Highlights:

• Brokers issued all buy ratings with target prices between ₹5,900 and ₹6,600.
• Revenue from operations increased 6.2% YoY to ₹234,719 million, with passenger numbers rising 2.8%.
• Net profit excluding exceptional items and forex amounted to ₹31,306 million, compared to ₹38,461 million in Q3 FY25.

InterGlobe Aviation Ltd (IndiGo, NSE:INDIGO) drew positive responses from market analysts after the company reported its third-quarter fiscal 2026 results for the period ending 31 December 2025. The quarterly report showed revenue growth and operational expansion despite currency and exceptional item impacts.

Following the announcement, leading brokers issued buy ratings with target prices ranging from ₹5,900 to ₹6,600.

Broker Sentiment: All Buy Ratings

Prabhudas Lilladher (Pvt) Ltd assigned a buy rating with a target price of ₹6,020, while Motilal Oswal Securities Ltd issued a buy with a target of ₹6,100. Ambit Capital Pvt Ltd also recommended buy, targeting ₹5,900, and AMSEC set a buy rating with the highest target of ₹6,600.

Quarterly Financial Performance

For the quarter ended 31 December 2025, IndiGo reported total revenue of ₹245,406 million and a net profit of ₹5,491 million, compared to ₹24,488 million in the same period last year. The results were impacted by exceptional items, including:

• ₹9,693 million due to implementation of new labour laws
• ₹5,772 million from operational disruptions
• ₹10,350 million arising from currency movements on dollar-based obligations

Excluding these factors, IndiGo delivered a net profit of ₹31,306 million, compared to ₹38,461 million in Q3 FY25.

Operational Highlights

IndiGo expanded its operations in Q3 FY26, with capacity increasing 11.2% to 45.4 billion ASKs and passengers rising 2.8% to 31.9 million. Revenue from operations grew 6.2% YoY to ₹234,719 million.

The airline reported a load factor of 84.6%, slightly lower by 2.4 points, while yield declined 1.8% to ₹5.33. Fuel cost per available seat kilometre (CASK) fell 2.8% to ₹1.53, offset by a 2.2% increase in non-fuel CASK to ₹2.96.

EBITDAR excluding forex stood at ₹70,434 million, with a margin of 30.0%, compared to 33.7% in the prior-year quarter. Including forex and exceptional impacts, EBITDAR was ₹60,084 million, reflecting a 25.6% margin.

Meta Details:

• Meta Title: IndiGo Q3 FY26 Results: Revenue Growth, All Buy Broker Ratings
• Meta Description: IndiGo posts ₹245,406 million revenue in Q3 FY26. Brokers issue buy ratings with targets up to ₹6,600 amid operational expansion and strong performance.
• Keywords: IndiGo Q3 FY26, InterGlobe Aviation, buy rating, target price ₹6,600, revenue growth, EBITDAR, passenger growth, ASKs, Indian airline sector

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