InterGlobe Aviation Limited (INDIGO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+173.2%

₹13,671.14

vs ₹5,003.20 price

Levered DCF

₹18,004.23

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.63

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-63.73×	26.75×	16.75×	-240.94×	-12.59×	-10.82×	-175.64×	346.41×
P/B	21.87×	20.76×	68.58×	-11.79×	-12.95×	566.49×	6.98×	7.84×
P/S	1.79×	2.42×	2.03×	1.37×	3.02×	4.32×	1.15×	1.91×
EV / EBITDA	13.99×	11.85×	10.39×	15.58×	119.29×	151.2×	12.25×	87.13×
Gross margin	21.7%	18.8%	18.7%	11.7%	-9.0%	-28.8%	10.8%	4.3%
Operating margin	11.9%	13.4%	13.7%	6.7%	-14.8%	-36.1%	4.3%	-2.2%
Net margin	-2.8%	9.0%	12.1%	-0.6%	-24.0%	-39.9%	-0.7%	0.6%
Current ratio	1.51×	1.48×	1.16×	1.1×	0.9×	1.1×	1.37×	2.26×
Debt / equity	11.15×	7.13×	25.69×	-7.18×	-6.16×	269.35×	3.87×	0.35×
Interest coverage	1.72×	2.13×	2.58×	1.14×	-1.86×	-3.03×	1.06×	-3.13×
Dividend yield	0.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.6%	0.4%
Payout ratio	-16.2%	0.0%	0.0%	0.0%	0.0%	0.0%	-99.2%	146.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-34.3%	77.5%	409.4%	4.9%	102.9%	-5237.7%	-4.0%	2.3%
Return on invested capital	9.1%	11.0%	14.2%	7.5%	-10.9%	-15.7%	4.3%	3.8%
Return on assets	-1.8%	6.3%	9.9%	-0.5%	-13.4%	-13.5%	-0.6%	0.6%
Free cash flow yield	14.8%	11.2%	14.7%	16.5%	2.2%	-3.3%	14.3%	2.7%
Earnings yield	-1.6%	3.7%	6.0%	-0.4%	-7.9%	-9.2%	-0.6%	0.3%
Enterprise value	₹2.1T	₹2.4T	₹1.9T	₹1.2T	₹1.1T	₹921.5B	₹630.1B	₹561.8B
Net debt / EBITDA	3.65×	2.34×	2.8×	5.79×	37.72×	48.16×	4.28×	2.66×
Cash conversion cycle (days)	-16	-13	-11	-15	-31	-6	-1	3