InterGlobe Aviation Limited reported a consolidated net loss of ₹2,380 million for the quarter ended June 30, 2026 (Q1FY27), a sharp reversal from the net profit of ₹21,763 million recorded in the same period last year. The decline was primarily driven by an 80% year-on-year surge in fuel costs, which offset a robust 19% increase in passenger unit revenue and disciplined pricing actions. Despite the volatility in global energy markets and geopolitical disruptions affecting Middle East routes, the airline maintained strong demand fundamentals, carrying 31.3 million passengers. Management guided for flattish capacity growth in Q2FY27 while projecting passenger unit revenue growth of more than 25% year-on-year, supported by sustained pricing discipline.

Financial Performance

Total income rose approximately 19% to ₹256,141 million from ₹215,426 million in Q1FY26. Revenue from operations increased to ₹245,841 million, up from ₹204,963 million. However, total expenses escalated to ₹258,525 million, compared to ₹192,319 million in the prior year, largely due to elevated aircraft fuel costs of ₹108,329 million versus ₹58,326 million previously. EBITDA stood at ₹32.10 billion with a margin of 13.06%, down from ₹52.05 billion and 25.39% margin in Q1FY26. EBITDAR was ₹38.3 billion (15.6% margin), compared to ₹57.4 billion (28.0%) last year.

Chief Financial Officer Gaurav Negi noted that excluding currency movement impacts, the net loss narrowed to approximately ₹56 million. The Board of Directors approved the unaudited standalone and consolidated financial results on July 23, 2026, reviewed by Statutory Auditors M/s. S.R. Batliboi & Co. LLP.

Operational Metrics and Cost Pressures

IndiGo served 31.3 million passengers in Q1FY27, a ~1% year-on-year increase. Available Seat Kilometers (ASKs) grew 2.9% to 43.5 billion, while Revenue Passenger Kilometers (RPKs) rose 1.4% to 36.2 billion. The load factor decreased by 1.3 percentage points to 83.3%. Yield per passenger kilometer improved 21% to ₹6.04 from ₹4.98, and Passenger Unit Revenue (PRASK) reached ₹5.03, up 19% year-on-year.

Fuel remained the primary cost headwind. Average Brent prices rose ~50% year-on-year, while benchmark Singapore jet fuel prices surged nearly 120% due to elevated crack spreads. Fuel Cost per Available Seat Kilometer (CASK) increased ~80% year-on-year and ~63% quarter-on-quarter. From April 1, 2026, to June 8, 2026, domestic Aviation Turbine Fuel (ATF) price increases were capped at 25% above the March reference price plus taxes. From June 9, 2026, fuel expenses were recognized at prevailing market rates. The blended average ATF rate for the quarter was approximately ₹140 per litre.

Strategic Outlook and Balance Sheet

The company ended the quarter with total cash of ₹529 billion, comprising ₹390 billion in free cash and ₹139 billion in restricted cash. Total debt, including capitalized operating lease liabilities of ₹538 billion, stood at ₹815 billion. IndiGo signed a Memorandum of Understanding with CFM International for over 1,000 LEAP-1A engines for future deliveries. For Q2FY27, management expects PRASK growth of more than 25% year-on-year and CASK ex-fuel ex-forex to be in the higher single digits or lower early double digits. International capacity share is targeted to reach ~40% by 2030, up from ~33% in Q1FY27.

InterGlobe Aviation Limited has scheduled its 23rd Annual General Meeting (AGM) for Thursday, August 20, 2026, at 11:00 hours (IST) via Video Conferencing or Other Audio-Visual Means. The primary agenda is a special resolution seeking shareholder approval to increase the company’s borrowing limit to ₹1,100 billion and create charges against assets to secure these funds. This capital raise is critical for financing the induction of approximately 900 aircraft scheduled for delivery until 2035.

The Board of Directors recommends this expansion to support aggressive fleet growth and working capital needs. As of March 31, 2026, the company had utilized approximately ₹460 billion of its existing ₹700 billion approved limit. The proposed additional ₹400 billion increment is expected to be deployed by the first half of FY29, primarily through finance leases for new aircraft acquisitions.

Borrowing Limit Expansion

Under Section 180(1)(c) of the Companies Act, 2013, the resolution permits the Board to borrow up to ₹1,100 billion from banks, financial institutions, or leasing entities. This facility covers both fund-based and non-fund-based instruments. Currently, the company holds restricted cash of ₹153.35 billion against various existing facilities. The enhanced limit ensures liquidity for sustaining IndiGo’s position as India’s largest carrier amid rapid capacity expansion.

Ordinary Business and Governance

Alongside the special resolution, shareholders will transact ordinary business, including the adoption of standalone and consolidated financial statements for FY26. The meeting will also see the re-appointment of Gregg Albert Saretsky as a Director, who retires by rotation. Saretsky, an aviation veteran with over 36 years of experience, serves on the Risk Management Committee.

E-Voting and Participation Details

Remote e-voting will be open from Saturday, August 15, 2026, at 09:00 hours (IST) to Wednesday, August 19, 2026, at 17:00 hours (IST). The cut-off date for determining voting eligibility is Thursday, August 13, 2026. Members holding shares in demat mode can vote through their depository participants or via the NSDL e-voting system. Physical proxies are not available as the meeting is virtual.

Neerja Sharma, Company Secretary & Chief Compliance Officer, confirmed that the Annual Report and AGM Notice are accessible electronically via the company’s website and stock exchange portals. In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, advertisements were published in Financial Express and Jansatta on July 29, 2026.