Key Financial Results (Consolidated)

Quarterly Performance (Q2 FY2027)

  • Revenue from operations: ₹23,363.8 crore (Q2 FY2026: ₹18,555.3 crore)
  • Other income: ₹948.1 crore (Q2 FY2026: ₹1,044.2 crore)
  • Total income: ₹24,311.9 crore (Q2 FY2026: ₹19,599.5 crore)
  • Aircraft fuel expenses: ₹9,966.8 crore (Q2 FY2026: ₹5,961.8 crore)
  • Employee benefits expense: ₹2,273.7 crore (Q2 FY2026: ₹2,044.8 crore)
  • Finance costs: ₹1,657.8 crore (Q2 FY2026: ₹1,464.9 crore)
  • Foreign exchange loss (net): ₹1,333.2 crore (Q2 FY2026: ₹2,892.1 crore)
  • Loss before tax: ₹1,876.5 crore (Q2 FY2026: ₹2,481.7 crore loss)
  • Tax expense: ₹2.6 crore (Q2 FY2026: ₹100.4 crore)
  • Net loss: ₹1,879.1 crore (Q2 FY2026: ₹2,582.1 crore loss)
  • Basic EPS: ₹(48.58) (Q2 FY2026: ₹(66.79))

Half-Yearly Performance (H1 FY2027)

  • Revenue from operations: ₹47,947.9 crore (H1 FY2026: ₹39,051.6 crore)
  • Other income: ₹1,978.1 crore (H1 FY2026: ₹2,090.5 crore)
  • Total income: ₹49,926.0 crore (H1 FY2026: ₹41,142.1 crore)
  • Aircraft fuel expenses: ₹20,799.7 crore (H1 FY2026: ₹11,794.4 crore)
  • Net loss: ₹2,117.1 crore (H1 FY2026: ₹405.8 crore loss)
  • Basic EPS: ₹(54.73) (H1 FY2026: ₹(10.49))

Operational Metrics

  • Paid-up equity share capital: ₹386.7 crore (face value ₹10 each, fully paid)
  • Reserves excluding revaluation reserves: ₹6,584.5 crore (as of March 31, 2026)

Balance Sheet Position (Consolidated as of September 30, 2026)

  • Total assets: ₹148,168.6 crore (March 31, 2026: ₹136,002.1 crore)
  • Property, plant and equipment: ₹12,674.5 crore
  • Right of use assets: ₹59,956.5 crore
  • Cash and cash equivalents: ₹2,356.2 crore
  • Bank balances other than cash and cash equivalents: ₹23,952.5 crore
  • Total equity: ₹5,021.2 crore (March 31, 2026: ₹6,987.4 crore)
  • Lease liabilities (non-current): ₹72,518.8 crore
  • Other financial liabilities (non-current): ₹24,781.6 crore
  • Total liabilities: ₹143,147.4 crore

Cash Flow Statement (Consolidated H1 FY2027)

  • Net cash from operating activities: ₹9,617.6 crore (H1 FY2026: ₹10,790.1 crore)
  • Net cash used in investing activities: ₹(944.8) crore (H1 FY2026: ₹(3,588.6) crore)
  • Net cash used in financing activities: ₹(7,642.8) crore (H1 FY2026: ₹(6,762.3) crore)
  • Net increase in cash and cash equivalents: ₹1,030.0 crore (H1 FY2026: ₹439.2 crore)

Regulatory and Legal Matters

Income Tax Dispute

  • Income tax authority has assessed returns up to AY 2022-23 with revised taxable income due to disallowance of certain expenses and tax treatment of aircraft acquisition incentives.
  • Tax exposure (excluding interest and penalty) amounts to ₹2,418.5 crore if incentives are held taxable.
  • Additional impact on carried forward losses with tax effect of ₹1,822.7 crore.
  • Company received favorable orders from ITAT for AY 2012-13 to AY 2015-16, but income tax authority's appeals are pending before Delhi High Court.
  • No provision made based on legal advice that ITAT view is sustainable.

IGST Dispute on Re-imports

  • Paid IGST of ₹106.8 crore under protest in Q2 FY2027 on re-import of repaired aircraft, engines, and parts.
  • Cumulative amount paid under protest: ₹2,400.0 crore as of September 30, 2026.
  • Received three favorable orders from CESTAT, with one departmental appeal dismissed by Supreme Court on July 14, 2025, and review petition dismissed on February 17, 2026.
  • Two departmental appeals pending in Supreme Court without stay.
  • Delhi High Court held levy of IGST on re-import unconstitutional in March 2025; department appeal pending in Supreme Court without stay.
  • Amounts shown as recoverable based on legal advice.

Regulatory Actions

  • DGCA Order (January 17, 2026): Required bank guarantees of ₹50.0 crore for systematic reforms following operational disruptions in December 2025. Bank guarantees furnished in Q4 FY2026.
  • CCI Order (February 4, 2026): Directed investigation into domestic operations following passenger complaint about December 2025 flight cancellations.
  • CCI Order (July 23, 2026): Investigation kept in abeyance pending consideration of company's commitment application.
  • No provision made as outcome awaited.

Fuel Price Mechanism

  • Ministry of Petroleum and Natural Gas introduced price capping mechanism (25% over March 2026 prices) from April 1, 2026, to June 8, 2026, due to ATF price surge from geopolitical developments in West Asia.
  • Company accrued and settled aircraft fuel expenses at capped prices during this period.
  • Price Stabilisation Fund (PSF Scheme) announced from June 9, 2026, but company opted not to participate.
  • Subsequent fuel expenses accrued at prevailing market prices.

Management Changes

  • Gaurav Negi: Re-designated from CFO to Advisor to Managing Director, effective July 27, 2026.
  • Kiran Thadimarri: Appointed as CFO (KMP), effective July 28, 2026.
  • William Matthew Walsh: Appointed as CEO, effective August 3, 2026.

ESOP and Share Capital

  • Nomination and Remuneration Committee granted 115,500 performance stock options under ESOP Scheme 2023 in Q2 FY2027.
  • 9,099 equity shares of ₹10 each issued and allotted under ESOP Scheme 2023.
  • Paid-up share capital increased to ₹386.7 crore.

Segment Information

  • Company operates as a single segment "air transportation services" as evaluated by CODM.
  • Segment disclosures under Regulation 33(1)(e) not applicable.

Auditor Review

  • Financial results reviewed by S.R. Batliboi & Co. LLP, Chartered Accountants.
  • Unmodified conclusion issued on both standalone and consolidated results.
  • Review conducted under SRE 2410 and SEBI Circular CIR/CFD/CMD1/44/2019.

Board Meeting Details

  • Meeting held on October 29, 2026, from 13:55 to 15:40 IST.
  • Results approved by Board of Directors and reviewed by Audit Committee.

#Tags: #InterGlobeAviation #Q2Results #SEBIDisclosure #RegulatoryCompliance #FinancialUpdate #Negative