IndiGo, India's largest passenger airline, reported a 25.9% increase in revenue for the quarter ended September 2026, reaching ₹23,364 crore. However, the company’s net loss narrowed to ₹1,879 crore compared to ₹2,582 crore in the same period last year. This report answers the key question: How did IndiGo perform financially in Q2 FY27?
- Revenue increased by 25.9% year-on-year to ₹23,364 crore.
- Net loss reduced to ₹1,879 crore from ₹2,582 crore last year.
- EBITDA doubled to ₹1,907 crore with an 8.1% margin.
- Aircraft fuel expenses rose sharply, consuming 42% of revenue.
- Revenue slightly missed market expectations and declined sequentially.
What were IndiGo’s revenue and profit figures for Q2 FY27?
IndiGo's revenue for the quarter ended September 2026 was ₹23,364 crore, marking a 25.9% increase compared to ₹18,555 crore in the same quarter last year. Despite this growth, the revenue fell just short of market expectations, which anticipated between ₹23,500 crore and a 27% to 30% year-on-year increase. Sequentially, revenue declined by 5% from ₹24,584 crore in the previous quarter (Q1 FY27).
On the profit front, IndiGo reported a net loss of ₹1,879 crore, which is an improvement from the ₹2,582 crore loss recorded in the corresponding quarter of the previous year. This narrowing of losses indicates better cost management and operational efficiency despite challenging market conditions.
How did operational performance improve during the quarter?
The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) showed significant improvement. EBITDA jumped from ₹543 crore in the previous year’s quarter to ₹1,907 crore, more than tripling. The EBITDA margin expanded by over 500 basis points to 8.1%, reflecting stronger operational profitability.
Why did aircraft fuel expenses impact IndiGo’s results?
Aircraft turbine fuel (ATF) expenses increased substantially by 67% year-on-year, rising to ₹9,967 crore from ₹5,961 crore. These fuel costs accounted for 42% of the company’s revenue during the quarter, up from 32% in the same period last year. The sharp rise in fuel expenses significantly affected IndiGo’s profitability, as fuel is one of the largest operating costs for airlines.
What is the overall outlook based on these results?
IndiGo’s Q2 FY27 results show strong revenue growth and improved operational earnings despite rising fuel costs and a net loss. The narrowing of losses and increased EBITDA margin suggest the airline is managing its expenses effectively. However, the higher fuel expenses remain a challenge that could impact future profitability if fuel prices stay elevated.
Frequently Asked Questions
Q: How much did IndiGo’s revenue grow in Q2 FY27?
A: Revenue increased by 25.9% year-on-year, reaching ₹23,364 crore.
Q: Did IndiGo make a profit in Q2 FY27?
A: No, IndiGo reported a net loss of ₹1,879 crore, but this was lower than the previous year’s loss of ₹2,582 crore.
Q: What caused the increase in costs for IndiGo?
A: The main cause was a 67% increase in aircraft fuel expenses, which rose to 42% of revenue.
Q: How did IndiGo’s EBITDA change?
A: EBITDA increased significantly from ₹543 crore to ₹1,907 crore, with the margin expanding to 8.1%.
These results highlight the challenges and progress IndiGo faces as it navigates fluctuating fuel prices and strives to improve profitability while expanding its operations.
