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Motilal Oswal Report
Interglobe Aviation Ltd. is striving to improve its international presence through strategic partnerships and loyalty programs. It served 106.7 million customers in FY24, with a net increase of 63 aircraft.
The company had eight strategic partners with a 27% international share in terms of available seat kilometres in FY24.
The management has also taken several preemptive measures to increase its global brand awareness as it expects to capture a bigger share of growth in the international market over the coming years.
IndiGo is further enhancing its international travel and working relentlessly to adjust schedules to reassure customers.
The stock is trading at ~20 times FY26E earnings per share of Rs 222.9 and ~10 times FY26E enterprise value/Ebitdar.
We reiterate our Neutral rating on the stock with a target price of Rs 4,130, based on 8.5 times Sep'26E EV/Ebitdar.
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