IndiGo has secured its position as the world's largest recipient of Airbus aircraft for the second consecutive year, taking delivery of 55 planes in 2025 despite facing operational challenges during its December meltdown. The achievement underscores the Indian carrier's continued expansion strategy and its significant role in the global aviation market.

Global Delivery Performance

Airbus achieved strong delivery performance in 2025, handing over 793 aircraft globally against its revised target of 790 deliveries. The manufacturer had initially aimed for 820 aircraft deliveries but adjusted its target during the year. IndiGo's 55 deliveries represented 6.93% of all Airbus deliveries in 2025, maintaining its leadership position among global airlines.

Historical Delivery Trends

IndiGo's delivery leadership represents a consistent pattern over recent years, though with some fluctuations in volume and ranking. In 2024, the airline received 58 planes from Airbus, representing 7.6% of total deliveries when Airbus delivered 766 jets against its target of 770. The 2023 performance saw IndiGo in second position with 41 aircraft deliveries, comprising 5.6% of total Airbus deliveries, trailing behind Delta Air Lines that year.

Air India's Delivery Strategy

Air India did not take any new deliveries from Airbus in 2025, marking a contrast to its 2024 performance when it received multiple aircraft. This strategic pause relates to the airline's mega order placed in 2023, which prioritized white tail deliveries initially, with line-fit planes scheduled for later delivery phases. The carrier recently received its first line-fit Dreamliner, and an A350 delivery to Delhi is expected soon, with the aircraft currently in storage for cabin fitments.

Substantial Order Books

Both Indian carriers maintain robust order books that will sustain significant delivery volumes in coming years. IndiGo holds 905 undelivered aircraft comprising 229 A320s, 616 A321s, and 60 A350s. Air India's pending orders include 90 A320s, 210 A321s, and 43 A350s, totaling 343 undelivered aircraft.

These orders serve dual purposes of fleet replacement and expansion, with IndiGo's delivery schedule extending into the 2031-2036 period. The substantial order books ensure that Indian carriers will maintain prominent positions in Airbus delivery schedules through 2030 and beyond, even if they do not consistently top global delivery charts.

Interglobe Aviation shares are set to be in focus as Kotak Institutional Equities has revised its target price downward, reflecting changing market dynamics in the aviation sector. The brokerage's latest assessment comes amid evolving global crude oil supply scenarios and their potential impact on airline operations.

Target Price Revision Details

Kotak Institutional Equities has adjusted its valuation parameters for IndiGo, resulting in a target price reduction. The revision reflects updated assumptions regarding key operational cost factors.

The brokerage cited changes in crude oil and currency assumptions as primary factors behind the fair value adjustment. These revisions come against the backdrop of significant developments in global oil supply chains, including recent geopolitical changes affecting major oil-producing regions.

Key Risk Factors and Challenges

Kotak highlighted several downside risks that could impact IndiGo's performance going forward. Regulatory scrutiny remains a significant concern, with ongoing oversight from aviation regulators and the Competition Commission of India (CCI) posing potential challenges.

The airline is also navigating operational headwinds, with management expecting no growth in the third quarter of FY26. This outlook stems from:

• Slowing capacity expansion initiatives
• Impact of flight cancellations experienced in recent periods
• Market structure uncertainties

Operational Performance and Market Position

Despite the challenges, Kotak acknowledged several positive aspects of IndiGo's business model. The airline has demonstrated steady domestic performance, maintaining its market leadership position in India's aviation sector.

The brokerage noted that IndiGo continues to navigate challenging pricing environments effectively, though the company awaits greater clarity on free pricing policies and potential forced changes in market structure.

Analyst Consensus and Market Outlook

The broader analyst community maintains a generally positive outlook on IndiGo's prospects. Current analyst sentiment reflects confidence in the airline's long-term fundamentals despite near-term challenges.

The average 12-month consensus price target stands at ₹5,948.83, suggesting an upside potential of 22.80% from current levels. This consensus reflects analyst confidence in IndiGo's ability to navigate current challenges and capitalize on India's growing aviation market over the medium term.