IndiGo’s Q2 FY25 net loss balloons to Rs 987 crore, a 622% reversal from Rs 189 crore profit, hammered by 12.8% fuel cost surge to Rs 6,605 crore and mid-70s aircraft groundings crippling capacity amid seasonal softness, per the October 25 disclosure etching revenue up 13.55% to Rs 16,970 crore on 5.8% passengers to 27.8 million. EBITDAR dips to Rs 2,434 crore (margin 14.3% from 16.4%), CASK up 11.8% to Rs 4.69, forex losses quadrupling to Rs 240.5 crore; CEO Pieter Elbers flags “traditionally softer” September, projecting low-double-digit Q3 capacity growth despite international yield softness.
The widening’s weight: Operational expenses spike 21.9% to Rs 18,666 crore, non-fuel up 28% on airport charges/rentals, ancillary revenues +20.9% to Rs 1,875 crore insufficient offset; cash balance Rs 39,342 crore (Rs 24,360 free). Shares tumble 11.8% to Rs 3,849.50, erasing 7.2% weekly gains; Kotak trims FY25 EBITDAR 14% on yield softness, “buy” at Rs 5,200 PT amid 23% order book to Rs 3,200 crore and 40 international destinations by FY25-end (30% ASK share).
This widening unveils not quarter’s quagmire, but endurance’s durable dance—veiled veils of Rs 987 crore from fuel’s fury, where aviation’s artistry yields reinvention’s radius in IndiGo’s majestic march.
