ICICI Securities has been structurally positive on IndiGo driven by business moats of cost competitiveness, robust orderbook and strong balance sheet but profitability has been strong, also aided by favorable supply-demand situation which should continue in FY26.
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ICICI Securities Report
We believe InterGlobe Aviation Ltd. should benefit from a better-than-expected combination of fares, crude, passenger load factor to post a strong Q4 FY25E PAT of Rs 23 billion and ultimately enabling PBT (ex-forex) of Rs 86 billion in FY25E.
We have been structurally positive on the company driven by business moats of cost competitiveness, robust orderbook and strong balance sheet but profitability has been strong, also aided by favourable supply-demand situation which should continue in FY26.
International market expansion and premiumisation are additional tailwinds. Crude/currency present positive/negative risks while particular downside risk could come from any sudden demand shock.
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