InterGlobe Aviation Ltd. (“IndiGo”) reports its financial results for the fourth quarter and fiscal year ended March 31, 2026, highlighting resilient operational performance despite continued external disruptions and a volatile operating environment.
During FY26, IndiGo expands its operations with capacity increasing by 9.5% year-on-year and total income rising by 6.4% to INR 895,134 million. Excluding the impact of foreign exchange fluctuations and exceptional items, the airline reports a net profit of INR 75,025 million.
However, exceptionally sharp rupee depreciation, changes in labour laws, and a challenging operating environment offset operational gains, leading the company to report a net loss of INR 23,936 million for the fiscal year.
For the quarter ended March 31, 2026, IndiGo reports a net loss of INR 25,369 million. Excluding foreign exchange impact and exceptional items, the airline records a net profit of INR 19,206 million.
Q4 FY26 Operational Highlights
For the quarter ended March 31, 2026, compared to the corresponding quarter last year:
- Capacity increases by 3.4% to 43.6 billion ASKs despite disruptions arising from the ongoing Middle East conflict.
- Passenger traffic marginally declines by 1.1% to 31.6 million.
- Yield decreases by 2.2% to INR 5.20, while load factor declines by 1.7 percentage points to 85.8%.
- Revenue from operations rises by 1.3% to INR 224,384 million.
- Fuel CASK reduces by 4.8% to INR 1.53.
- CASK excluding fuel and forex increases by 7.3% to INR 3.15.
- EBITDAR excluding forex impact stands at INR 64,354 million with a margin of 28.7%.
- Net profit excluding forex impact and exceptional items stands at INR 19,206 million.
FY26 Financial and Operational Performance
For the full year ended March 31, 2026:
- Capacity increases by 9.5% to 172.4 billion ASKs.
- Passenger traffic grows by 4.0% to 123.4 million passengers.
- Revenue from operations rises by 5.1% to INR 849,619 million.
- Total income increases by 6.4% to INR 895,134 million.
- Fuel CASK reduces by 11.5% to INR 1.47.
- EBITDAR excluding forex impact stands at INR 231,889 million with a margin of 27.3%.
- Net profit excluding forex impact and exceptional items reaches INR 75,025 million.
Leadership Commentary
Rahul Bhatia, Managing Director, says:
“FY26 remains marked by an exceptionally challenging operating environment, which materially impacts profitability. Despite these conditions, the underlying performance of the business remains resilient. During the year, capacity grows by 9.5% and total income increases by over 6%. Excluding the impact of foreign exchange and exceptional items, IndiGo delivers a profit of INR 75 billion.
The airline continues to maintain a strong balance sheet with substantial liquidity, demonstrating resilience through prolonged periods of volatility. IndiGo thanks its 123 million customers for their continued trust and acknowledges the dedication of its 69,000 team members. While near-term conditions remain volatile, the airline stays focused on disciplined execution, cost efficiency, and long-term value creation.”
Revenue and Cost Performance
Total income for Q4 FY26 rises by 3.2% year-on-year to INR 238,307 million. Passenger ticket revenues stand at INR 194,258 million, while ancillary revenues increase by 9.2% to INR 23,515 million.
Total expenses for the quarter rise by 30.1% to INR 259,325 million, primarily driven by higher non-fuel costs and forex-related impacts.
For FY26, total costs increase by 17.2% to INR 896,775 million.
Cash Position and Debt
As of March 31, 2026, IndiGo maintains a total cash balance of INR 516,506 million, including INR 362,163 million in free cash and INR 154,343 million in restricted cash.
The airline’s total debt, including capitalized operating lease liabilities, stands at INR 777,492 million.
Network and Fleet Expansion
As of March 31, 2026, IndiGo operates a fleet of 441 aircraft, including Airbus A320neo, A321neo, ATR, Boeing 787, and freighter aircraft.
During the quarter, the airline operates at a peak of 2,241 daily flights and serves 97 domestic and 45 international destinations.
Operational Performance
Between January and March 2026:
- IndiGo records a Technical Dispatch Reliability of 99.9%.
- The airline achieves an on-time performance of 79.9% across 10 major airports.
- Flight cancellation rate remains low at 0.6%.
Outlook
IndiGo expects capacity in the first quarter of FY27 to grow by approximately 3–4% compared to the same period last year.
Awards and Recognition
During the year, IndiGo receives multiple industry recognitions, including:
- ‘Best Aviation Service Provider’ at Wings India 2026
- ‘Highest Domestic Uplift Airline Cargo for 2025’ at International Cargo Business Summit 2026
- Recognition as India’s Most Sustainable Company in the Aerospace, Aviation & Defense sector at the BW Businessworld IMSC Awards 2026
The airline also receives accolades for its premium offering, IndiGoStretch, across leading global aviation and hospitality award platforms.
