Interglobe Aviation Ltd
INDIGOInterglobe Aviation Ltd's price has outrun its earnings. −10.7% in a year against EPS −132.9% — the market is paying now for delivery later.
The sharpest disagreement: the price moved −10.7% in a year while annual EPS moved −132.9% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a downtrend (29 weeks in) while the P/E sits at the 83rd percentile of its own 9-year range. Underneath, the last four quarters read deteriorating — profit −110.9% year on year, and 311% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Interglobe Aviation Ltd trades at ₹5,171, in a downtrend and 29 weeks into that stage. That is +5.0% against its own 200-day average. It sits at 59% of a 52-week range of ₹4,100 to ₹5,909. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 12 straight weeks.
Today the stock is in a downtrend — week 29 of stage 4. At ₹5,171 it trades +5.0% versus its 200-day average and sits at 59% of its 52-week range (₹4,100–₹5,909).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +530% while the NIFTY 500 moved +276% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 12 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Interglobe Aviation Ltd trades at 37.4× P/E, at the pricey end of its own range (83rd percentile). Its long-run median P/E is 28.4×, measured across 8.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 37.4× is at the pricey end of its own range (83rd percentile), against a long-run median of 28.4× measured over 8.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved −132.9% against a −10.7% price move — the price outran earnings, pushing the multiple UP its own range.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Interglobe Aviation Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −171.7% latest against +102.9% at its 12-quarter best), ROCE slipping at 1.7%. The read is built from 12 quarters across 4 curves, on full evidence.
🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +5.1% | +16.0% | +42.1% | — |
| Share price | −10.7% | +25.5% | +25.7% | +18.0% |
4-Factor Sector Score
31.2/100 — rank 3 of 4 in Air Transport Service · 74% evidence confidence
Interglobe Aviation Ltd scores 31.2 out of 100 against the 4 companies it is compared with in Air Transport Service, ranking 3. Price leads the evidence: RS versus the benchmark is 0.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 3.7 + 2.9 + 10 + 14.6 = 31.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Interglobe Aviation Ltd reported ₹24,584 Cr of revenue in the Jun 26 quarter, +19.9% year on year. That is the 12th straight quarter of year-on-year growth. Over 9 years it has compounded at 18.4% a year. The last full year, FY26, came in at ₹84,962 Cr. The last four reported quarters add to ₹89,049 Cr.
FY26 revenue came in at ₹84,962 Cr (+5.1% on the year), capping 9 years at 18.4% compound. The latest quarter (Jun 26) printed ₹24,584 Cr, +19.9% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +9.2% growth against the decade's 18.4% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +9.0% over the last 4 quarters against +11.4%/yr over the last 8 — stabilising.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Interglobe Aviation Ltd's operating margin is 13.0% in the Jun 26 quarter, −13.0 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged −0.5% to 24.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 13.0%, −13.0 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged −0.5%–24.0%.
🚨 Why the margin moved: operating margin went −12.2 pp year on year while gross margin went −15.7 pp — the loss came mostly from the gross line: input costs and pricing.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Interglobe Aviation Ltd posted a net loss of ₹238 Cr in the Jun 26 quarter. The full FY26 year was a loss of ₹2,394 Cr. That loss is 1.0% of the quarter's revenue. The same quarter a year earlier earned ₹2,176 Cr. 4 of the last 12 reported quarters were loss-making.
Jun 26 profit was ₹−238 Cr, −110.9% year on year. On the full year, FY26 printed ₹−2,394 Cr (−133.0%).
🚨 Why profit moved: revenue contributed +19.9% and the margin −13.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit −123.7% vs revenue +9.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 311% of Interglobe Aviation Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹23,470 Cr of operating cash against ₹−2,394 Cr of profit. After ₹22,239 Cr of capital spending, ₹1,231 Cr was left as free cash.
FY26: operating cash of ₹23,470 Cr against reported profit of ₹−2,394 Cr, leaving free cash of ₹1,231 Cr after ₹22,239 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 311% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 311%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.
Router verdict: the bigger cash user is investment — capital spending ran 2.4× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Interglobe Aviation Ltd's cash conversion cycle runs 3 days in FY26, down from 5 days in FY21. Capital spending ran ₹61,451 Cr over the last 3 years. At FY26 sales of ₹84,962 Cr each day of that cycle holds about ₹233 Cr, so roughly ₹698 Cr sits inside the business at any moment.
FY26: debtors at 3 days (an asset-light business — no inventory to speak of) — for a full cycle of 3 days, tighter than FY21's 5.
In money terms: at FY26 sales of ₹84,962 Cr, each day of the cycle holds about ₹233 Cr — so the 3-day loop keeps roughly ₹698 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹61,451 Cr over the last 3 fiscal years against ₹25,914 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹59.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Interglobe Aviation Ltd earns a ROCE of 5% in FY26. That is up from a trough of −14% in FY21. Return on invested capital clears the cost of that capital by +6.6 percentage points, so growth here adds value rather than only size. The wiring behind it is −2.8% net margin on 0.62× asset turns.
FY26 ROCE is 5%, recovered from a FY21 trough of −14% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): −2.8% net margin × 0.62× asset turns × 19.51× balance-sheet leverage ≈ −33.9% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 18.6% − 12.0% = a +6.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Interglobe Aviation Ltd carries total debt of ₹77,749 Cr against shareholder equity of ₹6,987 Cr as of Jun 26, a debt-to-equity of 11.13. On the annual view that ratio went from −6.16 in FY22 to 11.13 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Jun 26: total debt of ₹77,749 Cr against shareholder equity of ₹6,987 Cr — a debt-to-equity of 11.13. On the annual view, debt-to-equity went from −6.16 (FY22) to 11.13 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 16.5 points of Interglobe Aviation Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 31.9% of the company. Promoters moved −13.7 points over the same window, to 41.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +16.5 points over 8 quarters to 31.9%; Promoters: −13.7 points over 8 quarters to 41.6%; Foreign institutions: −4.1 points over 8 quarters to 20.3%.
Why the register moved: rotation — foreign institutions −4.1 points against domestic institutions +16.5 points over 8 quarters, with promoters −13.7 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Interglobe Aviation Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| 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 Ltdthis pageINDIGO | 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. | ||||||
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.
Frequently asked questions
What is Interglobe Aviation Ltd's share price today?
Interglobe Aviation Ltd trades at ₹5,171, −10.7% over the past year. The company is valued at ₹1,99,945 Cr. The stock sits at 59% of its 52-week range of ₹4,100–₹5,909, +5.0% versus its 200-day average. On the tape, the price is in a downtrend, 29 weeks in. — as of 31 July 2026.
What were Interglobe Aviation Ltd's latest quarterly results?
Interglobe Aviation Ltd reported revenue of ₹24,584 Cr and a net loss of ₹238 Cr for the Jun 26 quarter. Revenue rose 19.9% and profit fell 110.9% year on year. Earnings per share were ₹−6.14. The operating margin was 13.0%, 13.0 pp lower than a year earlier. — as of 31 July 2026.
What is Interglobe Aviation Ltd's revenue?
Interglobe Aviation Ltd reported revenue of ₹24,584 Cr in the Jun 26 quarter, +19.9% year on year. For the full FY26 fiscal year, revenue was ₹84,962 Cr (+5.1%). Over the last 9 years revenue compounded at 18.4% a year. — as of 31 July 2026.
What is Interglobe Aviation Ltd's profit?
Interglobe Aviation Ltd earned ₹−238 Cr of net profit in the Jun 26 quarter, −110.9% year on year. Full-year FY26 profit was ₹−2,394 Cr. The operating margin ran 13.0% in the latest quarter. — as of 31 July 2026.
What is Interglobe Aviation Ltd's market cap?
Interglobe Aviation Ltd's market capitalisation is ₹1,99,945 Cr at a share price of ₹5,171. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.
What is Interglobe Aviation Ltd's P/E ratio?
Interglobe Aviation Ltd trades at a P/E of 37.4×, at the 83rd percentile of its own 9-year range, against a long-run median of 28.4×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.
Does Interglobe Aviation Ltd pay a dividend?
Not in its latest year — Interglobe Aviation Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 4 of its last 10 reported fiscal years, so there is a history but no current dividend. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.
Is Interglobe Aviation Ltd overvalued?
On its own history, Interglobe Aviation Ltd looks expensive against its own history: its P/E of 37.4× sits at the 83rd percentile of its 9-year range (long-run median 28.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 2026.
Is Interglobe Aviation Ltd growing?
Not right now — Interglobe Aviation Ltd's latest numbers are shrinking: latest-quarter revenue +19.9% year on year, profit −110.9%, and the margin −13.0 pp at 13.0%. The earnings engine currently reads: deteriorating — as of 31 July 2026.
How is Interglobe Aviation Ltd performing?
Interglobe Aviation Ltd is in a downtrend, 29 weeks in. Its latest quarter's revenue rose 19.9% and profit fell 110.9% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 12 weeks. This describes what the data did, not a rating. — as of 31 July 2026.
What stage is Interglobe Aviation Ltd in?
Deteriorating — profit and EPS growth are shrinking (profit growth −171.7% latest against +102.9% at its 12-quarter best), ROCE slipping at 1.7%. The read comes from the last 12 quarters of growth (revenue growth +9.0% latest, profit growth −171.7% latest, eps growth −171.6% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.
Is Interglobe Aviation Ltd in an uptrend?
No — the price is in a downtrend (week 29 of stage 4), trading +5.0% versus its 200-day average and at 59% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.
Is Interglobe Aviation Ltd beating the market?
On recent form, yes — Interglobe Aviation Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 12 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +530% against the NIFTY 500's +276% — ahead of the index over the full window. — as of 31 July 2026.
Will Interglobe Aviation Ltd's share price go up?
This page publishes no price forecast for Interglobe Aviation Ltd. What it measures instead: the share price is ₹5,171, the price is in a downtrend 29 weeks in. Its P/E of 37.4× sits at the 83rd percentile of its own 9-year range. — as of 31 July 2026.
Who owns Interglobe Aviation Ltd?
Promoters hold 41.6% of Interglobe Aviation Ltd, foreign institutions 20.3%, domestic institutions 31.9% and the public 6.2% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 16.5 points over 8 quarters. — as of 31 July 2026.
Does Interglobe Aviation Ltd have too much debt?
It carries real leverage — Interglobe Aviation Ltd's debt-to-equity is 11.15, and operating profit covers the interest bill 2×. FY26 borrowings were ₹77,749 Cr against equity of ₹6,971 Cr. Read the returns on this page with that leverage in mind — as of 31 July 2026.
What is Interglobe Aviation Ltd's capex?
Interglobe Aviation Ltd spent ₹61,451 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹22,239 Cr, with ₹59.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.
What is Interglobe Aviation Ltd's cash flow?
Interglobe Aviation Ltd generated ₹23,470 Cr of operating cash flow in FY26 and ₹1,231 Cr of free cash flow after ₹22,239 Cr of capital spending. Reported profit that year was ₹−2,394 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 31 July 2026.
Is Interglobe Aviation Ltd's profit real cash?
Yes — over the last 3 fiscal years, 311% of Interglobe Aviation Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹23,470 Cr against reported profit of ₹−2,394 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 31 July 2026.
Where is Interglobe Aviation Ltd in its business cycle?
Interglobe Aviation Ltd's FY26 operating margin was 14.0%, against a 10-year band of −0.5%–24.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 13.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.
What could break the Interglobe Aviation Ltd story?
The sharpest disagreement: the price moved −10.7% in a year while annual EPS moved −132.9% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.
Is Interglobe Aviation Ltd a stock worth studying right now?
This is not investment advice. The machine read: Interglobe Aviation Ltd's price has outrun its earnings. −10.7% in a year against EPS −132.9% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.