Pilot shortage and FDTL compliance
New FDTL norms effective Feb 10 require more pilots; management declined to quantify shortage, raising concerns about capacity constraints.
INDIGO / bear-case history
Track the concerns that keep returning.
InterGlobe Aviation · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Forex volatility and unhedged exposure
Rupee depreciation of ~5% YoY led to ₹10.4 billion forex loss; $10 billion exposure remains partially hedged.
Regulatory penalties and slot reallocation
DGCA imposed ₹222 million penalty; slots handed back may not be regained, impacting future capacity.
Recurring cost impact from new labor codes
One-time provision of ₹9.7 billion for labor codes; recurring costs will flow into employee expenses from Q4, pressuring margins.