IndiGo outlook revised to positive on strong finances

CRISIL Ratings has revised InterGlobe Aviation's long-term bank facilities outlook to 'Positive' from 'Stable', while reaffirming the 'CRISIL AA-' rating on Rs. 9,000 crore of total bank loan facilities.

The upgrade reflects IndiGo's strong operating performance and robust liquidity. The airline's net debt to EBITDAR ratio improved to 1.58 times in fiscal 2025 from 1.76 times in fiscal 2024, and is expected to remain between 1.6 to 1.7 times over the medium term.

IndiGo maintains Rs. 33,153 crore in unencumbered cash and equivalents as of March 31, 2025.