Dipan Mehta sees opportunities in IndiGo and in travel tech, insurance, and clean energy

Elixir Equities Director Dipan Mehta believes the recent weakness in InterGlobe Aviation, the parent company of IndiGo, offers an opportunity for investors. He clarified that his firm and clients are invested in the airline. Mehta said the current drop in the stock price is only temporary and could create room for long-term buyers.

He noted that IndiGo is trading below its recent peak. “It’s trading about 10% below its all-time high,” he said, adding that “another 10% correction would give some amount of margin of safety.” Mehta expects the aviation business to resolve near-term issues and continue growing as part of a low-cost industry with supportive market dynamics.

Mehta highlighted several segments where his firm sees potential. In the travel sector, he pointed to different business models gaining traction. “We’re very positive on Yatra Online,” he said, citing its position as a leading online travel agency. He also mentioned BLS International, which handles visa processing, as another strong play in the sector.

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Insurance is another area where he sees momentum building. Companies like MediAssist and Sagility are on his radar for their focus on claims processing for India and the US markets. He added that Policybazaar is “about to go solid into profit” over the next few years as its platform scales further.

In fintech, Mehta highlighted Zaggle Prepaid as a company delivering strong results. He said businesses with “a slightly differentiated business model” stand out as future market winners.

He also remains positive on India’s clean energy capex theme. Solar manufacturing players such as Waaree Energies and newly listed peers, along with wind turbine manufacturers Suzlon and Inox Wind, remain attractive due to improving industry outlook.

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Mehta said he is closely tracking Pine Labs, calling it a company with strong technology capabilities and growth potential. While it is not yet consistently profitable, he sees an improving trajectory ahead.

“What happens if these companies double their turnover in three or four years… and their costs remain steady?” he said, pointing to profitability upside. For now, however, his firm is waiting for clearer signals before considering an entry.

For the full interview, watch the accompanying video

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