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 / Q3-FY26 / risks
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InterGlobe Aviation · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
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.