IndiGo Q1 FY27 Reports ₹2.38 Billion Consolidated Loss

Consolidated Financial Results (Rupees in millions):

Revenue from operations: ₹245,841 (Q1 FY27) vs ₹204,963 (Q1 FY26)
Other income: ₹10,300 (Q1 FY27) vs ₹10,463 (Q1 FY26)
Total income: ₹256,141 (Q1 FY27) vs ₹215,426 (Q1 FY26)
Aircraft fuel expenses: ₹108,329 (Q1 FY27) vs ₹58,326 (Q1 FY26)
Total expenses: ₹258,525 (Q1 FY27) vs ₹192,319 (Q1 FY26)
Loss before tax: ₹(2,384) (Q1 FY27) vs Profit of ₹23,107 (Q1 FY26)
Net loss: ₹(2,380) (Q1 FY27) vs Net profit of ₹21,763 (Q1 FY26)
Loss attributable to owners: ₹(2,376) (Q1 FY27)
Basic EPS: ₹(6.15) (Q1 FY27) vs ₹56.31 (Q1 FY26)
Diluted EPS: ₹(6.15) (Q1 FY27) vs ₹56.24 (Q1 FY26)
Paid-up equity share capital: ₹3,867 million

Tax Disputes:

Income tax exposure of ₹24,185 million (excluding interest and penalty) for assessment years up to AY 2022-23
Tax exposure impacts carried forward losses with tax effect of ₹18,227 million
Company received favorable orders from ITAT Special Bench for AY 2012-13 and Divisional Bench for years up to AY 2015-16
Income tax authority's appeals pending before Delhi High Court

IGST Dispute:

Paid ₹904 million under protest during Q1 FY27 for IGST on re-import of repaired aircraft/parts
Cumulative amount paid under protest: ₹22,932 million as of June 30, 2026
Received three favorable orders from CESTAT, New Delhi
Supreme Court dismissed one departmental appeal on July 14, 2025, and review petition on February 17, 2026
Two departmental appeals pending before Supreme Court
Delhi High Court ruled levy of IGST unconstitutional in March 2025
Department filed appeal before Supreme Court on August 29, 2025 (pending)

Regulatory Actions:

DGCA order (January 17, 2026) requiring bank guarantees of ₹500 million for systematic reforms
Bank guarantees furnished during previous quarter
CCI order (February 4, 2026) directing investigation into domestic operations following passenger complaint about December 2025 flight cancellations
No provision made as outcome awaited

MoPNG introduced price capping mechanism (25% over March 2026 declared prices) from April 1 to June 8, 2026
OMCs implemented price capping for ATF supplied to domestic airlines
Company accrued and settled aircraft fuel expenses based on capped prices until June 8, 2026
MoPNG announced Price Stabilisation Fund effective June 9, 2026
Company awaiting detailed guidelines and has not taken final decision on participation
From June 9, 2026 onwards, recognizing aircraft fuel expenses based on prevailing market prices

Share Capital Changes:

34,000 equity shares issued under ESOP Scheme 2015 during quarter
10,500 equity shares issued under ESOP Scheme 2023 during quarter
Paid-up share capital increased to ₹3,867 million as of June 30, 2026
Post-quarter: 9,099 equity shares issued under ESOP Scheme 2023
Post-quarter: Nomination Committee approved grant of 113,500 performance stock options under ESOP Scheme 2023

Management Changes:

Mr. Vinay Malhotra resigned as Head – Global Sales effective July 3, 2026
Mr. Sukhjit S. Pasricha resigned as Chief Human Resources Officer effective July 19, 2026
Mr. Kanwal Jeet Singh Bakshi appointed as Chief Human Resources Officer effective July 20, 2026