📌 At a Glance:
India’s airline king IndiGo went from ₹5,830 Cr loss to ₹7,253 Cr profit in just five years. Revenue multiplied by 5.5x, and operating margins soared from 0% to 22%, while debt… well, that too took flight (₹67,088 Cr). But unlike your middle seat, these numbers are comfortable.
🏢 About the Company
- Name: InterGlobe Aviation Ltd (NSE: INDIGO)
- Founded: 2006
- Model: Low-cost, high-frequency domestic and now global ambition airline
- Fleet: 300+ aircraft (including A320neo, ATR, and now A350s incoming)
- Market Cap: ₹2.11 Lakh Cr (as of June 2025)
- Domestic Market Share: 62% (highest in India)
- International Share: 18% (and rising)
👥 Key Managerial Personnel (KMP)
| Name | Role |
|---|---|
| Pieter Elbers | CEO (ex-KLM, hired 2022) |
| Rahul Bhatia | Co-founder |
| Ronojoy Dutta | Former CEO (till 2022) |
| Wolfgang P. Schauer | Chief Strategy Head |
📊 5-Year Financial Summary (FY21–FY25)
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 14,641 | 25,931 | 54,446 | 68,904 | 80,803 |
| Net Profit (₹ Cr) | -5,830 | -6,171 | -317 | 8,167 | 7,253 |
| Operating Profit (₹ Cr) | 2 | 558 | 6,521 | 16,331 | 18,006 |
| OPM (%) | 0% | 2% | 12% | 24% | 22% |
| Debt (₹ Cr) | 29,860 | 36,878 | 44,860 | 51,280 | 67,088 |
| Reserves (₹ Cr) | -314 | -6,421 | -6,695 | 1,546 | 8,920 |
🛬 “IndiGo’s reserves went from minus to positive — unlike your flight meal options.”
📆 Year-Wise Recap
🦠 FY21–FY22: Pandemic Crash Course
- Net losses > ₹6,000 Cr annually
- International flights grounded
- Operating profit? ₹2 Cr in FY21. Not a typo.
- Negative reserves and stalled expansion
✈️ FY23: Engine Re-Ignition
- Revenue doubled from FY22
- Loss shrunk to ₹317 Cr
- Margin recovery began: 12% OPM
🚀 FY24: Profit Boom
- ₹8,167 Cr Net Profit, highest in history
- Positive reserves after 3 years of red ink
- RoE 129% — enough to make even Adani jealous
💼 FY25: Global Ambitions, Local Dominance
- Widebody aircraft orders doubled (30 → 60 A350s)
- ₹7,253 Cr Net Profit despite fuel inflation
- Record ₹80,803 Cr revenue
🧠 EduInvesting Take
IndiGo has achieved what many thought impossible: turned an Indian airline profitable without selling samosas for ₹500. Its low-cost model is now being extended globally with a bold bet on long-haul routes via Airbus A350s.
But make no mistake: debt is rising, and promoter holding is falling. It’s no longer a bootstrapped startup — it’s a full-fledged aviation juggernaut that could soon rival Emirates, Turkish Airlines, and Lufthansa.
Unless crude oil says “plot twist.”
🔮 Forward-Looking Fair Value (FV)
Edu FV Range (FY27E):
Based on 20% CAGR and stable 22–24% OPM, with P/E range of 22–26x:
₹6,300 – ₹7,200
(CMP: ₹5,480 as of June 6, 2025)
📉 Valuation looks fair — until crude crosses $100 again.
📦 What’s in the Cargo Hold? (Risk Radar)
✅ Positives:
- Duopoly market post Jet & GoFirst shutdowns
- Massive FIIs and DIIs inflow (now own ~45%)
- Global expansion story = rerating candidate
- Institutional quality board and governance
🚨 Risks:
- ₹67,000 Cr debt. That’s not light luggage.
- Currency risk on dollar-denominated leases
- Any hiccup in widebody execution = margin pressure
- Political lobbying risk with increasing foreign routes
🎯 Final Boarding Call
IndiGo’s 5-year performance proves one thing: in India, even airlines can multibag. While other carriers crash, cancel, or court bankruptcy, IndiGo keeps climbing. It’s not a meme stock. It’s the new Reliance of aviation — minus the oil, but with a lot of jet fuel.
✍️ — Prashant Marathe, June 8, 2025
Meta Description (SEO):
From ₹14,641 Cr to ₹80,803 Cr: IndiGo’s 5-year recap reveals its ₹7,253 Cr profit boom, global expansion via Airbus A350, and margin recovery — despite debt soaring.
Focus Keyword:
IndiGo 5-Year Recap
Tags:
IndiGo, InterGlobe Aviation, FY25 results, airline stocks, aviation multibagger, A350 IndiGo order, long haul expansion, Indian aviation industry, EduInvesting 5-Year Recap
