I upgraded to IOS 9.3 and now my activity app on my watch to record an indoor cycle records a calorie burn about 30% of what 9.2 did!! 9.3 is clearly wrong, a 30 minute session with an average HR of circa 140 shows an active calorie burn of only 100!
Your post piqued my curiosity. I have about 15 indoor rides with my AW and Garmin 910XT. My average HR across all rides is 140. The Garmin gives me about 830 total calories per hour for these rides. The AW gives me 330 active calories per hours and 440 total calories per hour.
I am actually far more inclined to believe the Garmin numbers over AW, because the Garmin aligns with other estimates I have seen for running, and my level of effort on the indoor rides felt similar to my runs.
When I run, Garmin gives me about 1,100 total calories per hour, and the AW gives me about 950 total calories per hour. This is a huge contrast to the AW giving me only 440 total calories per hour for a comparable level of effort. I am thinking the Garmin's estimate of calorie burn on the indoor cycle is farm more accurate than the AW.