HSBC Global Research has raised its target price on InterGlobe Aviation Ltd., the parent company of IndiGo, to Rs 6,650 from Rs 5,975 previously, implying an upside of 21.3%. The brokerage has maintained its buy rating, noting that IndiGo’s “healthy strategy” could help it grab the winner’s crown.
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HSBC said IndiGo’s plausible network strategy, focused on expanding domestic routes beyond the competitive top-tier markets, is paying off. The airline has reduced its reliance on key but cut-throat routes, with the top 15 domestic routes now accounting for just 20% of its capacity, compared to 30% in 2019. At the same time, IndiGo has cemented a near-monopoly on 66% of its domestic capacity, holding more than a 60% share on those routes, up from 53% in 2022.
The brokerage said demand has almost fully recovered after a temporary lull in April and May, driven by geopolitical tensions. Fares on some routes remain soft, but the overall trading outlook is solid, thanks to tight capacity in the market.
