IndiGo records net loss of INR 1,879 Cr in Q2 FY27 despite 26% revenue growth

IndiGo’s net loss narrowed from INR 2,582.1 crore in the corresponding quarter last year to INR 1,879.1 crore. Excluding the impact of foreign exchange, the airline reported a net loss of INR 723.7 crore, against a profit of INR 103.9 crore in Q2 FY2026.

InterGlobe Aviation Ltd, parent company of IndiGo, reported a consolidated net loss of INR 1,879.1 crore for the second quarter of FY2027, ended September 30, 2026, despite recording a 25.9% year-on-year increase in revenue from operations to INR 23,363.8 crore. Elevated aviation turbine fuel (ATF) costs byand foreign exchange losses continued to weigh on the airline’s financial performance.

The airline’s total income rose 24% to INR 24,311.9 crore during the quarter, compared with INR 19,599.5 crore in the corresponding period last year. Passenger ticket revenue increased 29.3% to INR 20,652.2 crore, while ancillary revenue grew 15.9% to INR 2,480.9 crore.

However, total expenses increased 18.6% to INR 26,188.4 crore. Fuel expenses rose 67.2% to INR 9,966.8 crore, compared with INR 5,961.8 crore in Q2 FY2026. Fuel cost per available seat kilometre (CASK) increased 68.9% to INR 2.44.

The airline recorded consolidated EBITDAR of INR 2,459.9 crore (10.5% margin), compared to EBITDAR of INR 11,143 million (6.0% margin) and EBITDAR excluding forex impact of INR 3,615.3 crore (15.5% margin), compared to EBITDAR excluding forex impact of INR 3,800.3 crore (20.5% margin).

IndiGo’s net loss narrowed from INR 2,582.1 crore in the corresponding quarter last year to INR 1,879.1 crore. Excluding the impact of foreign exchange, the airline reported a net loss of INR 723.7 crore, against a profit of INR 103.9 crore in Q2 FY2026.

Commenting on the results, Willie Walsh, CEO, IndiGo, said “The seasonally soft September quarter saw exceptionally elevated fuel costs and continued geopolitical turmoil. We responded with prudent capacity reduction and yield management, supporting strong revenue performance but only partially offsetting the higher costs. Despite these actions, the quarter resulted in a net loss of around 19 billion rupees. We remain focused on managing the near-term challenges while continuing to invest for the future. India’s long-term aviation opportunity remains compelling, and our priorities remain clear: safe and reliable operations, rigorous cost discipline, and disciplined growth that creates sustainable value.”

IndiGo carried 27.5 million passengers during the quarter, registering a 4.7% decline compared with 28.8 million passengers in the same period last year. Available seat kilometres (ASKs) decreased 1% to 40.8 billion, while revenue passenger kilometres (RPKs) declined 3.7% to 32.8 billion.

The passenger load factor stood at 80.3%, down 2.2 percentage points year-on-year. Meanwhile, yield increased 34.3% to INR 6.30, compared with INR 4.69 in the corresponding quarter last year.

For July–September 2026, the airline reported technical dispatch reliability of 99.9%, on-time performance of 91.3% across 10 major airports and a flight cancellation rate of 0.35%.

As of September 30, 2026, IndiGo operated a fleet of 442 aircraft, including 26 A320 CEOs, 174 A320 NEOs, 186 A321 NEOs, four A321XLRs, 44 ATRs, three A321 freighters and five Boeing 787 aircraft under damp lease arrangements. The airline added a net 10 passenger aircraft during the quarter.

During the period, IndiGo operated up to 2,020 daily flights, including non-scheduled services, and provided scheduled connectivity to 97 domestic and 36 international destinations.

Looking ahead, the airline expects capacity, measured in ASKs, to grow by low single digits in Q3 FY2027 compared with the corresponding quarter of the previous financial year.