IndiGo reports Strong Revenue Growth despite challenging operating environment

IndiGo has reported a strong revenue performance for the quarter ended June 2026, demonstrating resilience despite a challenging operating environment marked by rising costs and geopolitical disruptions

For the quarter ended June 2026, total income rose to INR 256 billion, supported by a 19% increase in passenger unit revenue.

A combination of fuel price escalation, adverse foreign exchange movement and the Middle East conflict impacted profitability during the quarter, resulting in a net loss of INR 2.4 billion.

For the quarter ended June 30, 2026, compared to the same period last year (on a consolidated basis)

• Capacity increased by 2.9% to 43.5 billion ASKs
• Passengers increased by 0.7% to 31.3 million
• Yield increased by 21.3% to INR 6.04 and load factor decreased by 1.3pts to 83.3%
• Revenue from Operations increased by 19.9% to INR 245,841 million
• Fuel CASK increased by 80.4% to INR 2.49
• CASK ex fuel ex fx increased by 10.7% to INR 3.20
• EBITDAR excluding forex impact of INR 40,649 million (16.5% EBITDAR margin), compared to EBITDAR excluding forex impact of INR 59,096 million (28.8% EBITDAR margin)
• EBITDAR of INR 38,325 million (15.6% EBITDAR margin), compared to EBITDAR of INR 57,386 million (28.0% EBITDAR margin)
• Net loss excluding forex amounted to INR 56 million compared to net profit excluding forex of INR 23,473 million
• Net loss of INR 2,380 million, compared to net profit of INR 21,763 million

Profitability Metrics

Particulars (INR mn)	Quarter ended
	Jun’26	Jun’25	Change
EBITDAR	38,325	57,386	-33.2%
EBITDAR excluding foreign exchange*	40,649	59,096	-31.2%
PBT	(2,384)	23,107	-110.3%
PAT	(2,380)	21,763	-110.9%
Profit excluding foreign exchange*	(56)	23,473	-100.2%

* Net of loss on forex hedging of INR 1,499 million and INR 237 million for the quarter ended Jun’26 and Jun’25 respectively

Operational Metrics*

Particulars	Quarter ended
	Jun’26	Jun’25	Change
ASK (billion)	43.5	42.3	+2.9%
RPK (billion)	36.2	35.7	+1.4%
Load Factor	83.3%	84.6%	-1.3 pts
Passengers (million)	31.3	31.0	+0.7%

*Include non-scheduled operations

Rahul Bhatia, MD, said, “The first quarter was shaped by a volatile operating environment, with elevated fuel costs and network-related constraints in the Middle East impacting profitability. At the same time, demand remained healthy and our revenue performance improved year-on-year, supported by improved yields and continued customer preference for IndiGo as we proudly served more than 31 million passengers.

We remain focused on managing capacity prudently, maintaining cost discipline, and responding to market conditions with agility. However, the pressure of fuel costs and rupee depreciation resulted in a loss of around 2 billion rupees for the quarter. While near-term uncertainties remain, we continue to stay committed to our long-term priorities of strengthening the network, enhancing customer choice, and creating sustainable value for all stakeholders.”

Revenue and Cost Comparisons

Total income for the quarter ended June 2026 was INR 256,141 million, an increase of 18.9% over the same period last year. For the quarter, our passenger ticket revenues were INR 218,786 million, an increase of 23.0% and ancillary revenues were INR 24,534 million, an increase of 13.9% compared to the same period last year.

Particulars (INR mn)	Quarter ended
	Jun’26	Jun’25	Change
Revenue from operations	245,841	204,963	+19.9%
Other income	10,300	10,463	-1.6%
Total income	256,141	215,426	+18.9%
RASK* (INR)	5.66	4.86	+16.5%
Yield (INR/Km)	6.04	4.98	+21.3%

*Net of finance income of INR 10,043 million and INR 10,267 million for quarter ended Jun’26 and Jun’25 respectively

Total expenses for the quarter ended June 2026 were INR 258,525 million, an increase of 34.4% over the same quarter last year.

Particulars (INR mn)	Quarter ended
	Jun’26	Jun’25	Change
Fuel cost	108,329	58,326	+85.7%
Other costs excluding fuel	150,196	133,993	+12.1%
Total cost	258,525	192,319	+34.4%
CASK* (INR)	5.71	4.31	+32.6%
CASK ex fuel* (INR)	3.22	2.93	+10.0%
CASK ex fuel ex forex* (INR)	3.20	2.89	+10.7%

* Net of finance income of INR 10,043 million and INR 10,267 million for quarter ended Jun’26 and Jun’25 respectively

Cash and Debt

As of 30^th June 2026

• IndiGo had a total cash balance of INR 528,846 million comprising INR 390,387 million of free cash and INR 138,459 million of restricted cash.
• The capitalized operating lease liability was INR 537,556 million. The total debt (including capitalized operating lease liability) was INR 815,313 million.

Network and Fleet

• As of 30^th June 2026, fleet of 432 aircraft including 26 A320 CEOs, 174 A320 NEOs, 176 A321 NEOs (1 damp lease), 3 A321XLR, 44 ATRs, 3 A321 freighters, and 6 B787 (damp lease); a net decrease of 9 passenger aircraft during the quarter.
• IndiGo operated at a peak of 2,298 daily flights during the quarter including non-scheduled flights.
• During the quarter, provided scheduled services to 97 domestic destinations and 46 international destinations.

Operational Performance

For the period April’26-June’26

• IndiGo had a Technical Dispatch Reliability of 99.9%.
• IndiGo had an on-time performance of 86.9% at 10 major airports and flight cancellation rate of 0.3%.

Future Capacity Growth

In line with lower demand during a traditionally weaker quarter, coupled with the operational uncertainty affecting travel between India and West Asia, capacity in the second quarter of fiscal year 2027, measured in terms of ASKs, is expected to remain broadly flat compared to the second quarter of fiscal year 2026, reflecting lower aircraft utilization. As we move beyond this seasonally weaker quarter, we expect aircraft utilization to progressively increase.

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