IndiGo Q2 Results: Loss Narrows to ₹1,879 Crore as Fuel Costs Jump 67%

IndiGo Q2 results showed a narrower loss, with InterGlobe Aviation on October 29 reporting a consolidated net loss of ₹1,879.1 crore for July–September, against ₹2,582.1 crore a year earlier.

The company reported that revenue from operations increased 25.9% year-on-year to ₹23,363.8 crore against ₹18,555.3 crore in the previous year. Total income grew 24% to ₹24,311.9 crore. The company attributed the loss to higher fuel prices and the depreciation of the rupee.

Fuel bill jumps 67% as IndiGo net loss persists

Fuel was the biggest headwind for the quarter. The airline’s fuel cost stood at ₹9,966.8 crore, compared with ₹5,961.8 crore last year, an increase of 67.2%. Total expenses went up 18.6% to ₹26,188.4 crore, while non-fuel costs were almost flat, rising 0.6% to ₹16,221.6 crore.

Currency also took its toll. On an ex-forex basis, the company made a net loss of ₹723.7 crore against a profit of ₹103.9 crore in the corresponding period of the previous year, ANI reported. Costs for leasing and maintaining aircraft are largely linked to the dollar, which increases expenses when the rupee depreciates.

At the operating level, the picture was better. Earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) more than doubled to ₹2,459.9 crore from ₹1,114.3 crore, reflecting stronger fares.

Capacity cuts lift yields at InterGlobe Aviation

IndiGo reduced its capacity in the quarter. Available seat kilometres (ASKs) decreased 1% to 40.8 billion, and passengers flown fell 4.7% to 27.5 million. The passenger load factor came down to 80.3% from 82.5%.

But fares rose sharply. Yield per passenger kilometre increased 34.3% to ₹6.30 from ₹4.69 in the previous year, according to ANI, so revenue rose despite the decrease in the number of passengers.

Chief Executive Officer Willie Walsh said the quarter saw “exceptionally elevated fuel costs and continued geopolitical turmoil”. The airline responded with “prudent capacity reduction and yield management”, he said, adding that these steps only partly offset the higher costs.

Walsh described the July–September quarter as “seasonally soft”. As the monsoon months typically see lower leisure demand, it can be difficult for airlines to pass on higher fuel prices to passengers.

Costs outside fuel were kept in check. Non-fuel costs increased 0.6% while capacity decreased 1%, which indicates the airline was able to manage its non-fuel spending even as it shrank its schedule.

IndiGo operated a fleet of 442 aircraft as of September 30, 2026, and served 97 domestic and 36 international destinations during the quarter, according to the results.

What the IndiGo Q2 results mean for investors and business travel

The balance sheet offers comfort through its cash position. IndiGo had total cash of ₹52,685.4 crore at the end of the quarter, of which free cash was ₹39,929 crore. Total debt stood at ₹87,303.1 crore, including capitalised operating lease liabilities.

For Indian companies, it means more expensive flights. With higher yields, Indian corporates are paying more per seat for business travel, while capacity discipline at India’s biggest airline means fewer seats on busy routes.

For investors, the IndiGo Q2 results show that the airline is able to increase fares when its input costs go up. Jet fuel prices and the rupee, though, are not something it can control. IndiGo shares ended flat at ₹4,680 on the BSE on Thursday, ahead of the results announcement.

High fuel prices have cut both ways this earnings season. Refiners have benefited from stronger margins, as evident from HPCL’s Q2 results, while airlines have borne the cost. More company earnings can be tracked in our business news section.

For the December quarter, IndiGo expects capacity, measured in ASKs, to grow in the early single digits year-on-year. With the festive season and winter usually good periods for airlines, the carrier could offset fuel costs if oil prices correct. Full results can be found in the company’s exchange filings on NSE.

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Meta title: IndiGo Q2 Results: Loss Narrows to ₹1,879 Crore (47 characters)

Meta description: IndiGo Q2 results: InterGlobe Aviation’s net loss narrowed to ₹1,879 crore as revenue rose 25.9%, but a 67% jump in fuel costs hurt its profit. (143 characters)

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Internal links used: HPCL Q2 results – https://ceoreviewmagazine.com/news/hpcl-q2-results-profit-grm/; Business News category – https://ceoreviewmagazine.com/category/business-news/

Note: Fact & grammar check done — 61 corrections (Phrasly output restored where it changed figures, meaning or tone, and fixed for grammar, ₹/crore style and Indian English). Net loss reported as ₹1,879.1 crore vs ₹2,582.1 crore (ANI/Tribune, ETV Bharat); Upstox shows ₹1,878.6 crore vs ₹2,581.7 crore — rounding difference, verify against the exchange filing. Ex-forex loss (₹723.7 crore), yield (₹6.30/km) and EBITDAR figures are from ANI and were not verified against the company release. External link points to IndiGo’s NSE quote/filings page, not the specific results PDF.

Sources (fact-check):

• https://upstox.com/news/market-news/earnings/q2-results-live-updates-indi-go-asian-paints-coal-india-trent-vedanta-power-others-to-declare-earnings/liveblog-202604/
• https://www.tribuneindia.com/news/available-seat-kilometres/indigo-reports-rs-1879-crore-loss-in-q2-as-higher-fuel-costs-weak-rupee-hit-earnings
• https://www.freepressjournal.in/business/indigo-posts-1879-crore-net-loss-in-q2-fy27-amid-high-fuel-costs-revenue-up-259
• https://www.etvbharat.com/en/business/indigo-posts-rs-1879-dot-1-cr-loss-in-sept-quarter-on-higher-fuel-costs-rupee-depreciation-enn26102905210