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ICICI Securities Report
Domestic brokeage firm ICICI Securities has maintained a ‘Buy' rating on InterGlobe Aviation Ltd. (IndiGo) while raising its target price to Rs 6,020 from Rs 5,210, implying an upside of around 20% from current levels, driven by improving earnings outlook and favourable industry dynamics
The brokerage said IndiGo continues to benefit from a structural supply-demand mismatch in the aviation sector, enabling the airline to sustain healthy yields even amid a challenging operating environment. Strong demand trends were evident in FY26 and have carried into Q1 FY27, supported by robust passenger traffic and stable pricing.
Further, a moderation in crude oil prices has led to an improvement in spread estimates, prompting ICICI Securities to upgrade its FY27 and FY28 profit-before-tax (PBT) estimates by 26% and 16%, respectively.
Key risks:
A volatile geopolitical environment or business disruptions akin to those in FY26. However, its strong competitive position hedges that risk significantly, as already seen multiple times.
Hence the brokerage has maintained Buy with a revised target price of Rs 6,020 (Rs 5,210 earlier) based on a 25x (unchanged) FY28E PAT of Rs 9300 crore (EPS of Rs 241), assuming full tax.
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