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InterGlobe Aviation Limited — Audit Report / Information 2026
Dec 8, 2025
61901_rns_2025-12-08_7d403bed-e9aa-4018-bcc8-2335f115b718.pdf
Audit Report / Information
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December 8, 2025
IGAL/SECT/12-25/14
To National Stock Exchange of India Limited Exchange Plaza, C - 1, Block G Bandra Kurla Complex Bandra - (E) Mumbai - 400 051 Symbol: INDIGO
To Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001 Scrip Code: 539448
Subject: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure “ ” – Requirements) Regulations, 2015 ( SEBI Regulations ) Credit Rating
Dear Sir/ Madam,
This is to inform that CRISIL Ratings Limited (“CRISIL”) vide its letter dated December 08, 2025, has placed its ratings on the bank facilities of the Company on ‘Watch with Developing Implications’ as detailed below:
| Long Term Rating | CRISIL AA-/Watch Developing (Placed on ‘Rating Watch with Developing Implications) |
|---|---|
| Short Term Rating | CRISIL A1+/Watch Developing (Placed on ‘Rating Watch with Developing Implications) |
The rating rationale as published by CRISIL is attached as Annexure.
We request you to please take the same on record.
For InterGlobe Aviation Limited
Digitally signed by: NEERJA NEERJA SHARMA DN: CN = NEERJA SHARMA C = IN O = SHARMAPersonal Date: 2025.12.08 21:01:44 +05'30' Neerja Sharma Company Secretary and Chief Compliance Officer
Encl: a/a
InterGlobe Aviation Limited
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Registered Office: Upper Ground Floor, Thapar House, Gate No. 2, Western Wing, 124 Janpath, New Delhi – 110 001, India. M +91 9650098905, F + 91 11 43513200 Email: [email protected] Corporate Office: Emaar Capital Tower-II, Sector-26, Sikanderpur Ghosi, MG Road, Gurugram-122002, Haryana, India. T +91 124 435 2500. CIN no.: L62100DL2004PLC129768
12/8/25, 5:23 PM
Rating Rationale
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Rating Rationale
December 08, 2025 | Mumbai
InterGlobe Aviation Limited
Ratings placed on 'Watch Developing'
Rating Action
| RatingAction | |
|---|---|
| Total Bank Loan Facilities Rated | Rs.9000 Crore |
| Long Term Rating | Crisil AA-/Watch Developing (Placed on 'Rating Watch with Developing Implications') |
| Short Term Rating | Crisil A1+/Watch Developing (Placed on 'Rating Watch with Developing Implications') |
Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities
Detailed Rationale
Crisil Ratings has placed its ratings on the bank facilities of InterGlobe Aviation Ltd (IndiGo) on ‘ Rating Watch with Developing Implications ’.
The rating watch follows the cancellation of many flights across major airports by IndiGo over the past few days. Crisil Ratings understands that these cancellations are mainly due to the disruptions in flight schedules, primarily on account of operational challenges faced on implementation of phase II of Flight Duty Time Limitation (FDTL) norms effective November 01, 2025, along with other factors such as technical glitches, delays in airport systems, winter schedule changes, air traffic congestion and adverse weather conditions leading to a compounding effect. This may have a potential impact on operating and financial performance of IndiGo, depending on the pace of operational recovery.
As per the latest press release dated December 05, 2025, by the Ministry of Civil Aviation, the Government of India, has decided to institute an inquiry into this disruption. In addition, certain FDTL norms of the Directorate General of Civil Aviation have been put in abeyance with immediate effect. However, timely recovery of normal operations and their sustenance under any potential change in regulations remains critical.
Crisil Ratings will continue to monitor the developments in this regard, assess its likely impact on the credit risk profile of IndiGo, and take appropriate rating action.
During the first half of fiscal 2026, revenue from operations grew 7% to Rs 39,052 crore, supported by healthy passenger growth seen across IndiGo’s domestic and international networks. However, the earnings before finance income and cost, tax, depreciation, amortisation and aircraft/engine rental (EBITDAR) margin reduced to 17.5% (22.6% in the corresponding period previous fiscal) because of the impact on revenue performance in the first quarter due to significant external challenges in terms of geopolitical tensions and airspace restrictions followed by impact of foreign exchange (forex) losses in the second quarter.
The financial risk profile is supported by the healthy net debt to EBITDAR ratio of 1.8 times for the trailing twelve months ending as of September 2025 (1.9 times as of September 2024). The unencumbered cash and equivalent stood at Rs 38,517 crore as on September 30, 2025, enabling it to maintain adequate liquidity to protect itself from adverse external events and continue to operate in a smooth manner.
The ratings continue to reflect the established market position of IndiGo in the Indian aviation sector, along with track record of operating profitability; strong financial flexibility to counter industry downcycles; and healthy financial risk profile. These strengths are partially offset by susceptibility to volatility in crude oil prices and forex fluctuations, highly competitive and price-sensitive nature of the airline industry, and dependence on single aircraft family resulting in concentration risk.
Analytical Approach
Crisil Ratings has followed a consolidation approach and combined the business and financial risk profiles of IndiGo and its subsidiaries owing to their strong business and financial linkages.
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12/8/25, 5:23 PM
Rating Rationale
The lease liabilities are considered as debt since these leases are for core assets (aircraft) of the business, have unconditional and non-negotiable obligation to pay lease rentals, and are of long tenure.
Crisil Ratings has adjusted the total cash and equivalent to arrive at the freely available cash, which in turn is used to arrive at the net debt.
- Key Rating Drivers Strengths
Strong market position, along with track record of operating profitability
IndiGo has focused on growth and building a wide network, which has enabled it to command a domestic market share of ~64% during the first half of fiscal 2026, with the share growing consistently since 2007. In the international segment of Indian aviation as well, the company has a market share of around 20% (out of the 46% share held by Indian carriers in this segment) for the same period. Furthermore, the company has consistently expanded its fleet through large orders placed with aircraft manufacturers, and had a total fleet of 417 aircraft as of September 2025. Over the medium term, deliveries of aircraft against the current order book of more than 900 aircraft are expected to further strengthen the already robust market position.
IndiGo also has fared well with other airlines in terms of key parameters such as passenger load factors (PLFs), on-time performance, and cancellation rate in the past through fiscal 2025. The company’s focus on cost leadership has given it a competitive edge, which has enabled it to be least impacted during downturns in the industry. IndiGo has a track record of operating profitability with positive EBITDAR as well as profit after tax (PAT) margins over the decade until the onset of the pandemic (fiscals 2009-2019). It also became PAT positive after the pandemic starting the third quarter of fiscal 2023, and remained PAT positive during the two fiscals through 2025. Operationally, the carrier has maintained strong PLFs of around 85% (except during the pandemic) even as it has added capacity continuously.
Strong financial flexibility to counter industry downcycles
Unencumbered liquidity on books is adequate, with cash and equivalent of Rs 38,517 crore as on September 30, 2025. The company intends to keep sufficient liquidity reserves to manage costs and industry downturns. It is also in the midst of augmenting the number of owned aircraft, which acts as ready liquidity. The liquid nature of narrowbody aircraft enabled the company to sell owned aircraft to generate liquidity during the pandemic, thus providing further cushion to financial flexibility. The company also had undrawn working capital limit of Rs 2,680 crore as on March 31, 2025.
Healthy financial risk profile
The company’s financial risk profile was impacted during the pandemic, as losses during fiscals 2021 to the first half of 2023 resulted in negative networth and weak debt protection metrics. However, consistent PAT since the third quarter of fiscal 2023 has since led to a steady improvement in cash accrual and networth. While the capital structure (measured in terms of total outside liabilities to tangible networth [TOLTNW] ratio) is still levered owing to networth erosion during the pandemic, it is expected to improve steadily with healthy accretion to reserve.
The ratio of net debt (considering free cash) to EBITDAR was 1.58 times in fiscal 2025, and Crisil Ratings expects it to remain range-bound at 1.6-1.7 times over the medium term. This is despite the steady expected increase in lease liabilities owing to growth in fleet over the medium term.
Key Rating Drivers - Weaknesses
Susceptibility to volatility in crude oil prices and forex fluctuations
Aviation turbine fuel (ATF) cost accounts for 35-40% of the total operating cost of players in the aviation industry. Furthermore, the ATF price is directly linked to global crude prices and hence, is volatile. While the elevated ATF price and high fixed costs have impacted the operating margin of IndiGo in the past, fluctuations in the margin owing to volatility in ATF prices will be monitorable. Around 76% of the company’s fleet comprises the more fuel-efficient Neo aircraft which, along with its youngest fleet globally (among airlines having a fleet of more than 100 aircraft) with an average age of around 4.9 years as on March 31, 2025, helps lower fuel and maintain costs.
IndiGo’s financials are also vulnerable to forex fluctuations as lease rentals and maintenance costs, which account for 3035% of the operating cost, are denominated in the USD. However, the company manages its forex exposure by creating a natural hedge with the help of international revenue and other forex-denominated inflows received on account of contractual arrangements with its suppliers. The company has also started to partially hedge its forex exposure through derivatives on a rolling basis, and holds sizeable deposits on its balance sheet that are denominated in forex.
Highly competitive and price-sensitive nature of the airline industry
India’s airline industry is intensely competitive, underpinned by presence of incumbent players as well as entry of new ones. Sizeable capacity additions planned by other players over the medium term would mean players may have limited ability to pass on price increases to passengers because of intense competition to strike an adequate balance between the fares and PLFs. Furthermore, the price-sensitive nature of the market may limit IndiGo’s ability to command premium pricing to an extent.
Dependence on single aircraft family resulting in concentration risk
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12/8/25, 5:23 PM
Rating Rationale
The aviation industry worldwide has two key airframe suppliers and two key aircraft engine suppliers, leaving airlines with limited supplier options. The majority of IndiGo’s fleet pertains to the family of A320 and A321 aircraft from Airbus, which exposes it to concentration risk due to dependence on a single OEM (original equipment manufacturer). Operating an Airbus fleet gives IndiGo the benefit of choosing the engine supplier, while operating a large fleet of the same aircraft family helps provide better negotiation power for maintenance contracts, minimising spares requirement and keeping personnel training costs under check. However, any disruption to the supply chain of the OEM resulting in delay in deliveries may pose challenges to IndiGo’s ability to expand its capacity.
Liquidity Strong
As on September 30, 2025, the company had free cash and equivalent of Rs 38,517 crore, in addition to Rs 14,999 crore of restricted cash placed with lenders towards lease rental and maintenance obligations. The cash and equivalent on the balance sheet and steady cash accrual expected over the medium term would be sufficient to meet operational expenses as well as debt/lease obligation. Undrawn fund-based limit of about Rs 2,680 crore as on March 31, 2025, provides additional liquidity cushion.
ESG Profile
The airline sector has a significant environmental and social impact given its nature of operations with higher emissions, waste generation and water consumption affecting local community and increasing the possibility of health hazards.
However, Crisil Ratings believes that the ESG profile of IndiGo supports its already strong credit risk profile. The company is taking a slew of initiatives towards environmental and social causes, some of which are highlighted below.
Key ESG highlights of IndiGo:
-
The company's intensities of Scope 1 and 2 emissions and energy consumption stood at ~60 tonne CO2E and 860 gigajoule per million ASKM (available seat kilometres), respectively, for fiscal 2024.
-
IndiGo is taking various measures to improve operational efficiency and reduce its carbon footprint, such as introducing new and efficient aircraft (with an average fleet age of 4.9 years, which is one of the lowest among low-cost carriers globally) and electrifying ground operations. Additionally, it installed water-conserving faucets on more than 250 aircraft in fiscal 2024, resulting in fuel savings (with a daily water savings of ~22,356 litres, leading to reduced weight). The proportion of women employees in the workforce was high, at about 44%, in fiscal 2024. The airline also reported a high on-time performance of operations (~81%) and continued to have a relatively low share of passengers affected by denied boarding and cancellations (~0.11% and ~1.9% per 10,000 passengers carried, respectively).
-
IndiGo's governance structure is mainly characterised by about 50% independent directors on the board, a relatively low representation of women directors (~13%), no investor complaints, and extensive financial disclosures.
There is growing importance of ESG among investors and lenders. The commitment of IndiGo to ESG will play a key role in enhancing stakeholder confidence, given the high shareholding by foreign portfolio investors and access to both domestic and foreign capital markets.
Rating sensitivity factors
Upward factors
-
Uptick in EBITDAR, leading to net debt to EBITDAR ratio sustaining below 2 times, along with sharp improvement in capital structure (measured in terms of TOLTNW ratio)
-
Ability to improve yields, resulting in sustained improvement in operating margin
-
Further strengthening of financial flexibility, aided by improved free cash position or liquidity
Downward factors
Sustained moderation in operating profitability because of lower yields/PLFs or higher costs
-
Net debt to EBITDAR ratio sustaining above 3 times owing to disproportionate rise in lease liabilities, or unencumbered cash levels dropping below Rs 20,000 crore on a sustained basis, thereby impacting net debt
-
Any material impact of the operational disruption, including any major regulatory action, leading to weakening of the company’s business or financial risk profile
About the Company
IndiGo started commercial operations in 2006 as a private company and went public in 2015. It operates on a low-cost carrier model within the Indian air travel market. It is the largest airline carrier in India with more than 62% market share, a fleet size of 430+, and over 2,200 daily departures as of March 2025. It is the youngest airline globally to serve 100 million customers, achieving this feat in calendar year 2023.
The company’s fleet comprised mainly of narrowbody aircraft, namely 135 A321 Neo, 195 A320 Neo, 40 A320 Ceo, 48 ATR, 3 A321 Freighter, 9 B737, 1 B787 and 3 B777 as on March 31, 2025, inclusive of 27 wet leased aircraft. The airline has expanded its network connecting 91 destinations domestically and 40 destinations internationally, in addition to 59 destinations through codeshare arrangements with 10 leading global airlines.
Key Financial Indicators (Crisil Ratings adjusted figures)
| Key Financial Indicators (Crisil Ratings-adjusted figures) |
|||
|---|---|---|---|
As on / for theperiod ended March 31 |
2025 | 2024 | |
| Operating income | Rs crore | 80,986 | 69,056 |
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| 8/25, 5:23 PM Rating Rationale |
|||
| Reported PAT | Rs crore | 7,258 | 8,172 |
| PAT margin | % | 8.96% | 11.83% |
| Adjusted debt / adjusted networth | Times | 7.16 | 26.34 |
| Adjusted interest coverage | Times | 4.18 | 4.44 |
Any other information: Not applicable
Note on complexity levels of the rated instrument:
Crisil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.
Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.
For more details on the Crisil Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
| ISIN | Name Of Instrument |
Date Of Allotment |
Coupon Rate (%) |
Maturity Date |
Issue Size (Rs. Crore) |
Complexity Levels |
Rating Outstanding with Outlook |
|---|---|---|---|---|---|---|---|
| NA | Daylight Overdraft facility& |
NA | NA | NA | 620.00 | NA | Crisil A1+/Watch Developing |
| NA | Fund-Based Facilities^ |
NA | NA | NA | 100.00 | NA | Crisil A1+/Watch Developing |
| NA | Fund-Based Facilities% |
NA | NA | NA | 25.80 | NA | Crisil AA-/Watch Developing |
| NA | Non-Fund Based Limit$ |
NA | NA | NA | 99.50 | NA | Crisil A1+/Watch Developing |
| NA | Non-Fund Based Limit# |
NA | NA | NA | 250.00 | NA | Crisil AA-/Watch Developing |
| NA | Non-Fund Based Limit@ |
NA | NA | NA | 425.00 | NA | Crisil AA-/Watch Developing |
| NA | Non-Fund Based Limit! |
NA | NA | NA | 81.70 | NA | Crisil AA-/Watch Developing |
| NA | Non-Fund Based Limit! |
NA | NA | NA | 461.82 | NA | Crisil AA-/Watch Developing |
| NA | Non-Fund Based Limit< |
NA | NA | NA | 240.80 | NA | Crisil AA-/Watch Developing |
| NA | Non-Fund Based Limit |
NA | NA | NA | 750.00 | NA | Crisil AA-/Watch Developing |
| NA | Proposed Fund- Based Bank Limits |
NA | NA | NA | 5945.38 | NA | Crisil AA-/Watch Developing |
-
& - Fund-based facilities together with Daylight overdraft facility are fungible with non-fund based facilities to the extent of USD 10 million
-
^ - Sub-limit of Overdraft facilities to the extent of Rs 40 crore
% - Exchange rate Rs 86/USD Fund-based facilities together with Daylight overdraft facility are fungible with non-fund based facilities to the extent of USD 10 million
- $ - Interchangeable with long term bank guarantee
# - Interchangeable with short term letter of credit to the extent of Rs 50 crore
-
@ - Interchangeable with short term letter of credit
-
! - Exchange rate Rs 86/USD
< - Exchange rate Rs 86/USD Interchangeable with short term letter of credit and standby letter of credit
Annexure – List of entities consolidated
| Annexure – List of entities consolidated | ||
|---|---|---|
| Names of entities consolidated | Extent of consolidation | Rationale for consolidation |
| Agile Airport Services Pvt Ltd | Full consolidation | Strong business and financial linkages |
file:///C:/Users/snehils/Downloads/InterGlobeAviationLimited_December 08_ 2025_RR_384939.html
4/9
12/8/25, 5:23 PM
Rating Rationale
Strong business and financial linkages
InterGlobe Aviation Financial Services IFSC Pvt Ltd
Full consolidation
Annexure - Rating History for last 3 Years
| Current | Current | Current | 2025 (History) | 2025 (History) | 2024 | 2024 | 2023 | 2023 | 2022 | 2022 | Start of 2022 |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Instrument | Type | Outstanding Amount |
Rating | Date | Rating | Date | Rating | Date | Rating | Date | Rating | Rating |
| Fund Based Facilities |
ST/LT | 6691.18 | Crisil A1+/Watch Developing / Crisil AA-/Watch Developing |
16-07-25 | Crisil AA-/Positive / Crisil A1+ |
29-04-24 | Crisil AA-/Stable / Crisil A1+ |
-- | -- | -- | ||
| -- | -- | 17-04-24 | Crisil AA-/Stable / Crisil A1+ |
-- | -- | -- | ||||||
| Non-Fund Based Facilities |
LT/ST | 2308.82 | Crisil A1+/Watch Developing / Crisil AA-/Watch Developing |
16-07-25 | Crisil AA-/Positive / Crisil A1+ |
29-04-24 | Crisil AA-/Stable / Crisil A1+ |
-- | -- | -- | ||
| -- | -- | 17-04-24 | Crisil AA-/Stable |
-- | -- | -- |
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
| Facility | Amount (Rs.Crore) | Name of Lender | Rating |
|---|---|---|---|
| Daylight Overdraft facility& | 620 | Citibank N. A. | Crisil A1+/Watch Developing |
| Fund-Based Facilities^ | 100 | ICICI Bank Limited | Crisil A1+/Watch Developing |
| Fund-Based Facilities% | 25.8 | Citibank N. A. | Crisil AA-/Watch Developing |
| Non-Fund Based Limit$ | 99.5 | Axis Bank Limited | Crisil A1+/Watch Developing |
| Non-Fund Based Limit | 100 | HDFC Bank Limited | Crisil AA-/Watch Developing |
| Non-Fund Based Limit | 500 | YES Bank Limited | Crisil AA-/Watch Developing |
| Non-Fund Based Limit# | 250 | Kotak Mahindra Bank Limited |
Crisil AA-/Watch Developing |
| Non-Fund Based Limit@ | 425 | IDFC FIRST Bank Limited | Crisil AA-/Watch Developing |
| Non-Fund Based Limit! | 81.7 | Bank of America N.A. | Crisil AA-/Watch Developing |
| Non-Fund Based Limit | 150 | ICICI Bank Limited | Crisil AA-/Watch Developing |
| Non-Fund Based Limit! | 461.82 | Citibank N. A. | Crisil AA-/Watch Developing |
| Non-Fund Based Limit< | 240.8 | Deutsche Bank | Crisil AA-/Watch Developing |
| Proposed Fund-Based Bank Limits |
5945.38 | Not Applicable | Crisil AA-/Watch Developing |
-
& - Fund-based facilities together with Daylight overdraft facility are fungible with non-fund based facilities to the extent of USD 10 million
-
^ - Sub-limit of Overdraft facilities to the extent of Rs 40 crore
-
% - Exchange rate Rs 86/USD Fund-based facilities together with Daylight overdraft facility are fungible with non-fund based facilities to the extent of USD 10 million
-
$ - Interchangeable with long term bank guarantee
# - Interchangeable with short term letter of credit to the extent of Rs 50 crore
-
@ - Interchangeable with short term letter of credit
-
! - Exchange rate Rs 86/USD
-
< - Exchange rate Rs 86/USD Interchangeable with short term letter of credit and standby letter of credit
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5/9
12/8/25, 5:23 PM
Rating Rationale
Criteria Details
Links to related criteria
Basics of Ratings (including default recognition, assessing information adequacy) Criteria for consolidation
Criteria for manufacturing, trading and corporate services sector (including approach for financial ratios)
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6/9
12/8/25, 5:23 PM
Rating Rationale
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7/9
12/8/25, 5:23 PM
Rating Rationale
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8/9
Rating Rationale
12/8/25, 5:23 PM
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