Highlights

• Analysts from AMSEC, Motilal Oswal, Batlivala & Karani, Elara, Jefferies, Ambit, and Emkay reaffirmed ‘Buy’ ratings on IndiGo.
• The average target price stands near ₹7,250, indicating potential upside from the current market price of ₹5,575.50.
• Brokerages’ outlook aligns with IndiGo’s continued operational efficiency and network expansion in FY26.

InterGlobe Aviation Ltd (NSE:INGL), India’s largest airline operating under the brand IndiGo, has received consistent positive recommendations from leading domestic and international brokerage firms following the release of its second-quarter FY26 results. 

Analysts from AMSEC, Motilal Oswal Securities Ltd, Batlivala & Karani Securities, Elara Securities, Jefferies, Ambit Capital, and Emkay Global Financial Services have all maintained a ‘Buy’ recommendation on IndiGo, reflecting a shared confidence in the airline’s growth trajectory and execution capabilities. 

Target Prices Indicate Upside Potential

The consensus price targets from these brokerages suggest notable upside from the stock’s latest closing price of ₹5,575.50. 

- AMSEC placed a target price of ₹7,400. 

- Motilal Oswal Securities projected ₹7,300. 

- Batlivala & Karani Securities set a target at ₹7,256. 

- Elara Securities forecast ₹7,241. 

- Jefferies assigned a target of ₹7,025, while 

- Ambit Capital and Emkay Global Financial Services provided price targets of ₹6,800 each. 

Q2 FY26 Financial Performance Overview

For the quarter ended September 30, 2025, IndiGo reported total revenue of ₹195,995 million, marking a 10% year-on-year growth. Excluding currency impact, net profit stood at ₹1,039 million, compared to a net loss of ₹7,539 million in the same quarter last year. 

Including currency movement related to dollar-based obligations, the company reported a net loss of ₹25,821 million. Operating metrics indicated a 7.8% increase in capacity, while passenger numbers rose by 3.6% to 28.8 million. 

Revenue from operations increased 9.3% year-on-year to ₹185,553 million, with fuel cost per available seat kilometer (CASK) reduced by 16.3% to ₹1.45. The EBITDAR margin (excluding forex impact) improved to 20.5%, amounting to ₹38,003 million. 

Network Expansion and Outlook

As of September 30, 2025, IndiGo’s fleet stood at 417 aircraft, comprising A320ceos, A320neos, A321neos, ATRs, and wide-body aircraft under lease. The airline operated 2,244 daily flights and served 94 domestic and 41 international destinations. 

For the third quarter of FY26, IndiGo expects capacity (ASKs) to grow by high teens compared to the same period last year, supported by expansion in domestic and international routes. 

Analyst Consensus

Brokerages continue to maintain optimism about IndiGo’s financial and operational outlook. The current consensus recommendation stands at ‘Buy’, with a target price of ₹6,520 and long-term growth projection of 32.1%.