InterGlobe Aviation (INDIGO) Q4 25/26 earnings summary

Executive summary

• Reported a consolidated net loss of INR 23.9 billion for FY26, reversing from a profit in FY25, driven by operational disruptions, currency depreciation, and exceptional items including new labour codes.

• Total income for FY26 reached INR 895 billion, up 6.4% year-over-year, with over 123 million passengers served and a network of 670+ direct routes, including 150+ international destinations.

• The fleet expanded to 441 aircraft as of March 31, 2026, with notable growth in both domestic and international destinations.

• Leadership changes included the resignation of the CEO and appointment of William Walsh as CEO and Aloke Singh as Chief Strategy Officer.

• Audited standalone and consolidated financial results for FY26 were approved with unmodified audit opinions.

Financial highlights

• FY26 revenue from operations grew 5.1% year-over-year to INR 849.6 billion, while total income rose 6.4% to INR 895.1 billion.

• PAT for FY26 was a loss of INR 23.9 billion, down from a profit of INR 72.6 billion in FY25, with PAT margin dropping to -2.8% from 9.0%.

• EBITDAR for FY26 was INR 150.9 billion, down 29% year-over-year, with EBITDAR margin at 17.8% versus 26.3% in FY25.

• Total expenses increased 17.2% year-over-year, driven by higher maintenance, depreciation, and forex losses.

• Q4 net loss of INR 25.4 billion vs. net profit of INR 30.7 billion last year, impacted by high base and disruptions.

Outlook and guidance

• The company expects 3%-4% capacity growth in Q1 FY27 versus prior year, with a focus on domestic redeployment and selective international ramp-up.

• Costs remain elevated due to higher fuel prices, rupee depreciation, and contractual escalations.

• Selective recalibration of routes and fleet optimization planned to protect margins.

• The company continues to monitor regulatory developments, especially regarding labour codes and tax matters.