InterGlobe Aviation Ltd (IndiGo) Q2FY26 | ₹1,95,995 million revenue, ₹25,821 million loss
1. At a Glance
The Indian aviation sky is blue, but IndiGo’s P&L sheet for Q2FY26 looks a bit… grey. InterGlobe Aviation Ltd, the country’s largest airline, just reported ₹1,95,995 million in revenue with a net loss of ₹25,821 million – yes, that’s ₹2,582 crore evaporated thanks to forex headwinds and engine issues that grounded 70-80 aircraft. Still, the airline sits pretty on a market cap of ₹2.18 lakh crore, a ROE of 103%, and a fleet size of 367 aircraft — the largest in India’s history.
The stock trades at ₹5,637 (as of Nov 4, 2025), down 4.35% over three months but still up 42% YoY — a perfect reflection of India’s aviation sentiment: a little bumpy, mostly optimistic, occasionally on fire.
Meanwhile, the EBITDA margin stands tall at 20.5%, even though PAT took a nosedive due to foreign exchange turbulence. With ROCE at 17.3%, debt of ₹74,814 crore, and a debt-to-equity ratio of 8.67, IndiGo still maintains its reputation as the airline that somehow turns losses into brand equity.
Ever seen a pilot smile during turbulence? That’s IndiGo — the cool kid of Indian aviation who just shrugs, blames Pratt & Whitney, and orders another 500 Airbus planes for fun.
2. Introduction
Remember when flying was luxurious? IndiGo came along and made “luxury” optional — just like seat selection. Born in 2006 with one aircraft, this blue-and-white budget ninja now commands 62% of India’s skies, making it both the pride and monopoly of domestic aviation.
By FY24, IndiGo had 106.7 million passengers, and the load factor hit 86%, which basically means that almost every flight is full — except the middle seat, which no one wants anyway.
But behind the cheerful cabin crew lies a brutal game of numbers: forex losses, engine failures, and tight margins thinner than airline samosas. Yet, somehow, IndiGo keeps flying higher, breaking global records while the rest of India’s airlines practice emergency landings.
Its latest challenge? The Pratt & Whitney GTF engine fiasco, grounding almost 80 aircraft and turning what could’ve been a record-breaking quarter into a comedy of mechanical errors. But true to form, IndiGo didn’t blink — it negotiated compensation from IAE and moved on, because why cry when you can charter?
In the world of aviation, IndiGo is that straight-A student who complains after getting a 95 but still tops the class.
3. Business Model – WTF Do They Even Do?
IndiGo operates on one simple formula: low-cost flights + punctuality + polite “sorry sir, that’s chargeable” smiles.
As a low-cost carrier (LCC), IndiGo’s revenue mix is refreshingly simple:
94% from ticket sales,
3% from cargo, and
3% from in-flight sales and other services (read: ₹300 sandwiches and ₹200 headphones).
It’s not in the business of frills; it’s in the business of efficiency and scale. Every rupee saved on overheads goes into ensuring more aircraft, faster turnarounds, and cheaper fares.
The airline’s fleet of 367 aircraft includes Airbus A320neos, A321neos, ATRs, and even a few wide-body B777s on wet lease. Around 80% of its fleet are NEO models, offering better fuel efficiency — a massive edge in a market where aviation turbine fuel (ATF) prices make pilots cry.
Its cost competitiveness is legendary — bulk orders with Airbus, standardized fleet maintenance, and operational minimalism keep IndiGo’s CASK (cost per available seat km) among the lowest globally.
If airlines were cricketers, IndiGo would be Dhoni — calm, cost-efficient, and perpetually on time.
4. Financials Overview
Let’s unpack the numbers (₹ in crore):
Source table
Metric
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
19,599.5
16,970
20,496
+15.5%
-4.4%
EBITDA
580
1,631
5,226
-64.4%
-88.9%
PAT
-2,582
-987
2,176
-161%
-218%
EPS (₹)
-66.8
-25.5
56.3
-162%
-219%
Witty commentary: IndiGo’s P&L this quarter looks like a flight delay announcement — started with optimism, ended with apologies. Revenues took off, profits never showed up.
