InterGlobe Aviation (IndiGo) is India's largest airline by domestic market share, and its Q2 FY27 print arrives with jet fuel re-accelerating and the rupee past 96/dollar after a Q1 loss driven by an 85.7% YoY jump in fuel cost. The key things the results will speak to are whether the guided PRASK growth of more than 25% YoY can keep covering cost inflation, and how the new leadership team of CEO Willie Walsh and CFO Kiran Thadimarri frames guidance amid a CRISIL watch on Rs. 9,000 Cr of bank facilities.
| Results date | October 29, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 256,141 Mn total income (+18.9% YoY) |
| Previous quarter PAT | (Rs. 2,380) Mn (net loss of Rs. 238.0 Cr) |
| Previous quarter EBITDA margin | 15.6% EBITDAR margin |
| Market cap | Rs. 175,894.63 Cr |
| CMP | Rs. 4,549.0 |
Board meeting on October 29, 2026 for Q2/H1 FY27 results, with results expected around 16:00 IST.
An earnings call is scheduled for October 29, 2026 at 17:00 IST, following the results declaration the same day.
The Board did not recommend any dividend for FY26, per the FY26 Annual Report disclosures. No dividend accompanies the upcoming Q2 FY27 results intimation.
The Q2 FY27 print will test whether IndiGo's July 23, 2026 guidance — flattish capacity YoY and PRASK growth of more than 25% — can carry the quarter almost entirely on yield and fuel surcharge while volumes stay soft. Fuel remains the dominant drag: Delhi ATF moved from Rs. 110/litre in July to Rs. 121.28/litre on September 1 and then jumped Rs. 16/litre (+13.22%) to Rs. 137/litre on October 1, roughly 25% above its July level, with Brent averaging $90.84/bbl in August 2026 versus $68.21 in August 2025. Demand gave no offset — DGCA data show domestic traffic fell 6.34% YoY in August to 121.26 lakh passengers, with IndiGo's share slipping to 65% and its load factor at 79.2% versus the 83.3% reported in Q1. The rupee's slide from 94.95 on September 1 to past 96/dollar by mid-September pressures dollar-linked lease, fuel and maintenance costs at the stated sensitivity of approximately Rs. 900 Cr for every Rs. 1 movement against the USD. The Rs. 10,000-crore ATF Price Stabilisation Fund lapsed without airline participation, so no cost relief was in force during the quarter, and the third fuel-surcharge hike of the year (effective October 6, Rs. 375–Rs. 1,300 domestic) benefits Q3 rather than Q2. The upcoming call — the first with CEO Willie Walsh (in charge since August 3, 2026) and CFO Kiran Thadimarri (since July 28, 2026) — is expected to cover the PRASK print against guidance, the CASK ex-fuel ex-FX trajectory, and the net-spread disclosure stance the CFO withheld at Q1.
Guidance scorecard to test: Management's most recent guidance, given on the July 23, 2026 Q1 call, sets the scorecard for this quarter.
Q2 PRASK vs fuel cost coverage
New leadership's imprint
Wide-body withdrawal and route restarts
Balance sheet vs rating triggers
At the Q1 FY27 call, the CFO stated the company 'cannot provide guidance on the RASK minus CASK (net spread) for the near term due to the volatile situation'. Management also declined full-year ASK guidance at the Q4 FY26 call, citing volatility and preferring quarterly updates.
This question was asked by an HSBC analyst at the Q1 FY27 call given the ~20% yield increase, but the retrieved excerpts do not show a quantified management answer. It remains an open item worth pursuing on the upcoming Q2 call.
The CFO reaffirmed 'early double-digit to mid-teens' capacity growth for FY2028–FY2030. Analysts flagged that the FY30 target of c.300 billion ASK implies mid-teens growth post-FY27, versus management's 'low double digits' framing — a difference that remains unresolved.
Yes — Q1 FY27 total income rose 18.9% YoY to Rs. 256,141 Mn, with revenue from operations up 19.9% YoY at Rs. 245,841 Mn. The growth came alongside pricing actions that lifted yield 21.3% to Rs. 6.04/km, but fuel cost of Rs. 108,329 Mn (+85.7% YoY) still drove a consolidated net loss of Rs. 238.0 Cr.