New Delhi, June 1 -- InterGlobe Aviation's (IndiGo) March quarter (Q4FY26) performance was hit by an enormous mark-to-market forex loss of Rs.4,823 crore, mainly on aircraft lease liability. Ebitdar (earnings before interest, tax, depreciation and aircraft lease rent), excluding forex loss, declined by 6% year-on-year to nearly Rs.6,400 crore, but some of it was anticipated as Q4FY25 had the benefit of increased passenger traffic from the Mahakumbh.

Capacity utilization was down 160 basis points year-on-year to 85.8%. Revenue per available seat kilometre (ASK) decreased by 2.2% to Rs.5.15, but the blow on Ebitdar was softened by a 4.9% drop in fuel cost per ASK to Rs.1.53.

While Ebitdar performance does not seem like a big dampener, sho...