InterGlobe Aviation Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript InterGlobe Aviation Ltd filed with BSE on 04 Jun 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 25.4 billion for Q4 FY26 and Rs 23.9 billion for full year FY26, driven largely by foreign exchange losses of Rs 48.2 billion on lease liabilities from rupee depreciation. Management described a year marked by external disruptions including a December operational disruption, geopolitical developments affecting Middle East and Europe routes, and an FX-driven cost impact, alongside continued fleet induction and international expansion. The company announced Willie Walsh as incoming CEO from early August and guided to mid-teens unit revenue growth and 3-4% capacity growth for Q1 FY27.
Numbers mentioned
Net loss: 25.4 billion rupees (Q4 FY26)
p. 3
“This quarter we reported a loss of 25.4 billion rupees and for the financial year ended March 2026 a loss of 23.9 billion rupees.”
Rahul Bhatia, page 3 of the filed PDF · View the filing
Net loss: 23.9 billion rupees (FY26)
p. 3
“This quarter we reported a loss of 25.4 billion rupees and for the financial year ended March 2026 a loss of 23.9 billion rupees.”
Rahul Bhatia, page 3 of the filed PDF · View the filing
Total income: around 895 billion rupees (FY26)
p. 5
“on a consolidated basis we reported total income of around 895 billion rupees, a growth of 6.4% vs last year, with a net loss of 23.9 billion rupees.”
Gaurav Negi, page 5 of the filed PDF · View the filing
Underlying net profit (ex-forex, ex-exceptional): 75 billion rupees (FY26)
p. 4
“IndiGo delivered an underlying net profit of 75 billion rupees in FY26 as compared to around 89 billion rupees in FY25.”
Gaurav Negi, page 4 of the filed PDF · View the filing
EBITDAR margin (ex-forex): 27.3% (FY26)
p. 5
“we reported an EBITDAR, excluding the impact of foreign exchange movement, of 231.9 billion rupees with a margin of 27.3% compared to an EBITDAR”
Gaurav Negi, page 5 of the filed PDF · View the filing
Total income: around 238 billion rupees (Q4 FY26)
p. 6
“For the quarter ended March 2026, we reported a total income of around 238 billion rupees, an increase of around 3 percent.”
Gaurav Negi, page 6 of the filed PDF · View the filing
EBITDAR margin (ex-forex): 28.7% (Q4 FY26)
p. 6
“The EBITDAR excluding the impact of foreign exchange movement came in at 64.4 billion rupees with a margin of 28.7% compared to an EBITDAR of 68.6 billion rupees with a margin of 31.0% during the same period last year”
Gaurav Negi, page 6 of the filed PDF · View the filing
Net profit excluding forex and exceptional items: 19.2 billion rupees (Q4 FY26)
p. 7
“we reported a net profit of 19.2 billion rupees for the March quarter vs. a net profit of 29.8 billion rupees during the same period last year.”
Gaurav Negi, page 7 of the filed PDF · View the filing
PRASK: 4.46 rupees (Q4 FY26)
p. 7
“the passenger unit revenue (PRASK) came in at 4.46 rupees, which is 4 percent lower on a year-over-year basis.”
Gaurav Negi, page 7 of the filed PDF · View the filing
CASK ex fuel ex forex: 3.15 rupees (Q4 FY26)
p. 7
“The CASK ex fuel ex forex for the quarter came in at 3.15 rupees, which is higher by around 7 percent compared to same period last year 2025”
Gaurav Negi, page 7 of the filed PDF · View the filing
Passengers carried: more than 123 million (FY26)
p. 5
“we did serve more than 123 million passengers in FY 2026, the highest ever.”
Gaurav Negi, page 5 of the filed PDF · View the filing
Fleet size: 441 aircraft (end of FY26)
p. 8
“resulting in a fleet of 441 aircraft at the end of FY26.”
Gaurav Negi, page 8 of the filed PDF · View the filing
Total cash: around 516 billion rupees (end of FY26)
p. 8
“we ended the year with a total cash of around 516 billion rupees of which 362 billion rupees is free cash and restricted cash of 154 billion rupees.”
Gaurav Negi, page 8 of the filed PDF · View the filing
Total debt including capitalized operating lease liability: around 777 billion rupees (end of FY26)
p. 8
“a total debt, including the capitalized operating lease liability of around 777 billion rupees.”
Gaurav Negi, page 8 of the filed PDF · View the filing
FX loss: 48.2 billion rupees (Q4 FY26)
p. 6
“the rupee depreciated sharply by around 5% against the US dollar resulting in foreign exchange losses of 48.2 billion rupees.”
Gaurav Negi, page 6 of the filed PDF · View the filing
New Labour Code provision: 12.2 billion rupees (FY26)
p. 6
“The total provision for the financial year 2026 is 12.2 billion rupees.”
Gaurav Negi, page 6 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 — around 3-4 percent · Q1 FY27
stated firmly by Gaurav Negi
p. 9
“we are expecting to add capacity of around 3-4 percent in Q1FY27 as compared to the same period last year.”
Gaurav Negi, page 9 of the filed PDF · View the filing
Unit passenger revenue (PRASK) — mid-teens improvement · Q1 FY27 vs Q1 FY26
stated conditionally by Gaurav Negi
p. 9
“we currently estimate a mid-teens improvement in unit passenger revenue in Q1FY27 vs Q1FY26, primarily driven by the calibrated fuel charges which has been imposed, and a lower base during the same period last year”
Gaurav Negi, page 9 of the filed PDF · View the filing
CASK ex fuel ex forex — mid- to high single digits · coming quarters
stated conditionally by Gaurav Negi
p. 13
“we foresee that it's going to be in mid- to high single digits is what our anticipation is right now.”
Gaurav Negi, page 13 of the filed PDF · View the filing
Middle East capacity restoration — full capacity · end of June
stated conditionally by Gaurav Negi
p. 18
“we intend to kind of scale back to full capacity by the end of June, which incidentally then rolls into a peak period, which is for the Middle East in Q2.”
Gaurav Negi, page 18 of the filed PDF · View the filing
FX hedging — $3 billion
stated firmly by Gaurav Negi
p. 18
“Subsequently, we've increased that to $3 billion. So we intend to hedge up to $3 billion.”
Gaurav Negi, page 18 of the filed PDF · View the filing
Cash safety net level — 20-25% of top line
stated firmly by Gaurav Negi
p. 15
“That's been our stated strategy that we are sitting on a lot of cash, around 20% to 25%, which is roughly around INR20,000 crores to INR25,000 crores, give or take, is going to be something we'll keep as a safety net.”
Gaurav Negi, page 15 of the filed PDF · View the filing
Pratt & Whitney AOG count — in the 30s · end of the year
stated conditionally by Gaurav Negi
p. 7
“our Pratt and Whitney-related groundings are currently in the 40s and are expected to trend downwards by the end of the year in the 30’s.”
Gaurav Negi, page 7 of the filed PDF · View the filing
Capacity optimization approach — from mid-June onwards
stated firmly by Gaurav Negi
p. 9
“as we enter a seasonally softer demand environment from mid-June onwards, combined with elevated fuel prices, we are adopting a measured approach to optimize capacity.”
Gaurav Negi, page 9 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.
Management said domestic fuel cost increases were largely recovered while international increases were only partially passed through via a fuel charge.
Answered by Gaurav Negi
Asked by Binay Singh: Whether IndiGo is able to fully pass on cost pressures with mid-teens revenue growth, on both international and domestic sides.
p. 10
“On the domestic side, we have managed to recover to a large part, the increased cost that is there, which is, like I mentioned, lower than what the market is.”
Gaurav Negi, page 10 of the filed PDF · View the filing
Management explained the comparison base from the prior year was weak due to the Pahalgam attack disruption in May, so the base effect made the increase appear larger.
Answered by Gaurav Negi
Asked by Arvind Sharma: Whether the mid-teens PRASK growth reflects elasticity concerns given how high the number appears.
p. 11
“So the May quarter of last year, May month was extremely weak. So that was the time when we were probably having a very low both load factors as well as the revenue environment.”
Gaurav Negi, page 11 of the filed PDF · View the filing
Management said there is no shift in order book deliveries, but the company is prioritizing returning damp leases and reducing use of older, less fuel-efficient aircraft.
Answered by Gaurav Negi
Asked by Arvind Sharma: Whether fleet delivery schedules are changing given demand conditions.
p. 12
“There is no shift as far as deliveries are concerned related to our order book.”
Gaurav Negi, page 12 of the filed PDF · View the filing
Management confirmed the sensitivity remains roughly the same and disclosed hedging of about $1.3 billion against a $10 billion net exposure.
Answered by Gaurav Negi
Asked by Amyn Pirani: Whether the FX sensitivity of INR900 crore per rupee movement still holds and what hedging has been done.
p. 13
“So, give or take, we're still in that INR900 trajectory right now for every rupee movement on the mark-to-market side.”
Gaurav Negi, page 13 of the filed PDF · View the filing
Management said fuel hedging is still in early internal deliberations and not yet implemented.
Answered by Gaurav Negi
Asked by Achal Kumar: Any plans for fuel hedging given the run-up in prices.
p. 14
“So not done yet, but something which is in its early kind of internal deliberations.”
Gaurav Negi, page 14 of the filed PDF · View the filing
Management said fares are being raised to offset costs and demand has so far remained inelastic to the increases.
Answered by Rahul Bhatia
Asked by Aditya Mongia: Whether pricing strategy is driven more by cost pass-through or demand elasticity.
p. 14
“For the moment, what we are seeing is as we take the fares up, the market is inelastic to these hikes in fares.”
Rahul Bhatia, page 14 of the filed PDF · View the filing
Management attributed the decline to a reversal of prior leadership payout accruals.
Answered by Gaurav Negi
Asked by Pramod Kumar: Why employee costs declined sequentially despite higher hiring.
p. 15
“So if you look at quarter-over-quarter sequentially, you're saying that there is some reversal that we've taken related to some accruals we were doing related to leadership payouts, which have been reversed out.”
Gaurav Negi, page 15 of the filed PDF · View the filing
Management said capacity has recovered to about two-thirds of pre-crisis levels and is targeted to reach full capacity by end of June.
Answered by Gaurav Negi
Asked by Jinesh Joshi: Status of Middle East international capacity recovery after the crisis.
p. 18
“We've started operations approximately two-third of that 160 that we had are now operating, and we intend to kind of scale back to full capacity by the end of June”
Gaurav Negi, page 18 of the filed PDF · View the filing
Management said the single-aisle, hybrid model remains central to the strategy, with international expansion via XLR aircraft continuing alongside it.
Answered by Rahul Bhatia
Asked by Karan Khanna: Whether incoming CEO Willie Walsh's background with full-service carriers signals a strategic shift.
p. 18
“What is very clear for IndiGo is the fact that our single-aisle program with the 320s and the 21s is going to be always central to the future of this company.”
Rahul Bhatia, page 18 of the filed PDF · View the filing
Risks flagged
Escalation of geopolitical conflict in the Middle East causing route disruptions and fuel price spikes
p. 4
“the escalation of geopolitical conflict in the Middle East has led to several route disruptions and a sharp increase in jet fuel prices.”
Rahul Bhatia, page 4 of the filed PDF · View the filing
December operational disruption impacting results and falling short of service standards
p. 3
“Not only did the December disruption cause a significant impact on our results, what transpired fell short of the standards we set for ourselves when we began this journey in 2006.”
Rahul Bhatia, page 3 of the filed PDF · View the filing
Rupee depreciation driving foreign exchange losses on lease liabilities
p. 5
“The primary driver of the loss was the significant impact of foreign exchange movement, where the rupee has depreciated by more than 11% against the US dollar in just 12 months, one of the steepest declines in many years.”
Gaurav Negi, page 5 of the filed PDF · View the filing
Fuel price volatility from geopolitical developments impacting operating economics
p. 7
“fuel price volatility has intensified sharply following recent geopolitical developments in the Middle East.”
Gaurav Negi, page 7 of the filed PDF · View the filing
Lower aircraft utilization due to airspace restrictions impacting costs
p. 7
“Lower aircraft utilization due to airspace restrictions and the recent developments in the Middle East has also impacted the CASK ex fuel ex forex”
Gaurav Negi, page 7 of the filed PDF · View the filing
Uncertainty over duration of Middle East conflict affecting fleet planning
p. 12
“it's anyone's guess in terms of how long this particular situation in the Middle East is going to last and then what the tail effect of that is going to be.”
Gaurav Negi, page 12 of the filed PDF · View the filing
Seasonally softer demand from mid-June combined with elevated fuel prices
p. 9
“as we enter a seasonally softer demand environment from mid-June onwards, combined with elevated fuel prices, we are adopting a measured approach to optimize capacity.”
Gaurav Negi, page 9 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.