Interglobe Aviation - A Sneak Peek Into The Future: Motilal Oswal

Motilal Oswal Report

Interglobe Aviation Ltd. is striving to improve its international presence through strategic partnerships and loyalty programs. It served 106.7 million customers in FY24, with a net increase of 63 aircraft. The company has eight strategic partners with a 27% international share in terms of available seat kilometers in FY24.

The management has also been taking several preemptive measures to increase its global brand awareness, as it expects to capture a bigger share of growth from its international market in the coming years. IndiGo is further enhancing its international travel and working relentlessly to adjust schedules to reassure customers.

The stock is trading at ~21 times FY26E earnings per share of Rs 204 and FY26E enterprise value/Ebitdar of ~nine times. We reiterate our Neutral rating on the stock with a target price of Rs 4,420, based on nine times FY26E EV/Ebitdar.

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