Financial Results Overview

Quarterly Performance (Q4 FY26 vs Q4 FY25)

  • Net Loss: INR 25,369 million compared to Net Profit of INR 30,675 million (-182.7%)
  • Profit excluding forex and exceptional items: INR 19,206 million compared to INR 29,811 million (-35.6%)
  • Revenue from Operations: Increased 1.3% to INR 224,384 million from INR 221,519 million
  • Total Income: Increased 3.2% to INR 238,307 million from INR 230,975 million
  • Other Income: Increased 47.2% to INR 13,923 million from INR 9,456 million
  • EBITDAR: INR 22,278 million (9.9% margin) compared to INR 69,482 million (31.4% margin) (-67.9%)
  • EBITDAR excluding forex: INR 64,354 million (28.7% margin) compared to INR 68,618 million (31.0% margin) (-6.2%)

Annual Performance (FY26 vs FY25)

  • Net Loss: INR 23,936 million compared to Net Profit of INR 72,584 million (-133.0%)
  • Profit excluding forex and exceptional items: INR 75,025 million compared to INR 88,676 million (-15.4%)
  • Revenue from Operations: Increased 5.1% to INR 849,619 million from INR 808,029 million
  • Total Income: Increased 6.4% to INR 895,134 million from INR 840,982 million
  • Other Income: Increased 38.1% to INR 45,515 million from INR 32,953 million
  • EBITDAR: INR 150,892 million (17.8% margin) compared to INR 212,520 million (26.3% margin) (-29.0%)
  • EBITDAR excluding forex: INR 231,889 million (27.3% margin) compared to INR 228,612 million (28.3% margin) (+1.4%)
  • Basic earnings per share: Negative INR 61.88

Operational Metrics

Quarterly Operational Performance

  • ASK (billion): 43.6 vs 42.1 (+3.4%)
  • RPK (billion): 37.4 vs 36.8 (+1.5%)
  • Load Factor: 85.8% vs 87.4% (-1.7 percentage points)
  • Passengers (million): 31.6 vs 31.9 (-1.1%)
  • Yield (INR/Km): 5.20 vs 5.32 (-2.2%)
  • RASK (INR): 5.30 vs 5.26 (+0.8%)

Annual Operational Performance

  • ASK (billion): 172.4 vs 157.5 (+9.5%)
  • RPK (billion): 145.5 vs 135.4 (+7.5%)
  • Load Factor: 84.4% vs 86.0% (-1.6 percentage points)
  • Passengers (million): 123.4 vs 118.6 (+4.0%)
  • Yield (INR/Km): 5.06 vs 5.15 (-1.7%)
  • RASK (INR): 4.99 vs 5.14 (-3.0%)

Cost Structure Analysis

Quarterly Cost Metrics

  • Total Cost: INR 259,325 million vs INR 199,281 million (+30.1%)
  • Fuel Cost: INR 66,503 million vs INR 67,530 million (-1.5%)
  • Other costs excluding fuel: INR 192,822 million vs INR 131,751 million (+46.4%)
  • CASK (INR): 5.78 vs 4.51 (+28.3%)
  • CASK ex fuel (INR): 4.26 vs 2.90 (+46.6%)
  • CASK ex fuel ex forex (INR): 3.15 vs 2.94 (+7.3%)
  • Fuel CASK: Reduced 4.8% to INR 1.53

Annual Cost Metrics

  • Total Cost: INR 896,775 million vs INR 765,048 million (+17.2%)
  • Fuel Cost: INR 253,892 million vs INR 261,973 million (-3.1%)
  • Other costs excluding fuel: INR 642,883 million vs INR 503,075 million (+27.8%)
  • CASK (INR): 5.00 vs 4.66 (+7.2%)
  • CASK ex fuel (INR): 3.52 vs 3.00 (+17.6%)
  • CASK ex fuel ex forex (INR): 3.00 vs 2.89 (+3.8%)
  • Fuel CASK: Reduced 11.5% to INR 1.47

Exceptional Items and Forex Impact

  • Q4 Exceptional Items: INR 2,499 million for incremental provision for new labour laws
  • Q4 Forex Impact: Net gain on forex hedging of INR 6,153 million
  • FY26 Forex Impact: Net gain on forex hedging of INR 8,760 million
  • FY25 Forex Impact: Net gain on forex hedging of INR 87 million

Balance Sheet and Liquidity Position

  • Total Cash Balance: INR 516,506 million as of March 31, 2026
  • Free Cash: INR 362,163 million
  • Restricted Cash: INR 154,343 million
  • Capitalized Operating Lease Liability: INR 534,608 million
  • Total Debt (including capitalized operating lease liability): INR 777,492 million

Fleet and Network Details

  • Total Aircraft: 441 as of March 31, 2026
  • 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)
  • 6 B787 (damp lease)
  • Net increase: 1 passenger aircraft during the quarter
  • Peak Daily Flights: 2,241 including non-scheduled flights
  • Destinations: 97 domestic and 45 international destinations

Operational Performance Metrics

  • Technical Dispatch Reliability: 99.9% (Jan-Mar 2026)
  • On-time Performance: 79.9% at 10 major airports (Jan-Mar 2026)
  • Flight Cancellation Rate: 0.6% (Jan-Mar 2026)

Strategic Initiatives and Board Decisions

  • Finance Lease Prepayment: Approved partial prepayment of up to USD 450 million to InterGlobe Aviation Financial Services IFSC Private Limited (wholly owned subsidiary) for acquisition of aviation assets (aircraft, aircraft engines, aircraft parts)
  • AGM: 23rd Annual General Meeting to be held on Thursday, August 20, 2026

Management Commentary

Mr. Rahul Bhatia, MD, stated: "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%. We continue to maintain a strong balance sheet with substantial liquidity, demonstrating resilience through prolonged periods of volatility."

Future Outlook

  • Q1 FY27 Capacity Guidance: ASKs expected to grow around 3-4% compared to Q1 FY26

Awards and Recognition

  • 'Best Aviation Service Provider' at Wings India 2026
  • 'Highest Domestic Uplift Airline Cargo for 2025' at International Cargo Business Summit 2026
  • Ranked #1 among India's Most Sustainable Companies in Aerospace, Aviation & Defense sector at BW Businessworld IMSC Awards 2026
  • Recognition for IndiGoStretch product at TravelPlus Airline Amenity Awards 2026, Onboard Hospitality Awards 2026, and PAX International Readership Award 2026