holdings Ltd earns the most, ₹146 crore of profit over the last 12 months, 118.8% above SpiceJet Ltd. Afcom Holdings Ltd shows at least 100% on the scoring scale (156.1% in full) growth from a profit base of ₹146 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Afcom Holdings Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

SpiceJet Ltd has the highest ROCE among the 3 Air Transport Service companies compared here, at 29.4%. Afcom Holdings Ltd is next at 28%. The same company also has the highest ROCE change, at +23 percentage points. 3 of 3 companies report a comparable reading, the latest through Dec 2025.

What the numbers say: SpiceJet Ltd leads ROCE at 29.4%, 1.4 percentage points above Afcom Holdings Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: SpiceJet Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

No company in this Air Transport Service comparison reports a valuation figure this section can compare, so the PEG rank is empty. On P/E, Afcom Holdings Ltd is lowest at 25× at the latest share price, across 1 of 3 companies with a usable reading.

What the numbers say: There is not enough comparable evidence to name a reliable peg leader.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

Not enough comparable data.

P/E · lowest P/E

All-company data · latest reported quarter

PEG is left out: no company here reports it on a comparable basis.

Air Transport Service companies show up on 3 of our India lists. The most are on the nifty 50 companies list (1 company).

This Air Transport Service comparison names 6 specific ways its own evidence can mislead, all listed below. 1 of the 3 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 1 of the 5 ranked sections has fewer than three usable current readings.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
• Thin comparisons: Valuation have fewer than three usable current readings.

This comparison is built from the reported filings of 3 Air Transport Service companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

These 21 answers restate the Air Transport Service comparison above in question form. Every one is computed from the same 3 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.