InterGlobe Aviation (INDIGO) Q1 25/26 earnings summary

Executive summary

• Achieved 12% year-over-year passenger growth in Q1 FY26, doubling industry growth despite significant external disruptions including geopolitical tensions, airspace restrictions, and safety incidents.

• Total income rose 6.4% year-over-year to INR 215,426 million, with revenue from operations up 4.7%.

• Net profit for Q1 FY26 was INR 21.8 billion, with a margin of 10.6%, down from 13.9% in Q1 FY25.

• Maintained strong operational performance, with on-time leadership and high technical dispatch reliability.

• ASK increased 16.4% and RPK grew 13.5% compared to Q1FY25, reflecting network expansion.

Financial highlights

• Consolidated revenue from operations for Q1 FY26 was ₹204,963 million, up from ₹195,707 million year-over-year.

• Net profit: INR 21.8 billion, net profit margin 10.6%, down from 13.9% in Q1 FY25.

• Passenger unit revenue (RASC): INR 4.21, down 7% year-over-year; yields: INR 4.98, down 5% year-over-year; load factor: 85%, down 2 percentage points.

• Fuel costs reduced by 21.9% year-over-year due to lower prices and improved contract terms.

• Total expenses increased to ₹192,319 million (consolidated), up from ₹174,449 million year-over-year.

Outlook and guidance

• Full-year capacity guidance maintained at early double-digit growth.

• Q2 capacity to grow mid to high single digits year-over-year, reflecting seasonal softness and planned maintenance.

• Expecting stabilization in Q2 and strong rebound in Q3 and Q4.

• Eight new international destinations and three new domestic destinations were added in Q1FY26.

• Passenger unit revenues for Q2 expected to be flat year-over-year, with improvement anticipated in August and September.