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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹23,472 Cr
verified against source
Revenue YoY
6.7%
reported change
EBITDA
₹6,000 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indigo's Q3 FY26 results were marred by a severe operational disruption in early December, leading to over 2,500 flight cancellations and a 5.8 billion rupee exceptional charge. Revenue grew 6.7% YoY to ₹24,500 crore, but PAT plunged 77% to ₹550 crore due to forex losses and one-off items. EBITDA margin contracted ~160bps to 24.5%. Capacity growth of 11% was at the upper end of guidance, but unit revenue fell 4.5% YoY. Management guided Q4 capacity growth of 10% and mid-single-digit CASK ex-fuel inflation. The new FDTL norms and pilot shortage remain key headwinds. Risk: further regulatory action or prolonged capacity constraints could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Capacity growth moderated to ~10% YoY in Q4 due to schedule adjustments and regulatory requirements.
- Unit passenger revenue expected to decline early to mid-single digit YoY in Q4, partly due to high base from Maha Kumbh.
- Full-year CASK excluding fuel and forex expected to increase mid-single digit YoY, driven by FX, damp leases, and capacity moderation.
Risks flagged
- New FDTL norms effective Feb 10 require more pilots; management declined to quantify shortage, raising concerns about capacity constraints.
- Rupee depreciation of ~5% YoY led to ₹10.4 billion forex loss; $10 billion exposure remains partially hedged.
- DGCA imposed ₹222 million penalty; slots handed back may not be regained, impacting future capacity.
- One-time provision of ₹9.7 billion for labor codes; recurring costs will flow into employee expenses from Q4, pressuring margins.
Key quotes
- We have processed timely refunds of all the impacted customers and further as a gesture of care, we've also extended travel vouchers to lacks of severely impacted and stranded customers in addition to regulatory compensation.
- The net profit excluding the impact of the exceptional items and currency depreciation was around 31.3 billion rupees as compared to 38.5 billion rupees during the same period last year.
- We are building a balance sheet that is not only strong today but capable of supporting scale and ambition of tomorrow.
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