UBS ON INDIGO ; NEUTRAL | TP ₹5,050 (EARLIER ₹5,450)

• UBS maintains Neutral rating on IndiGo and cuts target price to ₹5,050 from ₹5,450. • Company guides for low-single-digit Available Seat Kilometre (ASK) growth in FY27 and over 25% growth in Passenger Revenue per ASK (PRASK) in Q3. • Targets approximately 300 billion ASKs by FY30, supported by international expansion and long-haul operations. • UBS cuts FY27 EBITDA estimates by 7% and FY28 estimates by 20%. • Raises FY29 EBITDA estimates by 6%, factoring in expected fuel-cost normalisation.

INTERGLOBE AVIATION LTD

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