IndiGo reported Q4 and FY26 results, capacity increased by 9.5% and total income grown by 6.4% to INR 895,134 million

IndiGo’s Q4 and FY26 results paint a picture of resilience under pressure, but also highlight how volatile the operating environment has been.

Q4 FY26 Snapshot
- Capacity: ASK grew 3.4% to 43.6B, despite Middle East conflict disruptions.
- Passengers: Slight dip, down 1.1% to 31.6M.
- Revenue: Operations revenue up 1.3% to INR 224,384M; total income up 3.2%.
- Costs: Fuel cost fell 1.5%, but other costs surged 46.4%, driving total costs up 30.1%.
- Profitability: Net loss of INR 25,369M, compared to a profit of INR 30,675M last year. EBITDAR margin dropped sharply to 9.9%.

FY26 Full-Year Performance
- Capacity: ASK rose 9.5% to 172.4B.
- Passengers: Up 4% to 123.4M, showing demand resilience.
- Revenue: Operations revenue up 5.1% to INR 849,619M; total income up 6.4% to INR 895,134M.
- Costs: Fuel cost down 3.1%, but other costs up 27.8%, pushing total costs up 17.2%.
- Profitability: Net loss of INR 23,936M, versus a profit of INR 72,584M last year. EBITDAR margin fell to 17.8%.
- Balance Sheet: Strong liquidity with INR 516,506M cash, but heavy lease liabilities (INR 534,608M).

Strategic Context
- Fleet: 441 aircraft, including 6 damp-leased B787s and 1 A321XLR.
- Network: 97 domestic and 45 international destinations, with peak daily flights at 2,241.
- Operational Reliability: Technical dispatch reliability at 99.9%, but OTP at major airports slipped to 79.9%.

Big Picture
IndiGo is still India’s largest carrier by scale, but profitability has been hammered by rising non-fuel costs and external shocks. The fact that profits excluding forex and exceptional items were still INR 75B shows underlying strength, but the headline net loss underscores how fragile margins are in aviation.