JP Morgan flags earnings pressure for India's IndiGo, cites weaker rupee, competition

J.P. Morgan says external volatility to keep Indian airline IndiGo's INGL.NS earnings under pressure

Sees domestic pricing constrained by competition; international pricing under pressure from capacity addition and rupee weakness

Brokerage expects jet fuel prices to moderate in FY26–28 but says rupee depreciation and crude swings remain key risks

Cuts FY27 EPS by 13% on weaker yields and higher fuel costs; FY24–28 EPS CAGR now seen at 12.5%

Ratings agency S&P Global says it expects Middle East conflict to have a more pronounced effect on Indian carriers, given their higher capacity and number of routes to the Middle East

Stock down 1.7% on the day and has shed 10% since February 27 when tensions in the region escalated