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The stock came under pressure after IndiGo reported a sharp fall in Q3 net profit, largely due to hefty one-time exceptional charges related to flight disruptions and labour codes.
IndiGo Share Price.
Shares of InterGlobe Aviation Ltd, which operates IndiGo, declined in early trade on Friday, slipping 1.96 per cent to Rs 4,813, a day after the airline reported its Q3 FY26 earnings. The company’s market capitalisation stood at around Rs 1.86 lakh crore.
The stock came under pressure after InterGlobe Aviation reported a sharp year-on-year fall in net profit for the December 2025 quarter, largely due to hefty one-time exceptional charges related to flight disruptions and the implementation of new labour codes. The airline said these exceptional items weighed on reported profitability, even as revenue growth and operating performance remained relatively stable.
Despite the weak Q3 numbers, most brokerages struck a constructive tone on the stock. UBS described the quarter as a “decent show despite disruptions”, adding that the management expects capacity growth of around 10 per cent year-on-year in Q4 FY26, driven mainly by international expansion. UBS also flagged higher costs in the March quarter but said yields are likely to soften only gradually from elevated levels.
Citi said the financial impact of the FDTL-related disruption in Q3 was lower than its estimates, with yields coming in better than expected and operational metrics broadly in line with expectations. Goldman Sachs noted that profit before tax was above estimates, supported by lower-than-expected costs excluding forex, particularly aircraft rentals. The brokerage added that management reiterated guidance of around 10 per cent ASK growth in Q4, led primarily by international operations.
InterGlobe Aviation shares had ended at Rs 4,929 on Thursday ahead of the results and have gained over 19 per cent in the past year, outperforming the benchmark Nifty 50.
On Thursday, India’s largest airline reported a 78 per cent drop in December-quarter net profit to Rs 549.1 crore, compared with Rs 2,448.8 crore in the year-ago period, as flight disruptions and the rollout of new labour laws hurt earnings.
The company said it took an exceptional hit of Rs 1,546.5 crore during the quarter, including Rs 577.2 crore linked to widespread flight disruptions in early December and Rs 969.3 crore related to labour code implementation. IndiGo was also fined Rs 22.2 crore for the disruptions, which has been accounted for under exceptional items.
In addition, currency movements related to dollar-denominated future obligations resulted in a charge of Rs 1,035 crore during the quarter.
For Q3 FY26, InterGlobe Aviation reported total income of Rs 24,540.6 crore, up from Rs 22,992.8 crore in the corresponding period last year.
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January 23, 2026, 10:24 IST
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