IndiGo FY26: Higher capacity, lower margins, and a sharp forex hit

Total income for FY26 was INR 895,134 million (INR 89,513.4 crore), up 6.4% year-on-year.

Reported PAT for FY26 was a loss of INR 23,936 million (INR 2,393.6 crore). The company stated profit excluding forex and exceptional items was INR 75,025 million (INR 7,502.5 crore).

Total cash was INR 516,506 million (INR 51,650.6 crore), comprising free cash of INR 362,163 million and restricted cash of INR 154,343 million.

Management guided that Q1 FY27 capacity in ASKs is expected to grow around 3% to 4% compared to Q1 FY26.

Management cited recovery after December disruption, followed by new disruption in March from Middle East geopolitical tensions, impacting routes and about 160 daily flights, weighing on utilization and revenues.

The Board approved partial prepayment of finance lease obligations up to USD 450 million to a wholly owned subsidiary in GIFT City, which will use the funds to acquire aviation assets such as aircraft and engines.