InterGlobe Aviation LimitedQuarter ended September 30, 2026 Results & Financial Update
InterGlobe Aviation Limited: Quarter ended September 30, 2026 consolidated results and company financials – revenue ₹23,363.80 Cr, PAT ₹-1,879.10 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore InterGlobe Aviation Quarter ended September 30, 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
InterGlobe Aviation reported a consolidated revenue from operations of INR 23,363.8 crore for the quarter ended September 30, 2026, marking a 25.9% increase compared to INR 18,555.3 crore in the corresponding quarter of the previous year. Total income reached INR 24,311.9 crore.
Despite top-line expansion supported by disciplined capacity deployment and yield management, the company posted a net loss (PAT) of INR 1,879.1 crore for the quarter, narrowing from a net loss of INR 2,582.1 crore in the year-ago period but widening sequentially from a net loss of INR 238.0 crore in the preceding June 2026 quarter.
The bottom line was severely impacted by exceptionally high aviation turbine fuel (ATF) costs and foreign exchange pressures, which drove total expenses for the quarter up to INR 26,188.4 crore.
Available Seat Kilometers (ASKs) dipped 1.0% year-on-year to 40.8 billion, while Revenue Passenger Kilometers (RPKs) contracted by 3.7% to 32.8 billion, leading to a passenger load factor of 80.3%, down 2.2 percentage points year-on-year.
Yields showed strong improvement, surging 34.3% year-on-year to INR 6.30 per kilometer, which helped drive passenger ticket revenues up by 29.3% to INR 20,652.2 million.
During the quarter, the airline expanded its operating fleet by 10 net passenger aircraft, closing the period with 442 aircraft and operating up to 2,020 daily flights.
Key leadership changes took effect during the quarter, including the appointment of Mr. William Matthew Walsh as Chief Executive Officer and Mr. Kiran Thadimarri as Chief Financial Officer.
01 · Business model
What does InterGlobe Aviation do?
InterGlobe Aviation Limited operates IndiGo, India's largest low-cost passenger airline, providing scheduled air transportation services across domestic and international routes.
The airline generates revenue primarily from passenger ticket sales, ancillary products such as in-flight services, cargo operations, and charter arrangements.
Its operating model relies on a uniform fleet strategy, high asset utilization, disciplined capacity management, and extensive network connectivity spanning dozens of domestic and international destinations.
02 · Historical context
What shaped the business before this quarter
Previously, during the quarter ended December 2025, the company experienced operational disruptions that led to DGCA directives requiring bank guarantees for system reforms.
Earlier, the Ministry of Petroleum and Natural Gas (MoPNG) introduced ATF price-capping mechanisms between April 2026 and June 2026, followed by a Price Stabilisation Fund scheme from June 2026 onwards.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended September 30, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹23,363.80 Cr | ₹18,555.30 Cr | ₹24,584.10 Cr |
| Total income | ₹24,311.90 Cr | ₹19,599.50 Cr | ₹25,614.10 Cr |
| Profit before tax | ₹-1,876.50 Cr | ₹-2,481.70 Cr | ₹-238.40 Cr |
| Profit after tax | ₹-1,879.10 Cr | ₹-2,582.10 Cr | ₹-238.00 Cr |
| EPS | ₹-48.58 | ₹-66.79 | ₹-6.15 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Passenger ticket revenues grew by 29.3% year-on-year to INR 206,522 million, driven by strong yield improvements.
Ancillary revenues increased by 15.9% compared to the same period last year, reaching INR 24,809 million.
Yield per kilometer increased by 34.3% year-on-year to INR 6.30, reflecting effective pricing strategies during a seasonally soft quarter.
What drove margins
Aircraft fuel expenses surged 67.2% year-on-year to INR 99,668 million, with fuel CASK rising from INR 1.45 to INR 2.44 due to geopolitical developments in West Asia and elevated ATF prices.
Net foreign exchange losses stood at INR 13,332 million for the quarter, compared to INR 28,921 million in the corresponding quarter of the previous year.
CASK ex-fuel ex-forex increased by 14.6% year-on-year to INR 3.45, reflecting underlying cost inflation across airport fees, employee benefits, and maintenance expenses.
05 · Demand, customers & order book
Where demand is coming from
Total passengers carried during the quarter declined by 4.7% year-on-year to 27.5 million, with Revenue Passenger Kilometers (RPKs) at 32.8 billion.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The Chief Operating Decision Maker evaluates performance at an overall company level as a single segment, 'air transportation services', in accordance with Ind AS 108.
Geography and market mix
During the quarter, IndiGo provided scheduled services to 97 domestic destinations and 36 international destinations, alongside 98 additional international destinations served through strategic partnerships.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The closing fleet reached 442 aircraft as of September 30, 2026, comprising 26 A320 CEOs, 174 A320 NEOs, 186 A321 NEOs, 4 A321 XLRs, 44 ATRs, 3 A321 freighters, and 5 B787 damp-lease aircraft, representing a net increase of 10 passenger aircraft during the quarter.
Available Seat Kilometers (ASKs) were reduced by 1.0% year-on-year to 40.8 billion, while the airline operated at a peak of 2,020 daily flights.
08 · Reported developments
What changed operationally
Strong revenue performance with a 25.9% increase in revenue from operations, supported by robust yield management.
Achieved high operational standards during the quarter, including a Technical Dispatch Reliability of 99.9% and an on-time performance of 91.3% at 10 major airports.
09 · Pressure points & risks
What is not going smoothly
Reported a net loss of INR 18,791 million for the quarter, weighed down by elevated fuel costs and rupee depreciation.
10 · Items worth noticing
The line items that can distort a quick read
The company disclosed potential tax exposures up to AY 2022-23 amounting to INR 24,185 million in disallowances if manufacturer incentives are held taxable, alongside cumulative IGST payments under protest of INR 24,000 million.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Total cash balance as of September 30, 2026, stood at INR 526,854 million, comprising INR 399,290 million of free cash and INR 127,564 million of restricted cash.
Capital allocation & funding
Total debt including capitalized operating lease liabilities stood at INR 873,031 million as of September 30, 2026, which included INR 551,592 million in capitalized operating lease liabilities.
12 · Management guidance & targets
What management is targeting from here
Management expects third-quarter fiscal year 2027 capacity in terms of ASKs to grow by early single digits compared to the third quarter of fiscal year 2026.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Management Changes
Mr. William Matthew Walsh assumed charge as Chief Executive Officer effective August 3, 2026, and Mr. Kiran Thadimarri was appointed Chief Financial Officer effective July 28, 2026, following the transition of Mr. Gaurav Negi to Advisor to the Managing Director.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations moved from INR 24,584.1 crore in the June 2026 quarter to INR 23,363.8 crore in the September 2026 quarter, while net loss widened from INR 238.0 crore to INR 1,879.1 crore.
15 · Key Q&A
The quarter, answered directly
What does InterGlobe Aviation do?
InterGlobe Aviation Limited operates IndiGo, India's largest low-cost passenger airline, providing scheduled air transportation services across domestic and international routes.
What is the clearest takeaway from Quarter ended September 30, 2026?
InterGlobe Aviation reported a consolidated revenue from operations of INR 23,363.8 crore for the quarter ended September 30, 2026, marking a 25.9% increase compared to INR 18,555.3 crore in the corresponding quarter of the previous year. Total income reached INR 24,311.9 crore.
What drove revenue or demand?
Passenger ticket revenues grew by 29.3% year-on-year to INR 206,522 million, driven by strong yield improvements.
What mattered most for margins or profitability?
Aircraft fuel expenses surged 67.2% year-on-year to INR 99,668 million, with fuel CASK rising from INR 1.45 to INR 2.44 due to geopolitical developments in West Asia and elevated ATF prices.
What changed operationally beyond the headline numbers?
The closing fleet reached 442 aircraft as of September 30, 2026, comprising 26 A320 CEOs, 174 A320 NEOs, 186 A321 NEOs, 4 A321 XLRs, 44 ATRs, 3 A321 freighters, and 5 B787 damp-lease aircraft, representing a net increase of 10 passenger aircraft during the quarter.
What is management guiding or targeting from here?
Management expects third-quarter fiscal year 2027 capacity in terms of ASKs to grow by early single digits compared to the third quarter of fiscal year 2026.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Fuel Price and Forex Trends: Monitor future movements in aviation turbine fuel prices and USD/INR exchange rates for their impact on operating margins and CASK.
- 02
Capacity Execution: Track delivery schedules and net fleet additions against projected early single-digit ASK growth targets for Q3 FY27.
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