IndiGo's First-Ever Annual Loss: Why the Stock Jumped 5%

When a company swings from a healthy quarterly profit to a loss of more than ₹2,500 crore, the textbook reaction is for its shares to be punished.

This is not a story about an airline in trouble.

For the January–March quarter (Q4 FY26), IndiGo reported a net loss of about ₹2,537 crore.

The Real Culprit: A ₹4,820-Crore Forex Mirage

The answer is foreign exchange — and the way Indian accounting standards force it onto the books.