Ludhiana/Chandigarh, May 29, 2026 (News Team): Despite continuing external disruptions, during the year ended March 2026, IndiGo expanded its operations, with capacity increasing by 9.5% year-on-year and total income growing by 6.4% to INR 895,134 million. Excluding the impact of foreign exchange and exceptional items, IndiGo reported a net profit of INR 75,025 million.
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 INR 23,936 million.
For the quarter ended March 2026, IndiGo reported a net loss of INR 25,369 million. Excluding the impact of foreign exchange and exceptional items, the Company reported a net profit of INR 19,206 million.
For the quarter ended March 31, 2026, compared to the same period last year (on a consolidated basis)
Capacity increased by 3.4% to 43.6 billion ASKs, despite disruptions arising from the ongoing conflict in the Middle East.
- Passengers declined marginally by 1.1% to 31.6 million.
- Yield decreased by 2.2% to INR 5.20 and load factor decreased by 1.7pts to 85.8%
- Revenue from Operations increased by 1.3% to INR 224,384 million
- Fuel CASK reduced by 4.8% to INR 1.53
- CASK ex fuel ex fx increased by 7.3% to INR 3.15
- EBITDAR excluding forex impact of INR 64,354 million (28.7% EBITDAR margin), compared to EBITDAR excluding forex impact of INR 68,618 million (31.0% EBITDAR margin)
- EBITDAR of INR 22,278 million (9.9% EBITDAR margin), compared to EBITDAR of INR 69,482 million (31.4% EBITDAR margin)
- Net profit excluding impact of exceptional items and forex amounted to INR 19,206 million compared to net profit excluding impact of exceptional items and forex of INR 29,811 million
- Net loss of INR 25,369 million, compared to net profit of INR 30,675 million
For the year ended March 31, 2026, compared to year ended March 31, 2025 (on a consolidated basis)
- Capacity increased by 9.5% to 172.4 billion
- Passengers increased by 4.0% to 123.4 million against a seat growth of 5.2%
- Yield decreased by 1.7% to INR 5.06 and load factor decreased by 1.6pts to 84.4%
- Revenue from Operations increased by 5.1% to INR 849,619 million
- Fuel CASK reduced by 11.5% to INR 1.47
- CASK ex fuel ex fx increased by 3.8% to INR 3.00.
- EBITDAR excluding forex impact of INR 231,889 million (27.3% EBITDAR margin), compared to EBITDAR excluding forex impact of INR 228,612 million (28.3% EBITDAR margin)
- EBITDAR of INR 150,892 million (17.8% EBITDAR margin), compared to EBITDAR of INR 212,520 million (26.3% EBITDAR margin)
- Net profit excluding impact of exceptional items and forex amounted to INR 75,025 million compared to net profit excluding impact of exceptional items and forex of INR 88,676 million
- Net loss of INR 23,936 million, compared to net profit of INR 72,584 million
- Basic earnings per share of negative INR 61.88
ProfitabilityMetrics
|
Particulars (INR mn) |
Quarterended |
||
|
Mar’26 |
Mar’25 |
Change |
|
|
EBITDAR |
22,278 |
69,482 |
-67.9% |
|
EBITDARexcludingforeignexchange* |
64,354 |
68,618 |
-6.2% |
|
PBT |
(23,517) |
31,694 |
-174.2% |
|
PAT |
(25,369) |
30,675 |
-182.7% |
|
Profitexcludingforeignexchange* |
16,707 |
29,811 |
-44.0% |
|
Profitexcludingforeignexchangeand exceptional items |
19,206 |
29,811 |
-35.6% |
*NetofgainonforexhedgingINR6,153millionandlossofINR502millionforquarterendedMar’26andMar’25respectively
|
Particulars (INR mn) |
Fullyear |
||
|
Mar’26 |
Mar’25 |
Change |
|
|
EBITDAR |
150,892 |
212,520 |
-29.0% |
|
EBITDARexcludingforeignexchange* |
231,889 |
228,612 |
+1.4% |
|
PBT |
(19,605) |
75,934 |
-125.8% |
|
PAT |
(23,936) |
72,584 |
-133.0% |
|
Profitexcludingforeignexchange* |
57,061 |
88,676 |
-35.7% |
|
Profitexcludingforeignexchangeand exceptional items |
75,025 |
88,676 |
-15.4% |
*NetofgainonforexhedgingINR8,760millionandINR87millionforyearendedMar’26andMar’25respectively
OperationalMetrics*
|
Particulars |
Quarterended |
||
|
Mar’26 |
Mar’25 |
Change |
|
|
ASK(billion) |
43.6 |
42.1 |
+3.4% |
|
RPK(billion) |
37.4 |
36.8 |
+1.5% |
|
Load Factor |
85.8% |
87.4% |
-1.7pts |
|
Passengers(million) |
31.6 |
31.9 |
-1.1% |
*Includenon-scheduledoperations
|
Particulars |
Fullyear |
||
|
Mar’26 |
Mar’25 |
Change |
|
|
ASK(billion) |
172.4 |
157.5 |
+9.5% |
|
RPK(billion) |
145.5 |
135.4 |
+7.5% |
|
Load Factor |
84.4% |
86.0% |
-1.6pts |
|
Passengers(million) |
123.4 |
118.6 |
+4.0% |
*Includenon-scheduledoperations
Mr. Rahul Bhatia, MD, 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 INR 75 billion.
We continue to maintain a strong balance sheet with substantial liquidity, demonstrating resilience through prolonged periods of volatility. I would like to thank our 123 million customers for placing their trust in us, and our 69,000 dedicated IndiGo team members for their extraordinary professionalism. While the near term remains volatile, we remain firmly focused on disciplined execution, cost efficiency, and long-term value creation.”
Revenue and Cost Comparisons
Total income for the quarter ended March 2026 was INR 238,307 million, an increase of 3.2% over the same period last year. For the quarter, our passenger ticket revenues were INR 194,258 million, a decrease of 0.7% and ancillary revenues were INR 23,515 million, an increase of 9.2% compared to the same period last year.
|
Particulars(INRmn) |
Quarterended |
||
|
Mar’26 |
Mar’25 |
Change |
|
|
Revenuefromoperations |
224,384 |
221,519 |
+1.3% |
|
Otherincome |
13,923 |
9,456 |
+47.2% |
|
Totalincome |
238,307 |
230,975 |
+3.2% |
|
RASK*(INR) |
5.30 |
5.26 |
+0.8% |
|
Yield(INR/Km) |
5.20 |
5.32 |
-2.2% |
*NetoffinanceincomeofINR7,374millionandINR9,509millionforquarterendedMar’26andMar’25respectively
|
Particulars(INRmn) |
Fullyear |
||
|
Mar’26 |
Mar’25 |
Change |
|
|
Revenuefromoperations |
849,619 |
808,029 |
+5.1% |
|
Otherincome |
45,515 |
32,953 |
+38.1% |
|
Totalincome |
895,134 |
840,982 |
+6.4% |
|
RASK*(INR) |
4.99 |
5.14 |
-3.0% |
|
Yield(INR/Km) |
5.06 |
5.15 |
-1.7% |
Total expenses for the quarter ended March 2026 were INR 259,325 million, an increase of 30.1% over the same quarter last year.
|
Particulars(INRmn) |
Quarterended |
||
|
Mar’26 |
Mar’25 |
Change |
|
|
Fuelcost |
66,503 |
67,530 |
-1.5% |
|
Othercostsexcluding fuel |
192,822 |
131,751 |
+46.4% |
|
Totalcost |
259,325 |
199,281 |
+30.1% |
|
CASK*(INR) |
5.78 |
4.51 |
+28.3% |
|
CASKexfuel*(INR) |
4.26 |
2.90 |
+46.6% |
|
CASKexfuelexforex*(INR) |
3.15 |
2.94 |
+7.3% |
*NetoffinanceincomeofINR7,374millionandINR9,509millionforquarterendedMar’26andMar’25respectively
|
Particulars(INRmn) |
Fullyear |
||
|
Mar’26 |
Mar’25 |
Change |
|
|
Fuelcost |
253,892 |
261,973 |
-3.1% |
|
Othercostsexcluding fuel |
642,883 |
503,075 |
+27.8% |
|
Totalcost |
896,775 |
765,048 |
+17.2% |
|
CASK*(INR) |
5.00 |
4.66 |
+7.2% |
|
CASKexfuel*(INR) |
3.52 |
3.00 |
+17.6% |
|
CASKexfuelexforex*(INR) |
3.00 |
2.89 |
+3.8% |
Exceptional items for the quarter ended March 2026 were INR 2,499 million, reflecting an incremental provision for new labour laws, following a reassessment in line with latest developments during the quarter.
Cash and Debt
- As of 31st March 2026
- IndiGo had a total cash balance of INR 516,506 million comprising INR 362,163 million of free cash and INR 154,343 million of restricted cash.
- The capitalized operating lease liability was INR 534,608 million. The total debt (including capitalized operating lease liability) was INR 777,492 million.
Network and Fleet
- As of 31st March 2026, fleet of 441 aircraft including 31 A320 CEOs (5 damp lease), 177 A320 NEOs, 172 A321 NEOs (4 damp lease), 1 A321XLR, 46 ATRs, 3 A321 freighters, 5 B737 (damp lease) and 6 B787 (damp lease); a net increase of 1 passenger aircraft during the quarter.
- IndiGo operated at a peak of 2,241 daily flights during the quarter including non-scheduled flights.
- During the quarter, provided scheduled services to 97 domestic destinations and 45 international destinations.
Operational Performance
- For the period January’26-March’26, IndiGo had a Technical Dispatch Reliability of 99.9%.
- For the period January’26-March’26, IndiGo had an on-time performance of 79.9% at 10 major airports and flight cancellation rate of 0.6%.
Future Capacity Growth
- First quarter of fiscal year 2027 capacity in terms of ASKs is expected to grow around 3-4% as compared to the first quarter of fiscal year 2026.
Awards and Accolades
- IndiGo has been recognized as the ‘Best Aviation Service Provider’ at the prestigious Wings India 2026
- IndiGo has been honoured with the “Highest Domestic Uplift Airline Cargo for 2025’ award at International Cargo Business Summit 2026
- IndiGo ranked #1 among India’s Most Sustainable Companies in the Aerospace, Aviation & Defense sector for FY2024-25 at the BW Businessworld IMSC Awards 2026
- IndiGo was recognized across three prestigious industry platforms for its tailor-made business product, IndiGoStretch
- TravelPlus Airline Amenity Awards 2026
- Onboard Hospitality Awards 2026
- PAX International Readership Award 2026
The Company will conduct a live audio earnings call today, May 29 at 5 pm IST which will be available to the public on a listen only mode followed by Q&A session. The dial-in details are given below:
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Dial-inNumbers |
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UniversalAccess |
PrimaryNumber: +912262801311or+912271158212 |
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LocalAccess |
PrimaryNumber: 18001201221 |
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OtherRegions |
USA: UK: Singapore: HongKong: Japan: |
18667462133 08081011573 8001012045 800964448 00531161110 |
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Pre-registeratthefollowingURLandgetyouruniquedial-indetailsforthecall |
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Diamond Pass |
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