According to Sunny Agrawal, head of fundamental research at SBI Securities, aviation could be a key beneficiary, given that fuel accounts for nearly 40% of airline operating costs. With jet fuel prices easing and policy support remaining strong, IndiGo, India’s largest airline, could see earnings upgrades over the next one to two quarters, Agarwal said. As travel demand normalizes, aviation-linked plays such as GMR Airports, as well as travel and food-service companies, may also benefit.
