IndiGo Q1 Results: Airline reports Rs 238 crore loss vs profit YoY; revenue rises 20%

Budget carrier IndiGo on Thursday reported a net loss of Rs 238 crore for the first quarter of FY27, compared with a net profit of Rs 2,176 crore in the same quarter last year.

Revenue from operations rose 20% year-on-year (YoY) to Rs 24,584 crore vs Rs 20,496 crore a year ago.

However, operating costs outpaced revenue growth, with total expenses rising 34% YoY to Rs 25,853 crore from Rs 19,232 crore.


The biggest hit came from fuel costs. Aircraft fuel expenses surged 86% to Rs 10,833 crore from Rs 5,833 crore a year earlier, significantly increasing cost pressures despite strong demand and revenue growth.

IndiGo's CASK (cost per available seat kilometre) rose to Rs 5.71 from Rs 4.31. CASK excluding fuel increased to Rs 3.22 from Rs 2.93. Yield improved to Rs 6.04 from Rs 4.98, while RASK (revenue per available seat kilometre) rose 16.5% to Rs 5.66.

Margins come under pressure
EBITDAR declined 33% YoY to Rs 3,833 crore from Rs 5,739 crore, while the EBITDAR margin narrowed to 15.6% from 28% in the year-ago quarter.

Excluding foreign exchange impact, EBITDAR stood at Rs 4,065 crore, down from Rs 5,910 crore a year earlier. Profit after tax (PAT), excluding forex, stood at a loss of Rs 6 crore, compared with a profit of Rs 2,347 crore in Q1FY26.

Foreign exchange loss stood at Rs 82.5 crore during the quarter, lower than Rs 147.3 crore a year earlier. However, the loss on forex hedging increased to Rs 149.9 crore from Rs 23.7 crore.

Other major cost heads also increased. Supplementary rentals, aircraft repair and maintenance costs rose 13.9% YoY to Rs 3,498 crore. Depreciation and amortisation expenses increased 15.8% to Rs 2,970 crore, while finance costs rose 12.1% to Rs 1,565 crore.

Employee benefit expenses climbed 11.2% to Rs 2,279 crore, while other expenses increased 18.2% to Rs 2,300 crore.

Capacity grows, load factor slips
IndiGo's available seat kilometres rose 3% YoY to 43.5 billion. Revenue passenger kilometres increased 1.4% to 36.2 billion. The load factor declined to 83.3% from 84.6% a year earlier.

The airline had 432 aircraft at the end of June 2026, compared with 416 a year earlier and 441 at the end of March 2026. The fleet included 174 A320neo aircraft, 175 A321neo aircraft, 44 ATR aircraft, three A321 freighters, and six Boeing 787 aircraft on damp lease.

IndiGo's network included 97 domestic destinations and 46 international destinations during the quarter. The airline added six domestic destinations and seven international destinations on a YoY basis. It also served 97 additional international destinations through strategic partnerships.

Cash remains strong
IndiGo's total cash stood at Rs 52,885 crore as of June 2026, compared with Rs 49,406 crore a year earlier. Free cash was Rs 39,039 crore, while restricted cash stood at Rs 13,846 crore.

Total debt stood at Rs 81,531 crore, compared with Rs 68,488 crore a year earlier. Capitalised operating lease liability increased to Rs 53,756 crore from Rs 46,782 crore, while debt excluding capitalised operating lease liability rose to Rs 27,776 crore from Rs 21,707 crore.