# Air Transport Service — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## 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.

## Sector relative strength

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.

13-week sector return versus NIFTY 500: 25%
52-week sector return versus NIFTY 500: -26%
Stocks leading NIFTY: 3/4
Stocks leading sector: 3/4

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

Companies: 4
Combined market value: ₹2.1 L Cr

## 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.

1. TAAL Tech Ltd (TAALTECH): 57/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 12.7/35 | Capital efficiency 19.6/25 | Valuation 7.5/20 | Relative strength 17.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of 8 weeks with a reading, within the last 12
   - 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.
2. SpiceJet Ltd (SPICEJET): 40/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 16.0/35 | Capital efficiency 13.9/25 | Valuation 7.5/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 10 weeks with a reading, within the last 12
   - 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.
3. Interglobe Aviation Ltd (INDIGO): 31/100 — Adverse evidence; evidence 74%
   - Growth & earnings 3.7/35 | Capital efficiency 2.9/25 | Valuation 10.0/20 | Relative strength 14.6/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of 10 weeks with a reading, within the last 12
   - 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.
4. Afcom Holdings Ltd (544224): 62/100 — Thin evidence · provisional; evidence 47%
   - Growth & earnings 12.9/35 | Capital efficiency 22.0/25 | Valuation 10.0/20 | Relative strength 17.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of 11 weeks with a reading, within the last 12
   - Exact sum: 12.9 + 22 + 10 + 17 = 61.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## 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.

### Strongest one-year price performers
1. Afcom Holdings Ltd (544224): 30%
2. TAAL Tech Ltd (TAALTECH): 21%
3. Interglobe Aviation Ltd (INDIGO): -11%
4. SpiceJet Ltd (SPICEJET): -71%

### Strongest relative strength versus NIFTY 500
1. Afcom Holdings Ltd (544224): 52%
2. TAAL Tech Ltd (TAALTECH): 24%
3. Interglobe Aviation Ltd (INDIGO): 0.2%
4. SpiceJet Ltd (SPICEJET): -51%

## Revenue Scale & Growth Durability

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.

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.

Evidence: Interglobe Aviation Ltd · ₹89,049 crore | 18.6× versus #2 · SpiceJet Ltd | 8/8 recent comparable periods | 4/4 companies · 54 observations

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

### Revenue — largest
1. Interglobe Aviation Ltd (INDIGO): ₹89.0K Cr
2. SpiceJet Ltd (SPICEJET): ₹4.8K Cr — older report
3. Afcom Holdings Ltd (544224): ₹583 Cr
4. TAAL Tech Ltd (TAALTECH): ₹198 Cr

### Revenue growth — fastest growers
1. Interglobe Aviation Ltd (INDIGO): 9.0%
2. TAAL Tech Ltd (TAALTECH): 7.0%
3. SpiceJet Ltd (SPICEJET): -15% — older report

### 20-quarter Revenue history
- 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 —
- 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: 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 —
- TAALTECH: 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 —

### 20-quarter Revenue growth history
- 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 2025 198% | Sep 2025 — | Dec 2025 206% | Mar 2026 90% | Jun 2026 —
- INDIGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 328% | Sep 2022 123% | Dec 2022 61% | Mar 2023 77% | Jun 2023 30% | Sep 2023 20% | Dec 2023 30% | Mar 2024 26% | Jun 2024 17% | Sep 2024 14% | Dec 2024 14% | Mar 2025 24% | Jun 2025 4.7% | Sep 2025 9.3% | Dec 2025 6.2% | Mar 2026 1.3% | Jun 2026 20%
- 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 2025 14% | Mar 2026 — | Jun 2026 —
- TAALTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.3% | Mar 2024 4.6% | Jun 2024 0.0% | Sep 2024 2.1% | Dec 2024 -2.3% | Mar 2025 -2.2% | Jun 2025 -4.2% | Sep 2025 0.0% | Dec 2025 7.0% | Mar 2026 27% | Jun 2026 —

## Operating Economics & Margin Trend

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

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.

Evidence: Afcom Holdings Ltd · 38% | 22.6% versus #2 · TAAL Tech Ltd | 5/6 recent comparable periods | 4/4 companies · 67 observations

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

### OPM — highest
1. Afcom Holdings Ltd (544224): 38%
2. TAAL Tech Ltd (TAALTECH): 31%
3. Interglobe Aviation Ltd (INDIGO): 13%
4. SpiceJet Ltd (SPICEJET): -13% — older report

### Margin change — fastest expanders
1. SpiceJet Ltd (SPICEJET): +2.0 pp — older report
2. TAAL Tech Ltd (TAALTECH): −1.0 pp
3. Afcom Holdings Ltd (544224): −9.0 pp
4. Interglobe Aviation Ltd (INDIGO): −13.0 pp

### 20-quarter OPM history
- 544224: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 23% | Dec 2023 — | Mar 2024 25% | Jun 2024 3.6% | Sep 2024 29% | Dec 2024 27% | Mar 2025 47% | Jun 2025 31% | Sep 2025 32% | Dec 2025 43% | Mar 2026 38% | Jun 2026 —
- INDIGO: Sep 2021 3.4% | Dec 2021 19% | Mar 2022 0.5% | Jun 2022 4.7% | Sep 2022 0.2% | Dec 2022 21% | Mar 2023 19% | Jun 2023 30% | Sep 2023 15% | Dec 2023 26% | Mar 2024 22% | Jun 2024 26% | Sep 2024 10% | Dec 2024 23% | Mar 2025 27% | Jun 2025 26% | Sep 2025 3.1% | Dec 2025 23% | Mar 2026 3.6% | Jun 2026 13%
- SPICEJET: Sep 2021 -22% | Dec 2021 5.2% | Mar 2022 -17% | Jun 2022 -16% | Sep 2022 -28% | Dec 2022 -2.0% | Mar 2023 -0.7% | Jun 2023 13% | Sep 2023 -31% | Dec 2023 -12% | Mar 2024 -14% | Jun 2024 2.9% | Sep 2024 -41% | Dec 2024 -15% | Mar 2025 5.0% | Jun 2025 -7.0% | Sep 2025 -55% | Dec 2025 -13% | Mar 2026 — | Jun 2026 —
- TAALTECH: Sep 2021 28% | Dec 2021 29% | Mar 2022 37% | Jun 2022 31% | Sep 2022 27% | Dec 2022 33% | Mar 2023 19% | Jun 2023 27% | Sep 2023 26% | Dec 2023 21% | Mar 2024 27% | Jun 2024 29% | Sep 2024 35% | Dec 2024 31% | Mar 2025 32% | Jun 2025 33% | Sep 2025 31% | Dec 2025 24% | Mar 2026 31% | Jun 2026 —

### 20-quarter Margin change history
- 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 —
- 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 2025 0.0 pp | Sep 2025 −6.9 pp | Dec 2025 0.0 pp | Mar 2026 −23.4 pp | Jun 2026 −13.0 pp
- 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 —
- TAALTECH: 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 —

## Profit Scale & Acceleration

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.

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.

Evidence: Afcom Holdings Ltd · ₹134 crore | 135.1% versus #2 · TAAL Tech Ltd | 3/3 recent comparable periods | 4/4 companies · 54 observations

Definition: 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 — largest
1. Afcom Holdings Ltd (544224): ₹134 Cr
2. TAAL Tech Ltd (TAALTECH): ₹57 Cr
3. SpiceJet Ltd (SPICEJET): ₹-775 Cr — older report
4. Interglobe Aviation Ltd (INDIGO): ₹-4.8K Cr

### Profit growth — fastest growers
1. TAAL Tech Ltd (TAALTECH): 16%
2. Interglobe Aviation Ltd (INDIGO): -80%
3. SpiceJet Ltd (SPICEJET): -80% — older report

### 20-quarter Net profit history
- 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 —
- 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: 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 —
- TAALTECH: 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 —

### 20-quarter Profit growth history
- 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 2025 2,600% | Sep 2025 — | Dec 2025 278% | Mar 2026 73% | Jun 2026 —
- INDIGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 995% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 111% | Mar 2024 106% | Jun 2024 -12% | Sep 2024 -622% | Dec 2024 -18% | Mar 2025 62% | Jun 2025 -20% | Sep 2025 — | Dec 2025 -78% | Mar 2026 -183% | Jun 2026 -111%
- 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 2025 169% | Jun 2025 -248% | Sep 2025 — | Dec 2025 -1,410% | Mar 2026 — | Jun 2026 —
- TAALTECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -27% | Mar 2024 43% | Jun 2024 22% | Sep 2024 36% | Dec 2024 38% | Mar 2025 20% | Jun 2025 27% | Sep 2025 -6.7% | Dec 2025 9.1% | Mar 2026 42% | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Afcom Holdings Ltd · 33.5% | 2.4% versus #2 · TAAL Tech Ltd | Not enough history | 4/4 companies · 31 observations

Definition: 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.

### ROCE — highest
1. Afcom Holdings Ltd (544224): 34%
2. TAAL Tech Ltd (TAALTECH): 33%
3. SpiceJet Ltd (SPICEJET): 29% — older report
4. Interglobe Aviation Ltd (INDIGO): 5.2%

### ROCE change — fastest improvers
1. SpiceJet Ltd (SPICEJET): +23.0 pp — older report
2. Afcom Holdings Ltd (544224): −3.0 pp
3. TAAL Tech Ltd (TAALTECH): −3.3 pp
4. Interglobe Aviation Ltd (INDIGO): −17.0 pp

### 20-quarter ROCE history
- INDIGO: Sep 2021 -22% | Dec 2021 — | Mar 2022 -15% | Jun 2022 — | Sep 2022 3.1% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 19% | Dec 2023 33% | Mar 2024 21% | Jun 2024 28% | Sep 2024 15% | Dec 2024 21% | Mar 2025 14% | Jun 2025 19% | Sep 2025 13% | Dec 2025 12% | Mar 2026 10% | Jun 2026 1.7%
- TAALTECH: Sep 2021 29% | Dec 2021 — | Mar 2022 39% | Jun 2022 — | Sep 2022 38% | Dec 2022 — | Mar 2023 30% | Jun 2023 — | Sep 2023 28% | Dec 2023 36% | Mar 2024 25% | Jun 2024 36% | Sep 2024 25% | Dec 2024 38% | Mar 2025 26% | Jun 2025 38% | Sep 2025 24% | Dec 2025 34% | Mar 2026 23% | Jun 2026 —

### 20-quarter ROCE change history
- 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
- TAALTECH: 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 —

## Valuation Against Growth & Quality

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

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.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: 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.

### PEG — lowest PEG

### P/E — lowest P/E
1. TAAL Tech Ltd (TAALTECH): 21.7
2. Afcom Holdings Ltd (544224): 33.3

### 20-quarter PEG history

### 20-quarter P/E history
- 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 34.0 | Dec 2024 57.6 | Mar 2025 46.4 | Jun 2025 46.3 | Sep 2025 46.1 | Dec 2025 25.7 | Mar 2026 15.0 | Jun 2026 —
- INDIGO: Sep 2021 — | Dec 2021 -13.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -26.6 | Mar 2023 -240.9 | Jun 2023 26.3 | Sep 2023 23.9 | Dec 2023 20.4 | Mar 2024 19.0 | Jun 2024 20.0 | Sep 2024 24.4 | Dec 2024 27.2 | Mar 2025 32.5 | Jun 2025 30.9 | Sep 2025 32.0 | Dec 2025 38.4 | Mar 2026 34.5 | Jun 2026 37.4
- 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 2025 40.3 | Sep 2025 36.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TAALTECH: Sep 2021 8.8 | Dec 2021 16.3 | Mar 2022 16.1 | Jun 2022 15.0 | Sep 2022 15.6 | Dec 2022 15.9 | Mar 2023 16.2 | Jun 2023 17.9 | Sep 2023 19.7 | Dec 2023 26.4 | Mar 2024 24.0 | Jun 2024 23.9 | Sep 2024 22.8 | Dec 2024 20.8 | Mar 2025 17.2 | Jun 2025 22.4 | Sep 2025 17.2 | Dec 2025 17.4 | Mar 2026 16.7 | Jun 2026 —


## What can make this comparison misleading?
- 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.

## Every company
- Interglobe Aviation Ltd (INDIGO) — market value ₹2.0 L Cr; latest fundamentals Jun 2026
- Afcom Holdings Ltd (544224) — market value ₹4.1K Cr; latest fundamentals Mar 2026
- SpiceJet Ltd (SPICEJET) — market value ₹1.7K Cr; latest fundamentals Dec 2025
- TAAL Tech Ltd (TAALTECH) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 1. Unverified: 3. Withheld: 0. Graded companies: 4.

1 of 4 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | TAALTECH | TAAL Tech Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Air Transport Service sector outperforming NIFTY 500?

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.

### 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.