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InterGlobe Aviation Limited, incorporated in 2006, operates IndiGo, India's largest airline. IndiGo primarily serves India's domestic air travel market as a low-cost carrier, offering passenger and cargo services along with related allied services. The airline operates over 1,800 daily flights to 78 domestic and 26 international destinations. As of March 31, 2023, IndiGo's fleet consists of 304 aircraft, including Airbus A320neo, A321neo, A320ceo, ATR, A321 Freighters, and a leased Boeing 777. The company has a wholly-owned subsidiary, Agile Airport Services Private Limited, which provides ground handling services at various Indian airports.
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Company insights, generated from the most recent coverage.
₹390,387 million free cash provides substantial working capital buffer to absorb monthly ATF revision shocks and manage liquidity despite policy-driven cost volatility.
Blended pricing environment creates forecasting complexity: domestic fuel capped at 25% while international faces full market volatility, complicating medium-term cost planning.
Return to profitability targeted for Q3/Q4 FY27; 'Big Q3' peak season demand and full capacity restoration viewed as key inflection points to offset sustained ATF cost pressures.
The Quarter story
The two most recent quarterly results, compared side-by-side.
Revenue and pricing power are strengthening, but soaring fuel costs and operational expenses are keeping profits under pressure.
Revenue from operations grew from ₹185,553 Cr to ₹245,841 Cr from Q2 FY26 to Q1 FY27, driving strong top-line momentum.
Aircraft fuel expenses surged from ₹58,326 Cr to ₹108,329 Cr from Q1 FY26 to Q1 FY27, heavily pressuring margins.
Yield per RPK rose from ₹4.69 to ₹6.04 from Q2 FY26 to Q1 FY27, confirming strong pricing power.
Fuel cost per ASK jumped from ₹1.38 to ₹2.49 from Q1 FY26 to Q1 FY27, severely impacting unit economics.
CASK ex fuel fell from ₹3.71 to ₹3.22 from Q2 FY26 to Q1 FY27, showing effective non-fuel cost control.
PAT margin swung from -13.9% to -1.0% from Q2 FY26 to Q1 FY27, reflecting persistent profitability challenges.
A321neo fleet count increased from 141 to 175 from Q1 FY26 to Q1 FY27, supporting efficient capacity expansion.
Total expenses climbed from ₹192,319 Cr to ₹258,525 Cr from Q1 FY26 to Q1 FY27, reflecting sustained operational spending.
Forex cost per ASK dropped from ₹0.70 to ₹0.02 from Q2 FY26 to Q1 FY27, easing currency pressures on unit costs.
EBITDAR margin ex-forex fell from 20.5% to 16.5% from Q2 FY26 to Q1 FY27, revealing deteriorating core efficiency.