InterGlobe Aviation Limited Earnings Summary — Q1 FY2027
IndiGo Reports Net Loss in Q1 FY27 Despite Strong Revenue Growth Amidst Surging Fuel Costs
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 9.6% sequentially in Q1 FY2027.
- Revenue of ₹24,584 Cr is 19.9% higher year-on-year.
- Revenue has compounded at 15.4% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹-238 Cr is 110.9% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at -62.8% annualised across the period.
- Operating margin stands at 13.3% in Q1 FY2027.
- Operating margin compressed by 1221 bps year-on-year.
- Over the last two years operating margin has contracted by 1307 bps.
- PBT margin is -1.0%.
- Expenses grew 39.6% against revenue growth of 19.9%.
- Operating profit of ₹3,267 Cr is 37.5% lower year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 48/100 (Moderate) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 24,584 | 22,438 | 23,472 | 18,555 | 20,496 | 22,152 | 22,111 | 16,970 | 19,571 | 17,825 |
| Expenses | Improving | 21,317 | 21,628 | 18,105 | 17,976 | 15,270 | 16,063 | 16,932 | 15,339 | 14,412 | 13,832 |
| Operating Profit | Volatile | 3,267 | 810 | 5,367 | 580 | 5,227 | 6,089 | 5,179 | 1,631 | 5,159 | 3,994 |
| Operating Margin | Volatile | 13.3% | 3.6% | 22.9% | 3.1% | 25.5% | 27.5% | 23.4% | 9.6% | 26.4% | 22.4% |
| Other Income | Volatile | 1,030 | 1,142 | -478 | 1,044 | 1,046 | 946 | 882 | 789 | 678 | 680 |
| Interest | Improving | 1,565 | 1,485 | 1,545 | 1,465 | 1,396 | 1,374 | 1,308 | 1,240 | 1,158 | 1,099 |
| Depreciation | Improving | 2,970 | 2,820 | 2,782 | 2,641 | 2,566 | 2,491 | 2,226 | 2,088 | 1,876 | 1,803 |
| Profit Before Tax | Volatile | -238 | -2,352 | 562 | -2,482 | 2,311 | 3,169 | 2,527 | -907 | 2,804 | 1,771 |
| Tax | Volatile | -0 | 185 | 13 | 100 | 134 | 102 | 78 | 80 | 75 | -124 |
| Net Profit | Volatile | -238 | -2,536 | 550 | -2,582 | 2,176 | 3,068 | 2,449 | -987 | 2,729 | 1,895 |
| Net Margin | Volatile | -1.0% | -11.3% | 2.3% | -13.9% | 10.6% | 13.8% | 11.1% | -5.8% | 13.9% | 10.6% |
Key Takeaways
- Revenue from operations grew by 20% year-on-year to ₹245,841 million, driven by capacity expansion and network growth.
- The company swung to a net loss of ₹2,380 million from a profit of ₹21,763 million in the same quarter last year.
- Aircraft fuel expenses surged nearly 86% YoY to ₹108,329 million, significantly impacting margins.
- Profitability was supported mid-quarter by a Government price-capping mechanism on ATF which ended June 8, 2026.
- Legal disputes regarding IGST on re-imported parts continue, with ₹22,932 million currently paid under protest.
- Significant management changes occurred post-quarter, including the appointment of Kanwal Jeet Singh Bakshi as CHRO.
Management Guidance
Management is evaluating participation in the newly announced Price Stabilisation Fund effective June 9, 2026, though specific guidelines are still awaited. Capacity remains focused on the '6E' expansion strategy despite P&W engine disruptions.
Sentiment Shift
Improving
While the company remains in a loss position, the magnitude of the loss decreased significantly compared to the preceding quarter (Q4 FY26).
Outlook
The outlook is tempered by volatile aviation fuel prices and ongoing engine availability issues, though strong revenue growth and market share dominance provide a cushion.
From the Annual Report (Key Quotes)
“The MoPNG introduced a price capping mechanism... to mitigate the impact of unprecedented fuel cost increase on the domestic aviation sector.”
“The Group has recognised Aircraft Fuel expenses based on prevailing market prices from 9 June 2026 onwards.”
“Based on management's assessment, no provision has been made as the outcome of the [Competition Commission] matter is awaited.”
Official Quarterly Documents
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This summary is AI-generated from InterGlobe Aviation Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.