IndiGo delivers strong revenue growth of 24% year-on-year, supported by disciplined capacity
IndiGo delivers strong revenue growth of 24% year-on-year, supported by disciplined capacity deployment and yield management. These measures helped partially offset elevated cost pressures. Exceptionally high fuel costs and rupee depreciation, however, weighed on profitability, resulting in a net loss of INR 19 billion.
National, October 29, 2026: InterGlobe Aviation Ltd. (“IndiGo”) today reported its second-quarter results for fiscal year 2027.
Financial and Operational Highlights
For the quarter ended September 30, 2026, compared with 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, while load factor decreased by 2.2 percentage points 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 excluding fuel and foreign exchange increased by 14.6% to INR 3.45.
- EBITDAR excluding foreign exchange impact was INR 36,153 million (15.5% margin), compared with INR 38,003 million (20.5% margin).
- EBITDAR was INR 24,599 million (10.5% margin), compared with INR 11,143 million (6.0% margin).
- Net loss excluding foreign exchange amounted to INR 7,237 million, compared with a net profit excluding foreign exchange of INR 1,039 million.
- Net loss was INR 18,791 million, compared with a net loss of INR 25,821 million.
Profitability Metrics
| Particulars (INR million) | 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% |
Operational Metrics
| Particulars | 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% |
Mr. 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.
Passenger ticket revenues were INR 206,522 million, an increase of 29.3%, while ancillary revenues were INR 24,809 million, an increase of 15.9% compared with the same period last year.
Revenue
| Particulars (INR million) | 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% |
Total expenses for the quarter ended September 2026 were INR 261,884 million, an increase of 18.6% over the same quarter last year.
Costs
| Particulars (INR million) | 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 excluding fuel* (INR) | 3.77 | 3.71 | +1.8% |
| CASK excluding fuel and foreign exchange* (INR) | 3.45 | 3.01 | +14.6% |
Cash and Debt
As of September 30, 2026:
- IndiGo had a total cash balance of INR 526,854 million, comprising INR 399,290 million of free cash and INR 127,564 million of restricted cash.
- Capitalised operating lease liability stood at INR 551,592 million.
- Total debt, including capitalised operating lease liability, stood at INR 873,031 million.
Network and Fleet
- As of September 30, 2026, IndiGo had a fleet of 442 aircraft, including 26 A320 CEOs, 174 A320 NEOs, 186 A321 NEOs, 4 A321XLRs, 44 ATRs, 3 A321 freighters and 5 B787 aircraft under damp lease. The airline recorded a net increase of 10 passenger aircraft during the quarter.
- IndiGo operated a peak of 2,020 daily flights during the quarter, including non-scheduled flights.
- During the quarter, the airline provided scheduled services to 97 domestic destinations and 36 international destinations.
Operational Performance
For the period July–September 2026:
- IndiGo recorded technical dispatch reliability of 99.9%.
- The airline achieved on-time performance of 91.3% at 10 major airports.
- The flight cancellation rate stood at 0.35%.
Future Capacity Growth
IndiGo expects capacity, measured in ASKs, to grow by low single digits in the third quarter of fiscal year 2027 compared with the third quarter of fiscal year 2026.
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