IndiGo September-quarter loss reaches Rs 1,879.1 crore

InterGlobe Aviation Limited, known as IndiGo, reported a consolidated net loss of Rs 1,879.1 crore for the quarter ended 30 September 2026, widening from Rs 238 crore in the preceding quarter. Operating revenue rose 26% year on year to Rs 23,363.8 crore, but aircraft fuel expense reached Rs 9,966.8 crore and net foreign-exchange loss was Rs 1,333.2 crore.

Why did IndiGo report a loss in September quarter?

IndiGo reported a loss because total expenses of Rs 26,188.4 crore exceeded total income of Rs 24,311.9 crore in the quarter ended 30 September 2026. The resulting loss before tax was Rs 1,876.5 crore, and current tax expense of Rs 2.6 crore brought the consolidated loss for the period to Rs 1,879.1 crore.

The loss widened from Rs 238 crore in the quarter ended 30 June 2026, when IndiGo reported total income of Rs 25,614.1 crore and total expenses of Rs 25,852.5 crore. The September-quarter loss nevertheless narrowed from Rs 2,582.1 crore in the quarter ended 30 September 2025, when total income was Rs 19,599.5 crore and total expenses were Rs 22,081.2 crore.

How did fuel and foreign-exchange costs change for IndiGo?

IndiGo's aircraft fuel expense was Rs 9,966.8 crore in the September 2026 quarter, compared with Rs 5,961.8 crore a year earlier and Rs 10,832.9 crore in the June 2026 quarter. The year-on-year increase was Rs 4,005 crore, while the expense declined Rs 866.1 crore sequentially.

Net foreign-exchange loss was Rs 1,333.2 crore, compared with Rs 82.5 crore in the June 2026 quarter and Rs 2,892.1 crore in the September 2025 quarter. The charge was therefore Rs 1,250.7 crore higher sequentially, despite being Rs 1,558.9 crore below the amount reported a year earlier.

Other costs also increased from the September 2025 quarter. Supplementary rentals and aircraft repair and maintenance rose to Rs 3,580.9 crore from Rs 3,263 crore, depreciation and amortisation rose to Rs 3,074.2 crore from Rs 2,640.5 crore, and finance costs increased to Rs 1,657.8 crore from Rs 1,464.9 crore. Employee benefits expense was Rs 2,273.7 crore, against Rs 2,044.8 crore a year earlier.

Did IndiGo's revenue growth cover its higher expenses?

IndiGo's revenue growth did not result in quarterly profitability because revenue from operations of Rs 23,363.8 crore was accompanied by total expenses of Rs 26,188.4 crore. Revenue from operations rose Rs 4,808.5 crore from Rs 18,555.3 crore in the September 2025 quarter, while other income declined by Rs 96.1 crore to Rs 948.1 crore.

Total income increased Rs 4,312.4 crore year on year, exceeding the Rs 4,107.2 crore increase in total expenses. This reduced the loss before tax to Rs 1,876.5 crore from Rs 2,481.7 crore a year earlier, although the company remained loss-making for the quarter.

Sequentially, revenue from operations fell Rs 1,220.3 crore from Rs 24,584.1 crore in the June 2026 quarter. Total income fell Rs 1,302.2 crore while total expenses rose Rs 335.9 crore, shifting the loss before tax from Rs 238.4 crore in June to Rs 1,876.5 crore in September.

For the half year ended 30 September 2026, IndiGo reported revenue from operations of Rs 47,947.9 crore, compared with Rs 39,051.6 crore in the corresponding prior-year half. Total income was Rs 49,926 crore and total expenses were Rs 52,040.9 crore, producing a half-year loss of Rs 2,117.1 crore, versus Rs 405.8 crore a year earlier.

What changed in IndiGo's balance sheet and cash flow?

IndiGo reported total assets of Rs 1,48,168.6 crore at 30 September 2026, up from Rs 1,36,002.1 crore at 31 March 2026. Right-of-use assets were Rs 59,956.5 crore, compared with Rs 52,054 crore at the financial year-end, while non-current lease liabilities rose to Rs 72,518.8 crore from Rs 64,470.5 crore.

Total equity declined to Rs 5,021.2 crore from Rs 6,987.4 crore at 31 March 2026. Other equity fell to Rs 4,608.6 crore from Rs 6,584.5 crore, while current borrowings increased to Rs 2,280.9 crore from Rs 1,806.3 crore and current lease liabilities rose to Rs 12,503.4 crore from Rs 11,472.4 crore.

Net cash generated from operating activities was Rs 9,617.6 crore in the six months ended 30 September 2026, compared with Rs 10,790.1 crore in the corresponding 2025 period. Net cash used in investing activities was Rs 944.8 crore and net cash used in financing activities was Rs 7,642.8 crore, leaving cash and cash equivalents of Rs 2,356.2 crore at 30 September 2026, against Rs 1,323.9 crore at 31 March 2026.

How were IndiGo's September results reviewed?

IndiGo's unaudited consolidated financial results for the quarter and half year ended 30 September 2026 were approved by its board on 29 October 2026. The board meeting began at 1355 hours Indian Standard Time and concluded at 1540 hours Indian Standard Time.

S.R. Batliboi & Co. LLP conducted a limited review of the results under the applicable Standard on Review Engagements. The auditor said nothing had come to its attention that caused it to believe the statement failed to disclose information required under Regulation 33 of the Securities and Exchange Board of India listing regulations, or contained a material misstatement.

The reviewed group includes Agile Airport Services Private Limited, InterGlobe Aviation Financial Services IFSC Private Limited, InterGlobe Aviation Ventures LLP and IndiGo Ventures Fund-I. The review is not a full audit, and the auditor stated that a review is substantially less in scope than an audit conducted under Standards on Auditing.

Conclusion

IndiGo's September-quarter result shows that the Rs 4,808.5 crore year-on-year increase in operating revenue did not translate into profit. Fuel remained the largest stated cost at Rs 9,966.8 crore, while the Rs 1,333.2 crore foreign-exchange loss was materially above the June-quarter charge; together with other expenses, these items left the company with a Rs 1,879.1 crore quarterly loss.

The next results will show whether operating revenue recovers from the Rs 24,584.1 crore reported in the June 2026 quarter and whether fuel and foreign-exchange costs change from September levels. The filing discloses no profit target, fuel-cost forecast, foreign-exchange outlook or scheduled operating plan beyond the reported half year ended 30 September 2026.