Interglobe Aviation Q2 FY27 Results: Consolidated Net Loss ₹1,879 Crore on Total Income of ₹24,312 Crore

Summary

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Net loss narrowed in percentage terms more than income grew. Consolidated net loss fell to ₹1,879 crore from ₹2,582 crore a year earlier, a 27.2% improvement, while total income rose 24.0%. Revenue from operations grew 25.9% to ₹23,364 crore, and other income fell 9.2% to ₹948 crore, so the growth in total income rests on operating revenue.

Tax expense was ₹3 crore against ₹100 crore a year earlier, so the tax line did not drive the change in the net loss; profit before tax was a loss of ₹1,877 crore against ₹2,482 crore. Depreciation rose 12.5% to ₹2,970 crore and finance costs rose 6.9% to ₹1,565 crore.

Compared with the quarter before, the loss widened sharply. Net loss rose from ₹238 crore in Q1 FY27 to ₹1,879 crore, while total income fell 5.1% from ₹25,614 crore.

The notes set out contingent matters that the results do not provision. The company paid ₹1,068 million of IGST under protest in the quarter, taking the cumulative amount to ₹24,000 million, and the income tax exposure for matters up to AY 2022-23 is ₹24,185 million if incentives are held taxable; the company believes no provision is required. No provision has been made for the Competition Commission of India investigation, which is in abeyance under an order dated 23 Jul 2026.

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The standalone net loss of ₹2,055 crore is ₹176 crore larger than the consolidated loss of ₹1,879 crore. Standalone total income of ₹24,302 crore is ₹10 crore below the consolidated figure, but standalone other income of ₹938 crore is lower than consolidated other income of ₹948 crore, and standalone finance costs of ₹1,742 crore are higher than the consolidated ₹1,565 crore.

Standalone revenue from operations grew 25.9%, as in the consolidated results, while other income fell 10.3%. Standalone finance costs were 7.2% of total income, against 6.4% on a consolidated basis.

The standalone tax expense is nil for the quarter, against ₹100 crore a year earlier. Standalone EPS of a loss of ₹53.15 per share compares with a loss of ₹67.63 a year earlier.

Inference

The filing reports the consolidated and standalone results as approved by the board on 29 Oct 2026 and reviewed by the statutory auditors, S.R. Batliboi & Co. LLP, who issued an unmodified conclusion. The filing states no dividend for the quarter.

The filing lists several management changes in the quarter: Gaurav Negi moved from Chief Financial Officer to Advisor to the Managing Director effective 27 Jul 2026, Kiran Thadimarri became Chief Financial Officer effective 28 Jul 2026, and William Matthew Walsh became Chief Executive Officer effective 3 Aug 2026. The filing also records the grant of 115,500 performance stock options and the allotment of 9,099 equity shares under the Employees Stock Option Scheme 2023, taking paid-up share capital to ₹386.7 crore.

The filing does not say what caused the swing to losses, what the outcome of the pending IGST and income tax appeals will be, or what amount, if any, the Competition Commission of India matter could carry.

Reference: Original filing (PDF)