Shares of InterGlobe Aviation Ltd (IndiGo) rose 2% to Rs 5,750 in Thursday’s trade after the company reported steady operational performance in its Q2 FY26 results, even as foreign exchange losses dragged its bottom line into the red.
Q2 FY26 results highlight
The airline reported a net loss of Rs 2,582 crore for the quarter ended September 2025, widening from a loss of Rs 988.8 crore in the same period last year. The loss was primarily due to a sharp forex hit of Rs 2,892 crore, compared to Rs 241 crore a year earlier.
However, operationally, IndiGo remained strong. Revenue from operations rose 9.3% YoY to Rs 18,555 crore, driven by higher passenger traffic and stable yields.
EBITDA surged 85% YoY to Rs 3,472 crore, up from Rs 1,873 crore, with EBITDA margin improving to 18.7% versus 11% in the same quarter last year. The airline also reported a healthy EBITDAR (excluding forex) of Rs 3,800 crore, up 43% YoY, with margins improving to 20.5% from 15.7%.
Operational strength cushions forex impact
Despite the heavy forex loss, IndiGo’s core operations continued to deliver growth, supported by improved load factors and disciplined cost control.
Rental and aircraft maintenance expenses rose to Rs 3,262 crore from Rs 2,745 crore YoY, reflecting expansion in fleet size and international routes.
Analysts noted that while the bottom line was impacted by currency movements, the company’s underlying performance shows resilience amid volatile fuel and exchange rate conditions.
Stock reaction
IndiGo shares gained nearly 2% in today’s session as investors focused on the airline’s strong operating momentum rather than one-off forex losses. The outlook for Q3 remains positive given improving travel demand and festive season bookings.
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