InterGlobe Aviation Limited (INDIGO)
₹4,686.90 -1.91% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, InterGlobe Aviation's revenue was ₹24,584 Cr (+19.9% year on year, +9.6% on the previous quarter), and net profit ₹-238 Cr (against a profit a year earlier); the operating margin was 13.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹24,584 | +19.9% | +9.6% |
| Operating profit | ₹3,267 | -37.5% | +303.3% |
| Net profit | ₹-238 | to loss | loss narrowed |
| EPS (₹) | -6.15 | to loss | loss narrowed |
| Operating margin | 13.3% | — | — |
INDIGO delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 36.55% of the INDIGO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.38%. That is lower than usual for this stock. In INDIGO futures, open interest rose 0.04% while the futures price fell 2.64%: short buildup (new short positions).
Delivery in the last 5 sessions: 50.3% · 47.2% · 54.7% · 47.3% · 36.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
InterGlobe Aviation Limited has received an order from the Commissioner of Customs, Ahmedabad, confirming an additional customs duty demand along with interest and a penalty of ₹3.50 crore on ATF imports for the period May 2024 to August 2025. The company stated that it has correctly paid the duty, believes its case has merit, and plans to contest the ruling before the appellate authority. Relative to IndiGo's TTM revenue of ₹89,049 crore, the financial impact of the ₹3.50 crore fine is negligible (less than 0.01%), with no material operational disruptions expected.
- Fine and penalty imposed of INR 3,50,00,000 (₹3.50 crore)
- Communication received on October 12, 2026, from Commissioner of Customs, Ahmedabad
- Applicable period covered under the order is May 2024 to August 2025
- Company confirmed zero significant impact on operations or financials and will challenge the order
CRISIL Ratings has reaffirmed its 'CRISIL AA-' long-term and 'CRISIL A1+' short-term ratings on InterGlobe Aviation's Rs 9,000 crore bank facilities, continuing them on 'Rating Watch with Developing Implications'. The watch is driven by uncertainties from West Asia geopolitical tensions, which have pushed crude prices above $105 per barrel and triggered currency volatility (INR/USD at Rs 95.8). Operating profitability is under pressure as fuel expenses surged to 44% of revenue in Q1 FY27, reducing EBITDAR margin (ex-forex) to 15.9% compared to 27% a year earlier.
- Bank loan facilities rated at Rs 9,000 crore retained on 'Rating Watch with Developing Implications'
- Crude oil prices elevated above $105/bbl in September 2026, with fuel costs reaching 44% of operating income in Q1 FY27
- EBITDAR margin (ex-forex) fell to 15.9% in Q1 FY27 from ~27% in Q1 FY26
- Company held free cash of Rs 39,039 crore and total cash of Rs 52,885 crore as of June 30, 2026
- Domestic market share remained strong at 65.4% in Q1 FY27 with a fleet size of 432 aircraft
InterGlobe Aviation Limited has disclosed the voting results and Scrutinizer's Report for its 23rd Annual General Meeting held on August 20, 2026. All three resolutions were approved with decisive majorities: the adoption of FY26 financial statements (99.92% assent), the reappointment of Mr. Gregg Albert Saretsky as Director (95.37% assent), and a special resolution to increase borrowing limits and create charges (99.97% assent). As of the cut-off date, the company's paid-up share capital was Rs 386.67 crore, representing 38.67 crore shares.
- Resolution 1 (FY26 Financials): Approved with 99.9192% votes in favour (35,07,52,705 shares).
- Resolution 2 (Reappointment of Mr. Gregg Albert Saretsky): Approved with 95.3727% votes in favour (33,48,98,614 shares).
- Resolution 3 (Increase in borrowing limits and charge creation): Approved via special resolution with 99.9694% votes in favour (35,14,44,128 shares).
- Paid-up equity share capital stood at Rs 386,66,65,970 divided into 38,66,66,597 shares of Rs 10 each.
InterGlobe Aviation Limited (IndiGo) concluded its 23rd Annual General Meeting on August 20, 2026, where all three proposed resolutions were passed with overwhelming majority. Shareholders approved the audited standalone and consolidated financial statements for FY26 with 99.92% votes in favour. The re-appointment of Director Gregg Albert Saretsky was approved with 95.37% support. Additionally, a special resolution enabling an increase in borrowing limits and creation of charges was approved with 99.97% assent.
- Resolution 1 (Adoption of FY26 Financials) passed with 99.9192% votes in favour (35,07,52,705 votes).
- Resolution 2 (Re-appointment of Gregg Albert Saretsky as Director) approved with 95.3727% votes in favour.
- Resolution 3 (Increase in borrowing limits & creation of charge) passed as a special resolution with 99.9694% votes in favour.
- Total paid-up share capital stood at Rs 386.67 crore comprising 38,66,66,597 equity shares of Rs 10 each as on the cut-off date.
InterGlobe Aviation Limited has received an order on August 18, 2026, from the Assistant Commissioner, State Tax, Mobile Squad Unit-5, Noida, imposing a penalty of INR 19,65,736. The penalty was levied over alleged deficiencies in documentation during the transportation of goods in August 2026. IndiGo maintains that all prescribed documents were available and considers the order erroneous. The airline intends to contest the order before appellate authorities and confirmed no significant financial or operational impact.
- State Tax authority in Noida imposed a penalty of INR 19,65,736 on August 18, 2026
- Allegation pertains to documentation deficiency during transportation of goods
- IndiGo plans to challenge the order before the appropriate appellate authority
- Penalty represents less than 0.001% of TTM revenue of Rs 89,049 crore
Willie Walsh has officially taken charge as the Chief Executive Officer of InterGlobe Aviation (IndiGo) as of August 3, 2026. Walsh, a veteran with over 40 years of experience, previously led British Airways, International Airlines Group (IAG), and served as Director General of IATA. This leadership transition is critical as IndiGo targets a 40% international ASK (Available Seat Kilometers) by 2030 and manages a massive order book of 920+ aircraft. The appointment follows a challenging FY26 where the company reported a net loss of ₹2,394 Cr despite record passenger volumes of 123 million.
- Willie Walsh officially assumes the CEO role effective August 3, 2026, following his appointment announcement in March 2026.
- IndiGo reported serving 123 million customers in FY26, maintaining its position as India's dominant carrier.
- The airline currently operates a fleet of 430+ aircraft with over 2,200 daily departures.
- Walsh brings experience from leading IAG (2011-2020) and British Airways (2005-2011) to drive IndiGo's global expansion.
- The company is managing an outstanding order book of 920+ aircraft for delivery through 2035.
IndiGo has announced the termination of its wide-body damp lease agreement for six Boeing 787-9 aircraft with Norse Atlantic Airways, effective October 31, 2026. The airline will transition its Mumbai-Amsterdam route to Airbus A321XLR aircraft and temporarily suspend services to London Heathrow until its own A350-900 fleet is delivered. This strategic pivot is attributed to a challenging operating environment, including elevated fuel costs, currency pressures, and geopolitical tensions. Despite this short-term scaling back, the company reaffirms its long-term goal of reaching 40% international ASK by 2030.
- Termination of damp lease for 6 Boeing 787-9 aircraft effective October 31, 2026
- Mumbai-Amsterdam route to switch to Airbus A321XLR effective October 25, 2026
- Temporary suspension of London Heathrow services pending A350-900 deliveries
- Company reported a net loss of Rs 2,394 Cr in FY26 despite Rs 84,962 Cr revenue
- Current fleet stands at 430+ aircraft with an order book of 920+ aircraft
IndiGo reported a net loss of Rs 240 crore for Q1 FY27, a significant reversal from a profit of Rs 2,180 crore in the same period last year. While total income grew 19% YoY to Rs 25,600 crore driven by a 21.3% increase in yields, EBITDAR margins contracted sharply from 28% to 15.6%. The performance was severely impacted by benchmark Singapore jet fuel prices rising nearly 120% YoY and currency volatility. Despite the loss, the company achieved record domestic passenger volumes in May 2026 and signed a major MoU for over 1,000 engines to support its long-term fleet expansion.
- Swung to a net loss of Rs 240 crore from a profit of Rs 2,180 crore in the previous year's quarter.
- Total income rose 19% YoY to Rs 25,600 crore, representing approximately 30% of TTM revenue.
- Yields improved by 21.3% to Rs 6.04, helping offset some cost pressures.
- Signed a Memorandum of Understanding (MoU) with CFM International for over 1,000 LEAP-1A engines.
- Fuel costs remained a major headwind with Singapore jet fuel prices increasing by nearly 120% YoY.
InterGlobe Aviation (IndiGo) has released its FY26 Annual Report and scheduled its AGM for August 20, 2026. The company reported a 5.1% growth in operational revenue to ₹850 billion and a profit of ₹75 billion (excluding forex and exceptional items). IndiGo maintains a dominant market share of over 60% and a strong liquidity position of ₹516 billion. Management highlighted a strategic shift to increase owned/finance-leased aircraft to 30-40% of a projected 600-aircraft fleet by 2030.
- Revenue from operations grew 5.1% YoY to ₹850 billion for the fiscal year 2026.
- Profit excluding foreign exchange impact and exceptional items stood at ₹75 billion.
- Total liquidity remains robust at ₹516 billion, supporting future fleet and network expansion.
- Fleet size reached 441 aircraft serving 142 destinations, with a target of 600 aircraft by 2030.
- Passenger traffic grew 4% YoY, with the airline welcoming over 123 million customers.
InterGlobe Aviation (IndiGo) has released its Business Responsibility and Sustainability Report (BRSR) for FY26, reporting a fleet expansion to 441 aircraft and 123 million passengers carried. The company achieved an 18.9% reduction in GHG emission intensity from its 2016 baseline, reaching 60.5 grams of CO2e per Available Seat Kilometer (ASK). Operational efficiency is driven by next-generation aircraft, which now account for 81% of the total fleet. The report also highlights the induction of the Airbus A321XLR in January 2026, a key component of its international expansion strategy.
- Fleet size reached 441 aircraft as of March 2026, with 51 new A320neo family aircraft inducted during the year.
- Transported 123 million passengers across 142 destinations in FY26, including 8 new international locations.
- GHG emission intensity stood at 60.5 grams of CO2e per ASK, an 18.9% reduction from the 2016 baseline.
- Next-generation fuel-efficient aircraft now constitute 81% of the total fleet.
- IndiGo BluChip loyalty program reached a milestone of over 11 million customers as of March 2026.
IndiGo has released its Business Responsibility and Sustainability Report (BRSR) for FY26, highlighting a record 123 million passengers carried across 142 destinations. The fleet expanded to 441 aircraft, with 81% now comprising fuel-efficient next-generation A320neo family aircraft. Strategic milestones included the induction of the Airbus A321XLR in January 2026 and the growth of the IndiGo BluChip loyalty program to 11 million members. Despite these operational gains, the company reported a net loss of Rs 2,394 Cr for the TTM period, emphasizing the impact of high operating costs.
- Carried 123 million passengers in FY26, up from 118 million in FY25.
- Fleet size reached 441 aircraft as of March 2026, including 51 new A320neo family inductions during the year.
- Next-generation aircraft now account for 81% of the total fleet, driving an 18.9% reduction in GHG emission intensity since 2016.
- IndiGo BluChip loyalty program surpassed 11 million customers by March 2026.
- Maintained a high women-employee ratio of 45.6%, with 17.4% of cockpit crew being women.
InterGlobe Aviation (IndiGo) has released its FY26 Annual Report and scheduled its 23rd AGM for August 20, 2026. The airline reported a fleet of 441 aircraft and a passenger load factor of 84.4%, maintaining its dominant market share of over 60%. A significant data point in the report is the surge in DGCA-reported consumer complaints to 44,729 in FY26, up from 1,803 in FY25. The company continues to target a fleet of 600+ aircraft by 2030, supported by an order book of 920+ aircraft.
- Fleet size expanded to 441 aircraft as of FY26, supporting over 2,150 daily flights.
- Total passengers served reached 123 million+ across 142 destinations (97 domestic, 45 international).
- DGCA-reported consumer complaints surged to 44,729 in FY26 from 1,803 in FY25.
- Available Seat Kilometres (ASK) stood at 172 billion+ with a load factor of 84.4%.
- The company maintains a massive order book of 920+ aircraft for delivery through 2035.
InterGlobe Aviation (IndiGo) has received an order from the Principal Commissioner of Customs, New Delhi, confirming a demand for customs duty, interest, and a penalty of Rs 1.14 crore. The dispute arises from a revised classification of goods imported by the company between April 2020 and March 2024. IndiGo maintains that its original classification was correct based on external advice and intends to contest the order before the appellate authority. Given the company's TTM revenue of Rs 84,962 crore, this specific penalty is financially immaterial.
- Penalty of INR 1,14,17,541 imposed by the Office of the Principal Commissioner of Customs, New Delhi.
- The demand pertains to the period from April 2020 to March 2024 regarding classification of imported goods.
- Company received the communication on July 27, 2026, and plans to seek legal remedies.
- Management has stated there is no significant impact on financials, operations, or other activities.
InterGlobe Aviation (IndiGo) has announced a transition in its finance leadership, appointing Deputy CFO Kiran Thadimarri as the new Chief Financial Officer effective July 28, 2026. The outgoing CFO, Gaurav Negi, will move into an advisory role for the Managing Director. Thadimarri brings over 24 years of experience, including a 13-year tenure at General Electric and leadership roles at InterGlobe Enterprises and Udaan. This change is critical as the company manages a high debt load of ₹85,246 Cr and executes a massive 920+ aircraft order book.
- Appointment of Kiran Thadimarri as CFO effective July 28, 2026
- Transition of Gaurav Negi to Advisor to the Managing Director effective July 27, 2026
- New CFO brings over 24 years of diverse experience in finance and leadership
- Company managing TTM revenue of ₹84,962 Cr and a fleet of 430+ aircraft
- New CFO previously served as Deputy CFO, suggesting a focus on internal continuity
The Competition Commission of India (CCI) has paused its investigation into InterGlobe Aviation (IndiGo) following the company's commitment application under Section 48B of the Competition Act. This investigation was originally initiated in February 2026 under Section 26(1). The CCI is now seeking feedback from stakeholders on IndiGo's proposed commitments before making a final decision. This pause reduces immediate legal uncertainty for the airline, which holds a dominant 65% domestic market share and reported TTM revenue of ₹84,962 Cr.
- CCI order dated July 23, 2026, keeps the Director General's investigation in abeyance.
- The investigation was originally directed on February 5, 2026, under Section 26(1) of the Competition Act.
- IndiGo filed the commitment application under Section 48B and the Competition Commission of India (Commitment) Regulations, 2024.
- CCI has invited comments and objections from stakeholders regarding the Company's commitment proposal.
Financial Performance
Revenue Growth by Segment
H1 FY2026 revenue from operations grew 7% to INR 39,052 Cr. Ancillary products and services revenue grew 20.7% to INR 7,944 Cr in FY2025. Other income grew 41.6% to INR 3,295.3 Cr in FY2025.
Geographic Revenue Split
International ASK share stood at 29% in FY2025, with a strategic target to increase this to 40% by FY2030. Domestic operations cover 91 destinations with over 2,200 daily flights.
Profitability Margins
EBITDAR margin for H1 FY2026 was 17.5%, a decrease from 22.6% in H1 FY2025 due to geopolitical tensions and forex losses. FY2025 EBITDAR margin was approximately 16%.
EBITDA Margin
EBITDAR margin reduced to 17.5% in H1 FY2026 from 22.6% YoY. Core profitability is supported by a net debt to EBITDAR ratio of 1.8x as of September 2025.
Capital Expenditure
Total debt of INR 66,809.8 Cr as of March 2025, primarily driven by capitalized operating lease liabilities of INR 65,009.8 Cr for fleet expansion. Future expansion is supported by an order book of 920+ aircraft.
Credit Rating & Borrowing
Moody’s: Baa3 (Stable); CRISIL/ICRA: AA- (Stable); Short-term: A1+. Interest coverage stood at 3.6x in FY2025.
Operational Drivers
Raw Materials
Aviation Turbine Fuel (ATF) is the primary raw material, accounting for 35-40% of total operating costs.
Import Sources
ATF prices are directly linked to global crude oil prices, sourced via domestic oil marketing companies but influenced by Middle East/global benchmarks.
Key Suppliers
Airbus is the primary aircraft supplier (single OEM concentration). Engine suppliers include Pratt & Whitney and CFM (implied by NEO/CEO fleet).
Capacity Expansion
Current fleet of 430+ aircraft (March 2025) with 2,200+ daily departures. Planned expansion to 600+ aircraft by 2030 and a total outstanding order book of 920+ aircraft for delivery through 2035.
Raw Material Costs
ATF costs represent 35-40% of revenue. Costs are volatile due to global crude linkage; mitigated by a 76-78% fuel-efficient NEO fleet.
Manufacturing Efficiency
Passenger Load Factor (PLF) maintained at approximately 85%. High aircraft utilization and a young fleet (average age 4.9 years) drive operational efficiency.
Logistics & Distribution
Distribution costs are managed through direct digital sales and a wide network of 130+ destinations. Specific % of revenue not disclosed.
Strategic Growth
Expected Growth Rate
12-15%
Growth Strategy
Expansion of international ASK to 40% by 2030. Launch of 'IndiGoStretch' business class to capture premium segments. Scaling the fleet to 600+ aircraft by 2030 using a 920+ aircraft order book. Growth in ancillary revenue (Cargo, Loyalty).
Products & Services
Passenger air transportation, CarGo (freight), and ancillary services including excess baggage, seat selection, in-flight sales, and ticket modifications.
Brand Portfolio
IndiGo, IndiGoStretch, 6E Voice, iFly Training Institute.
New Products/Services
IndiGoStretch (business class) and enhanced loyalty programs. Ancillary revenue grew 20.7% in FY2025, showing increasing contribution.
Market Expansion
Targeting international markets in Europe, UK, Asia, Africa, and Middle East. Aiming for 40% international ASK by FY2030.
Market Share & Ranking
Dominant market leader with ~65% domestic market share and ~20% share of international traffic among Indian carriers.
Strategic Alliances
Collaborations with start-ups for technical expertise. Active member of Federation of Indian Airlines (FIA) and IATA.
External Factors
Industry Trends
Indian aviation is maturing with structural seasonality. Shift towards fuel-efficient NEO aircraft (76% of IndiGo fleet). Industry growing while IndiGo outpaces with 4% passenger growth vs stagnant industry.
Competitive Landscape
Intense competition from other carriers; IndiGo maintains edge through cost leadership and reliability (on-time performance).
Competitive Moat
Cost leadership (lowest CASK) via single fleet type and high-density seating (A321 NEO). Network effect from 2,200+ daily flights and 65% market share.
Macro Economic Sensitivity
Highly sensitive to USD/INR fluctuations and global crude oil prices (ATF is 35-40% of costs).
Consumer Behavior
Increasing demand for affordable, reliable travel; shift towards premium services (IndiGoStretch) and international travel.
Geopolitical Risks
Airspace restrictions and regional tensions impacted Q1 FY2026 revenue performance.
Regulatory & Governance
Industry Regulations
Governed by DGCA, Ministry of Civil Aviation, and FDTL (Flight Duty Time Limitations) norms which may increase pilot hiring costs.
Environmental Compliance
Exposed to carbon emission regulations (aviation is 2% of global emissions). Focus on fuel-efficient NEO aircraft (76% of fleet) to mitigate impact.
Legal Contingencies
Show cause notices issued by DGCA to the CEO and COO. No specific INR case values disclosed.
Risk Analysis
Key Uncertainties
Aircraft on Ground (AOG) due to engine issues and potential regulatory changes in pilot duty norms (FDTL).
Geographic Concentration Risk
65% domestic market share; 29% of capacity (ASK) is international.
Third Party Dependencies
High dependency on Airbus (single OEM) for aircraft deliveries and maintenance parts.
Technology Obsolescence Risk
Low risk due to youngest fleet globally (average age 4.9 years) and high proportion of new-generation NEO aircraft (78%).
Credit & Counterparty Risk
Strong liquidity with INR 38,517 Cr unencumbered cash as of September 2025.
