Guidance ledger · Q3 FY26

InterGlobe Aviation (IndiGo) INDIGO

5 revisions on record · 3 lowered · 2 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered FY26 Capacity Growth (ASK) Q4 FY25 → Q3 FY26

~~early double digits~~ → high teens (Q3), then 10% (Q4) — full-year settled lower than early-teens guided in Q2

“capacity in terms of ASKs grew by around 11% for the quarter, at the upper end of the guided range”

↑ raised FY26 CASK ex-fuel ex-forex Q2 FY26 → Q3 FY26

~~early single digit % increase YoY~~ → mid-single digit % increase YoY

“We are currently estimating mid-single digit percentage increase in our unit costs excluding fuel and forex for the full financial year 2026 as compared to the full financial year 2025”

↓ lowered Q4FY26 Capacity Growth Q2 FY26 → Q3 FY26

~~high teens (guided in Q2FY26)~~ → around 10% YoY

“we are expecting to add capacity of around 10 percent as compared to the same period last year”

↓ lowered Q4FY26 Passenger Unit Revenue (PRASK) Q2 FY26 → Q3 FY26

~~not previously guided~~ → early to mid single digit moderation YoY

“we are estimating an early to mid single digit moderation in our unit passenger revenue as compared to a high base of the same quarter last year”

↑ raised FX hedge book size Q2 FY26 → Q3 FY26

~~$850mn (Q2FY26)~~ → $3 billion

“We had a $1 billion hedge program that was in play. We scaled that up to now $3 billion”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.