IndiGo Swings to Loss as Fuel Costs Surge Amid Middle East Flare-Up

IndiGo swung to a loss in the first quarter of fiscal year 2027, as a fresh escalation in the Middle East threatens to undo the airline’s efforts to outrun a historic spike in fuel costs. The carrier posted a net loss of INR 2.4 billion ($24.5 million), reversing a INR 21.8 billion ($225 million) profit in the same period last year, Chief Financial Officer Gaurav Negi said at the earnings call Thursday.

The loss came even as IndiGo raised fares sharply — yields rose 21.3% year-over-year — and the airline is now guiding to unit revenue growth of more than 25% for the current quarter.

Fuel costs per available seat kilometer jumped roughly 80% year-over-year, nearly halving the airline’s core operating profitability.

Middle East Crisis Reignites Just as Costs Looked Set to Ease

The quarter