Indigo Share Price: Emkay Global has highlighted strong re-rating potential for InterGlobe Aviation, the parent company of IndiGo, calling it a “core holding” for any India-focused portfolio. The brokerage expects the stock to benefit from a robust 20 percent earnings CAGR, adding that any rerating will be the “icing on the cake.” Shares of InterGlobe Aviation (IndiGo) were trading at approximately Rs 5,816, marking a 2.19 per cent rise in intraday trade on Monday. IndiGo continues to dominate the Indian aviation sector with a long growth runway ahead, Emkay noted, asserting that the airline’s competitive position is likely to remain intact for the next 3–5 years. “IndiGo has emerged as a player with strong profitability, and its cash flows have largely kept pace with earnings,” it added. According to the brokerage, three key catalysts are likely to drive IndiGo’s medium-term performance: New Airport Capacity: The Navi Mumbai and Jewar airports, expected to be fully operational by CY26, could significantly boost passenger volumes. IndiGo’s leading market share and ability to rapidly scale aircraft deployment put it in a position to capture 60–70% of the incremental domestic traffic. Discretionary Spending Revival: Emkay anticipates a pickup in discretionary spending in H2FY26, which could lead to improved aircraft utilization and present an upside to current consensus estimates. Soft Crude Prices: Lower crude prices through FY26, not fully reflected in the current share price, provide an additional tailwind. While the recent rally in the stock factors in the Iran-Israel ceasefire, it does not yet reflect the subsequent decline in oil prices. Broader macro trends are also working in IndiGo’s favour. As India’s per-capita income is projected to rise from $2,711 in 2024 to about $4,000 by 2030, air travel demand is expected to surge. This demand will be supported by government plans to add 50 new airports over the next five years. Emkay further pointed to the airline’s international growth prospects. With 60 wide-body aircraft on order and more than 30 to be added over the next five years, IndiGo is well-positioned to expand globally. As India negotiates more bilateral air travel agreements and expands international airport capacity, the brokerage expects IndiGo to capture a large portion of the incremental market.