Shares of InterGlobe Aviation, the parent of IndiGo, fell as much as 7 per cent on Monday as concerns deepened around the airline’s operational stability and cost outlook. Brokerages flagged mounting pressures linked to compliance with India’s revised flight duty time limitation (FDTL) norms, coming at a time when the carrier is grappling with one of the worst disruption spells in Indian aviation history.
The large-scale cancellations witnessed over the past week have eroded expectations of a near-term earnings recovery. Analysts at Investec estimate that full compliance with the FDTL norms by the February 10, 2026 deadline may require IndiGo to deploy nearly 20 per cent more pilots per aircraft. This could push costs higher by around Rs 0.10 per available seat kilometre.
Without fare hikes to absorb the additional burden, profit before tax could fall by nearly 25 per cent, based on an assumed spread of Rs 0.40 between revenue per available seat kilometre and cost per available seat kilometre, the brokerage said.
Cancellations Continue Nationwide
IndiGo, which commands close to 66 per cent of India’s domestic aviation market, has been cancelling hundreds of flights daily since last week, leaving passengers stranded across major airports. Despite the disruptions, the airline said on Sunday that it is on track to operate more than 1,650 flights, with on-time performance improving to 75 per cent, and expects full normalisation by 10 December.
Operational strain remained evident on Monday, with more than 350 flights cancelled nationwide by mid-morning. Official tallies put cancellations at 456 as of 10.30 am.
At Delhi airport alone, 134 IndiGo flights were cancelled — seventy-five departures and fifty-nine arrivals. Bengaluru witnessed 127 cancellations, while Chennai saw seventy-one and Hyderabad seventy-seven. Jammu reported twenty cancellations, Ahmedabad twenty, and Vizag seven. Major hubs such as Mumbai and Kolkata also saw significant disruption.
Officials said over Rs 610 crore in ticket refunds has already been processed for affected passengers.
Regulatory Pressure Intensifies
The Directorate General of Civil Aviation (DGCA) has increased scrutiny of the airline’s handling of the crisis. On Sunday, the regulator granted IndiGo Chief Executive Officer Pieter Elbers and Accountable Manager Isidro Porqueras an additional twenty-four hours — until 6 pm on Monday — to respond to show-cause notices relating to the disruptions.
IndiGo cancelled more than one thousand flights on Friday and over six hundred on Sunday, highlighting the scale of the crisis even after temporary schedule adjustments were introduced. |
