Below is a structured extraction and summary of the relevant and actionable financial information from the InterGlobe Aviation Limited results filing for the quarter and half year ended 30 September 2025.
1. Auditor’s Note
- Type: Independent Auditor’s Review Report by S.R. Batliboi & Co. LLP.
- Conclusion: Unmodified (clean) conclusion on both consolidated and standalone unaudited financial results.
- Qualifications/Concerns: None reported.
- Summary: The auditor’s review did not identify any material misstatements or issues. The report is standard boilerplate with no qualifications or concerns.
2. Financial Performance
Periods Covered:
- Latest quarter: Q2 FY26 (July-Sept 2025)
- Immediately preceding quarter: Q1 FY26 (April-June 2025)
- Same quarter previous year: Q2 FY25 (July-Sept 2024)
- Half year ended 30 Sept 2025 (H1 FY26)
- Half year ended 30 Sept 2024 (H1 FY25)
- Full financial year ended 31 March 2025 (FY25)
Key Financials (Rupees in millions)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|
| Consolidated Financials | | | | | | |
| Revenue from operations | 185,553 | 204,963 | 169,696 | 390,516 | 365,403 | 808,029 |
| Other income | 10,442 | 10,463 | 7,894 | 20,905 | 14,676 | 32,953 |
| Total income | 195,995 | 215,426 | 177,590 | 411,421 | 380,079 | 840,982 |
| Total expenses | 220,812 | 192,319 | 186,661 | 413,131 | 361,110 | 765,048 |
| Profit / (loss) before tax | (24,817) | 23,107 | (9,071) | (1,710) | 18,969 | 75,934 |
| Total tax expense | 1,004 | 1,344 | 796 | 2,348 | 1,548 | 3,350 |
| Profit / (loss) after tax | (25,821) | 21,763 | (9,867) | (4,058) | 17,421 | 72,584 |
| Other comprehensive income (net) | 150 | (14) | (70) | 136 | 1 | (95) |
| Total comprehensive income / (loss) | (25,671) | 21,749 | (9,937) | (3,922) | 17,422 | 72,489 |
| EPS - Basic (Rs.) | (66.79) | 56.31 | (25.55) | (10.49) | 45.12 | 187.93 |
| EPS - Diluted (Rs.) | (66.79) | 56.24 | (25.51) | (10.49) | 45.06 | 187.67 |
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|
| Standalone Financials | | | | | | |
| Revenue from operations | 185,553 | 204,963 | 169,696 | 390,516 | 365,403 | 808,030 |
| Other income | 10,450 | 10,465 | 7,905 | 20,915 | 14,702 | 33,068 |
| Total income | 196,003 | 215,428 | 177,601 | 411,431 | 380,105 | 841,098 |
| Total expenses | 221,141 | 192,474 | 186,695 | 413,615 | 361,182 | 765,223 |
| Profit / (loss) before tax | (25,138) | 22,954 | (9,094) | (2,184) | 18,923 | 75,875 |
| Total tax expense | 1,003 | 1,343 | 794 | 2,346 | 1,544 | 3,342 |
| Profit / (loss) after tax | (26,141) | 21,611 | (9,888) | (4,530) | 17,379 | 72,533 |
| Other comprehensive income (net) | 3 | (42) | (56) | (39) | 20 | (12) |
| Total comprehensive income / (loss) | (26,138) | 21,569 | (9,944) | (4,569) | 17,399 | 72,521 |
| EPS - Basic (Rs.) | (67.63) | 55.92 | (25.60) | (11.72) | 45.01 | 187.79 |
| EPS - Diluted (Rs.) | (67.63) | 55.84 | (25.57) | (11.72) | 44.95 | 187.54 |
Margins and Profitability Notes:
- Q2 FY26 shows a significant loss both consolidated and standalone, reversing from profit in Q1 FY26.
- Half year FY26 shows a small loss consolidated and standalone, compared to profit in H1 FY25.
- Full year FY25 was profitable.
- EPS is negative in Q2 FY26 and H1 FY26, indicating losses.
- Foreign exchange loss is notably high in Q2 FY26 (~Rs. 29,000 million consolidated), a major factor in losses.
3. Detailed Notes / Management Commentary
- Tax Exposure:
- Income tax assessments up to AY 2022-23 revised by authorities due to disallowance of expenses and tax treatment of incentives on aircraft acquisition.
- Tax exposure (excluding interest and penalty) up to AY 2022-23 is Rs. 24,185 million if incentives are held taxable.
- The Group has favorable ITAT orders but appeals are pending in higher courts. No provision recorded based on legal advice.
- IGST Paid Under Protest:
- Rs. 726 million paid under protest in Q2 FY26 on re-import of repaired aircraft parts; cumulative Rs. 20,508 million paid under protest.
- Favourable Supreme Court and High Court orders exist; appeals pending with no stay granted. Amounts paid under protest shown as recoverable.
- Board Changes:
- Appointment of Mr. Michael G. Whitaker as Independent Director effective 14 July 2025.
- Appointment of Mr. Amitabh Kant as Additional Director (Non-Executive Non-Independent) effective 15 September 2025.
- Dividend:
- Final dividend of Rs. 10 per equity share approved and paid during Q2 FY26.
- Shares Issued:
- Employee Stock Options exercised during Q2 FY26 increased paid-up share capital to Rs. 3,866 million.
- Segment Reporting:
- The Group operates as a single segment: "air transportation services." No segment-wise financials disclosed.
- Accounting Policies:
- No changes or material adjustments reported.
- Foreign Exchange Loss:
- Significant unrealized foreign exchange loss in Q2 FY26 (~Rs. 29,000 million consolidated), impacting profitability.
- Legal and Regulatory:
- Ongoing appeals and litigations related to tax and customs duties; management confident based on legal advice.
4. Segment Information
- The Group reports as a single operating segment: air transportation services.
- No further segment or geographic breakdown provided.
5. Capex, Projects, and Corporate Activity
- Capital Expenditure:
- Property, plant and equipment additions (including capital advances) for H1 FY26: Rs. 1,832 million consolidated; Rs. 1,398 million standalone.
- Major inspection and overhaul costs on leased aircraft: Rs. 2,567 million consolidated and standalone for H1 FY26.
- Investments:
- Increase in investments in financial assets (mutual funds, bonds, etc.) noted in cash flow statements.
- Writedowns / Impairments:
- Property, plant and equipment written off: Rs. 205 million consolidated and standalone in H1 FY26.
- Impairment loss on trade receivables: Rs. 187 million consolidated and standalone in H1 FY26.
- Acquisitions / Disposals:
- No acquisitions or disposals reported.
- Restructuring / Strategic Shifts:
- No explicit mention of restructuring or cost-cutting measures.
- Dividend Paid:
- Rs. 3,865 million dividend paid in Q2 FY26.
6. Standalone vs Consolidated
- Both Standalone and Consolidated financial results are provided and reviewed.
- Financial figures for both are broadly aligned with minor differences in expenses and income.
- Consolidated results include subsidiaries and controlled trusts as listed.
7. Balance Sheet Highlights (As at 30 September 2025 vs 31 March 2025)
| Particulars | Consolidated (Rs. mn) | Standalone (Rs. mn) |
|---|
| Assets | | |
| Property, plant & equipment | 34,851 → 26,779 | 30,193 → 22,299 |
| Right of use assets | 538,001 → 490,739 | 540,443 → 493,052 |
| Investments | 20,777 → 13,183 | 25,068 → 17,443 |
| Other financial assets | 72,710 → 74,933 | 72,963 → 75,009 |
| Total assets | 1,282,356 → 1,158,435 | 1,282,032 → 1,159,139 |
| Equity & Liabilities | | |
| Equity attributable to owners | 86,339 → 93,682 | 85,074 → 93,068 |
| Lease liabilities (non-current + current) | 730,137 → 650,098 | 733,052 → 652,884 |
| Other financial liabilities | 266,000 → 228,715 | 265,778 → 228,692 |
| Provisions | 44,565 → 41,547 | 43,950 → 40,963 |
| Total equity & liabilities | 1,282,356 → 1,158,435 | 1,282,032 → 1,159,139 |
8. Cash Flow Summary (Half Year ended 30 Sept 2025 vs 2024)
| Particulars | Consolidated (Rs. mn) | Standalone (Rs. mn) |
|---|
| Net cash from operating activities | 107,901 (2025) vs 85,147 (2024) | 106,724 (2025) vs 84,343 (2024) |
| Net cash used in investing activities | (35,886) (2025) vs (28,241) (2024) | (34,258) (2025) vs (27,745) (2024) |
| Net cash used in financing activities | (67,623) (2025) vs (52,976) (2024) | (67,855) (2025) vs (52,976) (2024) |
| Net increase in cash & cash equivalents | 4,392 (2025) vs 3,930 (2024) | 4,611 (2025) vs 3,622 (2024) |
Summary for Investment Analysis Team
| Aspect | Key Points / Actionable Insights |
|---|
| Auditor’s Note | Clean review report with no qualifications or concerns. |
| Financial Performance | - Q2 FY26 shows a significant consolidated and standalone loss (~Rs. 25.8 billion consolidated). |
| - Loss driven largely by a large foreign exchange loss (~Rs. 29 billion in Q2 FY26). |
| - H1 FY26 shows a small loss vs profit in H1 FY25; FY25 was profitable. |
| - EPS negative in Q2 and H1 FY26; positive in prior periods. |
| Management Commentary | - Significant tax exposure related to incentives on aircraft acquisition; no provision made based on legal advice. |
| - Rs. 20.5 billion IGST paid under protest; management confident of recovery based on court rulings. |
| - Dividend of Rs. 10 per share paid in Q2 FY26. |
| - Board strengthened with new independent and non-executive directors. |
| Segment Information | Single segment: air transportation services. No further breakdown. |
| Capex & Projects | - Moderate capex and overhaul spend in H1 FY26. |
| - Property and equipment write-offs and trade receivables impairment noted but not material relative to size. |
| - No acquisitions or disposals reported. |
| Balance Sheet | - Lease liabilities remain significant (~Rs. 730 billion consolidated). |
| - Equity slightly down from March 2025 due to losses. |
| - Strong liquidity position with large financial assets and cash balances. |
| Cash Flows | - Operating cash flow strong and improved vs prior year. |
| - Investing and financing cash outflows increased, mainly due to lease repayments and investments. |
| Standalone vs Consolidated | Results broadly aligned; consolidated includes subsidiaries and controlled trusts. |
No material changes in accounting policies or other caveats were disclosed.
Recommendations for Further Monitoring
- Monitor foreign exchange exposure and its impact on quarterly profitability.
- Track progress and outcomes of tax and IGST litigations, as these represent significant contingent liabilities.
- Watch for any updates on restructuring or cost control measures given current losses.
- Review future quarterly results for return to profitability and margin improvement.
- Assess impact of dividend payments on cash flows and liquidity.
This completes the extraction and summary of the key financial and corporate information from the filing.