Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2FY27 reported net loss of 19bn INR due to elevated fuel costs and seasonal softness - Fuel CASK up 69% y-y; Singapore jet fuel index 60% higher than Q2 last year - PRASK grew 31%, exceeding guidance of 25%+ growth - Capacity rationalized with 5% industry seat reduction; Q3 capacity expected to grow early single digits - Fleet at 442 aircraft; widebody damp-lease operations ended Nov 1, accretive to spreads - Strong cargo revenue growth of 37% y-y in Q2 - FY27 outlook: capacity growth early single digits; CASK ex fuel ex forex MTM up high single to low double digits - Premium product and ancillary revenues showing encouraging growth; loyalty program nearing 20m members - Management confident in long-term growth and maintaining low-cost focus despite near-term challenges