IndiGo shares rise 3.8% post Q2 results; analysts divided on recovery timeline

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SENSEX 74,195.27

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NIFTY 22,915.35

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The rally comes despite the stock being 15% below its 52-week high of ₹5,970 hit in November 2025

By BL Mumbai Bureau

Updated - October 30, 2026 at 10:40 AM.

Shares of InterGlobe Aviation surged nearly 4 per cent in early trade on Friday, touching an intraday high of ₹4,869 by 10.22 AM. | Photo Credit: PRIYANSHU SINGH

Shares of InterGlobe Aviation surged nearly 4 per cent in early trade on Friday, touching an intraday high of ₹4,869 by 10.22 AM. The stock was trading at ₹4,862.90, up ₹177.10 or 3.79 per cent, with over 7.18 lakh shares changing hands worth ₹345 crore, against a previous close of ₹4,675.

The rally comes despite the stock being 15 per cent below its 52-week high of ₹5,970 hit in November 2025. Year-to-date, IndiGo has fallen 5.07 per cent, though it has outperformed the Nifty 50’s 12.32 per cent decline over the same period.

Analyst reactions following Thursday’s results were broadly constructive but cautious. Motilal Oswal retained a Buy with a target price of ₹6,000, citing disciplined capacity deployment and free cash of ₹399 billion as buffers against near-term volatility, while cutting its FY27/FY28 EBITDAR estimates by 6 per cent each on account of the ongoing West Asia crisis keeping jet fuel crack spreads elevated. JM Financial maintained an Add rating with a ₹5,200 target, noting the results were ahead of estimates and management’s ability to pass on higher costs. Elara Securities, the most cautious of the three, initiated an Accumulate with a ₹5,000 target, warning that pricing may soften once the airline ramps capacity by 14-15 per cent quarter-on-quarter in Q3.

IndiGo posted a net loss of ₹18.8 billion for Q2FY27, narrower than the ₹25.8 billion loss a year ago. Revenue from operations rose 26 per cent year-on-year to ₹233.6 billion, supported by a 34 per cent jump in passenger yield. However, aircraft fuel expenses surged 67 per cent year-on-year, keeping the airline in the red. The company said it would exit damp-leased widebody operations from November 2026 and guided for PRASK growth exceeding 25 per cent in Q3FY27.

Published on October 30, 2026

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