We upgrade IndiGo and SpiceJet's FY21 EPS by 13% and 24% respectively on increase in air fares due to capacity constraints which will benefit LCC's like Indigo and SpiceJet. Domestic passenger (pax) traffic growth slowed down for the second consecutive month to 5.6% for Feb'19. Domestic capacity addition (ASK) grew by 10.5% while the industry reported PLFs of 89%. IndiGo, the market leader, reported pax/ASK growth of 15%/21% YoY as it further consolidated its market share to 43.6% (up 90bps MoM). SpiceJet clocked in Pax/ASK growth of 17%/25% and improved its market share by...