IndiGo’s share price surged as much as 4.15% to an intraday high of ₹4,869 per unit on the National Stock Exchange on Friday, October 30, 2026, following the announcement that the company’s net loss narrowed and revenue jumped. The budget carrier reported a consolidated net loss of ₹1,878.6 crore in Q2 FY27, compared with a loss of ₹2,581.7 crore in the same period last year. The company’s consolidated revenue from operations rose 25.9% year‑on‑year to ₹23,363.8 crore, up from ₹18,555.3 crore in Q2 FY26.

At the operational level, IndiGo’s EBITDA doubled YoY to ₹1,907 crore in Q2 FY27, from ₹543 crore in the year‑ago period, and the EBITDA margin expanded over 500 basis points to 8.1%. The airline’s cost per available seat kilometre (CASK) surged 68.9% YoY to ₹2.44, while CASK excluding fuel and foreign exchange rose 14.6% YoY to ₹3.45. Air turbine fuel expenses jumped 67% YoY to ₹9,967 crore for the quarter ended September 2026.

Capacity reduced marginally to 40.8 billion available seat kilometres (ASKs) and passengers dropped 4.7% to 2.75 crore for the reporting quarter. Revenue passenger kilometres (RPK) declined 3.7% to 32.8 billion from 34 billion in the same quarter last year. Despite these declines, the airline guided its passenger revenue per available seat kilometre (PRASK) to grow over 25% in Q3 FY27 and for the full year FY27, signalling a focus on pricing over capacity.

Analysts at Jefferies noted that IndiGo reported soft Q2 earnings as expected, with strong yields partly offsetting elevated fuel or other costs. The firm continued to prioritise pricing over capacity, guiding for low‑single‑digit ASK growth in the third quarter and for FY27. Jefferies also highlighted that the company’s management eased concerns over near‑term yields and ex‑fuel and forex costs, despite earnings remaining sensitive to jet fuel prices.

Nomura praised IndiGo’s robust Q2 FY27 results, stating that demand remains supportive enough to pass on cost inflation through pricing. Its EBITDA numbers were ahead of consensus, driven by better‑than‑expected PRASK and yield growth. The analysts expect Q3 FY27 margins to be stronger quarter‑on‑quarter despite sequentially higher fuel prices, with pricing capturing 80‑90% of the cost increase.

CITI analysts reported that the revenue was 6% above estimates due to robust yield, and that the fuel CASK was surprisingly lower sequentially, leading to a much higher EBITDAR than the muted estimate. HSBC noted that Q2 EBITDA was higher than consensus, supported by stronger yields and a lower fuel bill. The company guided its PRASK to grow over 25% in Q3 and FY27, with capacity guided to grow in the low‑single‑digit range, and ex‑fuel unit cost to grow in the high‑single‑to‑low‑double‑digit range, focusing on ancillary, cargo and stretch. At around 11:27 AM, the stock was trading 2.93% higher at ₹4,812.20 per equity share on the NSE. InterGlobe Aviation’s total market capitalisation was ₹1.86 lakh crore as of October 30, 2026, according to NSE data.