IndiGo, the largest airline in the country, will declare its Q4-FY25 and FY25 results on Wednesday, May 21, 2025. The results come amid a muted environment where the month of May could have been the best in terms of domestic capacity for Indian aviation, but instead turned sour as passengers stayed away in the lead-up to and following Operation Sindoor.
The airline will declare results for Q4-FY25, which was characterised by the once-in-a-lifetime event of the Maha Kumbh Mela at Prayagraj. IndiGo was the largest operator at Prayagraj during the Maha Kumbh. The airline has recorded a profit of ₹3,741 crore this financial year in the first three quarters. Its best ever quarter in history was Q1-FY24, when it recorded ₹3,089 crore, while its best ever Q4 was last financial year when it recorded ₹1,894 crore profit, a number it could well fly past this time around.
Guidance Exceeded
At the end of the last quarter, the airline said it remains on track to offer capacity addition in early double digits for the full year and around 20% for Q4, compared to the last financial year. As FY25 ends, the airline has grown 13.2% in terms of ASK (Available Seat Kilometres) over FY24, adhering to the guidance it had given. It also achieved its Q4 guidance, as it grew by 21% in Q4 FY25 compared to the same quarter in FY24.
Over the past financial year, the airline has continued its focus on international expansion. While the overall growth in capacity (by ASK) stood at 13.2%, the growth in international capacity was 21.8%, while that in domestic capacity was 10.1%. In terms of passengers carried, the airline flew 11.2% more passengers in FY25, over the same period last year, with the growth being 10% domestic and 20.9% international.
At the end of FY25, the airline had 28% of its total capacity on international routes, an improvement of 2% over the previous year. In terms of departures, the growth in international departures was 22.3% while domestic departures grew 9.3%. The airline has a long way to go, with 88% of its passengers being domestic.
The airline has yet to hit the ₹20,000 crore revenue mark in Q4, but powered by Maha Kumbh this year, it may well achieve that milestone. With lower Aviation Turbine Fuel prices, Q4 is all set to be a historic quarter that could power another year of profits.
Airspace closure woes
What could have been a splendid May has instead turned sour after the closure of Pakistani airspace, which led to IndiGo halting operations to Almaty and Tashkent. It remains unclear when the airspace will reopen. This is the second instance of airspace closure in recent history, the last being in 2019. This disruption could significantly impact the airline’s expansion plans out of Delhi.
Will it lead IndiGo to move its future widebody network from Delhi to Mumbai?
What to expect?
All eyes will be on updates on the fleet situation, which the airline had said would change significantly post-April 2025. The guidance was to have aircraft groundings in the range of 40s, half the peak number. Initial indications suggest the situation has improved, with a reduction in damp-leased narrowbody operations since the peak.
IndiGo had also announced flights to Manchester and Amsterdam beginning in July, but they are not yet open for sale. Unlike flights to visa-free countries, the ones to Europe have a longer booking cycle as confirmed bookings are mandatory for a visa, which has been taking time in most cases. The airline has added another two aircraft from Norse Atlantic, which will be available in early 2026, taking the total count of the deal to six. Currently, it has only one in its fleet, which is operating to Bangkok from Delhi.
It will also be interesting to see if the management touches upon the flights to Turkey, which have been under the scanner post Operation Sindoor, during which Turkey openly backed Pakistan. Celebi’s ground handling business lost its security clearance last week, and there have been social media calls for a boycott of travel to Turkey.