InterGlobe Aviation (INDIGO) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 total income rose 24.0% YoY to INR 243,119 million; reported net loss narrowed to INR 18,791 million from INR 25,821 million.

• EBITDAR increased to INR 24,599 million from INR 11,143 million; EBITDAR margin improved to 10.5% from 6.0%.

• H1 FY27 revenue reached INR 479,479 million, while net loss widened to INR 21,171 million from INR 4,058 million.

• Total cash was INR 526,854 million at September 30, 2026; free cash was INR 399 billion and restricted cash INR 128 billion.

Financial highlights

• Revenue from operations increased 25.9% YoY to INR 233,638 million; other income declined 9.2% to INR 9,481 million.

• Total expenses rose 18.6% YoY to INR 261,884 million; fuel expenses increased 67.2% to INR 99,668 million.

• Forex-adjusted PAT was a loss of INR 7,237 million versus profit of INR 1,039 million; forex-adjusted PAT margin was -3.1% versus 0.6%.

• Yield increased 34.3% to INR 6.30 and PRASK rose 31%; cargo revenue increased 37% YoY.

• EBITDAR excluding forex declined 4.9% YoY to INR 36,153 million; like-for-like margin excluding MTM and hedging fell 5 percentage points.

Outlook and guidance

• Q3 capacity growth expected in the early single digits YoY; PRASK is expected to rise >25% YoY based on October trends.

• Q3 load factors are expected to be flat YoY based on current position and forward bookings; capacity reductions are weighted more toward international operations.

• FY capacity growth forecast remains in the early single digits; CASK excluding fuel, FOREX and MTM is expected to increase in the high-single-digit to early-double-digit range.

• FY28 growth guidance remains mid-teens; the long-term target of 300bn ASKM by FY30 is unchanged.