PL Capital’s Research Analyst Jinesh Joshi said the Middle East crisis is pressuring aviation, with about 12% of IndiGo’s capacity impacted as a large share of its international routes are to the region. Yields were already expected to stay flat and may weaken further. Higher crude is a key risk—fuel forms 35–40% of costs and a 1% fuel cost rise can cut earnings 4–5%. Rerouting or cancellations may hit margins and near-term operations, though recovery should follow once tensions ease.
