UBS: IndiGo's Bull, Base, Bear Cases Amid Pilot Issues; 'Buy' Rating Maintained

• IndiGo shares recovered today amidst CEO meeting regulators and a pending writ petition.
• UBS maintains a 'buy' rating for IndiGo with a target price of ₹6,350, despite evolving regulatory challenges.
• UBS outlines three scenarios (bull, base, bear) for IndiGo, primarily based on pilot hiring and associated costs.
• The bull case projects hiring ~900 pilots with minor cost increases, while the bear case anticipates only ~450 pilots hired with significant cost hikes and reduced estimates.

Why It Matters: UBS warns investors about IndiGo's stock future amid regulatory issues and pilot hiring.