IndiGo shares in red ahead of Q2FY26 results today; what brokerages expect

IndiGo Q2 results preview: A meeting of the Board of Directors is scheduled to be held on Tuesday, November 4, 2025

IndiGo Q2 results preview: Shares of IndiGo-parent, InterGlobe Aviation, were trading marginally lower on Tuesday, ahead of the company’s quarterly financial results for the period ended September 30, 2025 (Q2FY26).

 

At 9:45 AM, IndiGo share price was trading at the day’s low level of ₹5,655.35 per share, down 0.7 per cent on the BSE. By comparison, the BSE Sensex index was lower by 0.15 per cent.

 

Ahead of the company’s Q2FY26 results, IndiGo stock hit an all-time high of ₹6,225 per share on August 18, 2025.

IndiGo Q2 results 2025: Date, time, expectations

 

Low-cost carrier, InterGlobe Aviation-owned IndiGo, is slated to report its Q2FY25 results today.

 

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"A meeting of the Board of Directors is scheduled to be held on Tuesday, November 4, 2025, inter-alia, to consider and approve the unaudited (standalone and consolidated) Financial Results of the company for the quarter and half year ended September 30, 2025," IndiGo said in a stock exchange filing.

 

The company is expected to release its results around 16:00 hours IST on Tuesday, November 4, 2025.

 

Further, the management of IndiGo will conduct a 60 minute conference call at 17:00 hours IST on November 4, 2025, where the senior management will discuss the company’s performance and answer questions from participants.  ALSO READ | M&M Q2 preview: Here's what to expect from SUV maker in September quarter

IndiGo Q2 results: What to expect?

Kotak Institutional Equities

Analysts at Kotak Institutional Equities expect IndiGo to report a net loss of ₹1,574.2 crore during the quarter, as against a net profit of ₹2,176.3 crore seen in the previous quarter (Q1FY26).

 

On a yearly basis, the net loss may widen from ₹986.7 crore reported in Q2FY25.

 

Operationally, the brokerage anticipates net sales to rise 4 per cent year-on-year (Y-o-Y) to ₹17,645.6 crore from ₹16,969.6 crore. Over the June quarter of the current financial year (Q1FY26), net sales may drop 14 per cent from ₹20,496.3 crore.

 

Ebitda (earnings before interest, tax, depreciation, and amortisation), however, is seen declining 24 per cent Y-o-Y and 76 per cent Q-o-Q to ₹1,241.3 crore. Ebitda margin could also contract sharply to 7 per cent from 25.5 per cent of Q1FY26 and 9.6 per cent of Q2FY25.

 

The brokerage said it expects a 5-per cent Y-o-Y increase in available seat kilometer (ASK) (towards the lower-end of the guidance) with flat load factor (Y-o-Y) at ~83 per cent. ASK measures an airline's passenger-carrying capacity.

 

It also builds-in flat Y-o-Y yield with 50 bps negative impact of mix (international growing at 2X the pace of domestic volumes).

 

"We expect RASK less CASK (excludes other income and forex) at minus ₹0.16 per ASK, against minus ₹0.38 per ASK in Q2FY25. The same reflects the effect of contained capacity expansion in the seasonally weak quarter," it said.

 

RASK is revenue per available seat kilometer, a metric used to measure an airline's revenue generation per unit of its capacity. On the contrary, CASK is cost per available seat kilometer, which measures an airline's operating expenses per unit of capacity.  ALSO READ | SBI Q2 results today: Analysts expect a flattish quarter from PSU bank

Elara Securities

Elara Securities expects IndiGo to post a 110 per cent surge in Ebitda, on a Y-o-Y basis, due to higher airfares, lower fuel cost, and 12 per cent growth in passengers in Q2FY26. It pegs Q2 Ebitda value at ₹3,924.5 crore compared to ₹1,871.7 crore reported in Q2FY25.

 

Sequentially, Ebitda may fall 27 per cent from ₹5,373.8 crore.  

 

That apart, it estimates adjusted PAT (excluding forex impact) to be ₹963.6 crore, and total revenue ₹18,407.8 crore (up 8.5 per cent Y-o-Y/down 10.2 per cent Q-o-Q).

 

Elara Capital expects IndiGo’s passenger load factor (PLF) to come at 82 per cent in Q2FY26 versus 83 per cent in Q2FY25.

Emkay Global Financial Services

Analysts at Emkay Global, too, expect IndiGo to report a net loss in Q2FY26. They peg the same at ₹1,727.7 crore.

 

Operationally, they project sales at ₹18,384.1 crore (up 8.3 per cent Y-o-Y/down 10.3 per cent Q-o-Q), and Ebitda at ₹3,369.1 crore (up 81.3 per cent Y-o-Y/down 37.3 per cent Q-o-Q).