InterGlobe Aviation (IndiGo) Q2 FY26 Concall Decoded: “Profits Take Off, Rupee Crashlands”

1. Opening Hook

When your planes take off smoothly but your profits nosedive due to forex, you know you’re IndiGo. Q2 FY26 had everything — record passenger numbers, new routes to Europe, widebodies arriving on lease, and then… the rupee decided to play kamikaze. CFO Gaurav Negi’s forex math sounded more like a horror script — ₹900 crore wiped for every ₹1 depreciation. But hey, operational profits are back, and the CEO’s vision now extends beyond Delhi to Delphi. ✈️
Keep reading — from Athens dreams to forex nightmares, this flight’s turbulence gets deliciously financial.

2. At a Glance

• Revenue ₹19,600 crore: +10% YoY — passengers kept flying, rupee kept crying.
• Operational profit ₹104 crore: First positive Q2 in years — before FX hit the engines.
• Net loss ₹2,580 crore: Rupee fell faster than ticket discounts.
• EBITDAR ₹3,800 crore (20% margin): Fuel savings and smart deployment worked.
• Cash balance ₹53,500 crore: The “rainy day fund” now a monsoon pool.
• Fleet 417 aircraft: CFO calls it “optimized”; pilots call it “packed schedule.”

3. Management’s Key Commentary

“We reported an operational profit of ₹104 crore excluding forex.”
(Translation: Without the rupee tantrum, we actually made money.) 😏

“With ₹25.8 billion forex loss, we reported a net loss this quarter.”
(So technically, we’re profitable in an alternate currency reality.)

“We’re launching Athens soon — a step into long-haul.”
(Because India needed another reason to fly to Greece other than Santorini photos.)

“BluChip loyalty program has 7 million members.”
(Everyone loves points — especially when profits don’t have any.)

“AOGs stable in the 40s; OEM claims will partly offset costs.”
(Basically, fewer grounded planes, same amount of blame.)

“We’re doubling A350 orders from 30 to 60.”
(Because nothing says ‘cost control’ like buying twice as many widebodies.)

“We will invest ₹1,000 crore in an MRO at Bengaluru.”
(Fixing planes cheaper — before fixing forex costlier.)

4. Numbers Decoded