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Ownership model to form 30-40% of fleet mix by FY30E We attended INDIGO IN's analyst meet wherein the management highlighted plans to 1) reach ASKM of 300bn, 2) increase the share of owned and finance-leased aircraft to 30-40% of fleet mix, and 3) increase international ASKM share to 40% by FY30E. In addition, given excessive FX volatility witnessed in recent times, INDIGO IN aims to expand the hedge cover to 33% of net BS exposure by FY27E/FY28E. Despite a modest capacity addition growth guidance of single digit for FY27E, the long-term target to reach ASKM of 300bn by FY30E (15% CAGR over FY26-30E) is encouraging. We...
Indigo, at its CY26 Analyst Day, reiterated India’s aviation growth story, driven by the economy, demography, and under-penetration, with 2x jump in pax expected by FY35 from 246mn in FY26.
All-India major port volumes grew 2.5% YoY in April’26 and ~7% in FY26. The volume growth in April was led by healthy traction in containers, while petroleum and coal, which account for a major market share of cargo, registered a negative growth rate of ~5% and 1%, respectively.
INDIGO expects strong industry tailwinds as air passenger traffic is expected to more than double over FY26-FY35, led by an increase in first-time international travels, growing inbound tourism in India and a strong pipeline of new airports (~50 new airports expected in next five years).
InterGlobe Aviation (INDIGO) reported a 78% decline in EBITDAR to INR15b, led by higher forex loss (~INR48.8b), while EBITDA (ex-forex) was down only 5% YoY to INR56.3b.
Delhivery reported a 30% YoY increase in revenue to INR28.5b in 4QFY26 (in line). Reported EBITDA rose 80% YoY to ~INR2.1b, while EBITDA margins stood at 7.5%, up 210bp YoY and 10bp QoQ.
Q4FY26/FY26 performance: JIL reported decent set for Q4FY26/FY26 with Consolidated Revenue growth of 19% /20% YoY growth (up 13% QoQ) at 1522/ 5361 crore respectively. The port volume grew 1% and 4% YoY for Q4FY26 (-1.2% QoQ) and FY26. Ports revenues were up 12%/10% YoY at 1295 / 4647 crore for Q4FY26/FY26 respectively. Logistics business reported Q4FY26/FY26 revenue growth of 93%/41% YoY (+14% QoQ) to 201 /687.5 crore. Consolidated EBITDA for Q4FY26/FY26 grew 20%/15% YoY (up 19% QoQ) at 769/ 2604 crore respectively. The Q4FY26 EBITDA margins of 50.5% (+58 bps YoY/+283 bps QoQ)...
The DFCCIL has commissioned the Western Dedicated Freight Corridor (WDFC), including the key connectivity to JNPT via Vaitarna, completing the ~2,843km DFC network.
Q4FY26 / FY26 performance: Adani Ports reported strong consolidated revenue growth of 26%/ 25% YoY at 10738/ 38736 crore for Q4FY26/ FY26 aided by strong revenue growth across verticals in FY26 viz. Ports/Logistics/Marine Up 13%/55%/134% YoY at 25755 / 4478 / 2681 crore respectively. Ports revenues were driven by overall cargo volume growth of 11% YoY (+8%/+80% YoY growth in Domestic/International volumes). In FY26 company gained 10 bps market share on a YoY basis of All-India cargo share to 27.1%. Consolidated EBITDA was up 20% YoY at 6020/ 22851 crore (EBITDA margins declined by 222 bps YoY to...
Mahindra Logistics’ (MLL) revenue grew ~14% YoY to ~INR17.9b in 4QFY26 (in line). EBITDA margin came in at 6.3% in 4QFY26 (up 130bp YoY/90bp QoQ) vs. our estimate of 5.6%.
Delhivery’s express segment recorded a strong 43% YoY volume growth in 3QFY26, driven by festive demand and GST-led consumption; notably, average shipment weight declined ~26% YoY, reflecting a sharp surge in small parcels.
Scaling the Automated Frontier in Indian Logistics During our visit to Delhivery's Lonad Bhiwandi facility, we observed firsthand the immense operational scale that supports the company's nationwide network of over 18,700 pincodes. As a centerpiece of Maharashtra's logistics infrastructure, this 7 lac sq. ft. mega gateway functions as a high-velocity freight sorting and transit hub, strategically positioned to capitalize on India's booming e-commerce and organized logistics sectors. The facility is a marvel of industrial engineering, featuring 196 docking stations designed to facilitate the rapid turnaround of approximately 1,600 vehicles per day while handling a staggering 8,000 tonnes of freight. What truly sets this hub apart is its sophisticated automation suite, headlined by 1.8 km of integrated double deck cross belt sorters and an expansive 5 km network of material conveyance systems. These proprietary systems allow the plant to achieve industry leading throughput, processing upwards of 32,000 shipments and 17,000 freight units every...
The first ATF price revision after the start of the Middle East (ME) conflict saw high frenzy—OMCs (IOCL) initially hiked domestic/international rates by 115%/107% MoM to Rs207/USD1.7 per ltr, followed by announcement of domestic scheduled airlines’ rate revision by only ~25% to Rs105/ltr as GoI action was aimed at shielding domestic air travelers from high fares (international fares unchanged).
The disruption at the Strait of Hormuz has caused a setback in global shipping, leading to slower cargo movement and rerouting. Indian ports are facing challenges such as unscheduled cargo inflows from diverted vessels, resulting in congestion and export backlogs.
