InterGlobe Aviation LimitedQ1 FY27 Results & Financial Update
InterGlobe Aviation Limited: Q1 FY27 consolidated results and company financials – revenue ₹24,584.10 Cr, PAT ₹-238.00 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 glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Find an answer
Ask this result
Chart · Market context
InterGlobe Aviation price & chart
Market price₹4,575.20
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore InterGlobe Aviation Q1 FY27 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 net loss of INR 2,380 million for the quarter ended 30 June 2026, reversing from a net profit of INR 21,763 million in the corresponding period of the previous fiscal year, pressured by sharp fuel price spikes and currency depreciation.
Total consolidated income reached INR 256,141 million during the first quarter of fiscal 2027, marking an increase over the INR 215,426 million recorded in the same period last year, helped by higher yields and passenger unit revenues.
Passenger ticket revenues climbed to INR 218,786 million, representing a 23.0% increase over the prior year, while ancillary revenues expanded by 13.9% to reach INR 24,534 million.
Total expenses escalated significantly to INR 258,525 million for the quarter compared to INR 192,319 million in the year-ago period, driven predominantly by a steep escalation in aviation turbine fuel costs and supplementary maintenance obligations.
Capacity measured in Available Seat Kilometers (ASKs) rose modestly by 2.9% to 43.5 billion, while passenger traffic grew by 0.7% to 31.3 million passengers, accompanied by a slight moderation in the average load factor to 83.3%.
Management noted that operating profitability faced severe external headwinds from geopolitical tensions in West Asia and unfavorable foreign exchange movements, though robust underlying travel demand helped mitigate a larger financial downturn.
During the first quarter of fiscal year 2027 ended June 30, 2026, InterGlobe Aviation reported consolidated revenue from operations of INR 245,841 million, reflecting top-line expansion supported by an increase in passenger unit revenues and yields.
Despite healthy demand and strong traffic volumes, profitability was severely impacted by an unprecedented escalation in aviation turbine fuel (ATF) costs, rupee depreciation against the US dollar, and network-related constraints connected to the Middle East conflict.
01 · Business model
What does InterGlobe Aviation do?
InterGlobe Aviation Limited operates IndiGo, positioning itself among the world's fastest-growing low-cost air carriers with a core philosophy centered on low fares, on-time performance, and a courteous travel experience.
The airline generates revenue primarily through passenger ticket sales and ancillary services such as cargo, in-flight sales, and convenience fees across an extensive domestic and international network.
Its operational footprint connects nearly a hundred domestic destinations alongside dozens of international points, supported by a large modern fleet dominated by single-aisle Airbus aircraft and supplementary regional turboprops.
02 · Historical context
What shaped the business before this quarter
Previously in December 2025, the airline experienced notable operational disruptions that prompted regulatory scrutiny and the furnishing of bank guarantees for systematic reforms.
Earlier in fiscal 2026, the company navigated various customs and tax disputes regarding re-importation of repaired aircraft parts and manufacturer incentives, which continue to form contingent tax exposures.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹24,584.10 Cr |
| Total income | ₹25,614.10 Cr |
| Profit before tax | ₹-238.40 Cr |
| Profit after tax | ₹-238.00 Cr |
| EPS | ₹-6.15 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Yields improved by 21.3% year-on-year to INR 6.04 per kilometer, lifting passenger ticket revenue despite a modest 0.7% growth in total passenger volume to 31.3 million.
Ancillary revenues contributed INR 24,534 million during the quarter, reflecting a 13.9% year-on-year increase driven by cargo and in-flight service uptake.
Passenger ticket revenues rose to INR 218,786 million, representing a 23.0% increase over the corresponding quarter of the previous year.
Ancillary revenues climbed by 13.9% year-on-year to reach INR 24,534 million for the quarter ended June 30, 2026.
Realised passenger yield increased by 21.3% to INR 6.04 per kilometre, while RASK (Total Revenue net of finance income per ASK) advanced by 16.5% to INR 5.66.
What drove margins
Aircraft fuel expenses surged by 85.7% year-on-year to INR 108,329 million, driven by severe price escalation stemming from West Asian geopolitical developments.
Supplementary rentals and aircraft repair and maintenance costs rose to INR 34,975 million, while total CASK excluding fuel and forex increased by 10.7% to INR 3.20.
Aircraft fuel expenses escalated by 85.7% year-on-year to INR 108,329 million, with fuel CASK jumping 80.4% to INR 2.49 per ASK due to West Asian geopolitical tensions.
Adverse foreign exchange movements, including a higher average USD/INR rate of 95.02 compared to 85.29 previously, and hedging losses added cost burdens across operational lines.
CASK excluding fuel and forex rose by 10.7% year-on-year to INR 3.20, driven by higher supplementary rentals, aircraft repair and maintenance expenses, and employee costs.
05 · Demand, customers & order book
Where demand is coming from
The airline successfully served more than 31.3 million passengers during the quarter, maintaining steady customer preference amidst a volatile operating environment.
The airline successfully carried 31.3 million passengers during the quarter, reflecting a 0.7% increase compared to 31.0 million passengers in the year-ago period.
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 group level as a single operating segment focused on air transportation services.
Geography and market mix
During the quarter, the airline provided scheduled services to 97 domestic destinations and 46 international destinations across its network.
During the quarter, IndiGo provided scheduled services to 97 domestic destinations and 46 international destinations, operating at a peak of 2,298 daily flights.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The operational fleet stood at 432 aircraft as of 30 June 2026, reflecting a net decrease of 9 passenger aircraft during the quarter, operating at a peak of 2,298 daily flights.
IndiGo maintained high operational standards with a technical dispatch reliability of 99.9% and an on-time performance of 86.9% at 10 major airports.
Capacity measured in Available Seat Kilometers (ASKs) grew by 2.9% to 43.5 billion, while Revenue Passenger Kilometers (RPKs) increased by 1.4% to 36.2 billion, resulting in a load factor of 83.3%.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company allotted equity shares under its employee stock option schemes and approved subsequent performance stock option grants post-quarter closure.
The company issued equity shares under employee stock option schemes, increasing paid-up share capital to INR 3,867 million as of June 30, 2026.
09 · Reported developments
What changed operationally
Passenger unit revenues and yields registered robust year-on-year expansion, demonstrating solid core pricing power despite broader cost headwinds.
IndiGo was recognized as the Winner in the 'Emerging Category' at the CII Award for Excellence in Disability Inclusion 2026.
10 · Pressure points & risks
What is not going smoothly
Soaring aviation turbine fuel prices and rupee depreciation resulted in a quarterly net loss of INR 2,380 million, contrasting sharply with profitable quarters in previous fiscal periods.
High fuel prices and rupee depreciation drove the company from a net profit of INR 21,763 million in Q1 FY25 to a net loss of INR 2,380 million in Q1 FY27.
11 · Items worth noticing
The line items that can distort a quick read
The airline operated under a domestic ATF price capping mechanism through June 8, 2026, and is evaluating potential participation in the subsequent Price Stabilisation Fund announced by MoPNG.
The group maintains cumulative payments under protest of INR 22,932 million for IGST on re-imported repaired aircraft parts and continues legal contestations regarding corporate tax disallowances.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Total cash balance as of 30 June 2026 stood at INR 528,846 million, comprising INR 390,387 million of free cash and INR 138,459 million of restricted cash.
Capital allocation & funding
Capitalized operating lease liability was INR 537,556 million, bringing total debt including lease liabilities to INR 815,313 million as of 30 June 2026.
Total debt including capitalized operating lease liabilities stood at INR 815,313 million, featuring INR 537,556 million in capitalized operating lease liability and INR 277,757 million in debt excluding leases.
13 · Management guidance & targets
What management is targeting from here
Management expects capacity in terms of ASKs for the second quarter of fiscal 2027 to remain broadly flat compared to the second quarter of fiscal 2026, reflecting seasonal demand softness and aircraft utilization patterns.
Management expects capacity in terms of ASKs for the second quarter of fiscal year 2027 to remain broadly flat compared to Q2 FY26 due to seasonally lower demand and West Asian travel uncertainties.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Regulatory and Management Updates
The company noted management changes, including the appointment of Mr. Kanwal Jeet Singh Bakshi as Chief Human Resources Officer effective July 20, 2026.
15 · Previous-quarter changes
What changed since the previous quarter
Government-mandated ATF price capping concluded on June 8, 2026, after which the company transitioned to recognizing fuel expenses based on prevailing market prices.
The closing fleet count reduced from 441 aircraft as of March 31, 2026, to 432 aircraft as of June 30, 2026.
16 · Key Q&A
The quarter, answered directly
What does InterGlobe Aviation do?
InterGlobe Aviation Limited operates IndiGo, positioning itself among the world's fastest-growing low-cost air carriers with a core philosophy centered on low fares, on-time performance, and a courteous travel experience.
What is the clearest takeaway from Q1 FY27?
InterGlobe Aviation reported a consolidated net loss of INR 2,380 million for the quarter ended 30 June 2026, reversing from a net profit of INR 21,763 million in the corresponding period of the previous fiscal year, pressured by sharp fuel price spikes and currency depreciation.
What drove revenue or demand?
Yields improved by 21.3% year-on-year to INR 6.04 per kilometer, lifting passenger ticket revenue despite a modest 0.7% growth in total passenger volume to 31.3 million.
What mattered most for margins or profitability?
Aircraft fuel expenses surged by 85.7% year-on-year to INR 108,329 million, driven by severe price escalation stemming from West Asian geopolitical developments.
What changed operationally beyond the headline numbers?
The operational fleet stood at 432 aircraft as of 30 June 2026, reflecting a net decrease of 9 passenger aircraft during the quarter, operating at a peak of 2,298 daily flights.
What is management guiding or targeting from here?
Management expects capacity in terms of ASKs for the second quarter of fiscal 2027 to remain broadly flat compared to the second quarter of fiscal 2026, reflecting seasonal demand softness and aircraft utilization patterns.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Fuel Price and Currency Trends: Monitor subsequent movements in global aviation turbine fuel prices and INR/USD exchange rates for potential impacts on operating margins.
- 02
Capacity and Fleet Utilization: Track capacity deployment and aircraft utilization rates as the airline navigates seasonally weaker quarters and aircraft supply constraints.
- 03
Fuel Price and Subsidy Developments: Monitor the company's evaluation and potential participation in the government's Price Stabilisation Fund introduced for ATF after June 9, 2026.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.