InterGlobe Aviation Limited – Q2 FY26 Results Summary
Announcement Date: 04 November 2025
Financial Highlights (Rs. million):
- Revenue from operations: Rs. 185,553 (Q2 FY26), up 9.3% YoY from Rs. 169,696 (Q2 FY25), down 9.5% QoQ from Rs. 204,963 (Q1 FY26)
- Total income: Rs. 195,995 (Q2 FY26) vs Rs. 177,590 (Q2 FY25)
- Total expenses: Rs. 220,812 (Q2 FY26) vs Rs. 186,661 (Q2 FY25)
- Loss before tax: Rs. (24,817) (Q2 FY26) vs loss of Rs. (9,071) (Q2 FY25)
- Loss after tax: Rs. (25,821) (Q2 FY26) vs loss of Rs. (9,867) (Q2 FY25)
- EPS (Basic): Rs. (66.79) (Q2 FY26) vs Rs. (25.55) (Q2 FY25)
- EBITDA and EBITDA margin: Not explicitly disclosed.
Half Year (H1 FY26) vs Prior Year:
- Revenue: Rs. 390,516 million vs Rs. 365,403 million (H1 FY25)
- Loss after tax: Rs. (4,058) million vs profit of Rs. 17,421 million (H1 FY25)
- EPS (Basic): Rs. (10.49) vs Rs. 45.12 (H1 FY25)
Balance Sheet Highlights (Sep 30, 2025 vs Mar 31, 2025):
- Property, plant & equipment (net): Rs. 26,779 million consolidated (down from Rs. 34,851 million)
- Right of use assets: Rs. 490,739 million consolidated (down from Rs. 538,001 million)
- Lease liabilities: Rs. 650,098 million consolidated (down from Rs. 730,137 million)
- Equity attributable to owners: Rs. 93,682 million (down from Rs. 86,339 million)
- Strong liquidity with financial assets and cash balances stable.
Cash Flow (H1 FY26 vs H1 FY25):
- Net cash from operating activities: Rs. 107,901 million vs Rs. 85,147 million
- Net cash used in investing activities: Rs. (35,886) million vs Rs. (28,241) million
- Net cash used in financing activities: Rs. (67,623) million vs Rs. (52,976) million
- Net increase in cash & cash equivalents: Rs. 4,392 million vs Rs. 3,930 million
Management Commentary & Key Developments:
- Significant unrealized foreign exchange loss (~Rs. 29 billion) in Q2 FY26 materially impacted profitability.
- Tax exposure of Rs. 24,185 million related to aircraft acquisition incentives; no provision made pending legal outcomes.
- Rs. 20,508 million IGST paid under protest on re-import of aircraft parts; management confident of recovery based on favorable court rulings.
- Dividend of Rs. 10 per share paid in Q2 FY26.
- Board strengthened with appointments of Mr. Michael G. Whitaker (Independent Director) and Mr. Amitabh Kant (Additional Director).
- No acquisitions or disposals reported.
- Moderate capital expenditure and aircraft overhaul costs incurred in H1 FY26.
- No changes in accounting policies.
Segment Performance:
- Operates as a single segment: air transportation services; no further segment or geographic breakdown provided.
Outlook:
- No explicit forward guidance provided.
- Management highlights ongoing legal proceedings and foreign exchange exposure as key factors to monitor.
Summary: InterGlobe Aviation reported a significant consolidated loss in Q2 FY26 primarily due to a large foreign exchange loss. Revenue grew YoY but declined QoQ. The half-year period also showed a small loss compared to prior year profits. The balance sheet reflects reduced lease liabilities and property assets, with strong liquidity and operating cash flow improvement. Management notes substantial tax and IGST litigations with no provisions made, and paid a Rs. 10 per share dividend during the quarter. The company operates in a single segment with no reported acquisitions or restructuring.