With Jet Airways temporarily suspending its operations, other private carriers have managed to improve their market share last month, said a brokerage report

47% – 350 bps increase in IndiGo's market share in March

13.7% – marginal dip in SpiceJet's market share last month

10% – market share of Go Air

4% – market share of Vistara

6% – market share of AirAsia

Overall capacity addition slowed down to 5% on-year last month

Given that the favorable yield environment led by capacity constraints is expected to continue in near term, we upgrade our assigned multiples (FY21 EV/EBITDAR) for IndiGo & SpiceJet to 8.8x. We retain buy on IndiGo & SpiceJet with revised target price of Rs 1,623 and Rs 135 respectively. – Said a Prabhudas Lilladher report