InterGlobe Aviation Q2 FY27 results: net loss narrows to ₹1,879 crore, revenue up 25.9%

How did InterGlobe Aviation perform in Q2 FY27?

InterGlobe Aviation reported consolidated revenue of ₹23,364 crore for Q2 FY27, up 25.9% from ₹18,555 crore in Q2 FY26 but down 5.0% from ₹24,584 crore in Q1 FY27. EBITDA was ₹1,907 crore, up 229.1% year on year from ₹579.50 crore and down 41.6% from ₹3,267 crore in the previous quarter.

The EBITDA margin improved to 8.2% from 3.1% in Q2 FY26, while it fell 5.1 percentage points from 13.3% in Q1 FY27. The company reported a net loss of ₹1,879 crore, against a net loss of ₹2,582 crore a year earlier and ₹238 crore in Q1 FY27. Basic EPS was ₹48.58 negative, compared with ₹66.79 negative and ₹6.15 negative, respectively.

On a standalone basis, revenue was ₹23,363.8 crore, up 25.9% from the year-ago quarter. The company reported a standalone net loss of ₹2,055.2 crore, while loss before tax was ₹2,614.1 crore.

What changed in InterGlobe Aviation's costs and profit?

Total expenses were ₹26,188 crore in Q2 FY27, up 18.6% from ₹22,081 crore in Q2 FY26 and 1.3% from ₹25,852 crore in Q1 FY27. Other expenses increased by ₹3,217 crore year on year to ₹19,036 crore, while depreciation rose by ₹433.70 crore to ₹3,074 crore and employee cost increased by ₹228.90 crore to ₹2,274 crore.

Finance costs rose by ₹192.90 crore year on year to ₹1,658 crore, compared with ₹1,465 crore in Q2 FY26 and ₹1,565 crore in Q1 FY27. Other income fell by ₹96.10 crore year on year to ₹948.10 crore and declined by ₹81.90 crore from ₹1,030 crore in the previous quarter.

The company reported no exceptional item. Tax expense was ₹2.60 crore, compared with ₹100.40 crore in Q2 FY26. The company said elevated fuel costs and a seasonally soft period were the main factors shaping the reported result, while the filing showed fuel expenses of ₹99,668 million against ₹59,618 million a year earlier.

How did the first half of FY27 go?

In the first half of FY27, InterGlobe Aviation reported revenue of ₹47,947.9 crore, up 22.8% from ₹39,051.6 crore in H1 FY26. Total income rose 21.4% to ₹49,926.0 crore from ₹41,142.1 crore.

The company reported a loss before tax of ₹2,114.9 crore, compared with ₹171.0 crore in H1 FY26, and a net loss of ₹2,117.1 crore against ₹405.8 crore. Basic EPS was ₹54.73 negative, compared with ₹10.49 negative in H1 FY26.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹148,168.6 crore, up from ₹136,002.1 crore at 31 March 2026. Total equity fell to ₹5,021.2 crore from ₹6,987.4 crore, while borrowings rose to ₹2,280.9 crore from ₹1,806.3 crore and cash increased to ₹2,356.2 crore from ₹1,323.9 crore.

H1 FY27 operating cash flow was ₹9,617.6 crore, compared with ₹10,790.1 crore in H1 FY26. Investing cash flow was negative ₹944.8 crore against negative ₹3,588.6 crore, while financing cash flow was negative ₹7,642.8 crore against negative ₹6,762.3 crore. Capital expenditure was ₹2,097.9 crore, compared with ₹439.9 crore a year earlier.

How has InterGlobe Aviation done over the last 8 quarters?

Revenue reached its highest point in the supplied quarterly series at ₹24,584.1 crore in Q1 FY27 before declining to ₹23,363.8 crore in Q2 FY27. Revenue has risen year on year in each of the last eight quarters, according to the supplied trend data.

Profit has moved between loss and profit over the period. PAT peaked at ₹3,067.5 crore in Q4 FY25 and bottomed at negative ₹2,582.1 crore in Q2 FY26; Q2 FY27 recorded a net loss of ₹1,879.1 crore.

The EBITDA margin peaked at 27.5% in Q4 FY25 and bottomed at 3.1% in Q2 FY26. It recovered to 13.3% in Q1 FY27 before falling to 8.2% in Q2 FY27.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 29 October 2026. The filing included the financial statements, limited-review reports from S.R. Batliboi & Co. LLP, an investor presentation and a press release. The same-day investor communication was headlined “IndiGo Q2 FY27 revenue up 24%, net loss narrows despite currency hit.” No dividend, fund raise or appointment was reported in the supplied filings.

What did InterGlobe Aviation's management say?

Management said PRASK increased 31% year on year, above its guidance of more than 25% growth, while fuel CASK rose 69%. It said the Singapore jet fuel benchmark was 60% higher than a year earlier and attributed part of the cost pressure to rupee depreciation.

For Q3 FY27, management said capacity would grow early single digits year on year, with the reduction weighted more towards international operations because of the wide-body exit and the geopolitical environment. PRASK was guided to grow more than 25%, while load factors were expected to remain flat year on year based on current forward bookings.

Management said FY27 capacity growth would be in the early single digits and CASK excluding fuel and foreign-exchange mark-to-market would rise in the high-single-digit to early-double-digit range. FY28 capacity guidance remained at mid-teens, and the company said wide-body damp-lease operations would conclude effective 1 November 2026, which management expected to be accretive to spreads.

Management identified exceptionally high fuel costs, geopolitical uncertainty, rupee depreciation and aircraft delivery delays as risks. CEO Willie Walsh said: “there’s no way you can avoid increases in fares when you see such significant increases in the fuel price. It's inevitable that the fuel price will ultimately get passed through to consumers.”

How did InterGlobe Aviation shares react?

The filing appeared after market hours. From the price when it appeared, the stock was up 1.4% after 5 minutes, 2.3% after 15 minutes and 3.9% after 30 minutes. On the reaction day, it closed 4.3% above the previous close, and by the next day’s close it was up 5.2% from that pre-results close.

On the reaction day, the Transport Services industry median moved 0.9% lower, while the Nifty 100 rose 0.3%. InterGlobe Aviation’s reaction-day move was 5.2 percentage points above the industry median. By the next day’s close, the stock’s 4.7 percentage-point excess return over the industry was based on an industry median rise of 0.5% and a Nifty 100 rise of 2.0%.

Earlier reaction-day moves were mixed: the stock was up 3.1% on 30 July 2025 and up 1.0% on 4 November 2025, but fell 4.3% on 22 January 2026 and 0.7% on 23 July 2026.