InterGlobe Aviation (IndiGo) Share Price Today, 5 December 2025: Cancellations, GST Penalty and Sensex Entry Shape the Outlook

InterGlobe Aviation Ltd, the operator of IndiGo and one of India’s most widely held aviation stocks, is under intense market scrutiny on 5 December 2025 as a mix of operational disruptions, a fresh GST penalty and index changes collide with an otherwise strong long‑term growth story.

InterGlobe Aviation share price on 5 December 2025

On Friday, 5 December 2025, InterGlobe Aviation (NSE: INDIGO) extended its losing streak.

According to exchange and market data providers, the stock has slid for five consecutive sessions, falling from around ₹5,900 late last week to a close near ₹5,316 on 5 December, a decline of roughly 8–10% over the period. ^[1]
Intraday quotes through the session showed IndiGo trading broadly in the ₹5,300–5,400 range, down about 1.5–2% versus Thursday’s close. ^[2]
The shares now sit about 15% below their 52‑week high of ₹6,232.50, but still nearly 35% above the 52‑week low of ₹3,945, underlining how strong the prior run‑up has been. ^[3]

Fundamentally, InterGlobe remains a heavyweight:

Market capitalisation is around ₹2.1 trillion (₹2.10 lakh crore). ^[4]
Trailing twelve‑month EPS is about ₹132, implying a P/E multiple near 40x at recent prices.
Book value per share is ~₹223, leaving the stock on a price‑to‑book multiple above 22x, far richer than most global airlines. ^[5]

Over a longer horizon, IndiGo has still delivered:

One‑year share price CAGR is roughly 24%, and 5‑year price CAGR about 26–41%, depending on the window and data source. ^[6]

The abrupt pullback this week, then, is less about the entire thesis collapsing and more about a sharp repricing of near‑term risk.

What triggered the sell‑off? Flight cancellations and DGCA scrutiny

The immediate catalyst has been a wave of flight cancellations and delays across IndiGo’s network in early December.

550+ flights cancelled, OTP collapses

On 3–4 December, IndiGo cancelled more than 550 flights in a single day, across domestic and international routes, according to reports citing DGCA and airport sources. ^[7]
The airline, which normally operates around 2,300 daily flights, saw its on‑time performance (OTP) plunge to just 19.7% on Wednesday, down from 35% the previous day and far below its usual high‑80s OTP. ^[8]
Airports in Delhi, Mumbai and Bengaluru were among the worst affected, with dozens of cancellations at each location and thousands of passengers stranded. ^[9]

FDTL rules and a crew‑planning misstep

The root cause goes back to Phase 2 of India’s revised Flight Duty Time Limitations (FDTL) for pilots, which tightened rest rules and night‑duty constraints.

IndiGo has acknowledged to the regulator that the disruptions stemmed from “misjudgment and planning gaps” as it tried to implement the new rules, which significantly increased crew requirements. ^[10]
As per a detailed DGCA briefing, the airline’s requirements for captains and first officers in October–December exceeded its internal projections, leaving it short of pilots, especially for night operations. ^[11]

DGCA probe and corrective roadmap

Regulators have reacted quickly:

The DGCA has launched a probe into the disruptions, demanding a full explanation and a mitigation plan to prevent further large‑scale cancellations. ^[12]
Civil Aviation Minister K. Rammohan Naidu convened a high‑level review and publicly criticised IndiGo’s handling of the transition to the new FDTL norms. ^[13]
IndiGo has told DGCA that it will reduce flight operations from 8 December to stabilise the schedule, and that full normalisation is expected by 10 February 2026. ^[14]

For equity markets, this creates a double hit: reputational damage around reliability plus hard revenue impact from lost capacity over several weeks.

GST penalty: ₹117.5 crore tax dispute adds to the overhang

Parallel to the operational turbulence, InterGlobe Aviation is dealing with a fresh tax dispute.

On 2 December 2025, the company disclosed a penalty order of ₹117.52 crore from the CGST Kochi Commissionerate, relating to denial of input tax credit (ITC) for FY2018–19 and FY2021–22. ^[15]
Management has stated that it believes the order is “erroneous”, that it has strong legal grounds to contest it, and that the penalty will not have a material impact on its financial position or operations. ^[16]

While the absolute quantum is tiny relative to IndiGo’s cash balance and market cap, the episode reinforces a theme of regulatory noise—especially when paired with:

The ongoing Supreme Court hearing over a disputed UDF (User Development Fee) liability reportedly around ₹50,000 crore, which still hangs in the background as a large contingent risk. ^[17]
The DGCA’s current probe into service disruptions, which has already drawn public scrutiny and exchange queries. ^[18]

For a stock trading on premium multiples, even modest regulatory friction tends to get magnified in price action.

Fundamentals: Q2 FY26 results show strong core, weak headline

Stepping away from this week’s chaos, the latest quarterly numbers (Q2 FY26, quarter ended 30 September 2025) paint a more nuanced picture.

Headline loss driven by rupee and lease accounting

IndiGo reported a net loss of ₹2,582 crore in Q2 FY26, sharply wider than the ₹987 crore loss in Q2 FY25. ^[19]
However, excluding forex and mark‑to‑market effects, management and analysts highlight an underlying profit of about ₹104 crore, pointing out that rupee depreciation against the dollar inflated lease and hedging losses. ^[20]

Revenue growth and margin expansion

Operationally, the quarter was solid:

Revenue from operations rose 9.3% year‑on‑year to ₹18,555 crore, with total revenue at ₹19,599 crore (+10.4% YoY). ^[21]
EBITDA nearly doubled: from about ₹1,873 crore to ₹3,472 crore, lifting EBITDA margin to 18.7% from 11%. ^[22]
IndiGo carried 28.8 million passengers during the quarter, up 3.6% YoY. ^[23]

Fleet, network and liquidity

As of 30 September 2025:

IndiGo operated a fleet of 417 aircraft, including A320neos, A321neos, ATR turboprops, dedicated freighters and a small number of wide‑bodies on damp lease.
It ran up to 2,244 flights per day, serving 94 domestic and 41 international destinations. ^[24]
Technical dispatch reliability was 99.89%, OTP was a high 89.8% across major metros, and cancellations were just 0.5%—a stark contrast to the current week’s disruption. ^[25]
The balance sheet showed a total cash balance of ₹53,515 crore, of which ₹38,517 crore was free cash. Total debt including lease liabilities stood near ₹74,814 crore. ^[26]

The key message: core operations were profitable and well‑funded, but the headline P&L is highly sensitive to currency swings and lease accounting.

Index upgrades: Nifty 50 and upcoming Sensex inclusion

Despite the latest turbulence, InterGlobe’s market stature has only grown in 2025.

On 30 September 2025, InterGlobe Aviation joined the Nifty 50 index, replacing Hero MotoCorp and IndusInd Bank in the semi‑annual reshuffle. ^[27]
From 22 December 2025, the stock will also enter the 30‑stock BSE Sensex, displacing Tata Motors Passenger Vehicles as part of a broader index rejig. ^[28]

Index inclusion does two things:

Increases structural demand from passive funds and ETFs that track Nifty 50 and Sensex.
Raises the bar for governance and execution, as the stock becomes even more central to India‑focused portfolios.

In fact, some of this year’s strong share‑price performance has been attributed to anticipation of these index flows.

How expensive is IndiGo after the correction?

Even after this week’s sell‑off, IndiGo still trades on premium valuations versus both Indian and global airline peers.

Traditional valuation multiples

Recent snapshots from market data and analytics sites show: ^[29]

P/E (TTM): roughly 40–42x, depending on whether you use consolidated or trailing earnings.
P/B: around 22–24x, far above the sector median near 2x.
Market cap: ~₹2.1 trillion, supported by FY25 revenue upwards of ₹83,000 crore and a 5‑year profit CAGR above 50%.

Screeners also highlight:

Strong long‑term sales growth (c. 18–24% compounded) and profit growth (~53% CAGR over five years).
A sharp reduction in promoter shareholding from 74–75% a few years ago to around 41.6% by September 2025, with FIIs and DIIs absorbing much of the float. ^[30]

Intrinsic value models: signs of overvaluation

Independent valuation platforms tend to see the stock as over‑priced relative to their models:

A Peter Lynch–style fair value estimate from ValueInvesting.io put intrinsic value near ₹3,300 per share as of early December, implying substantial downside from pre‑sell‑off prices in the high ₹5,000s. ^[31]
Aggregated analysis cited in recent commentary shows several DCF and relative‑value models clustering fair value in the ₹3,600–4,700 band, labelling InterGlobe “overvalued” when it traded around ₹5,700–5,900 earlier this week. TechStock²+2Smart Investing+2

This week’s ~10% decline narrows but does not close that valuation gap, which helps explain why technical and quantitative services remain cautious.

Street view: target prices vs fresh downside warnings

Despite the near‑term turmoil, brokerage research remains largely constructive.

Consensus targets still point higher

Trendlyne’s brokerage aggregation as of 5 December 2025 shows: ^[32]

A consensus target price around ₹6,450 per share, versus a reference price near ₹5,382 (pre‑today’s drop), implying roughly 20% upside.
Recent individual reports include:
- ICICI Securities: target ₹6,680, “Buy”, emphasising strong execution and a favourable industry supply–demand cycle.
- Motilal Oswal: target ₹7,300, “Buy”, despite calling Q2 FY26 performance “muted”.
- Anand Rathi: target ₹7,000, “Buy”, citing IndiGo’s dominant domestic franchise and global expansion plans.
- Jefferies: target ₹7,025, “Buy”, after Q2, highlighting resilient yields and international growth even as forex losses hit reported profit. ^[33]

Taken at face value, these targets suggest 20–35% potential upside versus today’s ~₹5,300–5,400 levels, if disruptions are brought under control and the long‑term growth story plays out as expected.

Technical analysts turn bearish

In contrast, short‑term technical views have turned clearly negative:

A widely read ETMarkets piece notes that IndiGo has broken below its 20‑, 50‑ and 100‑day moving averages, with momentum indicators such as RSI and MACD firmly in bearish territory. Analysts there flag:
- Strong resistance around ₹5,700,
- Key support zones at ₹5,500–5,530,
- A potential slide toward ₹5,250–5,450 if these supports fail. ^[34]
Another ETMarkets report published today warns of up to 16% additional downside if operational issues persist, making IndiGo the worst performer on the Nifty in recent sessions. ^[35]

Short‑term traders are therefore being advised—by multiple technical desks—to avoid fresh long positions or maintain tight risk controls until price action stabilises above key support levels.

Structural story: domestic dominance, international push, and giant order book

Beyond the week‑to‑week noise, the strategic story behind InterGlobe Aviation remains intact.

Market share and network

DGCA and industry data continue to show IndiGo with roughly 64–65% share of India’s domestic market in 2025, carrying over 8 million domestic passengers in some months. TechStock²
It has one of the largest low‑cost fleets in the world and a network that now covers over 120 destinations (34 international), with ambitions to raise the share of international capacity from ~28% to about 40% by FY2030. ^[36]

Fleet orders and long‑haul plans

InterGlobe is in the middle of a historic fleet build‑out:

A record order for 500 A320neo‑family aircraft, including A321XLRs designed for long‑range narrow‑body missions.
A separate order for 30 Airbus A350‑900 wide‑bodies confirmed in October 2025, aimed at long‑haul international routes. TechStock²+2IndiGo+2
The first A321XLRs are slated for commercial service in early 2026, with initial routes such as Delhi/Mumbai–Athens already public, signaling a push into 7–8‑hour sectors while retaining a low‑cost model. TechStock²+1

If execution is smooth, this combination of domestic scale + international expansion is exactly what many long‑only investors are paying up for.

Key risks and catalysts to watch after 5 December 2025

For investors tracking InterGlobe Aviation from here, the next few weeks and months will be critical.

Near‑term risk factors

Duration and depth of cancellations
IndiGo has warned that cancellations will continue until at least 8 December, with a temporary reduction in services to rebalance crew schedules. Longer‑than‑expected disruption could hit Q3 yields and margins more sharply than markets currently factor in. ^[37]
Regulatory outcomes
- The DGCA probe could result in compliance directives, schedule caps or additional oversight.
- The CGST penalty and UDF‑related litigation remain open‑ended legal issues, even if management is confident about their ultimate financial impact. ^[38]
Currency and fuel volatility
Q2 FY26 has already shown how quickly rupee weakness can turn an operational profit into a large accounting loss. A similar pattern in FY26 H2 would keep reported earnings volatile. ^[39]

Potential positive catalysts

Stabilisation by February 2026
If IndiGo delivers on its commitment to fully restore operations by 10 February 2026, and OTP rebounds to historical levels, the current narrative could shift back to growth, not disruption. ^[40]
Sensex inclusion flows (22 December 2025)
Index‑tracking funds and ETFs will need to add INDIGO in size later this month. Those passive inflows, plus any active positioning around the event, could partially offset the current selling pressure. ^[41]
Proving the long‑haul model
Successful launch of A321XLR and A350 routes, with healthy load factors and yields, would strengthen the long‑term margin story and may justify higher multiples despite cyclical bumps. TechStock²+2eplaneai+2

Bottom line: How does InterGlobe Aviation stock look on 5 December 2025?

As of 5 December 2025, the InterGlobe Aviation / IndiGo story is a study in contrasts:

Near‑term sentiment is clearly negative: large‑scale cancellations, a DGCA probe, fresh GST penalty headlines and technical breakdowns have dragged the stock to a five‑month low and made it the worst Nifty performer over the past week. ^[42]
Core operations, balance sheet and strategic positioning remain strong: Q2 FY26 showed robust revenue growth, solid underlying profitability ex‑forex, a deep cash buffer and continued dominance in India’s fast‑growing aviation market. ^[43]
Valuations are demanding but now less extreme: P/E around 40x and P/B above 22x still price in many years of growth, yet the recent correction has shaved off part of the earlier premium. Independent models often see fair value lower than the current price, while broker targets still point to meaningful upside. ^[44]

For long‑term investors, IndiGo remains a high‑quality but high‑expectation bet on India’s aviation boom: a market leader with a huge order book, ambitious international plans and index‑heavyweight status—but also exposed to regulatory risk, currency swings and occasional execution missteps.

For short‑term traders, the message from the tape and from technical analysts is simpler: volatility and downside risk remain elevated until the skies—quite literally—clear.

References

Capillary Technologies India Ltd Stock on 5 December 2025: Live Price, Post‑IPO Volatility, Analyst Views and 2026 Outlook

Stock Market Today 05.12.2025

HCC Rights Issue Record Date, Rupee Rebounds After Record Low, and Universal Office Automation’s Trend: Key Market Stories on 5 December 2025