INDIGO · Airline · INE646L01027
Analyst mean 1.72 · 25 analysts · 90% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is just -488% of trailing profit — the classic pattern where reported earnings are not backed by cash. This is the single most important thing to understand on this page.
Operating cash flow ₹23,470 cr against trailing net profit ₹-4,808 cr. When profit rises but cash does not follow, the questions are: are receivables ballooning, is revenue being recognised ahead of collection, or are costs being capitalised?
Over the last year profit declined 171.7% even as revenue grew 9% — margins are compressing, and any premium being paid rests on a year that moved backwards on the bottom line.
Trailing revenue ₹89,049 cr (up 9%) but trailing profit ₹-4,808 cr (down 171.7%). Rising sales with falling profit points to cost inflation not passed through, mix shift to lower-margin lines, or one-off gains in the base year.
Net margin has narrowed from 10.6% to -1% year-on-year — profitability per rupee of sales is shrinking.
Quarter net margin -1% vs 10.6% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Free cash flow is positive and consistent — the business funds itself after capex.
Latest free cash flow ₹21,767 cr. Negative in only 1 of 10 years. A self-funding business needs less external capital and dilutes less.
Borrowings rose 52% over two years while the company also carries ₹27,675 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Borrowings moved to ₹77,749 cr from ₹51,280 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16,970 | 22,111 | 22,152 | 20,496 | 18,555 | 23,472 | 22,438 | 24,584 |
| Expenses | 15,338 | 16,932 | 16,062 | 15,270 | 17,976 | 18,104 | 21,628 | 21,317 |
| Other Income | 789 | 882 | 946 | 1,046 | 1,044 | -478 | 1,142 | 1,030 |
| Depreciation | 2,088 | 2,226 | 2,491 | 2,566 | 2,640 | 2,782 | 2,820 | 2,970 |
| Profit before tax | -907 | 2,527 | 3,169 | 2,311 | -2,482 | 562 | -2,352 | -238 |
| Net Profit | -987 | 2,449 | 3,068 | 2,176 | -2,582 | 549 | -2,537 | -238 |
| EPS | -25.54 | 63.38 | 79.38 | 56.31 | -66.79 | 14.22 | -65.60 | -6.14 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 385 | 385 | 386 | 386 | 386 | 387 |
| Reserves | -274 | -6,373 | -6,638 | 1,610 | 8,982 | 6,584 |
| Borrowings | 29,860 | 36,878 | 44,860 | 51,280 | 66,810 | 77,749 |
| Fixed Assets | 18,817 | 21,284 | 27,658 | 36,154 | 51,782 | 63,157 |
| CWIP | 72 | 125 | 21 | 1 | 3 | 59 |
| Investments | 7,339 | 8,106 | 11,558 | 16,546 | 26,093 | 27,675 |
| Total Assets | 43,051 | 45,963 | 59,170 | 82,224 | 115,844 | 136,002 |