IndiGo airline, formally known as InterGlobe Aviation, on Friday posted a consolidated net loss of ₹2,536.9 crore in the fourth quarter of 2025-26 (FY26), hurt by sharp foreign exchange losses, elevated aviation turbine fuel (ATF) prices and flight cancellations due to the ongoing conflict in West Asia.
The airline had reported a consolidated net profit of ₹3,067.5 crore in the year-ago period.
IndiGo said the rupee depreciated sharply by around 5 per cent against the US dollar during the fourth quarter, resulting in a foreign exchange loss of about ₹4,820 crore. “Foreign exchange losses are largely mark-to-market losses,” Gaurav Negi, chief financial officer of IndiGo, said during the analyst conference call, adding that these forex losses are primarily linked to aircraft lease and maintenance liabilities payable over 8–10 years.
"Mark-to-market losses" arise when companies are required to account for liabilities at prevailing currency rates even if the actual payment will happen years later.
Negi said the airline’s operations, especially on the international side, had to be curtailed due to the West Asia conflict. “We had close to 160 daily frequencies that we were running to the Middle East as well as into Europe. Once the crisis happened... a large part of this had to be cancelled,” he noted.
29/05/2026 Deepak Patel/Business Standard
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