New Delhi, July 22 -- IndiGo has weathered the worst of the turbulence triggered by the West Asia war. But as it enters its 20th year of operations, India's largest airline is preparing for a new chapter amid a leadership transition, muted growth and fresh questions over how it will execute its international ambitions.

The June-quarter earnings, due on 23 July, will therefore be about more than just the numbers. Investors are likely to treat the results as the first checkpoint in a broader transition, with incoming chief executive William Walsh set to take charge on 3 August.

Since its operational meltdown in December, the airline has seen around five senior management changes. Former chief executive Pieter Elbers resigned with immediat...