Revenue +20% masks loss on fuel inflation, pricing power tested

Revenue +19.9% YoY to ₹24,584 Cr. EBITDAR margin halved 28%→15.6%; PAT swung to -₹238 Cr loss

Delivered 3% capacity growth YoY. Within guidance range but at floor; later guidance cut Q2 to flat

PRASK came in +19%, yield +21%. Exceeded 'mid-teens' PRASK guidance

Fuel CASK +80% YoY. PRASK +19%, yield +21%. But combined cost inflation >30% overwhelmed revenue gains → ₹238 Cr loss

Capacity +3%, but still posted worst quarterly loss despite revenue growth. Q2 capacity held flat (off-season typical)

Prior guidance for 'net to high single-digit' cost growth; now 'high single-digit to early double-digit'. Q1 CASK ex fuel ex forex was +11% YoY; inflation and gratuity provisions driving higher base.

Q1 delivered 3% growth (within 3-4% guide). Q2 expected 'flattish' due to off-season and measured approach. FY27 full-year remains single-digit guidance; suggests near-term remain constrained.

Capacity to Middle East at 90-95% of pre-war levels (130+ departures vs 150 pre-war). Recent flare-up signals potential re-escalation; management flagged as ongoing risk.

Q1 PRASK +19%, yield +21%, both beat mid-teens guidance. Q2 PRASK guidance 25%+ (vs Q1's 19%) signals continued pricing momentum, but off a lower demand-supply base.

Holding 300 Cr capacity by FY30, 40% intl by 2030, early double-digit to mid-teens growth post-27. New: LEAP-1A engine MoU for 1000+ units, signaling investment in fleet refresh and structural efficiency.

Load factors down only 1.3pp in Q1; Q2 expected flat or slightly down (typical off-season). Pricing discipline holding; not seeing demand destruction.

No explicit target; endeavor is 'economically viable' spreads. Fuel and currency are 'biggest drag' right now; goal is 'healthy spread' but external factors too significant.

Holding single-digit FY27 guidance; tapered down from prior. Post-27, guidance is early double-digit to mid-teens. External factors already factored in.

March baseline was elevated (SingJet 82+). 25% cap applied Apr-June 8 for domestic (vs 120% intl market spike). Mix of capped domestic, market intl, private OMC premium accounts for 63% QoQ increase.

End-June at ~90-95% of pre-war levels (130+ vs 150 departures). Early July lower due to recent flare-up. Operating at max safe capacity; monitoring situation closely.

Most damp leases returned. Will reassess in Q3 depending on cost/demand/Middle East stabilization. Own fleet on plan; no imminent change to fleet strategy.

Revising guidance to 'higher side of single-digit, possibly early double-digits' due to lower utilization and cost environment. Deferred increments for senior management only; gratuity provisions and head count increases driving run rate higher.

Still holding mid-teens. FY28-30 is early double-digit to mid-teens. FY27 is single-digit due to external factors; post-27 back to early double-digit to mid-teens.

Very dynamic. Q1 had yield +21% vs cost +30%—gap. Q2 yield +25% but capacity flattish. Testing high yield levels continuously; no fixed 'until' level. Depends on external shocks (Mideast, fuel forwards).

Mark-to-market shift March-June only 10 paise (₹8-9 Cr exposure). June-end close was favorable despite earlier adverse movement. Lower than prior quarters due to timing of close.

Q4 had releases from redelivery provisions. Q1 is normalized setup—dollar-denominated costs plus annual escalations. Will persist quarter-over-quarter.

Testing new price levels in crisis. Post-crisis, will shift to volume-driven growth (mid-teens CAGR post-27). Cost base has increased (inflation, depreciation), so expect yields to hold higher than pre-crisis but may not sustain crisis peaks.

Reading news as you are. If true, no global precedent; would create conflict of interest against consumers. Watch and see how it develops; consider strategic response later if formalized.

Too volatile to guide on spread right now. March was bullish; Q1 turned on us with external factors. Will not give spread guidance.

Holding 40% by 2030 guidance. International will grow faster (lower base). On track with XLR and widebody deliveries. No pre-ponement expected.

Forwards showing mixed signals. Early Q2 forwards lower than Q1; war escalation risk could flip it. Impossible to call; watching forwards. Going in, expected Q2<Q1 on forwards; now uncertain.

Prior guidance was 3-4% capacity for Q1; delivered 3%. Q2 expected flat due to off-season and measured approach given fuel/forex headwinds.

Q1 beat mid-teens guidance with 19% PRASK growth. Q2 higher guidance hinges on sustained pricing power and off-season reduction absorbing capacity cut.

Based on A321, XLR, widebody deliveries starting FY28. LEAP MoU signed; no delivery delays called out. External shocks (fuel, geopolitical) are tail risks.

Q1 CASK ex-fuel ex-forex +11%. Gratuity provisions, head count, inflation, rupee depreciation driving run rate; guidance revised upward from prior 'net to high single-digit'.

Q1 fuel CASK +80% on SingJet +120%, Brent +50%, government cap on domestic +25%. Q2 forwards mixed; war risk unpredictable. Management acknowledges inability to forecast.

Q1 margin 15.6% vs 28% prior year. Structural cost inflation beyond fuel and forex headwinds mean margin recovery will lag revenue recovery even post-crisis.

Orderbook on track. No delays flagged. GIFT City entity used for efficient procurement. Capacity growth constrained by external factors, not capex availability.

1000+ LEAP MoU signals long-term platform investment. Land acquisition in progress. Deliberate capital allocation toward structural competitiveness.

Off-season typical reduction. Q3 peak season may bring surge capacity back if Middle East stabilizes and fuel moderates. No firm commitment.

SingJet +120% in Q1 (Brent +50%). Fuel CASK +80% YoY. Forwards uncertain; war escalation could spike again. Pricing power tested; may hit ceiling.

Q1 capacity to Middle East dropped from 150 to 20-30 daily departures at peak; recovered to 130+ by June end; recent flare-up re-escalated. International capacity now 90-95% of pre-war.

Rupee depreciated >11% in Q1. CASK ex-fuel ex-forex +11% driven by inflated dollar costs. Supplementary rentals (all dollar-denominated) up 11%. Net forex loss ₹82 Cr (mark-to-market, not economic impact yet).

EBITDAR margin halved 28%→15.6%. Cost ex-fuel ex-forex guidance raised to early double-digits (vs prior high single-digit). Gratuity run rate elevated; head count increases; annual contractual escalations; normal inflation all persist post-fuel normalization.

PRASK +19%, yield +21% achieved in Q1 with only 1.3pp load factor decline. Q2 PRASK guidance 25%+ with flat capacity raises question of where demand ceiling is. If pricing goes beyond, load factors could drop >5pp, eroding revenue gains.

News item mentioned airport operators entering airline sector. If formalized, could compress IndiGo's pricing power at hub airports, create preferential slot allocation, or enable cross-subsidization by airport operator with captive pax.