20-quarter listed-company comparison

Air Transport Service Stocks in India

Air Transport Service: Interglobe Aviation Ltd owns the largest revenue base AND the fastest current growth.

01 · the index people search for

Nifty Air Transport Service Index — Constituents & Performance

The Air Transport Service companies below are the listed Indian Air Transport Service universe this page tracks — the same constituent set people search for as the Nifty Air Transport Service index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

02 · the sector itself · before any single company

How has Air Transport Service moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 91% ahead of NIFTY 500. Earnings across its companies fell 21% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 10 weeks running.

FADING · −1 in 4w⚠Price up, without the fundamentals confirming2 of 4 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑10w · 2/4 >200d (+0) · 2/4 lead (−1) · EPS 1/3↑

Air Transport Service, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 4 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically 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 any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Air Transport Service outperforming NIFTY 500?

Air Transport Service has underperformed NIFTY 500 by 25.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 24.7%. 3 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Afcom Holdings Ltd is the strongest against the sector itself at +24.8%. Readings are as of 2026-07-19.

+24.7%Sector vs NIFTY 500 · 13 weeks

-25.5%Sector vs NIFTY 500 · 52 weeks

3/4Stocks leading NIFTY 500

3/4Stocks leading sector

Sector metric: 36.5 as of 2026-07-19 · CONSOLIDATION · falling.

The central tension: current leadership is concentrated, so durability matters more than rank.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Air Transport Service has underperformed NIFTY 500 by 25.5% over 52 weeks and 24.7% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 3 of 4 beat the sector itself. Interglobe Aviation Ltd leads with revenue of ₹89,049 crore, based on 4 of 4 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹2.1 L Cr

Interglobe Aviation Ltd

Revenue growing

2/3

positive TTM year-on-year growth

Beating NIFTY 500

3/4

positive Mansfield relative strength

Comparing 4 of 4

04 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

TAAL Tech Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 73.8% evidence confidence.

TAAL Tech Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1TAAL Tech LtdTAALTECH	56.8/100Mixed-positive evidence74% evidence	TURNING	12.7/35 Revenue 7% · PAT 16.3% · OPM change -1 pp 83% evidence	19.6/25 ROCE 32.7% · OPM 31% 95% evidence	7.5/20 P/E 21.7× · PEG — 35% evidence	17.0/20 RS sector 21.4% · RS bench 23.7% · 1Y 20.9%6 of 8 weeks ahead 70% evidence
Exact sum: 12.7 + 19.6 + 7.5 + 17 = 56.8 · Decision use: Price leads the evidence: RS versus the benchmark is 23.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2SpiceJet LtdSPICEJET	40.4/100Thin evidence · provisional54% evidence	ASLEEP	16.0/35 Revenue -14.5% · PAT -80% · OPM change 2 pp 53% evidence	13.9/25 ROCE 29.4% · OPM -13% 57% evidence	7.5/20 P/E — · PEG — 35% evidence	3.0/20 RS sector -52.2% · RS bench -50.7% · 1Y -70.5%1 of 10 weeks ahead 70% evidence
Exact sum: 16 + 13.9 + 7.5 + 3 = 40.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3Interglobe Aviation LtdINDIGO	31.2/100Adverse evidence74% evidence	TURNING	3.7/35 Revenue 9% · PAT -80% · OPM change -13 pp 100% evidence	2.9/25 ROCE 5.2% · OPM 13% 100% evidence	10.0/20 P/E — · PEG — 0% evidence	14.6/20 RS sector 16.9% · RS bench 0.2% · 1Y -10.9%5 of 10 weeks ahead 70% evidence
Exact sum: 3.7 + 2.9 + 10 + 14.6 = 31.2 · Decision use: Price leads the evidence: RS versus the benchmark is 0.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4Afcom Holdings Ltd544224	61.9/100Thin evidence · provisional47% evidence	TURNING	12.9/35 Revenue — · PAT — · OPM change -9 pp 39% evidence	22.0/25 ROCE 33.5% · OPM 38% 76% evidence	10.0/20 P/E 33.3× · PEG — 0% evidence	17.0/20 RS sector 24.8% · RS bench 52.3% · 1Y 29.6%10 of 11 weeks ahead 70% evidence
Exact sum: 12.9 + 22 + 10 + 17 = 61.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

05 · what price has already done

Market action

Afcom Holdings Ltd has the strongest one-year price move in Air Transport Service at +29.6%. It also leads on Mansfield relative strength against NIFTY at +52.3%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

Price and relative strength

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.

06 · compare level, then change

Revenue Scale & Growth Durability

Interglobe Aviation Ltd has the highest Revenue among the 4 Air Transport Service companies compared here, at ₹89,049 crore. SpiceJet Ltd is next at ₹4,786 crore. The same company also holds the highest Revenue growth, at 9%. 4 of 4 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Interglobe Aviation Ltd is the scale leader at ₹89,049 crore, 18.6× the revenue of SpiceJet Ltd. Interglobe Aviation Ltd's growth is 9% from a ₹89,049 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderInterglobe Aviation Ltd · ₹89,049 crore

Gap18.6× versus #2 · SpiceJet Ltd

Persistence8/8 recent comparable periods

Coverage4/4 companies · 54 observations

Investor read: Interglobe Aviation Ltd is the scale benchmark; Interglobe Aviation Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Interglobe Aviation Ltd's growth falls below Interglobe Aviation 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.

Revenuelargest

1Interglobe Aviation Ltd INDIGO₹89.0K Cr

2SpiceJet Ltd SPICEJET · older report₹4.8K Cr

3Afcom Holdings Ltd 544224₹583 Cr

4TAAL Tech Ltd TAALTECH⚠ unverified₹198 Cr

Revenue growthfastest growers

1Interglobe Aviation Ltd INDIGO9.0%

2TAAL Tech Ltd TAALTECH⚠ unverified7.0%

3SpiceJet Ltd SPICEJET · older report-15%

Revenue · company comparison

4/4 level · 3/4 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

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.

Company	Revenue	Revenue growth	Reported
Interglobe Aviation Ltd INDIGO	₹24.6K Cr	20%	Jun 2026
SpiceJet Ltd SPICEJET	₹1.4K Cr	14%	Dec 2025
Afcom Holdings Ltd 544224	₹190 Cr	90%	Mar 2026
TAAL Tech Ltd TAALTECH⚠ unverified	₹57 Cr	27%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Afcom Holdings Ltd · 544224

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024₹40 Cr

Sep 2024—

Dec 2024₹50 Cr

Mar 2025₹100 Cr

Jun 2025₹119 Cr

Sep 2025₹121 Cr

Dec 2025₹153 Cr

Mar 2026₹190 Cr

Jun 2026—

Interglobe Aviation Ltd · INDIGO

Sep 2021₹5.6K Cr

Dec 2021₹9.3K Cr

Mar 2022₹8.0K Cr

Jun 2022₹12.9K Cr

Sep 2022₹12.5K Cr

Dec 2022₹14.9K Cr

Mar 2023₹14.2K Cr

Jun 2023₹16.7K Cr

Sep 2023₹14.9K Cr

Dec 2023₹19.5K Cr

Mar 2024₹17.8K Cr

Jun 2024₹19.6K Cr

Sep 2024₹17.0K Cr

Dec 2024₹22.1K Cr

Mar 2025₹22.2K Cr

Jun 2025₹20.5K Cr

Sep 2025₹18.6K Cr

Dec 2025₹23.5K Cr

Mar 2026₹22.4K Cr

Jun 2026₹24.6K Cr

SpiceJet Ltd · SPICEJET

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹2.3K Cr

Mar 2023₹2.1K Cr

Jun 2023₹2.0K Cr

Sep 2023₹1.4K Cr

Dec 2023₹1.9K Cr

Mar 2024₹1.7K Cr

Jun 2024₹1.7K Cr

Sep 2024₹915 Cr

Dec 2024₹1.2K Cr

Mar 2025₹1.5K Cr

Jun 2025₹1.1K Cr

Sep 2025₹792 Cr

Dec 2025₹1.4K Cr

Mar 2026—

Jun 2026—

TAAL Tech Ltd · TAALTECH⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹41 Cr

Mar 2023₹44 Cr

Jun 2023₹48 Cr

Sep 2023₹48 Cr

Dec 2023₹44 Cr

Mar 2024₹46 Cr

Jun 2024₹48 Cr

Sep 2024₹49 Cr

Dec 2024₹43 Cr

Mar 2025₹45 Cr

Jun 2025₹46 Cr

Sep 2025₹49 Cr

Dec 2025₹46 Cr

Mar 2026₹57 Cr

Jun 2026—

Revenue growth · reported quarter history

Afcom Holdings Ltd · 544224

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025198%

Sep 2025—

Dec 2025206%

Mar 202690%

Jun 2026—

Interglobe Aviation Ltd · INDIGO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022328%

Sep 2022123%

Dec 202261%

Mar 202377%

Jun 202330%

Sep 202320%

Dec 202330%

Mar 202426%

Jun 202417%

Sep 202414%

Dec 202414%

Mar 202524%

Jun 20254.7%

Sep 20259.3%

Dec 20256.2%

Mar 20261.3%

Jun 202620%

SpiceJet Ltd · SPICEJET

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-17%

Mar 2024-19%

Jun 2024-15%

Sep 2024-36%

Dec 2024-35%

Mar 2025-16%

Jun 2025-34%

Sep 2025-13%

Dec 202514%

Mar 2026—

Jun 2026—

TAAL Tech Ltd · TAALTECH⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20237.3%

Mar 20244.6%

Jun 20240.0%

Sep 20242.1%

Dec 2024-2.3%

Mar 2025-2.2%

Jun 2025-4.2%

Sep 20250.0%

Dec 20257.0%

Mar 202627%

Jun 2026—

07 · compare level, then change

Operating Economics & Margin Trend

Afcom Holdings Ltd has the highest OPM among the 4 Air Transport Service companies compared here, at 38%. TAAL Tech Ltd is next at 31%. SpiceJet Ltd has the highest Margin change at +2 percentage points, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Afcom Holdings Ltd leads opm at 38%; SpiceJet Ltd leads margin change at +2 percentage points.

LeaderAfcom Holdings Ltd · 38%

Gap22.6% versus #2 · TAAL Tech Ltd

Persistence5/6 recent comparable periods

Coverage4/4 companies · 67 observations

Investor read: Afcom Holdings Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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.

OPMhighest

1Afcom Holdings Ltd 54422438%

2TAAL Tech Ltd TAALTECH⚠ unverified31%

3Interglobe Aviation Ltd INDIGO13%

4SpiceJet Ltd SPICEJET · older report-13%

Margin changefastest expanders

1SpiceJet Ltd SPICEJET · older report+2.0 pp

2TAAL Tech Ltd TAALTECH⚠ unverified−1.0 pp

3Afcom Holdings Ltd 544224−9.0 pp

4Interglobe Aviation Ltd INDIGO−13.0 pp

Operating margin · company comparison

4/4 level · 4/4 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Afcom Holdings Ltd 544224	38%	−9.0 pp	Mar 2026
TAAL Tech Ltd TAALTECH⚠ unverified	31%	−1.0 pp	Mar 2026
Interglobe Aviation Ltd INDIGO	13%	−13.0 pp	Jun 2026
SpiceJet Ltd SPICEJET	-13%	+2.0 pp	Dec 2025

Full 20-quarter history · every available company

OPM · reported quarter history

Afcom Holdings Ltd · 544224

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 202323%

Dec 2023—

Mar 202425%

Jun 20243.6%

Sep 202429%

Dec 202427%

Mar 202547%

Jun 202531%

Sep 202532%

Dec 202543%

Mar 202638%

Jun 2026—

Interglobe Aviation Ltd · INDIGO

Sep 20213.4%

Dec 202119%

Mar 20220.5%

Jun 20224.7%

Sep 20220.2%

Dec 202221%

Mar 202319%

Jun 202330%

Sep 202315%

Dec 202326%

Mar 202422%

Jun 202426%

Sep 202410%

Dec 202423%

Mar 202527%

Jun 202526%

Sep 20253.1%

Dec 202523%

Mar 20263.6%

Jun 202613%

SpiceJet Ltd · SPICEJET

Sep 2021-22%

Dec 20215.2%

Mar 2022-17%

Jun 2022-16%

Sep 2022-28%

Dec 2022-2.0%

Mar 2023-0.7%

Jun 202313%

Sep 2023-31%

Dec 2023-12%

Mar 2024-14%

Jun 20242.9%

Sep 2024-41%

Dec 2024-15%

Mar 20255.0%

Jun 2025-7.0%

Sep 2025-55%

Dec 2025-13%

Mar 2026—

Jun 2026—

TAAL Tech Ltd · TAALTECH⚠ unverified

Sep 202128%

Dec 202129%

Mar 202237%

Jun 202231%

Sep 202227%

Dec 202233%

Mar 202319%

Jun 202327%

Sep 202326%

Dec 202321%

Mar 202427%

Jun 202429%

Sep 202435%

Dec 202431%

Mar 202532%

Jun 202533%

Sep 202531%

Dec 202524%

Mar 202631%

Jun 2026—

Margin change · reported quarter history

Afcom Holdings Ltd · 544224

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024+6.4 pp

Dec 2024—

Mar 2025+21.6 pp

Jun 2025+27.4 pp

Sep 2025+2.6 pp

Dec 2025+16.0 pp

Mar 2026−9.0 pp

Jun 2026—

Interglobe Aviation Ltd · INDIGO

Sep 2021−4.1 pp

Dec 2021+2.0 pp

Mar 2022−8.4 pp

Jun 2022+53.4 pp

Sep 2022−3.2 pp

Dec 2022+1.8 pp

Mar 2023+18.5 pp

Jun 2023+25.3 pp

Sep 2023+14.8 pp

Dec 2023+5.0 pp

Mar 2024+3.0 pp

Jun 2024−4.0 pp

Sep 2024−5.0 pp

Dec 2024−3.0 pp

Mar 2025+5.0 pp

Jun 20250.0 pp

Sep 2025−6.9 pp

Dec 20250.0 pp

Mar 2026−23.4 pp

Jun 2026−13.0 pp

SpiceJet Ltd · SPICEJET

Sep 2021−42.6 pp

Dec 2021−9.3 pp

Mar 2022−12.9 pp

Jun 2022+21.0 pp

Sep 2022−6.0 pp

Dec 2022−7.2 pp

Mar 2023+16.3 pp

Jun 2023+28.9 pp

Sep 2023−2.6 pp

Dec 2023−10.0 pp

Mar 2024−13.3 pp

Jun 2024−10.1 pp

Sep 2024−10.0 pp

Dec 2024−3.0 pp

Mar 2025+19.0 pp

Jun 2025−9.9 pp

Sep 2025−14.0 pp

Dec 2025+2.0 pp

Mar 2026—

Jun 2026—

TAAL Tech Ltd · TAALTECH⚠ unverified

Sep 2021+13.0 pp

Dec 2021+3.6 pp

Mar 2022+17.9 pp

Jun 2022+1.2 pp

Sep 2022−1.6 pp

Dec 2022+3.9 pp

Mar 2023−17.6 pp

Jun 2023−4.4 pp

Sep 2023−0.7 pp

Dec 2023−12.0 pp

Mar 2024+8.0 pp

Jun 2024+2.0 pp

Sep 2024+9.0 pp

Dec 2024+10.0 pp

Mar 2025+5.0 pp

Jun 2025+4.0 pp

Sep 2025−4.0 pp

Dec 2025−7.0 pp

Mar 2026−1.0 pp

Jun 2026—

08 · compare level, then change

Profit Scale & Acceleration

Afcom Holdings Ltd has the highest Net profit among the 4 Air Transport Service companies compared here, at ₹134 crore. TAAL Tech Ltd is next at ₹57 crore. TAAL Tech Ltd has the highest Profit growth at 16.3%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Afcom Holdings Ltd leads with ₹134 crore of TTM profit, 135.1% above TAAL Tech Ltd. TAAL Tech Ltd shows 16.3% growth from a ₹57 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderAfcom Holdings Ltd · ₹134 crore

Gap135.1% versus #2 · TAAL Tech Ltd

Persistence3/3 recent comparable periods

Coverage4/4 companies · 54 observations

Investor read: Afcom Holdings Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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 profitlargest

1Afcom Holdings Ltd 544224₹134 Cr

2TAAL Tech Ltd TAALTECH⚠ unverified₹57 Cr

3SpiceJet Ltd SPICEJET · older report₹-775 Cr

4Interglobe Aviation Ltd INDIGO₹-4.8K Cr

Profit growthfastest growers

1TAAL Tech Ltd TAALTECH⚠ unverified16%

2Interglobe Aviation Ltd INDIGO-80%

3SpiceJet Ltd SPICEJET · older report-80%

Net profit · company comparison

4/4 level · 3/4 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Afcom Holdings Ltd 544224	₹45 Cr	73%	Mar 2026
TAAL Tech Ltd TAALTECH⚠ unverified	₹17 Cr	42%	Mar 2026
Interglobe Aviation Ltd INDIGO	₹-238 Cr	-111%	Jun 2026
SpiceJet Ltd SPICEJET	₹-262 Cr	-1,410%	Dec 2025

Full 20-quarter history · every available company

Net profit · reported quarter history

Afcom Holdings Ltd · 544224

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024₹1 Cr

Sep 2024—

Dec 2024₹9 Cr

Mar 2025₹26 Cr

Jun 2025₹27 Cr

Sep 2025₹28 Cr

Dec 2025₹34 Cr

Mar 2026₹45 Cr

Jun 2026—

Interglobe Aviation Ltd · INDIGO

Sep 2021₹-1.4K Cr

Dec 2021₹130 Cr

Mar 2022₹-1.7K Cr

Jun 2022₹-1.1K Cr

Sep 2022₹-1.6K Cr

Dec 2022₹1.4K Cr

Mar 2023₹919 Cr

Jun 2023₹3.1K Cr

Sep 2023₹189 Cr

Dec 2023₹3.0K Cr

Mar 2024₹1.9K Cr

Jun 2024₹2.7K Cr

Sep 2024₹-987 Cr

Dec 2024₹2.4K Cr

Mar 2025₹3.1K Cr

Jun 2025₹2.2K Cr

Sep 2025₹-2.6K Cr

Dec 2025₹549 Cr

Mar 2026₹-2.5K Cr

Jun 2026₹-238 Cr

SpiceJet Ltd · SPICEJET

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹110 Cr

Mar 2023₹-6 Cr

Jun 2023₹198 Cr

Sep 2023₹-449 Cr

Dec 2023₹-299 Cr

Mar 2024₹127 Cr

Jun 2024₹158 Cr

Sep 2024₹-458 Cr

Dec 2024₹20 Cr

Mar 2025₹342 Cr

Jun 2025₹-234 Cr

Sep 2025₹-621 Cr

Dec 2025₹-262 Cr

Mar 2026—

Jun 2026—

TAAL Tech Ltd · TAALTECH⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹11 Cr

Mar 2023₹7 Cr

Jun 2023₹9 Cr

Sep 2023₹11 Cr

Dec 2023₹8 Cr

Mar 2024₹10 Cr

Jun 2024₹11 Cr

Sep 2024₹15 Cr

Dec 2024₹11 Cr

Mar 2025₹12 Cr

Jun 2025₹14 Cr

Sep 2025₹14 Cr

Dec 2025₹12 Cr

Mar 2026₹17 Cr

Jun 2026—

Profit growth · reported quarter history

Afcom Holdings Ltd · 544224

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 20252,600%

Sep 2025—

Dec 2025278%

Mar 202673%

Jun 2026—

Interglobe Aviation Ltd · INDIGO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022995%

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023111%

Mar 2024106%

Jun 2024-12%

Sep 2024-622%

Dec 2024-18%

Mar 202562%

Jun 2025-20%

Sep 2025—

Dec 2025-78%

Mar 2026-183%

Jun 2026-111%

SpiceJet Ltd · SPICEJET

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-372%

Mar 2024—

Jun 2024-20%

Sep 2024—

Dec 2024—

Mar 2025169%

Jun 2025-248%

Sep 2025—

Dec 2025-1,410%

Mar 2026—

Jun 2026—

TAAL Tech Ltd · TAALTECH⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-27%

Mar 202443%

Jun 202422%

Sep 202436%

Dec 202438%

Mar 202520%

Jun 202527%

Sep 2025-6.7%

Dec 20259.1%

Mar 202642%

Jun 2026—

09 · compare level, then change

Return On Capital Employed

Afcom Holdings Ltd has the highest ROCE among the 4 Air Transport Service companies compared here, at 33.5%. TAAL Tech Ltd is next at 32.7%. SpiceJet Ltd has the highest ROCE change at +23 percentage points, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Afcom Holdings Ltd leads ROCE at 33.5%, 0.8 percentage points above TAAL Tech Ltd. SpiceJet Ltd has the strongest latest improvement at +23 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderAfcom Holdings Ltd · 33.5%

Gap2.4% versus #2 · TAAL Tech Ltd

PersistenceNot enough history

Coverage4/4 companies · 31 observations

Investor read: Afcom Holdings Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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.

ROCEhighest

1Afcom Holdings Ltd 54422434%

2TAAL Tech Ltd TAALTECH⚠ unverified33%

3SpiceJet Ltd SPICEJET · older report29%

4Interglobe Aviation Ltd INDIGO5.2%

ROCE changefastest improvers

1SpiceJet Ltd SPICEJET · older report+23.0 pp

2Afcom Holdings Ltd 544224−3.0 pp

3TAAL Tech Ltd TAALTECH⚠ unverified−3.3 pp

4Interglobe Aviation Ltd INDIGO−17.0 pp

Return on capital · company comparison

4/4 level · 4/4 change

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
TAAL Tech Ltd TAALTECH⚠ unverified	23%	−3.3 pp	Mar 2026
Interglobe Aviation Ltd INDIGO	1.7%	−17.0 pp	Jun 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Interglobe Aviation Ltd · INDIGO

Sep 2021-22%

Dec 2021—

Mar 2022-15%

Jun 2022—

Sep 20223.1%

Dec 2022—

Mar 202312%

Jun 2023—

Sep 202319%

Dec 202333%

Mar 202421%

Jun 202428%

Sep 202415%

Dec 202421%

Mar 202514%

Jun 202519%

Sep 202513%

Dec 202512%

Mar 202610%

Jun 20261.7%

TAAL Tech Ltd · TAALTECH⚠ unverified

Sep 202129%

Dec 2021—

Mar 202239%

Jun 2022—

Sep 202238%

Dec 2022—

Mar 202330%

Jun 2023—

Sep 202328%

Dec 202336%

Mar 202425%

Jun 202436%

Sep 202425%

Dec 202438%

Mar 202526%

Jun 202538%

Sep 202524%

Dec 202534%

Mar 202623%

Jun 2026—

ROCE change · reported quarter history

Interglobe Aviation Ltd · INDIGO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+24.8 pp

Dec 2022—

Mar 2023+27.5 pp

Jun 2023—

Sep 2023+16.2 pp

Dec 2023—

Mar 2024+8.4 pp

Jun 2024—

Sep 2024−4.6 pp

Dec 2024−11.8 pp

Mar 2025−7.3 pp

Jun 2025−9.3 pp

Sep 2025−1.6 pp

Dec 2025−8.6 pp

Mar 2026−3.1 pp

Jun 2026−17.0 pp

TAAL Tech Ltd · TAALTECH⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+9.3 pp

Dec 2022—

Mar 2023−9.5 pp

Jun 2023—

Sep 2023−9.8 pp

Dec 2023—

Mar 2024−5.0 pp

Jun 2024—

Sep 2024−2.9 pp

Dec 2024+1.6 pp

Mar 2025+1.4 pp

Jun 2025+1.3 pp

Sep 2025−1.7 pp

Dec 2025−3.6 pp

Mar 2026−3.3 pp

Jun 2026—

10 · compare level, then change

Valuation Against Growth & Quality

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, TAAL Tech Ltd is lowest at 21.7×, across 2 of 4 companies with a usable reading. PEG asks what price is being paid for growth; P/E keeps that answer anchored to the actual earnings multiple.

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

LeaderNo comparable leader

GapNot enough peers

PersistenceNot enough history

Coverage0/4 companies · 0 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

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 recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. 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.

PEGlowest PEG

—Not enough comparable data—

P/Elowest P/E

1TAAL Tech Ltd TAALTECH⚠ unverified21.7

2Afcom Holdings Ltd 54422433.3

Valuation · company comparison

0/4 level · 2/4 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Afcom Holdings Ltd 544224	—	15.0	Mar 2026
Interglobe Aviation Ltd INDIGO	—	37.4	Jun 2026
SpiceJet Ltd SPICEJET	—	36.9	Dec 2025
TAAL Tech Ltd TAALTECH⚠ unverified	—	16.7	Mar 2026

Full 20-quarter history · every available company

No consistent historical series is available for peg.

P/E · reported quarter history

Afcom Holdings Ltd · 544224

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 202434.0

Dec 202457.6

Mar 202546.4

Jun 202546.3

Sep 202546.1

Dec 202525.7

Mar 202615.0

Jun 2026—

Interglobe Aviation Ltd · INDIGO

Sep 2021—

Dec 2021-13.8

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022-26.6

Mar 2023-240.9

Jun 202326.3

Sep 202323.9

Dec 202320.4

Mar 202419.0

Jun 202420.0

Sep 202424.4

Dec 202427.2

Mar 202532.5

Jun 202530.9

Sep 202532.0

Dec 202538.4

Mar 202634.5

Jun 202637.4

SpiceJet Ltd · SPICEJET

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 202540.3

Sep 202536.9

Dec 2025—

Mar 2026—

Jun 2026—

TAAL Tech Ltd · TAALTECH⚠ unverified

Sep 20218.8

Dec 202116.3

Mar 202216.1

Jun 202215.0

Sep 202215.6

Dec 202215.9

Mar 202316.2

Jun 202317.9

Sep 202319.7

Dec 202326.4

Mar 202424.0

Jun 202423.9

Sep 202422.8

Dec 202420.8

Mar 202517.2

Jun 202522.4

Sep 202517.2

Dec 202517.4

Mar 202616.7

Jun 2026—

11 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Air Transport Service comparison names 7 specific ways its own evidence can mislead, all listed below. 1 of the 4 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 1 draws at least one figure from a second feed with too little overlap to cross-check.

Keep these limits visible

A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
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.
1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
Thin comparisons: Valuation have fewer than three usable current readings.

12 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 4 Air Transport Service companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-31. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-07-31 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing1 cross-checked · 3 unverified · 0 withheld, of 4 graded companies.

How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

13 · questions investors ask, short speakable answers

Air Transport Service company comparison FAQs

These 21 answers restate the Air Transport Service comparison above in question form. Every one is computed from the same 4 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

Is the Air Transport Service sector outperforming NIFTY 500?

Which Air Transport Service company is largest by revenue?

Interglobe Aviation Ltd leads with revenue of ₹89,049 crore, based on 4 of 4 comparable companies through Jun 2026.

Which Air Transport Service company is growing fastest?

Interglobe Aviation Ltd has the fastest current revenue growth at 9%, across 3 of 4 comparable companies.

Which Air Transport Service company has the strongest 4-Factor Sector Score?

TAAL Tech Ltd ranks first at 56.8/100 with 73.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

How much history does this Air Transport Service comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

What is the Nifty Air Transport Service index?

The Nifty Air Transport Service index tracks India's listed Air Transport Service companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Air Transport Service sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best Air Transport Service stocks in India?

Ranked by this page's four-factor score, TAAL Tech Ltd places first among 4 listed Air Transport Service companies, followed by SpiceJet Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Air Transport Service stocks are listed in India?

This comparison covers 4 listed Air Transport Service companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

Which Air Transport Service company is the biggest?

Interglobe Aviation Ltd is the largest, with trailing-twelve-month revenue of ₹89,049 crore, ahead of SpiceJet Ltd at ₹4,786 crore. That covers 4 of 4 companies with comparable reporting through Jun 2026.

Which Air Transport Service company has the best profit margins?

Afcom Holdings Ltd has the highest operating margin at 38%, from 4 of 4 comparable companies. SpiceJet Ltd shows the biggest recent improvement, at +2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Air Transport Service company makes the most profit?

Afcom Holdings Ltd earns the most, at ₹134 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. TAAL Tech Ltd has the fastest profit growth at 16.3%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Air Transport Service company earns the highest return on capital?

Afcom Holdings Ltd leads on return on capital employed at 33.5%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Is the Air Transport Service sector beating the market?

Air Transport Service has underperformed NIFTY 500 by 25.5% over the last 52 weeks and 24.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Air Transport Service stock has the strongest price momentum?

Afcom Holdings Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Air Transport Service company scores highest for research priority?

TAAL Tech Ltd scores 56.8 out of 100 with 73.8% evidence confidence, from 12.7 points on growth and earnings, 19.6 on capital efficiency, 7.5 on valuation and 17 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Air Transport Service companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Air Transport Service sector?

The 4 Air Transport Service companies on this page carry ₹2,06,956 crore of combined market value. Interglobe Aviation Ltd is the largest at ₹1,99,945 crore, about 97% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

How is the Air Transport Service sector performing?

3 of the 4 covered Air Transport Service companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 25.5% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.