When the markets opened on Tuesday, all eyes were on InterGlobe Aviation, the parent of IndiGo, as its Q2 earnings for FY26 started shaping the sentiment around the IndiGo share price.
Despite a heavy quarterly setback, the stock managed to hold investor attention, and the story behind the numbers reveals why the mood around the aviation giant remains closely watched.
Market Performance: IndiGo Share Price in Focus
The trading day began with a noticeable buzz around InterGlobe Aviation NSE and InterGlobe Aviation BSE counters.
Early in the session, the IndiGo share price moved over 3%, reflecting how the market initially absorbed the Q2 earnings that were published post-market hours on November 4.
Over the broader timeframe, IndiGo shares continue to show resilience:
- Gained over 2% in the past month
- Up more than 9% in the last six months
- Added over 26% in 2025 so far
The stock was seen trading near ₹5,820 around 9:20 AM, marking a moment where the market’s immediate reaction captured the mixed undertone of optimism and caution.
Main News: IndiGo Q2 Earnings — Higher Revenue, Wider Loss
The Q2 numbers for IndiGo brought a sharp contrast—stronger top-line momentum but a significantly deeper bottom-line impact.
IndiGo Q2 Net Loss Jumps Nearly 3x
The airline reported a consolidated net loss of ₹2,582 crore for July–September FY26.
This is almost 3x higher than the ₹986.7 crore net loss in the same period last year. The jump came as expenses surged at a faster pace than revenue.
A major element behind the widened loss was the currency movement's impact on the airline’s dollar-linked obligations.
Profit Without Forex Impact
If the forex component is excluded:
- IndiGo posted a net profit of ₹104 crore,
- Compared to a ₹754 crore net loss last year (excluding forex impact)
This highlights how currency volatility alone flipped the earnings picture entirely.
Company Details: Revenue and Cost Breakdown
Despite the pressure on profitability, IndiGo revenue continued to show strong fundamentals.
IndiGo Revenue Q2 FY26
- Revenue from operations: ₹18,555.3 crore
- YoY growth: 9.3%
- Supported by:
- Higher passenger traffic
- Improved yields
IndiGo Total Expenses Q2 FY26
- Total costs: ₹22,081.2 crore
- YoY increase: 18.3%
- Driven by:
- Higher operating expenses
- Heavy foreign exchange losses
Forex Loss Surge
- Foreign exchange losses: ₹2,892 crore
- Jumped 12x YoY
- Became the single biggest contributor to the expense spike
This forex-driven cost shock remains central to why InterGlobe Aviation reported such a wide net loss despite steady demand.
Summary: What the IndiGo Q2 Results Mean for the Market
The Q2 scorecard of InterGlobe Aviation captures a quarter shaped by two opposite forces—strong revenue growth and intense cost pressure driven mainly by forex volatility.
On one hand, IndiGo’s revenue rising 9.3% YoY shows that passenger demand and route performance remain healthy.
On the other hand, the ₹2,582 crore net loss signals how external macro elements—especially currency swings—can disrupt even a strong operational quarter.
For now, the IndiGo share price continues to reflect both the challenges and the underlying strength of India’s largest airline. As the aviation cycle evolves, the market will keep tracking how IndiGo NSE and IndiGo BSE movements respond to cost pressures, traffic trends, and financial stability in the months ahead.
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