Board Meeting Details

The Board meeting commenced at 1355 hours IST and concluded at 1540 hours IST on October 29, 2026. The meeting approved the unaudited financial results along with limited review reports from statutory auditors M/s. S.R. Batliboi & Co. LLP, Chartered Accountants.

Financial Results Overview (Consolidated, Quarter Ended September 30, 2026)

Revenue Performance:

  • Revenue from Operations: ₹233,638 million, increased 25.9% YoY
  • Total Income: ₹243,119 million, increased 24.0% YoY
  • Passenger Ticket Revenues: ₹206,522 million, increased 29.3% YoY
  • Ancillary Revenues: ₹24,809 million, increased 15.9% YoY
  • Other Income: ₹9,481 million, decreased 9.2% YoY

Cost Structure:

  • Total Expenses: ₹261,884 million, increased 18.6% YoY
  • Fuel Cost: ₹99,668 million, increased 67.2% YoY
  • Other Costs excluding Fuel: ₹162,216 million, increased 0.6% YoY

Profitability Metrics:

  • Net Loss: ₹18,791 million, improved from net loss of ₹25,821 million in Q2 FY26 (+27.2%)
  • Net Loss excluding foreign exchange: ₹7,237 million, compared to net profit excluding forex of ₹1,039 million in Q2 FY26
  • PBT: Loss of ₹18,765 million, improved from loss of ₹24,817 million in Q2 FY26 (+24.4%)
  • EBITDAR: ₹24,599 million (10.5% margin), increased 120.8% from ₹11,143 million (6.0% margin) in Q2 FY26
  • EBITDAR excluding foreign exchange: ₹36,153 million (15.5% margin), decreased 4.9% from ₹38,003 million (20.5% margin) in Q2 FY26

Operational Metrics (Quarter Ended September 30, 2026):

  • ASK (Available Seat Kilometers): 40.8 billion, decreased 1.0% YoY
  • RPK (Revenue Passenger Kilometers): 32.8 billion, decreased 3.7% YoY
  • Load Factor: 80.3%, decreased 2.2 percentage points from 82.5% YoY
  • Passengers: 27.5 million, decreased 4.7% YoY
  • Yield: ₹6.30 per km, increased 34.3% YoY
  • RASK (Revenue per Available Seat Kilometer): ₹5.76, increased 26.4% YoY
  • CASK (Cost per Available Seat Kilometer): ₹6.22, increased 20.6% YoY
  • CASK ex fuel: ₹3.77, increased 1.8% YoY
  • CASK ex fuel ex forex: ₹3.45, increased 14.6% YoY
  • Fuel CASK: ₹2.44, increased 68.9% YoY

Foreign Exchange Impact:

  • Net gain on forex hedging: ₹1,778 million for Q2 FY26 (compared to ₹2,061 million in Q2 FY25)

Cash and Debt Position (as of September 30, 2026)

  • Total Cash Balance: ₹526,854 million
  • Free Cash: ₹399,290 million
  • Restricted Cash: ₹127,564 million
  • Capitalized Operating Lease Liability: ₹551,592 million
  • Total Debt (including capitalized operating lease liability): ₹873,031 million

Fleet and Network Details (as of September 30, 2026)

  • Total Fleet: 442 aircraft
  • 26 A320 CEOs
  • 174 A320 NEOs
  • 186 A321 NEOs
  • 4 A321XLR
  • 44 ATRs
  • 3 A321 freighters
  • 5 B787 (damp lease)
  • Net increase of 10 passenger aircraft during the quarter
  • Peak daily flights: 2,020 (including non-scheduled flights)
  • Destinations: 97 domestic and 36 international

Operational Performance (July-September 2026)

  • Technical Dispatch Reliability: 99.9%
  • On-time Performance at 10 major airports: 91.3%
  • Flight Cancellation Rate: 0.35%

Management Commentary

CEO Willie Walsh stated that the September quarter saw "exceptionally elevated fuel costs and continued geopolitical turmoil." The company responded with "prudent capacity reduction and yield management" which supported strong revenue performance but only partially offset higher costs. He emphasized that India's long-term aviation opportunity "remains compelling" and company priorities include "safe and reliable operations, rigorous cost discipline, and disciplined growth that creates sustainable value."

Future Guidance

For Q3 FY2027, capacity in terms of ASKs is expected to grow by "early single digits" compared to Q3 FY2026.

Awards and Accolades

IndiGo received multiple awards including 'Best In-flight Cafe' at Travel + Leisure India & South Asia's Delicious Dining Awards, 'Prestigious Brands of India 2026' by BARC Asia and ERTC Media, 16-time 'Best Low-Cost Airline in India & South Asia' by Skytrax, 'Cleanest Airline in India & South Asia', 'Best Cabin Crew in India & South Asia' by Skytrax, and 'DEI Power Award for Inclusion of Persons with Disability' at Global Inclusion Summit & Awards 2026.

Investor Communication

A live audio earnings call was scheduled for October 29, 2026 at 5:00 PM IST with dial-in numbers provided for universal access, local access, and various international regions including USA, UK, Singapore, Hong Kong, and Japan.