InterGlobe Aviation Ltd.Fuel Drives Loss, Q2 PRASK Seen +25%

IndiGo's parent InterGlobe Aviation reported a Q1 FY27 net loss of ₹240 Cr against a profit of ₹2,180 Cr a year earlier, as fuel and the weaker rupee outran strong pricing.

Total income rose about 19% to ₹25,600 Cr on a 21.3% higher yield, but EBITDAR fell to ₹3,830 Cr at a 15.6% margin from 28%. Fuel cost per ASK rose about 80% and unit cost excluding fuel and forex rose about 11%, missing guidance. Capacity grew 3% as the Middle East conflict forced cancellations, and the load factor eased to about 83%. For Q2, management expects flattish capacity and passenger unit revenue growth of more than 25%, but gave no guidance on the spread and warned that fuel forwards are rising again.

Full-year capacity growth stays in single digits, with early double digits to mid-teens from FY28. IndiGo holds ₹52,900 Cr of cash, including ₹39,000 Cr free. Willie Walsh joins in the first week of August, and management called airport operators entering airlines a conflict of interest with no global precedent.