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Earnings Call

InterGlobe Aviation Earnings Call: Key Takeaways

IndiGo reported a Q4 loss of ₹25.4bn and FY26 loss of ₹23.9bn, primarily hit by 11% INR depreciation. Strategy focuses on fleet ownership, international expansion with A321 XLRs, and yield management.

Why this was an Alfa AlertNot a filter event. The company reported a net loss and did not beat primary metric guidance by >10%.
Highlights
Revenue growthFY26 6.4% YoY; Q4 3% YoY.
MarginsFY26 EBITDAR margin 27.3% (ex-forex). PRASK down 4% in Q4.
Order bookInducted 72 aircraft in FY26; fleet total 441.
Demand visibilityPositive May demand; Q1FY27 unit revenue up mid-teens.
Management confidenceStrong confidence in long-term strategy and liquidity advantage.

Growth

FY26 revenue grew 6.4% to ₹895bn. Passengers grew 4% to 123m. Q4 revenue increased 3% YoY.

Outlook

Q1FY27 capacity growth guided at 3-4%; unit revenue expected to improve mid-teens. Operating 441 aircraft.

Risks

Severe FX volatility (₹48.2bn Q4 loss), high fuel costs, and Middle East geopolitical disruptions impacting 18% capacity.

Last quarter's promises, checked

Delivered

  • Q3 ASKs growth 11% → delivered 11% (= BEAT)
  • Q3 PRASK 4.5% lower YoY → delivered 4.5% lower (= BEAT)
  • Calendar 2025 aircraft deliveries 57 → delivered 57 (= BEAT)

Partly delivered

  • International expansion via A321 XLR → Delivered first aircraft but 18% capacity hit by Middle East crisis (= PARTIAL)

Missed

  • FY26 CASK ex-fuel ex-forex mid-single digit increase → delivered 12.2bn labor provision + 11% FX impact (= MISS)
  • Q4 capacity growth guided 10% → delivered 3-4% (= MISS)
Source

Earnings Call filed with BSE, NSE: INDIGO. Summary written with AI assistance from the document.

Read the document ↗

InterGlobe Aviation Ltd: key numbers

Share price
₹4,940.00
Market cap
₹1,91,013 Cr
Revenue (annual)
₹84,962 Cr
Net profit (annual)
₹-2,392 Cr
P/E (TTM)
-39.8×Sector 29.0×
Promoter holding
41.57%+0.00% QoQ
FII holding
20.32%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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