As of April 2025, IndiGo, operated by InterGlobe Aviation, has become the second most valued airline in the world in terms of market capitalization, surpassing United Airlines and Ryanair. This achievement highlights the significant growth of India’s aviation market, which is benefiting from a booming middle class and urbanization, with IndiGo taking advantage of this domestic demand to drive up its stock value.

IndiGo’s market valuation surged past $22.7 billion in March 2025, securing its position just behind Delta Air Lines, which maintains the top spot with a market cap of $27.4 billion. The airline's expansion into international markets, with new routes in the Middle East and Southeast Asia, and its aggressive fleet upgrades, including fuel-efficient Airbus A320neo and A321XLR aircraft, have further solidified its growth trajectory.

IndiGo’s dominance in the Indian market is driven by its cost-effective, no-frills business model, which has helped it capture over 60% of India’s domestic air travel market share. Furthermore, its consistent profitability, strategic growth, and investor confidence in the long-term potential of India’s aviation sector have contributed to this impressive rise.

The top airlines by market capitalization as of April 2, 2025, are as follows:

Delta Air Lines (USA) – $27.4 billion

IndiGo (InterGlobe Aviation) (India) – $22.71 billion

Ryanair (Ireland) – $22.7 billion

United Airlines (USA) – $22.32 billion

Southwest Airlines (USA) – $18.72 billion

International Consolidated Airlines Group (IAG) (Spain) – $17.33 billion

Air China (China) – $15.42 billion

Singapore Airlines (Singapore) – $14.95 billion

China Southern Airlines (China) – $12.71 billion

Turkish Airlines (Turkey) – $11.29 billion

IndiGo’s success showcases the rapid transformation of the Indian aviation sector, as the airline continues to innovate and expand in both domestic and international markets. As the demand for air travel in India continues to soar, IndiGo’s market position is expected to strengthen, making it a key player in the global aviation landscape.