InterGlobe Aviation (“IndiGo”) today reported its second quarter of fiscal year 2027 results
For the quarter ended September 30, 2026, compared to the same period last year (on a consolidated basis)
• Capacity reduced by 1% to 40.8 billion ASKs
• Passengers reduced by 4.7% to 27.5 million
• Yield increased by 34.3% to INR 6.30, and load factor decreased by 2.2pts to 80.3% • Revenue from Operations increased by 25.9% to INR 233,638 million
• Fuel CASK increased by 68.9% to INR 2.44
• CASK ex fuel ex fx increased by 14.6% to INR 3.45
• EBITDAR excluding forex impact of INR 36,153 million (15.5% margin), compared to EBITDAR excluding forex impact of INR 38,003 million (20.5% margin)
• EBITDAR of INR 24,599 million (10.5% margin), compared to EBITDAR of INR 11,143 million (6.0% margin)
• Net loss excluding forex amounted to INR 7,237 million compared to net profit excluding forex of INR 1,039 million
• Net loss of INR 18,791 million, compared to net loss of INR 25,821 million
Profitability Metrics
| Particulars (INR mn) | Quarter ended | ||
| Sep’26 | Sep’25 | Change | |
| EBITDAR | 24,599 | 11,143 | +120.8% |
| EBITDAR excluding foreign exchange* | 36,153 | 38,003 | -4.9% |
| PBT | (18,765) | (24,817) | +24.4% |
| PAT | (18,791) | (25,821) | +27.2% |
| Profit excluding foreign exchange* | (7,237) | 1,039 | -796.5% |
* Net of gain on forex hedging of INR 1,778 million and INR 2,061 million for the quarter ended Sep’26 and Sep’25 respectively
Operational Metrics*
| Particulars | Quarter ended | ||
| Sep’26 | Sep’25 | Change | |
| ASK (billion) | 40.8 | 41.2 | -1.0% |
| RPK (billion) | 32.8 | 34.0 | -3.7% |
| Load Factor | 80.3% | 82.5% | -2.2 pts |
| Passengers (million) | 27.5 | 28.8 | -4.7% |
*Include non-scheduled operations
Willie Walsh, CEO, said, “The seasonally soft September quarter saw exceptionally elevated fuel costs and continued geopolitical turmoil. We responded with prudent capacity reduction and yield management, supporting strong revenue performance but only partially offsetting the higher costs. Despite these actions, the quarter resulted in a net loss of around 19 billion rupees.
We remain focused on managing the near-term challenges while continuing to invest for the future. India’s long-term aviation opportunity remains compelling, and our priorities remain clear: safe and reliable operations, rigorous cost discipline, and disciplined growth that creates sustainable value.”
Revenue and Cost Comparisons
Total income for the quarter ended September 2026 was INR 243,119 million, an increase of 24.0% over the same period last year. For the quarter, our passenger ticket revenues were INR 206,522 million, an increase of 29.3% and ancillary revenues were INR 24,809 million, an increase of 15.9% compared to the same period last year.
| Particulars (INR mn) | Quarter ended | ||
| Sep’26 | Sep’25 | Change | |
| Revenue from operations | 233,638 | 185,553 | +25.9% |
| Other income | 9,481 | 10,442 | -9.2% |
| Total income | 243,119 | 195,995 | +24.0% |
| RASK* (INR) | 5.76 | 4.55 | +26.4% |
| Yield (INR/Km) | 6.30 | 4.69 | +34.3% |
*Net of finance income of INR 8,220 million and INR 8,294 million for quarter ended Sep’26 and Sep’25 respectively
Total expenses for the quarter ended September 2026 were INR 261,884 million, an increase of 18.6% over the same quarter last year.
| Particulars (INR mn) | Quarter ended | ||
| Sep’26 | Sep’25 | Change | |
| Fuel cost | 99,668 | 59,618 | +67.2% |
| Other costs excluding fuel | 162,216 | 161,194 | +0.6% |
| Total cost | 261,884 | 220,812 | +18.6% |
| CASK* (INR) | 6.22 | 5.16 | +20.6% |
| CASK ex fuel* (INR) | 3.77 | 3.71 | +1.8% |
| CASK ex fuel ex forex* (INR) | 3.45 | 3.01 | +14.6% |
* Net of finance income of INR 8,220 million and INR 8,294 million for quarter ended Sep’26 and Sep’25 respectively
Cash and Debt
As of 30th September 2026
• IndiGo had a total cash balance of INR 526,854 million, comprising INR 399,290million of free cash and INR 127,564 million of restricted cash.
• The capitalised operating lease liability was INR 551,592 million. The total debt (including capitalised operating lease liability) was INR 873,031 million.
Network and Fleet
• As of 30th September 2026, the fleet of 442 aircraft including 26 A320 CEOs, 174 A320 NEOs, 186 A321 NEOs, 4 A321XLR, 44 ATRs, 3 A321 freighters, and 5 B787 (damp lease); a net increase of 10 passenger aircraft during the quarter.
• IndiGo operated at a peak of 2,020 daily flights during the quarter including non-scheduled flights.
• During the quarter, provided scheduled services to 97 domestic destinations and 36 international destinations.
Operational Performance
For the period July’26-September’26
• IndiGo had a Technical Dispatch Reliability of 99.9%.
• IndiGo had an on-time performance of 91.3% at 10 major airports and a flight cancellation rate of 0.35%.
Future Capacity Growth
• Third quarter of fiscal year 2027 capacity in terms of ASKs is expected to grow by early single digits as compared to the third quarter of fiscal year 2026.
Awards and Accolades
• IndiGo has been recognised as ‘Best In-flight Cafe’ under the ‘Best In-flight Dining Experience’ category at Travel + Leisure India & South Asia’s seventh edition of the Delicious Dining Awards
• IndiGo has been recognised among the ‘Prestigious Brands of India 2026’ by BARC Asia and ERTC Media
• IndiGo has been recognised 16 times as ‘Best Low-Cost Airline in India & South Asia’ by Skytrax
• IndiGo has been recognised as ‘Cleanest Airline in India & South Asia’ and ‘Best Cabin Crew in India & South Asia’ by Skytrax
• IndiGo has been recognised with the ‘DEI Power Award for Inclusion of Persons with Disability (PwD)’ at the Global Inclusion Summit & Awards 2026
Conference Call
The Company will conduct a live audio earnings call today, October 29 at 5 pm IST which will be available to the public on a listen only mode followed by Q&A session. The dial-in details are given below:
| Dial-in Numbers | |
| Universal Access | Primary Number: +91 22 6280 1311 or +91 22 7115 8212 |
| Local Access | Primary Number: 1 800 120 1221 |
| Other Regions | USA: 18667462133 UK: 08081011573 Singapore: 8001012045 Hong Kong: 800964448 Japan: 00531161110 |
| Pre-register at the following URL and get your unique dial-in details for the call | |
| Diamond Pass | https://services.choruscall.in/DiamondPassRegistration/register?confirmatio nNumber=2524952&linkSecurityString=1601ecd288 |
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