IndiGo Q1 FY27 Results: InterGlobe Aviation Reports ₹238 Crore Net Loss as Fuel Costs Jump 86%; Revenue Rises 19.9%

InterGlobe Aviation, the parent company of IndiGo, reported its Q1 FY27 results on Thursday, July 23, with the airline slipping into a consolidated net loss as sharply higher fuel costs, adverse foreign exchange movements and disruptions arising from the Middle East conflict weighed on earnings during the June quarter.

The airline posted a consolidated net loss of ₹238 crore for the quarter ended June 30, 2026, compared with a net profit of ₹2,176.3 crore in the corresponding period last year. Despite the decline in profitability, revenue from operations rose 19.9% year-on-year to ₹24,584.1 crore, supported by higher passenger ticket revenue and improved yields.

Loss before tax stood at ₹238.4 crore against a profit before tax of ₹2,310.7 crore a year earlier. Excluding the impact of foreign exchange movements, the net loss narrowed to ₹5.6 crore, compared with a profit of ₹2,347.3 crore in the year-ago quarter.

IndiGo Q1 FY27 Results

Total income for the quarter increased 18.9% year-on-year to ₹25,614.1 crore from ₹21,542.6 crore a year ago.

Passenger ticket revenue grew 23% to ₹21,878.6 crore, while ancillary revenue increased 13.9% to ₹2,453.4 crore.

The sharp increase in fuel costs offset much of the revenue growth. Fuel expenses rose 86% year-on-year to ₹10,832.9 crore from ₹5,832.6 crore in the corresponding quarter last year.

Fuel cost per available seat kilometre (Fuel CASK) climbed 80.4% year-on-year to ₹2.49, while cost per available seat kilometre excluding fuel and foreign exchange (CASK ex fuel ex FX) increased 10.7% to ₹3.20.

EBITDAR declined to ₹3,832.5 crore from ₹5,738.6 crore a year earlier, with the EBITDAR margin narrowing to 15.6% from 28%. Excluding foreign exchange impact, EBITDAR fell 33.2% year-on-year to ₹4,064.9 crore from ₹5,909.6 crore.

IndiGo carried 3.13 crore passengers during the quarter, up 0.7% from 3.10 crore a year earlier.

Capacity, measured in available seat kilometres (ASK), increased 2.9% year-on-year to 43.5 billion, while revenue passenger kilometres (RPK) rose 1.4% to 36.2 billion. Load factor stood at 83.3%, compared with 84.6% in the year-ago quarter.

Yield improved 21.3% year-on-year to ₹6.04 per kilometre from ₹4.98, while revenue per available seat kilometre (RASK) increased 16.5% to ₹5.66.

As of June 30, 2026, the airline reported a total cash balance of ₹52,884.6 crore, including free cash of ₹39,038.7 crore and restricted cash of ₹13,845.9 crore. Capitalised operating lease liabilities stood at ₹53,755.6 crore, taking total debt, including lease liabilities, to ₹81,531.3 crore.

IndiGo ended the quarter with a fleet of 432 aircraft, comprising A320, A321, ATR, freighter and Boeing 787 aircraft under damp lease. The airline operated up to 2,298 daily flights, serving 97 domestic and 46 international destinations. Technical dispatch reliability remained at 99.9%, while on-time performance across 10 major airports stood at 86.9%. The flight cancellation rate was 0.3%.

IndiGo Q1 FY27 Results: Guidance

InterGlobe Aviation said capacity during the second quarter of FY27, measured in available seat kilometres, is expected to remain broadly flat compared with the corresponding quarter last year, reflecting seasonal demand trends and operational uncertainty affecting travel between India and West Asia.

The company added that aircraft utilisation is expected to improve progressively after the seasonally weaker first quarter.

IndiGo Q1 FY27 Results: Management Commentary

Rahul Bhatia, Managing Director of IndiGo, said the June quarter was marked by a challenging operating environment as elevated fuel prices, foreign exchange movements and network-related disruptions linked to the Middle East conflict weighed on earnings.

He said demand remained healthy through the quarter, with stronger yields and continued customer preference supporting revenue growth. The airline carried more than 3.1 crore passengers during the period and remains focused on expanding its network while maintaining operational reliability.

IndiGo Share price

Ahead of the results announcement, IndiGo shares ended Thursday's trading session 1.83% lower at ₹5,023.50 on the NSE.

The stock has declined 2.56% over the past five trading sessions but remains up 2.30% over the last month and 5.18% over the past six months. On a year-to-date basis, the stock has gained 0.97%, while it is down 13.04% over the past year.

IndiGo shares touched a 52-week high of ₹6,232.50 on August 18, 2025, and a 52-week low of ₹3,895.20 on March 23, 2026.

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