Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

InterGlobe Aviation Ltd / Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.</li>
<li>The official index changes could be announced publicly in the next few days.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
The official index changes could be announced publicly in the next few days.


Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Final Expectations; Announcement Soon

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

InterGlobe Aviation Ltd / Equity Bottom-Up

<ul>
<li>IndiGo’s Q2FY26 performance is expected to disappoint, with higher fuel prices, weak demand, and rupee depreciation sharply eroding margins and reversing the profitability momentum of recent quarters.</li>
<li>Cost pressures are intensifying while yields weaken amid overcapacity and strong competition. The company’s cost advantage is narrowing, raising concerns about margin sustainability and near-term earnings visibility.</li>
<li>With rising costs, currency headwinds, and pricing pressure, IndiGo’s profitability outlook appears challenging. Short-term recovery looks uncertain despite its strong balance sheet and scale advantages.</li>
</ul>


IndiGo’s Q2FY26 performance is expected to disappoint, with higher fuel prices, weak demand, and rupee depreciation sharply eroding margins and reversing the profitability momentum of recent quarters.
Cost pressures are intensifying while yields weaken amid overcapacity and strong competition. The company’s cost advantage is narrowing, raising concerns about margin sustainability and near-term earnings visibility.
With rising costs, currency headwinds, and pricing pressure, IndiGo’s profitability outlook appears challenging. Short-term recovery looks uncertain despite its strong balance sheet and scale advantages.


IndiGo Q2FY26 Preview: High Fuel Prices, Currency Pressure, and Weak Seasonal Demand

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX Index in the December 2025 index rebal event.</li>
<li>As things stand, there will be no index changes for the BSE SENSEX index.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX Index in the December 2025 index rebal event.
As things stand, there will be no index changes for the BSE SENSEX index.


Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

InterGlobe Aviation Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> co-founder, Rakesh Gangwal, aims to raise around US$802m via selling around a 3% stake in Indigo.</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN) co-founder, Rakesh Gangwal, aims to raise around US$802m via selling around a 3% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Interglobe Aviation (Indigo) Placement - Second US$800m+ Deal by Co-Founder This Year

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> reported record quarterly PAT and crossed $10 billion in annual revenue for the first time and recommended a dividend after five years.</li>
<li>Capacity significantly expanded in FY25 and plans continue, adding aircraft, routes, and widebodies for international growth. On consolidated basis, management guides early double digit growth in FY26.</li>
<li>Geopolitical events like India-Pak war caused booking dips and flight delays. </li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN) reported record quarterly PAT and crossed $10 billion in annual revenue for the first time and recommended a dividend after five years.
Capacity significantly expanded in FY25 and plans continue, adding aircraft, routes, and widebodies for international growth. On consolidated basis, management guides early double digit growth in FY26.
Geopolitical events like India-Pak war caused booking dips and flight delays. 


InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion

India

InterGlobe Aviation Limited provides passenger airlines services. The Company offers ground management, air transportation, terminal maintenance, and other services. InterGlobe Aviation conducts its business globally.

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InterGlobe Aviation Ltd (INDIGO IN)

Quiddity Leaderboard BSE SENSEX Dec25: Final Expectations; Announcement Soon

InterGlobe Aviation Ltd (INDIGO IN) and Grasim Industries (GRASIM IN) have been our top choices for Sensex addition since August 2025. One of these...

Janaghan Jeyakumar, CFA

IndiGo Q2FY26 Preview: High Fuel Prices, Currency Pressure, and Weak Seasonal Demand

IndiGo's Q2FY26 performance is expected to disappoint due to higher fuel prices, weak demand, and rupee depreciation, raising concerns about...

Sudarshan Bhandari

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion

We continue to expect zero changes for the SENSEX index in December 2025 based on the latest ranks. InterGlobe Aviation continues to be the leading...

Janaghan Jeyakumar, CFA

Interglobe Aviation (Indigo) Placement - Second US$800m+ Deal by Co-Founder This Year

Indigo’s co-founder, Rakesh Gangwal, aims to pare down another 3% stake in Interglobe Aviation Limited (Indigo), raising around US$802m.

Akshat Shah

InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion

InterGlobe Aviation Ltd (INDIGO IN) achieves record quarterly profit and surpasses $10 billion in annual revenue, recommending a dividend after...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Final Expectations; Announcement Soon

InterGlobe Aviation Ltd (INDIGO IN) and Grasim Industries (GRASIM IN) have been our top choices for Sensex addition since August 2025. One of these...

Janaghan Jeyakumar, CFA

IndiGo Q2FY26 Preview: High Fuel Prices, Currency Pressure, and Weak Seasonal Demand

​IndiGo's Q2FY26 performance is expected to disappoint due to higher fuel prices, weak demand, and rupee depreciation, raising concerns about...

Sudarshan Bhandari

Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion

We continue to expect zero changes for the SENSEX index in December 2025 based on the latest ranks. InterGlobe Aviation continues to be the leading...

Janaghan Jeyakumar, CFA

Interglobe Aviation (Indigo) Placement - Second US$800m+ Deal by Co-Founder This Year

Indigo’s co-founder, Rakesh Gangwal, aims to pare down another 3% stake in Interglobe Aviation Limited (Indigo), raising around US$802m.

Akshat Shah

InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion

​InterGlobe Aviation Ltd (INDIGO IN) achieves record quarterly profit and surpasses $10 billion in annual revenue, recommending a dividend after...

Sudarshan Bhandari

Quiddity Leaderboard BSE SENSEX Dec25: Final Expectations; Announcement Soon

IndiGo's Q2FY26 performance is expected to disappoint due to higher fuel prices, weak demand, and rupee depreciation, raising concerns about...

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion

InterGlobe Aviation Ltd (INDIGO IN) achieves record quarterly profit and surpasses $10 billion in annual revenue, recommending a dividend after...