IndiGo Posts Rs 2,582.10 Crore Q2 Loss as Forex Headwinds Bite; A321 XLR Set for December

Post by : Raina Nasser

New Delhi, November 5, 2025 – IndiGo posted a net loss of Rs 2,582.10 crore in the September quarter, weighed down by significant foreign exchange losses and higher operating costs. The carrier said that a mix of hedging strategies and stronger revenue in foreign currencies from overseas flights should help mitigate currency volatility going forward.

For the quarter, InterGlobe Aviation reported total income of Rs 19,599.5 crore, up from Rs 17,759 crore a year earlier. Passenger ticket sales rose 11.2% to Rs 15,966.7 crore while ancillary income increased 14.2% to Rs 2,141.1 crore, driving an overall revenue gain of 10.4% year-on-year.

On a currency-neutral basis, IndiGo recorded a net profit of Rs 1,039 million in the period, reversing the prior-year net loss of Rs 7,539 million. However, foreign exchange losses ballooned to Rs 2,892.1 crore from Rs 240.6 crore in the same quarter last year, substantially eroding reported results.

Quarterly expenses rose sharply, with other costs — including supplemental rentals and maintenance — up 18.9% to Rs 3,263 crore. Total operating expenses climbed 18.3% to Rs 22,081.2 crore for the quarter.

IndiGo CEO Pieter Elbers pointed to resilient operations despite the headwinds, saying optimized capacity deployment delivered a 10% topline increase excluding currency effects and an operating profit of Rs 104 crore versus a loss in the comparable period. He noted recovery trends through August and September in spite of earlier external disruptions.

Operational pressures persist: the airline is operating additional aircraft through damp leases to support growth, while the number of aircraft on ground remains in the 40s and is expected to stay at that level through year-end. Costs have also been marginally higher due to the second phase of revised flight duty time limitation rules for pilots.

Looking ahead, IndiGo plans to introduce its first long-range Airbus A321 XLR in December, configured with 183 economy seats plus 12 stretch seats, to open new international routes and extend its long-haul capability. Alongside leased Boeing 787 Dreamliners, these additions are intended to strengthen the airline's global footprint.

The carrier retained a 64.3% share of the domestic market in September. Shares closed modestly lower at Rs 5,635 on the BSE. Management remains upbeat about expanding capacity in the early teens and improving revenue performance in the second half of the fiscal year.