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Motilal Oswal Report
Motilal Oswal expects Interglobe Aviation Ltd. to deliver a compound annual growth rate of 13%/47% in revenue/Ebitdar over FY26-28 and reiterate its Buy rating with a target price of Rs 6,580, based on 10 times FY28E Ebitdar.
Rising international capacities, increasing fleet ownership, increasing forex hedge coverage and the development of in-house MRO capabilities are expected to materially reduce IndiGo's net forex exposure over time, which is a major reason for earnings volatility. As these structural initiatives mature, the brokerage expects stronger profitability, lower earnings fluctuations, and sustained CFO generation, which should support steady growth in book value over time.
Motilal Oswal likes IndiGo for its unmatched domestic network leadership, rapidly expanding international presence, industry-leading cost structure, robust fleet expansion pipeline, and multiple growth levers such as premiumization, expansion in cargo and acceleration in loyalty, which position the company for continued market share gains and healthy earnings growth in the medium term.
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Looking ahead, a gradual normalisation of international operations, easing Pratt & Whitney-related groundings, fleet expansion (including A321XLR-led international deployment), and resilient demand trends are expected to support performance recovery over the coming year.
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