of 19%/26% YoY as it made the most from Jet's loss, further expanding its market share by ~350bps MoM to 47%. Impacted by grounding of Boeing 737 max, SpiceJet's growth momentum slowed down with Pax/ASK growing by 7%/13% while its market share declined marginally by ~10bps MoM to 13.7%. Given that the favorable yield environment led by capacity constraints is expected to continue in near term, we upgrade our assigned multiples (FY21 EV/EBITDAR) for IndiGo & SpiceJet to 8.8x (previously 8.5x) & 8.3x (previously 8x) respectively. Retain BUY on IndiGo & SpiceJet with revised...