IndiGo Stock: PL Capital Recommends 10% Dip for Entry, Cites Margin-Capacity Tradeoff

• PL Capital's Jinesh Joshi maintains a 'hold' rating on IndiGo, suggesting a 10% stock correction as a good entry point.
• Q3FY26 performance surpassed expectations, with adjusted PAT of ₹3,100 crore despite one-off charges.
• Q4FY26 performance is expected to be decent on EBITDA, but a high base from last year's Kumbh Mela will temper growth.
• Longer-term challenges include new FDTL norms from FY27, impacting capacity expansion and leading to flat PAT growth.
• Depreciating rupee and dollar-denominated costs pose inflation risks, pressuring IndiGo's margins.

Why It Matters: PL Capital advises waiting for a 10% dip to buy IndiGo stock, citing future capacity-margin tradeoffs and cost pressures.