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IndiGo Gets Anand Rathi's 'Buy' As It Initiates Coverage
The brokerage believes IndiGo to be a long-term compounding story, hence initiates coverage with a 'Buy' rating.
28 Oct 2025, 07:00 AM IST 
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Over next fiveyears, Indian aviation market expected to grow at ~16.4% CAGR to ~510 million passengers, prompted by airport additions, connectivity to newer outbound destinations and ramping-up of supply. (Photo: NDTV Profit)
Unlike major aviation markets (USA, China, Europe) where a clear oligopoly exists among top three-four players, IndiGo changed India’s scenario with a near-monopoly, due to key factors including superior fleet size (~416 aircraft vs ~313/30/56 of Air India Group/Akasa/SpiceJet), a low cost, high efficiency model, gradual weakening of competition and consistent fleet addition even amid supplychain issues.
