Motilal Oswal Recommends 'BUY' on InterGlobe Aviation; Sets INR 6100 Target

• InterGlobe Aviation (INDIGO) reported flat YoY EBITDAR of INR 58.6 billion and adjusted profit of INR 20.5 billion in 3QFY26.
• EBITDA (excluding forex loss) was INR 64.7 billion, down 2% YoY, with forex loss at INR 11 billion.
• INDIGO anticipates mid-single-digit growth in unit cost (excluding fuel and forex) for FY26 due to capacity moderation.
• Management expects approximately 10% ASK growth in 4Q, primarily driven by international destinations.
• Motilal Oswal projects revenue/EBITDAR/Adjusted PAT CAGR of 12%/13%/10% over FY25-28, setting a target price of INR 6,100.

Why It Matters: Motilal Oswal recommends buying InterGlobe Aviation, forecasting strong growth and a target price of INR 6,100.