IndiGo block deal today: Rakesh Gangwal family to sell 3.1% stake for Rs 7,000 crore

Shares of InterGlobe Aviation Ltd (IndiGo) are in focus on Thursday morning as promoters, the Rakesh Gangwal family, is likely to sell up to 3.1 per cent stake in the budget carrier for over Rs 7,000 crore, via block deals today. The floor price is reportedly set at Rs 5,808 per share, which is at 4 per cent discount to the airline operator's NSE closing price of Rs 6,044.75 on Tuesday.

Gangwal owned 1,82,86,493 shares or 4.73 per cent stake in InterGlobe Aviation as of June 30. The Chinkerpoo Family Trust (Trustee: Shobha Gangwal & J.P. Morgan Trust Company of Delaware) held 1,19,10,413 shares or 3.08 per cent stake. The Rakesh Gangwal family has been cutting stake in IndiGo for past couple of years. In May, Gangwal sold 2,2,10,000 shares at an average of Rs 5,231.28 apiece. The trust also offloaded shares the same day.  

Gangwals sold IndiGo shares in May 2025, August 2024, March 2024, August 2023, February 2023 and September 2022. Promoter holding, which stood 67.8 per cent at June 2023-end, fell to 43.5 per cent by the June 2025 quarter. 

Emkay Global this month hosted the InterGlobe Aviation's management. Among key takeaways the management said the June quarter was affected by multiple external headwinds, including geopolitical tensions, airport closures, reduced block hours, and elevated cancellations, resulting in lower yields alongside higher passenger and flight cancellations. 

However, The September quarter has shown signs of stabilization, and the company expects a strong rebound with robust growth in Q3 and Q4, Emkay Global noted.

"AOGs have remained steady in the 40s, and as they decline, IndiGo plans to redeliver damp-leased narrowbody aircraft. However, savings from these redeliveries will be offset by the addition of new widebody aircraft on damp lease. While FY25 saw elevated rental costs from leased aircraft, these are expected to moderate in FY26, although inflation and cost escalations in other areas will offset part of the benefit," Emkay suggested the management as saying.

IndiGo has secured key slots at the upcoming Jewar/Noida and Navi Mumbai airports, which will support further domestic and international expansion. The company has maintained its double-digit YoY ASK growth guidance for FY26, though Q2FY26 growth is expected to be in the mid-to-high single digits due to seasonal softness in domestic demand. 

"As a result, the airline has strategically suspended some underutilized routes and undertaken structural inspections and modifications of certain aircraft to prepare for a stronger Q3. The redelivery of damp-leased aircraft would also contribute to the slightly muted Q2 ASK growth," Emkay Global said. 

This planned moderation was already incorporated into the annual outlook, which remains unchanged, it said.

The ASK growth is expected to rebound to double digits in Q3 and Q4. Robust orderbook offers IndiGo ample operational flexibility to adjust its fleet and network, Emkay said. 

"The airline expects no challenges in ramping up capacity in H2FY26. It also retains the option to add more damp-leased aircraft, while the PLFs provide additional headroom for growth. IndiGo continues to sustain its robust growth on the international front and will scale up its overseas network from Sep-25, with new routes to London and Copenhagen in the pipeline," Emkay said.

The planned induction of A321XLRs this year will further support international expansion through CY26. Positive customer feedback on its stretch service on the Delhi–Bangkok route has encouraged the airline to extend this offering to other select international routes, while its codeshare partnerships continue to expand, Emkay said.