The target implies an upside of around 21% from Monday’s closing price of ₹4,874.50.
Goldman Sachs said it remains positive on IndiGo’s growth outlook, citing the airline’s consistent market share gains, favourable industry capacity dynamics, cost leadership and the long-term growth potential of its international business.
The brokerage noted that IndiGo’s market share has increased from around 50% in the financial year 2020 to around 65% in August 2026. It expects these gains to remain sustainable, citing liquidity challenges faced by the No. 2 player.
Goldman Sachs also expects modest industry fleet additions over the medium term, which it believes should support yields. At the same time, IndiGo’s cost leadership is expected to drive an improvement in profitability.
The brokerage sees significant room for growth in IndiGo’s international business, which it said has a long runway for expansion.
While higher fuel costs remain a near-term headwind, Goldman Sachs expects a significant improvement in profitability in FY28.
The brokerage values IndiGo at 10.4 times FY28 estimated enterprise value to earnings before interest, taxes, depreciation, amortisation and aircraft rental costs (EV/EBITDAR), derived from the airline’s long-term median multiple.
The broader analyst consensus is also positive on the stock. According to Bloomberg analyst data, 21 of 26 analysts have a “buy” rating, while three have a “hold” and two have a “sell” recommendation for the stock. The 12-month consensus target price stands at ₹5,585.31, implying nearly 15% upside from Monday’s close of ₹4,874.50.
Shares of InterGlobe Aviation were trading 0.2% higher at ₹4,883.50 as of 12.20 pm on Tuesday. The stock has declined about 5% in 2026, so far and 15% over the last 12 months.
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