IndiGo Q2 Results: Net loss widens on sharp rise in forex costs, revenue rises 9.3%; here are key highlights

InterGlobe Aviation, the parent company of India’s largest airline, IndiGo, announced its September quarter results today, November 4, post market hours, reporting a net loss of ₹2,582 crore in Q2 compared to a loss of ₹987 crore in the same quarter last year.

The airline’s performance was impacted by higher foreign exchange costs, even as revenue from operations rose 9.3% year-on-year to ₹18,555 crore, driven by strong operational execution and optimized capacity deployment.

Capacity during the quarter increased 7.8% to 41.2 billion, while passenger numbers grew 3.6% to 28.8 million. At the operating level, Earnings before finance income and cost, tax, depreciation, amortization and aircraft, engine rental (EBITDAR) slid to ₹1,114 crore from ₹2,434 crore, with the EBITDAR margin dropping to 6% from 14.3% in the year-ago quarter.

Pieter Elbers, CEO, said, "The year began with significant external challenges across the industry, but we saw stabilization in July and a strong recovery through August and September. Looking ahead, we have scaled up our operational plans for the second half to meet demand and continue driving growth. With that we have nudged up our capacity guidance for the full financial year 2026 to early teens growth.”

Forex losses drive total expenses higher

IndiGo’s total expenses for the September quarter surged 18.3% year-on-year to ₹22,081 crore, largely driven by a sharp spike in foreign exchange losses. The airline reported a forex loss of ₹2,892 crore, compared to just ₹204 crore in the same quarter last year, marking a massive 1,102% increase, the steepest rise among all cost components.

Apart from forex losses, depreciation and amortization expenses rose 26.5% YoY to ₹2,640 crore, while finance costs increased 18.1% YoY to ₹1,465 crore, reflecting IndiGo’s expanding fleet size and higher lease liabilities.

Meanwhile, supplementary rentals and aircraft repair & maintenance costs climbed 18.9% YoY to ₹3,263 crore, adding to the cost burden, though aircraft fuel expenses provided some relief, declining 9.7% YoY to ₹5,962 crore.

Forex losses mask otherwise profitable quarter

Earnings before finance income and cost, tax, depreciation, amortization, and aircraft and engine rental (EBITDAR), excluding the impact of foreign exchange fluctuations, stood at ₹3,800 crore, reflecting an EBITDAR margin of 20.5%.

Excluding the impact of foreign exchange fluctuations, IndiGo would have reported a net profit of ₹103.9 crore.

Fleet breakup

As of September 30, 2025, IndiGo’s fleet stood at 417 aircraft, slightly higher than 416 aircraft in June 2025 and 410 aircraft in September 2024. The current fleet includes 14 owned planes, 62 under finance lease, 333 under operating lease, and 8 under damp lease.

In terms of aircraft type, IndiGo operates 180 A320neo, 26 A320ceo, 153 A321neo, 47 ATR, and 3 A321 freighters. Under damp lease arrangements, the airline currently has 2 Boeing 777s, 4 A320ceos, and 2 Boeing 787s.

IndiGo gears up for busy second half

The company said it expects third-quarter capacity to grow in the high teens and has expanded its operational plans for the second half to meet rising demand.

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