IndiGo Q3 FY26 Results: PAT declines 78% YoY to Rs 549 crore; operational metrics improve

InterGlobe Aviation Ltd, the parent company of IndiGo, reported a sharp decline in net profit for the third quarter of fiscal 2026, even as its operational performance showed growth.

For the quarter ended December 31, 2025, IndiGo posted total revenue of Rs 24,540.6 crore. Net profit fell sharply to Rs 549.1 crore from Rs 2,448.8 crore in the same period last year, a decline of 77.6 per cent. Profit before tax dropped 77.8 per cent to Rs 562.2 crore from Rs 2,527.1 crore a year ago.

The company said the decline was due to exceptional items, including the impact of new labour laws of Rs 969.3 crore, operational disruptions of Rs 577.2 crore, and currency movements related to dollar-based future obligations of Rs 1,035 crore.

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Excluding these exceptional items and foreign exchange impact, IndiGo reported an adjusted net profit of Rs 3,130.6 crore, compared with Rs 3,846.1 crore in the same quarter last year.

As of December 31, 2025, IndiGo had a total cash balance of Rs 51,606.9 crore, including Rs 36,944.5 crore of free cash and Rs 14,662.4 crore of restricted cash. Total debt, including capitalised operating lease liability of Rs 52,478.4 crore, stood at Rs 76,858.3 crore.

IndiGo Results: EBITDAR and Margins

Earnings before interest, tax, depreciation, amortisation, and rentals (EBITDAR) decreased slightly by 0.8 per cent to Rs 6,008.4 crore from Rs 6,058.7 crore a year ago.

Excluding foreign exchange impact, EBITDAR fell 5.5 per cent to Rs 7,043.4 crore from Rs 7,456 crore. EBITDAR margin contracted to 30.0 per cent from 33.7 per cent in the previous year.

Revenue from operations increased 6.2 per cent year-on-year to Rs 23,471.9 crore. Passenger ticket revenue rose 6.2 per cent to Rs 20,464 crore, while ancillary revenue grew 13.6 per cent to Rs 2,446 crore.

Pieter Elbers, CEO, said, “This quarter, the company faced major operational disruptions from 3rd to 5th December, resulting in significant flight cancellations and delays. We deeply regret the inconvenience caused to our customers and thank them for their patience."

"Despite this, we achieved a topline of around Rs 24,540 crore and welcomed nearly 32 lakh customers in the quarter, with 1.24 crore passengers in calendar year 2025. Our long-term fundamentals remain strong, backed by an expanding fleet and growing domestic and international network," he added.

IndiGo Results: Operational Performance

IndiGo continued to show growth in operations. Available seat kilometres (ASK) rose 11.2 per cent to 45,400 crore, while revenue passenger kilometres (RPK) increased 8.2 per cent to 38,400 crore. Passenger numbers grew 2.8 per cent to 3,19 lakh.

However, yield declined 1.8 per cent to Rs 5.33, and load factor dropped 2.4 percentage points to 84.6 per cent from 86.9 per cent. Fuel cost per available seat kilometre (CASK) reduced 2.8 per cent to Rs 1.53, while CASK excluding fuel and foreign exchange increased 2.2 per cent to Rs 2.96.

The company reported a net gain on forex hedging of Rs 7.84 crore, compared with Rs 5.91 crore in the year-ago quarter. Profit excluding foreign exchange impact declined 58.8 per cent to Rs 1,584.1 crore, while profit excluding both foreign exchange and exceptional items fell 18.6 per cent to Rs 3,130.6 crore.

Fleet and Network Expansion

As of December 31, 2025, IndiGo operated a fleet of 440 aircraft, including 27 A320 CEOs, 180 A320 NEOs, 171 A321 NEOs, 1 A321XLR, 46 ATRs, and 15 leased aircraft of various models. The company added 23 passenger aircraft during the quarter.

IndiGo operated at a peak of 2,344 daily flights, including non-scheduled services, covering 96 domestic and 44 international destinations.