InterGlobe Aviation Limited — Credit Ratings, 17-07-2025: Credit Rating

CRISIL Ratings has reaffirmed InterGlobe Aviation's (IndiGo) long-term rating at 'CRISIL AA-' while upgrading its outlook from 'Stable' to 'Positive'. The short-term rating of 'CRISIL A1+' was also reaffirmed.

This positive shift reflects IndiGo's sustained strong financial health, driven by robust operating performance and significant liquidity. The company's net debt to EBITDAR improved to 1.58x in FY25, supported by healthy unencumbered cash and equivalents of Rs 33,153 Cr. Strong demand, international expansion, and new aircraft additions are expected to fuel continued profitability. This 'Positive' outlook signals strong financial stability, likely enhancing investor confidence and potentially lowering future borrowing costs for IndiGo, providing greater strategic flexibility.