InterGlobe Aviation reported a 2.6 times jump in EBITDAR to Rs 2,220 crore on a lower base of Q2 FY26, while EBITDA excluding forex declined 8% YoY to Rs 3,160 crore (Rs 1,370 crore FX loss in Q2 FY27 vs Rs 2,900 crore in Q2 FY26). Despite these ongoing cost headwinds, the company delivered 34% YoY growth in yield to INR6.3, supported by price hikes.
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Despite continued near-term headwinds from the Middle East airspace disruptions, high fuel costs, and INR depreciation, domestic brokerage firm Motilal Oswal remained confident in Interglobe Aviation Ltd.'s growth strategy, anchored by India's strong domestic demand base and steadily expanding international network.
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Looking ahead, 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 IndiGo's performance recovery over the coming quarters.
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The brokerage estimates a compound annual growth rate of 14%/42% in revenue/Ebitdar over FY26-28 and has valued the stock at 10 times FY28E EBITDAR to arrive at target price of Rs 6,000 and reiterated Buy.
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