InterGlobe Aviation Ltd, the parent company of IndiGo, posted a net loss of ₹2,582 crore for the quarter ended September 2025, significantly wider than the ₹988.8 crore loss recorded in the same period last year. The performance was largely impacted by a sharp rise in foreign exchange losses and higher aircraft maintenance expenses, even as revenue and operating performance improved.
Revenue and Operating Performance
Revenue from operations climbed 9.3% year-on-year to ₹18,555 crore, up from ₹16,969 crore in the year-ago quarter. Total income rose 10.4% to ₹19,600 crore, supported by strong growth in passenger ticket revenue at ₹15,967 crore (up 11.2%) and ancillary revenue at ₹2,141 crore (up 14.2%).
Despite higher revenue, total expenses surged 18.3% to ₹22,081 crore, eroding profitability. A major contributor was the spike in foreign exchange losses, which ballooned to ₹2,892 crore, compared with ₹241 crore a year earlier.
Margins and Cost Metrics
Operating performance, however, remained healthy. EBITDA grew 85% year-on-year to ₹3,472 crore, while the EBITDA margin improved to 18.7% from 11% last year. Excluding forex impact, EBITDAR rose 43% to ₹3,800 crore, with margins strengthening to 20.5% from 15.7%.
Rental and aircraft maintenance costs increased to ₹3,262 crore from ₹2,745 crore a year earlier. Fuel cost per available seat kilometre (CASK) fell 16.3% to ₹1.45, but CASK excluding fuel and forex inched up 3.9% to ₹3.01, reflecting pressure from maintenance and lease expenses.
Capacity and Fleet Update
For Q2FY26, IndiGo’s capacity (ASKs) rose 7.8% to 4,120 crore, while passenger traffic increased 3.6% to 2,880 lakh. The airline’s yield improved 3.2% to ₹4.69, and the load factor held steady at 82.5%.
As of September 30, 2025, IndiGo operated a fleet of 417 aircraft, comprising:
- 30 A320 CEOs (including 4 on damp lease)
- 180 A320 NEOs
- 153 A321 NEOs
- 47 ATRs
- 3 A321 freighters
- 4 B777/B787 damp lease aircraft
The quarter saw a net addition of one passenger aircraft, and the airline operated a peak of 2,244 daily flights, connecting 94 domestic and 41 international destinations.
Financial Position
IndiGo’s total cash balance stood at ₹5,352 crore, including ₹3,852 crore in free cash and ₹1,499 crore in restricted cash. The airline’s total debt, including capitalised operating lease liabilities of ₹4,965 crore, amounted to ₹7,481 crore.
Operational Highlights and Outlook
Operational reliability remained robust, with technical dispatch reliability at 99.89%, on-time performance at 89.8% across six major metros, and a flight cancellation rate of just 0.5%.
Looking ahead to Q3FY26, IndiGo expects capacity (ASK) growth in the high teens versus the same quarter last year, reflecting continued expansion despite macro headwinds.
CEO Commentary
Commenting on the results, Pieter Elbers, CEO of IndiGo, said:
“Our optimised capacity deployment has enabled us to deliver a 10% topline growth and, excluding currency impact, an operational profit of ₹104 crore compared with an operational loss last year. As India’s aviation sector matures, we continue to focus on structurally optimising capacity during seasonally weaker periods to sustain profitability.”
He added that IndiGo remains committed to enhancing operational efficiency, customer satisfaction, and network expansion, maintaining its leadership in on-time performance and reliability.
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