InterGlobe Aviation Q4 results: Airline reports net loss of ₹2,536 crore YoY; capacity grows 3%

IndiGo operator InterGlobe Aviation reported a net loss of ₹2,536 crore for the quarter ended March 31, 2026 (Q4 FY26) on Friday, May 29, as compared to a net profit of ₹3,068 crore seen in the same period of the last financial year.

However, excluding the impact of foreign exchange and exceptional items, the company said it has reported a net profit of ₹1,920.6 crore.

The airline’s revenue increased just 1% at ₹22,438 crore in the reporting quarter as against ₹22,152 crore year-on-year (YoY).

IndiGo witnessed a 6% decline in EBITDAR to ₹6,396 crore in Q4, compared to ₹6,817 crore in the year-ago period. The airline’s EBITDAR margin stood at 28.5%, down from 30.8% YoY, while its EBITDA margin was reported at 3.6% versus 27.5% in the corresponding quarter.

However, despite continuing external disruptions, during the year ended March 2026, IndiGo said it has expanded its operations, with capacity increasing by 9.5% YoY and total income growing by 6.4% to ₹89,513.4 crore.

Exceptionally sharp rupee depreciation, changes in labour laws and a challenging operating environment offset the operational profit, and the company reported a net loss of ₹2,393.6 crore.

For Q4 FY26, IndiGo reported a 3.4% increase in capacity to 43.6 billion ASKs on a consolidated basis, despite disruptions arising from the ongoing Middle East conflict.

The airline said it expects capacity, measured in ASKs, to grow by around 3–4% in the first quarter of FY27 compared with the corresponding quarter of FY26.

Passenger numbers declined marginally by 1.1% to 31.6 million during the quarter. Yield fell by 2.2% to ₹5.20, while load factor decreased by 1.7 percentage points to 85.8% compared to the same period last year.

Commenting on the earnings, InterGlobe Aviation Managing Director Rahul Bhatia 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 ₹7,500 crore.”

Bhatia further said the company continues to maintain a strong balance sheet with substantial liquidity, reflecting resilience through prolonged periods of volatility.

He added that IndiGo remains focused on disciplined execution, cost efficiency and long-term value creation, while expressing gratitude to its 123 million customers for their trust and to its 69,000 employees for their professionalism, even as near-term conditions remain volatile.

As of March 31, 2026, IndiGo reported a total cash balance of ₹51,650.6 crore, comprising ₹36,216.3 crore of free cash and ₹15,434.3 crore of restricted cash. The capitalised operating lease liability stood at ₹53,460.8 crore, taking the total debt, including lease liabilities, to ₹77,749.2 crore.

FY26 updates

IndiGo reported a net profit of ₹7,502.5 crore excluding exceptional items and forex impact for FY26 compared to ₹8,868 crore in the previous year. The company, however, posted a net loss of ₹2,393.6 crore for the year, against a net profit of ₹7,258.4 crore in FY25, with basic earnings per share at negative ₹61.88.

For FY26, IndiGo’s capacity increased 9.5% to 172.4 billion ASKs on a consolidated basis. Passenger traffic rose 4.0% to 123.4 million, compared with a 5.2% increase in seat capacity during the year.

Operational metrics saw some moderation, with yield declining 1.7% to ₹5.06 and load factor easing by 1.6 percentage points to 84.4%. Revenue from operations increased 5.1% to ₹84,961.9 crore, while fuel CASK declined 11.5% to ₹1.47.

On the profitability front, EBITDAR (excluding forex impact) stood at ₹23,188.9 crore with a margin of 27.3%, compared to ₹22,861.2 crore and 28.3% in the previous year. Reported EBITDAR came in at ₹15,089.2 crore (17.8% margin), versus ₹21,252.0 crore (26.3% margin) a year ago.

On Friday, shares of InterGlobe Aviation closed at ₹4,405 apiece on the National Stock Exchange, declining 3.61%. The earnings were, however, announced after the market hours.