InterGlobe Aviation Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript InterGlobe Aviation Ltd filed with BSE on 29 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
IndiGo reported a net loss of Rs 2.4 billion for Q1 FY27 compared to a profit of Rs 21.8 billion in the same quarter last year, driven by a sharp rise in fuel costs and rupee depreciation even as revenue grew. Total income rose about 19% year-over-year to Rs 256 billion, with yield up 21.3% and load factor down 1.3 points, while EBITDAR margin fell to 15.6% from 28%. Management said capacity was rationalized due to Middle East geopolitical disruption and seasonal factors, and guided to flattish capacity growth with PRASK growth of more than 25% for Q2 FY27.
Numbers mentioned
Net loss: Rs 2.4 billion (Q1 FY27)
p. 5
“For the quarter we reported a net loss of 2.4 billion rupees compared to a profit of 21.8 billion rupees in the same quarter last year.”
Gaurav Negi, page 5 of the filed PDF · View the filing
Total income: 256 billion rupees (Q1 FY27)
p. 5
“Moving to the financial performance for Q1 FY27, we reported a total income of 256 billion rupees, a growth of around 19% year over year, with a yield growth of 21.3% and a load factor reduction of 1.3%.”
Gaurav Negi, page 5 of the filed PDF · View the filing
Passengers carried: 31.3 million (Q1 FY27)
p. 5
“Despite a volatile environment, passenger demand held up as we served 31.3 million passengers, a growth of ~1% year over year.”
Gaurav Negi, page 5 of the filed PDF · View the filing
EBITDAR: 38.3 billion rupees, margin of 15.6% (Q1 FY27)
p. 5
“In terms of profitability, EBITDAR came in at 38.3 billion rupees at a margin of 15.6% compared to an EBITDAR of 57.4 billion rupees and a margin of 28% for the same period last year.”
Gaurav Negi, page 5 of the filed PDF · View the filing
Passenger unit revenue (PRASK): 5.03 rupees, up 19% (Q1 FY27)
p. 5
“the passenger unit revenue came in at 5.03 rupees, which is 19 percent higher on a year-over-year basis.”
Gaurav Negi, page 5 of the filed PDF · View the filing
Yield: 6.04 rupees, up ~21% (Q1 FY27)
p. 5
“The yield came in at 6.04 rupees, which is around 21 percent higher compared to the same period last year and a load factor of around 83 percent, which is 1.3 points lower as compared to same period last year.”
Gaurav Negi, page 5 of the filed PDF · View the filing
Fuel CASK increase: ~80% year-on-year (Q1 FY27)
p. 6
“Despite this measure, our fuel CASK increased by around 80% year-on-year.”
Gaurav Negi, page 6 of the filed PDF · View the filing
CASK ex fuel ex forex: 3.20 rupees, up ~11% (Q1 FY27)
p. 6
“the CASK ex fuel ex forex came in at 3.20 rupees, around 11% higher year over year due to”
Gaurav Negi, page 6 of the filed PDF · View the filing
Closing fleet: 432 aircraft (Q1 FY27)
p. 6
“We redelivered 9 aircraft from our original orderbook and 13 damp-leased aircraft during the quarter resulting in a total closing fleet of 432 aircraft at the quarter end.”
Gaurav Negi, page 6 of the filed PDF · View the filing
Total cash: INR 529 billion (Q1 FY27)
p. 7
“We ended the quarter with total cash of INR 529 billion, of which free cash was INR 390 billion and restricted cash was INR 139 billion.”
Gaurav Negi, page 7 of the filed PDF · View the filing
Total debt including capitalized operating lease liabilities: INR 815 billion (Q1 FY27)
p. 7
“Total debt, including capitalized operating lease liabilities, stood at INR 815 billion.”
Gaurav Negi, page 7 of the filed PDF · View the filing
Capacity growth: 3% (Q1 FY27)
p. 5
“June quarter’s capacity growth came in at 3% on a year-over-year basis, broadly in line with our guidance.”
Gaurav Negi, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capacity growth — flattish · Q2 FY27
stated firmly by Gaurav Negi
p. 7
“As a result, we are expecting a flattish capacity growth in Q2 FY27 compared to the same period last year.”
Gaurav Negi, page 7 of the filed PDF · View the filing
PRASK growth — more than 25% · Q2 FY27
stated conditionally by Gaurav Negi
p. 7
“In terms of unit passenger revenue or PRASK for Q2FY27, with the current balanced demand-supply equation and the higher fares holding up, we are expecting growth of more than 25% compared to the same period last year.”
Gaurav Negi, page 7 of the filed PDF · View the filing
Full year ASK capacity growth — single digits · FY27
stated firmly by Gaurav Negi
p. 9
“we are holding to the guidance that we gave at the analyst meet. So, it's in single digits.”
Gaurav Negi, page 9 of the filed PDF · View the filing
Capacity growth — early double digits to mid-teens · FY2028 to FY2030
stated firmly by Gaurav Negi
p. 14
“No, we still hold to the mid-teens. That is going to be from FY2028 to FY 2030. It's going to be early double-digit to mid-teens levels is what we still are holding to.”
Gaurav Negi, page 14 of the filed PDF · View the filing
CASK ex fuel ex forex — higher side of single digit, possibly lower end of early double-digit · FY27
stated conditionally by Gaurav Negi
p. 14
“So, for the year, we are still going to be on the higher side of this single digit, possibly even lower end of the early double-digit ranges.”
Gaurav Negi, page 14 of the filed PDF · View the filing
International ASK share — 40% · by 2030
stated firmly by Gaurav Negi
p. 17
“No, we're still holding to the guidance. We have said 40% that we'll be there by 2030.”
Gaurav Negi, page 17 of the filed PDF · View the filing
Middle East capacity — maximum amount of capacity that is safe
stated conditionally by Gaurav Negi
p. 11
“our intention is to keep operating Middle East 'till the point it's safe for us to operate at the maximum amount of capacity that we can go to.”
Gaurav Negi, page 11 of the filed PDF · View the filing
RASK-CASK spread
stated as an aspiration by Gaurav Negi
p. 8
“The endeavour is always going to be economically viable propositions so that we keep having a healthy spread.”
Gaurav Negi, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Load factors declined only slightly; the capacity reduction is a deliberate off-season measure while pricing discipline holds up.
Answered by Gaurav Negi
Asked by Krupashankar NJ: What has been the impact on load factors given the strong PRASK guidance, and is that behind the capacity rationalization?
p. 8
“We are expecting the loads to be flattish or slightly down similar to what it was in Q1, but that's largely driven by the fact that a large part of the capacity has also been reduced, which is typical of this quarter.”
Gaurav Negi, page 8 of the filed PDF · View the filing
Management is holding to the single-digit capacity growth guidance given at the analyst meet.
Answered by Gaurav Negi
Asked by Pulkit Patni: Is there any change to the full-year ASK guidance given weak Q1 and flattish Q2?
p. 9
“So given the external factors, we are still holding to the single-digit guidance that we will on capacity.”
Gaurav Negi, page 9 of the filed PDF · View the filing
The increase reflects a higher March reference base, the domestic cap plus taxes, international market pricing, and private supplier pricing at market rates.
Answered by Gaurav Negi
Asked by Arvind Sharma: What drove the 63% quarter-on-quarter increase in fuel CASK given the fuel price cap?
p. 10
“So, March becomes the baseline when you're doing a quarter-over-quarter comparison because March became the reference point for April and May and the 8 days of June that you have.”
Gaurav Negi, page 10 of the filed PDF · View the filing
Most damp leases have been returned; the situation will be reassessed in Q3 depending on Middle East conditions and fuel levels.
Answered by Gaurav Negi
Asked by Arvind Sharma: Will damp leases eventually go to zero and is there a rethink on fleet strategy?
p. 11
“The damp leases, yes, we've returned most of the damp leases. So, we'll again assess the situation as we come into Q3”
Gaurav Negi, page 11 of the filed PDF · View the filing
Management said it is reading the news like everyone else and sees no global precedent for such a structure.
Answered by Rahul Bhatia
Asked by Aditya Mongia: How does IndiGo view reports of airports entering the airline business?
p. 13
“All I can say is that if the news we may have -- if the news has any merit, one, it has no global precedents because it typically would reflect a massive conflict of interest.”
Rahul Bhatia, page 13 of the filed PDF · View the filing
Management now expects the higher side of single digits, potentially into early double digits, for the full year.
Answered by Gaurav Negi
Asked by Prateek Kumar: Does the company still guide to high single-digit CASK ex-fuel ex-forex growth given the 11% increase this quarter?
p. 14
“On the cost CASK ex fuel, ex forex, it is going to be on the higher side of the single digit, even to the extent of probably on early double digits”
Gaurav Negi, page 14 of the filed PDF · View the filing
Management said the situation is dynamic and yields will need to keep testing higher levels to offset rising fuel costs as Middle East tensions resurface.
Answered by Gaurav Negi
Asked by Achal Kumar: Can yield increases fully offset fuel cost increases?
p. 15
“We'll again need to keep testing high levels of yields to offset that increased cost because beginning of the quarter when we were sitting, end of June, the war was coming to a close.”
Gaurav Negi, page 15 of the filed PDF · View the filing
Management said no additional burden is expected since the fuel charge passed to consumers matched the capped increase.
Answered by Gaurav Negi
Asked by Achal Kumar: Will IndiGo face extra burden if it has to compensate OMCs for losses incurred during the fuel cap period?
p. 16
“Like I said, because we ourselves did not put any additional burden on the consumer in order to operate our planned fleet.”
Gaurav Negi, page 16 of the filed PDF · View the filing
Management declined to give a spread guidance given the volatility from the Middle East crisis and currency.
Answered by Gaurav Negi
Asked by Kushagra Bhattar: Can management provide a RASK-CASK spread guidance for the domestic and international markets for the year?
p. 16
“So very difficult to give a spread number right now. So, we are not giving any guidance on that.”
Gaurav Negi, page 16 of the filed PDF · View the filing
The currency shift was only 10 paisa from March-end to June-end, which translated into a smaller loss than prior quarters.
Answered by Gaurav Negi
Asked by Jinesh Joshi: Why was the FX mark-to-market loss lower than expected given rupee depreciation?
p. 17
“So, the mark-to-market, the shift was only 10 paisa quarter end March to June end.”
Gaurav Negi, page 17 of the filed PDF · View the filing
Management said the current phase is price-led growth to offset costs, and it expects to shift back to volume-driven growth once conditions moderate.
Answered by Gaurav Negi
Asked by Jainam Shah: Can current elevated yields be sustained once fuel prices normalize?
p. 18
“As things moderate, we will look towards again, bringing more volume. That's why the mid-teen kind of growth post '27, and we'll look to holding the prices”
Gaurav Negi, page 18 of the filed PDF · View the filing
Management said it is difficult to predict given volatile forward curves, though they had anticipated Q2 being better than Q1 before recent flare-ups.
Answered by Gaurav Negi
Asked by Amyn Pirani: Will Q2 fuel costs be higher or lower than Q1?
p. 19
“So far, the forwards were lower than what Q1 were. And as a result, Q2 was supposed to be lower than Q1.”
Gaurav Negi, page 19 of the filed PDF · View the filing
Risks flagged
Elevated and volatile fuel costs
p. 3
“In the near term, what is very clear is that fuel costs remain elevated and we continue to operate in a volatile environment.”
Rahul Bhatia, page 3 of the filed PDF · View the filing
Geopolitical disruption in the Middle East affecting capacity
p. 5
“Capacity deployment during the quarter remained impacted by geopolitical developments, particularly airspace related constraints and disruption in certain international corridors.”
Gaurav Negi, page 5 of the filed PDF · View the filing
Rupee depreciation increasing dollar-denominated costs
p. 6
“inflated dollar-denominated costs due to depreciation of the Indian rupee by more than 11%,”
Gaurav Negi, page 6 of the filed PDF · View the filing
Renewed flare-up of Middle East conflict increasing fuel costs
p. 9
“We've recently started to see some flare-up. But our endeavour is always going to be to make sure that there is a healthy spread. And towards that, we'll keep working. But the external factors are just too significant. The headwinds are too significant.”
Gaurav Negi, page 9 of the filed PDF · View the filing
Volatile fuel forward curves making cost forecasting difficult
p. 19
“The forward curves related to fuel continue to keep changing.”
Gaurav Negi, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.