Indigo Acquisition Corp. Ordinary Shares (INAC)

FairStock Score: 41/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Buffett/Graham investor, I start with business quality. Indigo Acquisition Corp. is a shell company with no revenue in any filed period. It was incorporated in 2024 and its stated purpose is to merge with or acquire another business. So it has no operating moat, no customer franchise, and no demonstrated earning power from products or services. The reported profits are modest and intermittent: net income was $927,520 in fiscal Q2 2026 (quarter ended 2026-06-30), $873,606 in fiscal Q1 2026, and $1.0M in fiscal Q3 2025, but there was a net loss of $62,889 in fiscal Q2 2025. FY2025 net income was $1.8M. TTM free cash flow is negative $710,024, a -0.5% FCF yield. FairStock's P/E is 38.48, its Graham Number is $6.91, implying a -50.36% margin of safety at the 2026-10-13 close of $10.39, and its Piotroski F-Score is 1/9. The Altman Z-Score of 22.39 and 1574.85% profit growth sit alongside no revenue; I would not treat them as proof of durable business progress. With no revenue and only one year of filed results, the Lynch category is none—need three years. The stock trades near the high end of its 52-week range ($9.98-$10.41), so the market is paying a full price for a blank-check vehicle. The key question is whether management can find and complete an attractive merger, not whether current operations are cheap. Until then, I see speculation, not a Graham bargain.

In plain English: Indigo Acquisition Corp. is a company formed in 2024 with no business operations of its own; its plan is to merge with or buy another business. Recent filed results show small profits in some quarters but no sales, and cash flow is negative. At $10.39, the price sits near the top of its 52-week range and looks expensive compared with its reported earnings and estimated value.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer