IndiGo Q4 FY26: Earnings reverse sharply despite stable revenue base

May 29: InterGlobe Aviation Ltd. (“IndiGo”) today reported its fourth quarter and fiscal year 2026 results. 

For the quarter ended March 31, 2026, compared to the same period last year (on a consolidated basis)

·     Capacity increased by 3.4% to 43.6 billion ASKs, despite disruptions arising from the ongoing conflict in the Middle East.

·     Passengers declined marginally by 1.1% to 31.6 million.

·     Yield decreased by 2.2% to INR 5.20 and load factor decreased by 1.7pts to 85.8%

·     Revenue from Operations increased by 1.3% to INR 224,384 million

·     Fuel CASK reduced by 4.8% to INR 1.53

·     CASK ex fuel ex fx increased by 7.3% to INR 3.15

·     EBITDAR excluding forex impact of INR 64,354 million (28.7% EBITDAR margin), compared to EBITDAR excluding forex impact of INR 68,618 million (31.0% EBITDAR margin)

·     EBITDAR of INR 22,278 million (9.9% EBITDAR margin), compared to EBITDAR of INR 69,482 million (31.4% EBITDAR margin)

·     Net profit excluding impact of exceptional items and forex amounted to INR 19,206 million compared to net profit excluding impact of exceptional items and forex of INR 29,811 million

·     Net loss of INR 25,369 million, compared to net profit of INR 30,675 million 

For the year ended March 31, 2026, compared to year ended March 31, 2025 (on a consolidated basis)

·     Capacity increased by 9.5% to 172.4 billion

·     Passengers increased by 4.0% to 123.4 million against a seat growth of 5.2%

·     Yield decreased by 1.7% to INR 5.06 and load factor decreased by 1.6pts to 84.4%

·     Revenue from Operations increased by 5.1% to INR 849,619 million

·     Fuel CASK reduced by 11.5% to INR 1.47

·     CASK ex fuel ex fx increased by 3.8% to INR 3.00.

·     EBITDAR excluding forex impact of INR 231,889 million (27.3% EBITDAR margin), compared to EBITDAR excluding forex impact of INR 228,612 million (28.3% EBITDAR margin)

·     EBITDAR of INR 150,892 million (17.8% EBITDAR margin), compared to EBITDAR of INR 212,520 million (26.3% EBITDAR margin)

·     Net profit excluding impact of exceptional items and forex amounted to INR 75,025 million compared to net profit excluding impact of exceptional items and forex of INR 88,676 million

·     Net loss of INR 23,936 million, compared to net profit of INR 72,584 million

·     Basic earnings per share of negative INR 61.88

Profitability Metrics

* Net of gain on forex hedging INR 6,153 million and loss of INR 502 million for quarter ended Mar’26 and Mar’25 respectively 

* Net of gain on forex hedging INR 8,760 million and INR 87 million for year ended Mar’26 and Mar’25 respectively 

Operational Metrics*

*Include non-scheduled operations 

*Include non-scheduled operations

Mr. Rahul Bhatia, MD, said, “FY26 was marked by an exceptionally challenging operating environment, which materially impacted our profitability. Despite these conditions, the underlying performance of the business remained resilient.

During the year, our capacity grew by 9.5% and total income increased by over 6%. Excluding the impact of foreign exchange and exceptional items, IndiGo delivered a profit of INR 75 billion.

We continue to maintain a strong balance sheet with substantial liquidity, demonstrating resilience through prolonged periods of volatility. I would like to thank our 123 million customers for placing their trust in us, and our 69,000 dedicated IndiGo team members for their extraordinary professionalism. While the near term remains volatile, we remain firmly focused on disciplined execution, cost efficiency, and long-term value creation.” 

Revenue and Cost Comparisons

Total income for the quarter ended March 2026 was INR 238,307 million, an increase of 3.2% over the same period last year. For the quarter, our passenger ticket revenues were INR 194,258 million, a decrease of 0.7% and ancillary revenues were INR 23,515 million, an increase of 9.2% compared to the same period last year.

*Net of finance income of INR 7,374 million and INR 9,509 million for quarter ended Mar’26 and Mar’25 respectively