Let's break down INDIGO (INDIGO) — from its financial performance to how the market is valuing the stock.
INDIGO Revenue Trend
INDIGO reported revenue of ₹84,098 Cr in FY2025, a 18.1% increase from ₹71,231 Cr in FY2024.
The long-term growth story is impressive: a 19.7% CAGR over 10 years, from ₹13,925 Cr to ₹84,098 Cr. That's well above what most listed companies manage.
INDIGO's ₹84,098 Cr revenue base puts it in the major bracket among airlines companies in India.
It's been 4 years of continuous revenue growth for INDIGO — a pattern worth noting.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹84,098 Cr | +18.1% |
| FY2024 | ₹71,231 Cr | +27.5% |
| FY2023 | ₹55,881 Cr | +109.6% |
| FY2022 | ₹26,657 Cr | +70.0% |
| FY2021 | ₹15,678 Cr | — |
View INDIGO's full 10-year revenue trend with CAGR analysis →
INDIGO Profitability
On the earnings front, INDIGO posted ₹7,258 Cr for FY2025 — a 11.2% drop from ₹8,172 Cr in FY2024.
Net margin thinned to 8.6% in FY2025, compared to 11.5% the year before.
Earnings per share (diluted) were ₹187.67 in FY2025, down from ₹211.61.
Is INDIGO Undervalued
Per the P/E Ratio model, INDIGO has an estimated intrinsic value of ₹4,386 (2.8% downside).
INDIGO shares are currently trading at ₹4,512.10.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹4,386 | 2.8% downside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for INDIGO with detailed assumptions →
INDIGO Shareholding Pattern
Over the past 4 quarters, the promoter stake slipped from 43.5% to 41.6%.
FII ownership stands at 21.6%, down from the 27.3% recorded a year ago.
On the domestic institutional side, the holding is 31.2% as of March 2026 — up from 24.1%.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 41.6% | 21.6% | 31.2% | 5.6% |
| Dec 2025 | 41.6% | 25.0% | 28.1% | 5.3% |
| Sep 2025 | 41.6% | 28.4% | 24.7% | 5.3% |
| Jun 2025 | 43.5% | 27.3% | 24.1% | 5.1% |
Track quarterly shareholding changes for INDIGO →
INDIGO Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
In FY2025, the total asset base came in at ₹1,158.44B, up 40.9% YoY from ₹822.25B.
Other Assets accounts for 72.9% of the total, ahead of Cash & ST Investments (22.3%) and Property, Plant & Equipment (2.3%).
Capital structure: 8.1% equity, 57.7% debt, 34.2% operating liabilities. Over the year, debt is up 30.3% and equity is up 369.2%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 258.48B |
| Receivables | 7.40B |
| Inventories | 8.20B |
| Property, Plant & Equipment | 26.79B |
| Investments | 13.18B |
| Intangibles & Goodwill | 299.00M |
| Other Assets | 844.09B |
| Category | Value |
|---|---|
| Equity | 93.68B |
| Short-term Debt | 121.42B |
| Long-term Debt | 546.68B |
| Trade Payables | 41.76B |
| Other Liabilities | 354.90B |
INDIGO Key Takeaways
In summary, INDIGO (INDIGO) presents the following picture for fundamental analysts.
Revenue of ₹84,098 Cr in FY2025, up 18.1% year-over-year.
Long-term revenue has been compounding at 19.7% annually over 10 years.
The company is profitable, with a net margin of 8.6% and net income of ₹7,258 Cr.
The P/E Ratio model implies 2.8% downside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
Unlock Full Analysis
Get the complete view of INDIGO on Craytheon — 10 years of financials, three valuation models, and institutional holding trends.