Nuvama retains INR 5,583 target for InterGlobe Aviation stock

Published on 10/01/2026 at 13:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Nuvama sees EBITDAR up 72.00 percent in the September 2026 quarter. InterGlobe Aviation stock sits 17.42 percent below its INR 5,970.00 high.

InterGlobe, INE646L01027, Illustration mit AI erstellt.

Nuvama retained its Buy rating and an INR 5,583 target for InterGlobe Aviation stock, according to Business Today on September 30, 2026. The broker expects EBITDAR to rise 72.00 percent year over year in the September 2026 quarter, making yield growth and cost control the central earnings test.

Target meets a tougher cost test

Nuvama expects yield to increase 28.00 percent year over year and foreign-exchange costs to fall 54.00 percent in the September 2026 quarter, according to Business Today. The same assessment puts fuel cost per available seat kilometer 71.00 percent higher and non-fuel, non-forex cost per available seat kilometer 11.00 percent higher.

That combination explains the investment case and its main pressure point. Higher fares and lower foreign-exchange costs could lift EBITDAR from a low base, while fuel inflation and weaker capacity growth could limit the conversion into profit.

Revenue growth meets a loss

InterGlobe Aviation reported revenue from operations of INR 245.84 billion in the June 2026 quarter, up 20.00 percent from a year earlier, while net loss reached INR 2.38 billion versus profit of INR 21.76 billion a year earlier, according to Economic Times. The figures show why the September quarter forecast matters more than passenger growth alone: revenue expanded, but operating costs reversed the earnings outcome.

For the September 2026 quarter, Nuvama expects available seat kilometers to rise 1.00 percent year over year. It also expects a 150 basis point decline in passenger load factor, which would put greater weight on pricing and ancillary revenue.

Stock remains below its yearly high

InterGlobe Aviation stood at INR 4,929.90 on the NSE on October 1, 2026, and the session range was INR 4,878.00 to INR 5,016.20. The stock was 17.42 percent below its 52-week high of INR 5,970.00 and 26.56 percent above its 52-week low of INR 3,895.20.

Market capitalization was INR 1.9 trillion as of October 1, 2026. The valuation picture therefore combines a large airline platform with a near-term earnings recovery that depends on yields, fuel costs and foreign-exchange expenses.