InterGlobe Aviation (INDIGO) Q3 25/26 earnings summary

Executive summary

• Total income rose 6.7% year-over-year to INR 245.4 billion in Q3 FY26, with festive demand driving record traffic and high load factors despite early December disruptions.

• Net profit for Q3 FY26 was INR 5.5 billion, down 77.6% from Q3 FY25, impacted by exceptional items and operational disruptions.

• ASK increased 11.2% and RPK grew 8.2% year-over-year, reflecting network and capacity expansion.

• BluChip loyalty program scaled rapidly, reaching 10 million customers.

• Introduced India's first Airbus A321XLR, expanded business-class product, and launched operations at Navi Mumbai International Airport.

Financial highlights

• EBITDAR stood at INR 60 billion, with margin at 25.6%, and total expenses rose 9.6% to INR 224.3 billion due to higher fuel, maintenance, and employee costs.

• Passenger unit revenue was INR 4.51, down 4.5% year-over-year; yield at INR 5.33, down 1.8%; load factor at 85%, down 2 points.

• CASK improved 1.9% to INR 4.73, and CASK ex-fuel improved 1.5% to INR 3.20.

• Basic EPS for Q3 FY26 was INR 14.22, down from INR 63.38 in Q3 FY25.

• Free cash increased 17.9% to INR 516.1 billion; total debt rose 18% to INR 768.6 billion.

Outlook and guidance

• Q4 FY26 capacity expected to grow 10% year-over-year, mainly driven by international expansion.

• Anticipates early to mid-single-digit moderation in unit passenger revenue in Q4 due to high base effect.

• CASK ex-fuel expected to rise mid-single-digit percent for FY26 vs. FY25, reflecting capacity curtailment and cost pressures.

• Network expanded with 7 new domestic and 9 new international destinations year-over-year.

• Ongoing focus on operational stability and regulatory compliance following December 2025 disruptions.