IndiGo reported a consolidated net loss of Rs 1,879.1 crore for the September quarter on October 29, compared with a loss of Rs 2,582.1 crore a year earlier. Revenue from operations rose 25.9% to Rs 23,363.8 crore from Rs 18,555.3 crore. The loss narrowed by 27.2%, but the airline remained in the red despite collecting substantially more revenue.

The board approved the unaudited standalone and consolidated results on October 29. Its meeting began at 1:55 pm IST and ended at 3:40 pm. The figures reported here are consolidated, covering the group rather than the airline company alone.

On NSE, InterGlobe Aviation shares closed at Rs 4,675, down Rs 15, or 0.32%, from the previous close of Rs 4,690. That is the exchange's closing figure as of October 29, 2026, at 4 pm IST. The price change is reported separately here, without attributing it to the results announcement. Trading on NSE totalled 4.42 lakh shares with a traded value of Rs 206.71 crore. The exchange showed a total market capitalisation of Rs 1,80,766.63 crore.

The sequential comparison is less favourable than the year-on-year one. In its July 23 release, IndiGo reported June-quarter revenue from operations of Rs 24,584.1 crore and a net loss of Rs 238 crore. It carried 31.3 million passengers then, with an 83.3% load factor. September-quarter revenue and passenger numbers were below those June-quarter levels, while the loss was larger.

Revenue rose while passenger numbers fell

The company carried 27.5 million passengers, down 4.7% from a year earlier. Its yield rose 34.3% to Rs 6.30 per passenger kilometre, while load factor fell from 82.5% to 80.3%. Available seat kilometres, the capacity measure, declined 1% to 40.8 billion. Higher revenue therefore did not come from carrying more passengers.

IndiGo attributed the loss to high fuel costs and rupee depreciation. It expects third-quarter capacity to grow by early single digits year on year, a company forecast rather than an achieved increase. Excluding foreign exchange, it reported a Rs 723.7 crore loss, against a Rs 103.9 crore profit a year earlier.

Fuel accounting explains part of the pressure

The financial statements show aircraft fuel expense of Rs 9,966.8 crore, against Rs 5,961.8 crore a year earlier. Total expenses reached Rs 26,188.4 crore. Foreign-exchange losses, however, fell to Rs 1,333.2 crore from Rs 2,892.1 crore.

The reporting period ends before October's IndiGo fuel-charge revision for Varanasi flyers and Air India Express timetable changes on Varanasi-Sharjah, both covered by Dalimss News. Those later announcements are separate from IndiGo's July-to-September earnings and should not be read back into this quarter.

A note to the accounts explains how the airline paid for fuel during the period. It says oil marketing companies applied the government's price cap to domestic operations from April 1 to June 8. A Price Stabilisation Fund scheme followed from June 9, but IndiGo opted not to participate. It consequently recorded and settled fuel expenses at prevailing market prices under its contractual arrangements.

That distinction is relevant to the July-to-September quarter: the earlier capped-price period had already ended. The accounts also show employee benefit expenses rising to Rs 2,273.7 crore from Rs 2,044.8 crore, and depreciation increasing to Rs 3,074.2 crore from Rs 2,640.5 crore.

Cash and fleet changed too

The investor presentation gives a more detailed comparison of the balance sheet. Free cash increased 3.7% year on year to Rs 39,929 crore, while restricted cash fell 14.9% to Rs 12,756.4 crore. Together, they left total cash 1.6% below the previous September. This separates the cash categories rather than treating every rupee in the headline balance as freely available.

Debt excluding capitalised operating lease liabilities rose 27.7% to Rs 32,143.9 crore. Including those liabilities, total debt stood at Rs 87,303.1 crore, up 16.7%. The presentation distinguishes these two measures, so comparing the smaller borrowing figure with a total that includes operating leases would give a misleading impression of the change.

The fleet comparison also shows a shift in ownership. IndiGo had 41 owned aircraft at September-end, against 14 a year earlier; finance-leased aircraft increased from 62 to 66. Operating-leased aircraft fell from 333 to 330, and damp-leased aircraft from eight to five. The total fleet increased from 417 to 442 aircraft. More aircraft on the balance-sheet comparison did not translate into higher flown capacity this quarter.