While IndiGo's 2QFY20 results have disappointed, we believe that (1) The carrier will benefit from improving industry dynamics in the medium term as the airline enjoys a dominant market share of ~48% (2) Crude prices remain benign which will allow for better cost management (3) Further, valuations at current levels (6.6/4.8x FY21/22E EV/EBITDAR) are undemanding. The multiples are impacted due to the ongoing dispute amongst the two promoters. Any resolution of the above will lead to a re-rating of the stock. IndiGos 2QFY20 results were significantly below expectations (loss of Rs 10.6bn) due to increased operating expenses. We are reducing our EBITDAR estimates by ~20% over FY20-22 to factor in the above. Maintain BUY with a revised TP of Rs 1,610 (6x Sep-21 EV/EBITDAR). The sharp correction in the stock is pricing in the weak results.