Investor Update: InterGlobe Aviation Ltd (IndiGo) – Q3 FY2026 Performance Review

Executive Summary InterGlobe Aviation Ltd (IndiGo) reported resilient top-line growth for the quarter ended December 31, 2025 (Q3 FY26). Key Financial Highlights Revenue Growth: Revenue from operations rose 6.2% YoY to ₹23,471 crore, driven by an 11.2% increase in capacity. Profitability Impact: Reported Net Profit declined 77.5% YoY to ₹549 crore. This was primarily due to ₹1,546.5 crore in exceptional costs, comprising: ₹969.3 crore: Provisions for new labour law implementation. ₹555 crore: Costs related to December operational disruptions. ₹22.2 crore: Regulatory penalty. Adjusted Performance: Excluding exceptional items and forex impact, Net Profit stood at ₹3,131 crore, demonstrating operational viability despite headwinds. EBITDA: EBITDA increased 3.6% YoY to ₹5,367 crore, with a margin of 22.9%. Operational Metrics Traffic & Capacity: The airline expanded capacity (ASK) by 11.2% and carried approximately 32 million passengers (+2.8% YoY). Yield & Load Factor: Yields softened slightly by 1.8% to ₹5.33 per seat kilometer, while the Passenger Load Factor (PLF) moderated by 2.4 percentage points to 84.6%. Cost Efficiency: Fuel CASK decreased by 2.8% to ₹1.53, aiding cost management. Balance Sheet & Fleet Liquidity Position: IndiGo maintains a fortress balance sheet with Total Cash of ₹51,606.9 crore, including ₹36,944.5 crore in free cash. Fleet Expansion: The fleet size grew to 440 aircraft (net addition of 23 in Q3), supporting a network of 96 domestic and 44 international destinations. Management Commentary & Outlook CEO Pieter Elbers noted that despite the December disruptions, the airline delivered ~7% topline growth. Management emphasized a commitment to stabilizing operations and enhancing customer experience. Guidance: Capacity (ASK) is projected to grow by approximately 10% YoY in Q4 FY26.