IndiGo reports FY26 revenue of ₹895,134 million amid challenging operating environment

Despite continuing external disruptions, during the year ended March 2026, IndiGo expanded its operations, with capacity increasing by 9.5% year-on-year and total income growing by 6.4% to INR 895,134 million. Excluding the impact of foreign exchange and exceptional items, IndiGo reported a net profit of INR 75,025 million.

Exceptionally sharp rupee depreciation, changes in labour laws and a challenging operating environment offset the operational profit and the Company reported a net loss of INR 23,936 million.

For the quarter ended March 2026, IndiGo reported a net loss of INR 25,369 million. Excluding the impact of foreign exchange and exceptional items, the Company reported a net profit of INR 19,206 million.

Fourth Quarter FY26 Highlights

For the quarter ended March 31, 2026, compared to the same period last year (on a consolidated basis)

MetricMar’26ChangeCapacity (ASKs)43.6 billion+3.4%Passengers31.6 million-1.1%YieldINR 5.20-2.2%Load Factor85.8%-1.7 ptsRevenue from OperationsINR 224,384 million+1.3%Fuel CASKINR 1.53-4.8%CASK ex fuel ex fxINR 3.15+7.3%EBITDAR excluding forex impactINR 64,354 million28.7% marginEBITDARINR 22,278 million9.9% marginNet profit excluding exceptional items and forexINR 19,206 millionNet lossINR 25,369 million

Full-Year FY26 Highlights

For the year ended March 31, 2026, compared to year ended March 31, 2025 (on a consolidated basis)

MetricFY26ChangeCapacity172.4 billion+9.5%Passengers123.4 million+4.0%YieldINR 5.06-1.7%Load Factor84.4%-1.6 ptsRevenue from OperationsINR 849,619 million+5.1%Fuel CASKINR 1.47-11.5%CASK ex fuel ex fxINR 3.00+3.8%EBITDAR excluding forex impactINR 231,889 million27.3% marginEBITDARINR 150,892 million17.8% marginNet profit excluding exceptional items and forexINR 75,025 millionNet lossINR 23,936 million

Profitability Metrics

Quarter Ended

Particulars (INR mn)Mar’26Mar’25ChangeEBITDAR22,27869,482-67.9%EBITDAR excluding foreign exchange64,35468,618-6.2%PBT(23,517)31,694-174.2%PAT(25,369)30,675-182.7%Profit excluding foreign exchange16,70729,811-44.0%Profit excluding foreign exchange and exceptional items19,20629,811-35.6%

Full Year

Particulars (INR mn)Mar’26Mar’25ChangeEBITDAR150,892212,520-29.0%EBITDAR excluding foreign exchange231,889228,612+1.4%PBT(19,605)75,934-125.8%PAT(23,936)72,584-133.0%Profit excluding foreign exchange57,06188,676-35.7%Profit excluding foreign exchange and exceptional items75,02588,676-15.4%

Operational Metrics

Quarter Ended

ParticularsMar’26Mar’25ChangeASK (billion)43.642.1+3.4%RPK (billion)37.436.8+1.5%Load Factor85.8%87.4%-1.7 ptsPassengers (million)31.631.9-1.1%

Full Year

ParticularsMar’26Mar’25ChangeASK (billion)172.4157.5+9.5%RPK (billion)145.5135.4+7.5%Load Factor84.4%86.0%-1.6 ptsPassengers (million)123.4118.6+4.0%

Leadership Comment

Rahul Bhatia, MD, said, “FY26 was marked by an exceptionally challenging operating environment, which materially impacted our profitability. Despite these conditions, the underlying performance of the business remained resilient. During the year, our capacity grew by 9.5% and total income increased by over 6%. Excluding the impact of foreign exchange and exceptional items, IndiGo delivered a profit of INR 75 billion. We continue to maintain a strong balance sheet with substantial liquidity, demonstrating resilience through prolonged periods of volatility. I would like to thank our 123 million customers for placing their trust in us, and our 69,000 dedicated IndiGo team members for their extraordinary professionalism. While the near term remains volatile, we remain firmly focused on disciplined execution, cost efficiency, and long-term value creation.”

Revenue and Cost Comparisons

Revenue

Particulars (INR mn)Quarter Ended Mar’26Quarter Ended Mar’25ChangeRevenue from operations224,384221,519+1.3%Other income13,9239,456+47.2%Total income238,307230,975+3.2%RASK (INR)5.305.26+0.8%Yield (INR/Km)5.205.32-2.2%

Full Year Revenue

Particulars (INR mn)FY26FY25ChangeRevenue from operations849,619808,029+5.1%Other income45,51532,953+38.1%Total income895,134840,982+6.4%RASK (INR)4.995.14-3.0%Yield (INR/Km)5.065.15-1.7%

Cash and Debt

As of 31st March 2026

• IndiGo had a total cash balance of INR 516,506 million comprising INR 362,163 million of free cash and INR 154,343 million of restricted cash.

• The capitalized operating lease liability was INR 534,608 million. The total debt (including capitalized operating lease liability) was INR 777,492 million.

Network and Fleet

• As of 31st March 2026, fleet of 441 aircraft including 31 A320 CEOs (5 damp lease), 177 A320 NEOs, 172 A321 NEOs (4 damp lease), 1 A321XLR, 46 ATRs, 3 A321 freighters, 5 B737 (damp lease) and 6 B787 (damp lease); a net increase of 1 passenger aircraft during the quarter.

• IndiGo operated at a peak of 2,241 daily flights during the quarter including non-scheduled flights.

• During the quarter, provided scheduled services to 97 domestic destinations and 45 international destinations.

Operational Performance

• For the period January’26-March’26, IndiGo had a Technical Dispatch Reliability of 99.9%.

• For the period January’26-March’26, IndiGo had an on-time performance of 79.9% at 10 major airports and flight cancellation rate of 0.6%.

Future Capacity Growth

• First quarter of fiscal year 2027 capacity in terms of ASKs is expected to grow around 3-4% as compared to the first quarter of fiscal year 2026.

Awards and Accolades

• IndiGo has been recognized as the ‘Best Aviation Service Provider’ at the prestigious Wings India 2026.

• IndiGo has been honoured with the “Highest Domestic Uplift Airline Cargo for 2025” award at International Cargo Business Summit 2026.

• IndiGo ranked #1 among India’s Most Sustainable Companies in the Aerospace, Aviation & Defense sector for FY2024-25 at the BW Businessworld IMSC Awards 2026.

• IndiGo was recognized across three prestigious industry platforms for its tailor-made business product, IndiGoStretch.

• TravelPlus Airline Amenity Awards 2026.

• Onboard Hospitality Awards 2026.

• PAX International Readership Award 2026.

From Factory Floors to Farmlands: Women Are Rewriting the Rules

March 2026, Mumbai: International Women’s Day is increasingly becoming a reflection point for long-term structural change rather than a symbolic celebration. Across sectors, companies are institutionalising women’s empowerment through defined programmes creating access, building skills, and redesigning systems to enable sustained participation.

Aviation to Agriculture to Manufacturing and FMCG, here are six structured initiatives advancing women’s representation and economic participation in measurable ways. 

1. IndiGo -Women Empowerment Under IndiGoReach: Through its CSR arm, the airline has built a large-scale livelihood programme focused on improving income and decision-making power among women and transgender individuals. By forming over 5,200 Self Help Groups and enabling micro-entrepreneurship across agriculture and non-agriculture sectors, the initiative combines skill development with institutional strengthening. With measurable income uplift targets and region-specific interventions, it moves beyond training to structured economic integration.

2. PepsiCo India- RevolutioNari Conference & Awards: PepsiCo India’s RevolutioNari platform recognises and strengthens the role of women in agriculture. Designed as both a recognition and ecosystem-building forum, it convenes farmers, policymakers and sector experts under one structured platform. Stated ambition to empower one million women, the initiative integrates awards, dialogue and capacity-building positioning women as leaders across.

3. Godrej Foods – WINGS: Godrej Food’s WINGS programme addresses gender gaps in frontline and field roles. The initiative recruits' women agricultural graduates through campus outreach and provides structured classroom and field immersion training. Given the mentorship support and defined pathways into operational roles, WINGS institutionalises entry and progression in segments traditionally dominated by men strengthening representation across the value chain.

4. Tata Motors – All Women Car Assembly Line: In a significant workforce redesign move, Tata Motors operationalised India’s first all-women car assembly line at its Pune facility. The initiative integrates technical training, redesigned shopfloor infrastructure and residential support systems. By embedding women in core manufacturing roles rather than peripheral functions, the programme signals structural inclusion within heavy industry operations.

5. Dabur CSR Initiative for Women Empowerment: Dabur’s rural empowerment initiatives focus on livelihood diversification and entrepreneurship support for women across multiple states. The Skill Development Centres and structured Self-Help Group formation, the programme enables vocational training, financial literacy and access to credit. The approach combines capability-building with income generation frameworks to support long-term economic independence.

6. Canon India – She #CANwithCanon: Canon India’s She #CANwithCanon initiative centres on workplace equity and professional advancement. The programme integrates mentorship, leadership pathways to strengthen internal representation. Given the structured flexibility models, safety measures and well-being programmes, the initiative embeds inclusion within organisational culture rather than positioning it as a standalone campaign.

Real empowerment rarely makes noise. It builds quietly in training rooms, on factory floors, inside boardrooms, across farms and field routes. It changes who shows up, who participates and who leads. When the organisations choose to build systems instead of slogans, the impact outlives the occasion. Empowerment isn’t an annual celebration it’s a structural shift in who gets to shape the future

Airlines cancel flights in the wake of Cyclone Nisarga

Key Take Away

There have been warnings of the Cyclone making its landfall on the Maharashtra coast. Airlines canceled most flights to and from Mumbai in the wake of Cyclone Nisarga.

IndiGo canceled 17 flights and operated just three to Chandigarh, Ranchi, and Patna. Vistara also canceled flights to Delhi and Kolkata
The operators of the Mumbai airport held a meeting with its stakeholders to devise preventive measures to tackle potential adversities accompanied by the cyclone.

For More Information

economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/airlines-cancel-flights-in-the-wake-of-cyclone-nisarga/articleshow/76161140.cms