InterGlobe Aviation Limited

“IndiGo is a structurally dominant ULCC in India's massively underpenetrated aviation market with a durable cost moat, ~22% ROCE, and a decade-long reinvestment runway — but the 23x forward P/E leaves limited margin of safety against real governance overhang (promoter related-party transactions, post-Gangwal structural risks) and ₹42,000–46,000 crore in IFRS 16 lease obligations; the business deserves to be owned, but a 15–20% pullback to ₹3,500–3,800 would create the entry point where long-term compounding potential is purchased with adequate safety.”