IndiGo targets 200 mn fliers by 2030, but faces plane shortage

Subscribe to enjoy similar stories. India's largest airline IndiGo expects to fly 200 million passengers annually by 2030, an 80% increase from the 113 million passengers it flew in 2024, led by its fleet expansion from 439 aircraft to 600 by the end of the decade. Top executives of InterGlobe Aviation, IndiGo's parent company, told analysts in Gurugram on Wednesday that the airline would expand beyond its domestic network to lucrative international routes, taking its share of international outbound traffic to 40% from the current 28%.

It will also focus on premiumization by adding more business class seats. Long-haul routes are expected to drive IndiGo's international expansion, analysts said. "Its focus is on bringing down the cost of aircraft ownership and improving fuel efficiency by 5% in the next five years," Kotak analysts wrote in a 20 March note.

On Thursday, shares of Interglobe ended 2.3% higher at ₹5,093, giving it a market capitalization of ₹1,96,807 crore ($22.8 billion). This makes IndiGo the world’s third most valuable airline, behind United Airlines Holdings Inc. ($24.5 billion) and Delta Air Lines Inc.

($30.8 billion). However, in terms of revenue, budget carrier IndiGo is much smaller than full-scale airlines like Delta - Indigo’s $9.2 billion revenue in 2024 is a sixth of Delta’s $61.6 billion in the same year. However, IndiGo's higher profitability—$930 million net income compared to Delta's $3.5 billion profit—and 62% share in the world's fastest-growing aviation market have made investors reward the airline with a premium valuation.