IndiGo, operating as InterGlobe Aviation Limited, stands as the dominant force in the Indian aviation sector. As of August 2025, the airline commands a substantial 64.2% of the domestic market share. This robust market presence is a testament to IndiGo's successful strategy as a low-cost carrier, offering "low fares, on-time flights, and a courteous and hassle-free service".
Market Share Dominance
IndiGo's market share has been consistently growing since 2007, solidifying its position as the largest airline in India by passengers carried and fleet size. In May 2025, IndiGo flew over 90 lakh passengers, capturing a massive 65% share of the domestic market. While there was a slight dip to 64.2% in August 2025, the airline has consistently held over 63% of the market throughout the year. This dominance is further highlighted by the fact that low-cost carriers, including IndiGo, collectively hold 70% of the total capacity in the Indian market.
In comparison, the Air India Group (Air India and Air India Express) holds the second-largest market share, reaching 27.3% in August 2025. Akasa Air, a relatively new entrant, has been steadily gaining traction, holding a 5.4% market share in August 2025.
Financial Performance
IndiGo has demonstrated strong financial performance of late, though recent challenges have emerged. For the full financial year 2024, the airline reported its highest-ever total income of approximately 712 billion rupees, with a net profit of around 82 billion rupees and a net profit margin of 11.9%. For the quarter ended June 2024, IndiGo reported a total income of INR 202.5 billion with a net profit of INR 27.3 billion.
However, the airline reported a net loss of ₹2,582 crore for the September quarter, a sharp reversal from its previous profit. IndiGo attributed the loss primarily to currency movement, which affects costs such as aircraft leases, maintenance, and fuel payments. Excluding the forex hit, IndiGo said it would have earned a net profit of Rs 104 crore. The airline's EBITDAR more than halved to Rs 1,114 crore, reflecting cost pressure despite healthy operational metrics. For the quarter ending September 2025, IndiGo posted a Net Loss of INR 2,614 Crores, compared to a profit of INR 2,727 Crores in the previous quarter.
Market Capitalization Trend
IndiGo's market capitalization (M-Cap) has seen substantial growth over the past five years. The M-Cap recorded a 215% jump to its current level of ₹2.076 trillion as of December 5, 2025, compared to ₹665.77 billion in December 2020. In April 2025, IndiGo briefly became the world's most valuable airline, with a market cap of ₹2 lakh crore ($23.3 billion), surpassing Delta Air Lines and Ryanair Holdings. As of December 2025, InterGlobe Aviation has a market cap of $23.41 Billion USD. However, recent operational challenges have impacted the stock price. Since December 1, 2025, the company's market capitalization has eroded by Rs 16,190.64 crore to Rs 2,07,649.14 crore. Shares of InterGlobe Aviation closed 1.22% lower at ₹5,371.30 on December 5, 2025.
Operational Highlights and Challenges
IndiGo operates over 2,700 daily flights to 137 destinations, including 94 domestic and 43 international locations. The airline has expanded its fleet to 434 aircraft. In June 2023, IndiGo placed an order for 500 Airbus A320neo family aircraft, the largest aircraft order in commercial aviation history.
Recently, IndiGo has faced operational headwinds, leading to significant flight cancellations and passenger disruptions. The crisis stems from new pilot flying-time regulations. IndiGo has attributed the mass cancellations to “misjudgment and planning gaps” and expects operations to normalize between December 10 and 15.
Despite these challenges, IndiGo remains a dominant player in the Indian aviation sector, with a strong market share, a growing fleet, and a focus on maintaining its position as a leading low-cost carrier.
