$INDIGO

INTERGLOBE AVIATION LTD (INDIGO) – CRISIL MAINTAINS ‘WATCH WITH DEVELOPING IMPLICATIONS’ • CRISIL retains ratings on watch with developing implications for bank facilities • Long-term rating: CRISIL AA-/Watch Developing; Short-term: CRISIL A1+/Watch Developing • Watch triggered due to West Asia conflict impacting operations, crude oil prices & ATF costs (35–40% of expenses) • Some recovery seen as majority of disrupted flights resume and crude eases below $80/bbl • FY26 impacted by higher costs and forex losses (~₹89.76 bn), with moderating margins • Debt (incl. leases) at ₹777 bn; strong liquidity with ₹362 bn free cash • Strong fundamentals supported by ~64% domestic market share and >80% PLF • William Walsh appointed CEO effective Aug 3, 2026 (subject to approval) Impact: Neutral – Rating watch reflects near-term external cost pressures, but strong liquidity and market position provide stability