InterGlobe Aviation Ltd (IndiGo) has reported a consolidated net loss of INR 2,582 crore for the quarter ended September 2025 (Q2 FY26), more than double the loss of INR 986.7 crore in the same quarter last year.

The loss was mainly caused by a sharp rise in operating costs and large foreign exchange losses due to fluctuations in the rupee against the dollar.

However, if the impact of foreign exchange movements is excluded, IndiGo actually recorded a net profit of INR 104 crore, compared to a net loss of INR 754 crore in the same period last year, showing improvement in its core business performance.

IndiGo’s revenue from operations grew by 9.3% year-on-year to INR 18,555.3 crore, driven by higher passenger traffic and slightly better ticket prices (yields). The airline’s total income for the quarter rose 10.4% to INR 19,599.5 crore.

During the quarter, IndiGo carried 28.8 million passengers, a 3.6% increase from last year. The load factor (percentage of seats filled) remained stable at 82.5%, while yield, the average revenue per passenger per kilometre, improved 3.2% to INR 4.69.

Total expenses jumped 18.3% to INR 22,081.2 crore, outpacing revenue growth.

The biggest burden came from foreign exchange losses, which increased twelvefold to INR 2,892 crore, reflecting the heavy impact of currency depreciation on dollar-denominated costs such as aircraft leases and maintenance payments.

Interestingly, fuel costs declined by 9.7% to INR 5,961.8 crore, but non-fuel expenses such as aircraft lease rentals, maintenance, and employee costs surged 33.7% to INR 16,119.4 crore.

IndiGo’s EBITDAR (earnings before interest, tax, depreciation, amortisation, and rent), a key measure of operational performance, dropped sharply to INR 1,114 crore, compared to INR 2,434 crore in the same quarter last year.

However, excluding forex impact, EBITDAR improved to INR 3,800 crore from INR 2,667 crore, with the EBITDAR margin rising to 20.5% from 15.7% last year, indicating that the airline’s underlying operations are performing better than headline figures suggest.

At the end of September, IndiGo operated a fleet of 417 aircraft, with peak daily operations reaching 2,244 flights. The airline served 94 domestic and 41 international destinations, continuing its aggressive network expansion.

IndiGo ended the quarter with a total cash balance of INR 53,515 crore and total debt (including lease liabilities) of INR 74,814 crore.

Looking ahead, the airline has raised its full-year FY26 capacity growth guidance to the “early teens” range, reflecting confidence in passenger demand and network recovery.

Commenting on the results, IndiGo’s Chief Executive Officer Pieter Elbers said the airline saw “stabilisation in July and a strong recovery through August and September,” with 10% revenue growth and operational profit (excluding forex losses).

He added that the company remains focused on expanding capacity, improving efficiency, and navigating global cost pressures while maintaining its strong market position.

Ahead of the results announcement, InterGlobe Aviation’s share price closed at INR 5,630 on Tuesday, down 1.15%. Despite the quarterly loss, the stock has gained over 42% in the past year, reflecting investor optimism about IndiGo’s long-term growth outlook.