Author: Shelly M

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Corporate

IndiGo reports ₹2,582 crore loss in Q2 FY26

InterGlobe Aviation Ltd, operator of IndiGo, reported a consolidated net loss of ₹2,582 crore for the quarter ended September 2025, reversing a profit of ₹2,176 crore in the previous quarter.

The airline’s loss also widened from ₹987 crore in the same period last year.

The sharp decline was largely attributed to the impact of currency fluctuations. Excluding the foreign exchange loss, IndiGo said it would have posted a net profit of ₹104 crore.

EBITDAR (earnings before interest, tax, depreciation, amortisation, and rent) fell by more than half to ₹1,114 crore, compared with ₹2,434 crore a year earlier.

Despite the bottom-line pressure, operating performance showed resilience. Passenger ticket revenues rose 11.2% year-on-year to ₹15,967 crore, while ancillary revenues, which include add-ons like baggage fees and seat selection, increased 14% to ₹2,141 crore.

Analysts said the airline’s topline growth reflects strong passenger demand and network expansion, though profitability remains challenged by volatile forex movements and elevated fuel costs.

Shares of IndiGo’s parent, InterGlobe Aviation, ended marginally lower on Tuesday, with investors awaiting clearer signals on cost pressures and rupee trends in the coming quarters.

Also Read: Adani Enterprises Q2 profit jumps 84% YoY to ₹3,199 crore

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Corporate

Adani Enterprises Q2 profit jumps 84% YoY to ₹3,199 crore

Adani Enterprises Ltd (AEL), the flagship of the Adani Group, reported consolidated EBITDA of ₹7,688 crore and profit before tax (PBT) of ₹2,281 crore for the first half of FY26, driven by strong growth in infrastructure and energy ventures.

The company’s Board also approved a ₹25,000 crore rights issue, marking one of the largest fundraises by the group in recent years. The capital infusion is expected to strengthen AEL’s balance sheet and support expansion in high-growth areas such as airports, data centers, green energy, and roads.

The first half of FY26 was marked by key milestones, including the inauguration of the greenfield Navi Mumbai International Airport and the completion of the company’s seventh road project. These achievements highlight its ability to execute complex, large-scale infrastructure projects on schedule, AEL said.

It added that the emerging core infrastructure portfolio spanning airports, data centers, and roads delivered an EBITDA of ₹5,470 crore during the half year, up 5% year-on-year. This segment now contributes 71% of the company’s consolidated EBITDA, underlining its growing importance within the overall portfolio.

“With disciplined execution and strategic diversification, Adani Enterprises continues to strengthen its position as India’s leading incubator of transformative infrastructure and energy businesses,” said Gautam Adani, Chairman of the Adani Group. “The inauguration of the Navi Mumbai International Airport marks a defining moment in India’s infrastructure story and reinforces AEL’s role as a national growth catalyst.”

AEL’s collaboration with Google on India’s largest AI data centre and its progress in green energy place the company at the forefront of the country’s tech-driven sustainability push. He added that AEL aims to build globally competitive businesses that deliver enduring value and strengthen India’s self-reliance.

Over the years, AEL has successfully incubated and scaled several businesses that are now independently listed entities, including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas, and Adani Wilmar. The company’s current portfolio of next-generation businesses, including the green hydrogen ecosystem, airports, data centers, roads, copper, and petrochemicals, is seen as the next phase of value creation for the group.

With a diversified portfolio and a proven record of project execution, AEL said it remains well-positioned to deliver sustainable growth while contributing to India’s infrastructure and energy transformation.

Also Read: Adani Ports Q2 Profit Up 29% as Logistics, Marine Shine

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Leaders

SpiceJet names ex-IndiGo Sanjay Kumar as Executive Director

SpiceJet has appointed former IndiGo executive Sanjay Kumar as Executive Director to be entrusted with leading growth initiatives and optimizing operations.

With over three decades of aviation experience, Kumar will report directly to Chairman Ajay Singh, effective November 3, 2025.

Kumar’s appointment comes after the airline posted a net loss in the first quarter of FY26 and tackles financial and operational hurdles, seeking a turnaround through fleet expansion and debt restructuring.

Kumar has earlier served in key positions, including Chief Commercial Officer and Chief Strategy & Revenue Officer at IndiGo, and held leadership roles as President & CEO at InterGlobe Technology Quotient and Chief Operating Officer at AirAsia India.

SpiceJet recently announced that it will run 250 flights daily in its Winter 2025 schedule, up from 125 daily flights last summer and 150 daily flights in the previous winter season.

Also Read: IT Withdraws ₹8,500 Cr Tax Claim on Vodafone

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Corporate

IT Withdraws ₹8,500 Cr Tax Claim on Vodafone

The Income Tax Department has withdrawn the ₹8,500-crore transfer pricing case against Vodafone India Services, in connection with sale of its Ahmedabad-based call centre business, 3 Global Services, to Hutchison Whampoa Properties (India) during the financial year 2008.
The Commissioner of Income Tax submitted a request to withdraw the case before a Supreme Court bench headed by Chief Justice B.R. Gavai, which granted permission for the withdrawal.

The bench ruled that the Income Tax Department had exceeded its jurisdiction by applying transfer pricing provisions without any cross-border element involved. As a result, the ₹8,500-crore tax demand was set aside.

The withdrawal comes days after the top ordered the union government to extend relief to Vodafone Idea Ltd on issues relating to its AGR dues.

In 2008, the I-T department alleged that Vodafone had engaged in an undisclosed international transaction. Tax officials had claimed the company had underreported its income by ₹8,500 crore through transfer pricing adjustments. The case reached the Supreme Court in 2016, but there was little movement for years before it was withdrawn on Monday.

Also Read: Goldman, JPMorgan CEOs Flag US Debt Risks

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Leaders

Goldman, JPMorgan CEOs Flag US Debt Risks

Goldman Sachs CEO David Solomon has joined JPMorgan Chase chief Jamie Dimon in warning that the United States’ swelling national debt could pose long-term risks to economic stability if growth fails to keep pace.

Speaking at the Economic Club of Washington, Solomon said the US debt, now exceeding $38 trillion, is less alarming for its size than for its rising debt-to-GDP ratio. “If we continue on the current course and don’t take the growth level up, there will be a reckoning,” he said.

He stressed that the issue is not yet a crisis but called for stronger productivity to sustain fiscal health. Solomon sees technology and artificial intelligence as key growth drivers capable of lifting output and offsetting debt pressures. “The path out is a growth path,” he noted, urging that AI be embedded across industries to enhance efficiency.

His comments align with Dimon’s long-standing warnings that unchecked borrowing could eventually unsettle bond markets. The JPMorgan CEO has cautioned that “one day, the bond markets are gonna have a tough time,” though the timing is uncertain. He advocates growth-oriented reforms, including regulatory simplification and workforce development, to rebuild fiscal resilience.

Dimon has also criticised market complacency despite the US losing its triple-A credit rating this year. Analysts warn that rising interest costs and persistent deficits could restrict future government spending flexibility.

Both executives agree the US remains economically strong but must act before confidence erodes. “The US  is still the best house in a tough neighbourhood,” Solomon said, “but we can’t ignore the cracks in the foundation.”

Also Read: Adani Power Invokes Arbitration Clause in Bangladesh Dispute

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Corporate

Ambuja Cements Q2 Profit Rises 364% to ₹2,302 Crore

Ambuja Cements Ltd, part of the Adani Group, posted a sharp 364% year-on-year jump in consolidated net profit to ₹2,302 crore for the quarter ended September 2025 (Q2 FY26), driven by higher sales volumes, improved realisations and lower costs.

Ambuja Cements reported a 21% rise in revenue to ₹9,174 crore, its best-ever second-quarter performance. Cement sales grew 20% to 16.6 million tonnes, far outpacing the industry. Operating profit rose 58% to ₹1,761 crore, and profit per tonne increased 32% to ₹1,060. The operating margin widened to 19.2% from 14.7% last year.

Ambuja Cements said it remains debt-free, with a net worth of ₹69,493 crore and top-tier credit ratings of Crisil AAA (Stable) and A1+. The company has raised its FY28 capacity target to 155 million tonnes per annum (MTPA) from 140 MTPA, with the additional 15 MTPA to come from low-cost debottlenecking projects at about USD 48 per tonne.

A 2 MTPA grinding unit has been commissioned at Krishnapatnam and trial runs have begun for a new 4 MTPA kiln line at Bhatapara in Chhattisgarh. Another 7 MTPA capacity across four locations is scheduled to come on stream in the third quarter. The company also added 200 MW of solar capacity during the quarter, taking its total renewable portfolio to 673 MW, which is expected to reach 900 MW by the end of FY26.

The company reported a 5% decline in overall costs, driven by lower kiln fuel, power and logistics expenses. It aims to bring total production costs down to ₹4,000 per tonne by the end of FY26 and further to ₹3,650 per tonne by FY28. Ambuja also launched its Cement Intelligent Network Operations Centre (CiNOC), an AI-based platform designed to improve operational efficiency across production, sales and logistics.

Despite disruptions caused by extended monsoons, the company expects cement demand to strengthen following the GST rate cut from 28% to 18%, supported by a favourable economic outlook. “Our capacity expansion is well-timed to capitalise on this positive momentum,” said Vinod Bahety, Whole-Time Director and CEO of Ambuja Cements.

Ambuja said it continues to advance its sustainability agenda, maintaining 12x water positivity, 100% waste recycling, and planting 7.1 million trees under the Adani Group’s commitment to grow 100 million trees by 2030.

Also Read: Adani Solar Ships 15,000 MW Modules Globally

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1 Minute-Read

Samsung Adds Gujarati to Galaxy AI

Samsung has expanded Galaxy AI to support 22 languages with the addition of Gujarati and Filipino, enhancing tools like Live Translate, Chat Assist, and Interpreter. Gujarati now becomes the second Indian language after Hindi on the platform.

The update, which began rolling out on October 29, lets users download new language packs via the Settings app.

Developed with Samsung Research centres in India and Indonesia, the expansion highlights the company’s focus on inclusive, localised communication.

Samsung reports that 91% of Galaxy S25 users in India use Galaxy AI, while over 70% globally engage with AI features regularly.

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Beyond

US signs 10-year defence pact with India

Indian Defence Minister Rajnath Singh met his US counterpart Pete Hegseth in Malaysia on Friday and announced the signing of a 10-year defence framework between the two countries.

The agreement will be a foundation for regional stability and deterrence, enhancing coordination, information sharing and technological cooperation between the two nations, Hegseth posted on X after the meeting with his Indian counterpart, Rajnath Singh.

Earlier, Singh had planned to meet Hegseth in Washington, but the trip was cancelled amid strained India-US ties after President Donald Trump doubled tariffs on Indian imports to 50%.

The meeting likely included a review of India’s plans to purchase military hardware from the US such as six Boeing P8I aircraft for the Indian Navy, as well as a fresh India-US defence cooperation framework.

Last week, commerce minister Piyush Goyal said that talks are being held regarding the proposed India-US Bilateral Trade Agreement and that an agreement will be reached after concerns of the nation’s farmers, fishermen and MSME sector are addressed.

Also Read: Adani Airports, AIONOS Sign Deal For Agentic AI Solution

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Corporate

IndiGo to resume India–China flights from October 26

IndiGo announced that daily non-stop flights from Kolkata to Guangzhou will resume starting October 26.

The airline will operate Airbus A320neo aircraft. The flights are now open for sale via IndiGo’s official website or mobile application.

This comes after the Ministry of External Affairs said that India and China will restart direct flights this month after a suspension of more than five years.

Subject to regulatory approvals, IndiGo will also introduce direct flights between Delhi and Guangzhou shortly.

This comes after the recent diplomatic initiatives aimed to boost trade, strategic business partnerships and tourism between the two countries, reported The Economic Times.

Before the pandemic, IndiGo operated flights between India and China. “The past experience and familiarity with local partners will enable IndiGo to resume these flights swiftly,” the low-cost airline said in a statement.

Pieter Elbers, CEO, IndiGo, said, “We are delighted to announce the resumption of daily, non-stop flights between India and mainland China. We are proud to be amongst the first to resume direct connectivity to China from two points in India.”

He added, “This will once again allow seamless movement of people, goods, and ideas, while also strengthening bilateral ties between the two of the world’s most populous countries and fast-growing economies. With this very important step, we are looking at introducing more direct flights into China. As we take steady strides towards becoming a global aviation player, this is a significant move to strengthen our international network.”

Prime Minister Narendra Modi visited China last month for the first time in seven years to attend a meeting of the Shanghai Cooperation Organisation regional security bloc.

Modi and Chinese President Xi Jinping agreed discussed ways to strengthen trade ties amid global tariff uncertainty. While Modi conveyed India’s commitment to improving ties and raised concerns about its widening trade deficit with China, which stands at nearly $99.2 billion.

Modi also stressed that it is vital to maintain peace and stability along their disputed border.

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Corporate

Airbus board meets in India for first time in 60 years

Airbus board members concluded their four-day visit to India on Thursday, which also marked the first meeting since the aircraft maker started operations here more than 60 years ago.

The board led by Chairman Rene Obermann met Prime Minister Narendra Modi in the capital on Tuesday.

Obermann also held discussions with Commerce and Industry Minister Piyush Goyal and Civil Aviation Minister K Rammohan Naidu on investments and other issues.

The board visited Tata Advanced Systems Ltd’s component manufacturing facility in Hyderabad and also its supplier Dynamatic Technologies’ facility in Bengaluru.

Pointing out that India offers tremendous opportunities, Goyal said in a post on X, “Also, encouraged their plans to further deepen collaboration and increase investments in India, a testament to the strength and potential of India’s aerospace sector.”

India is a significant market for Airbus in civil aviation and defence segments as it already sources more than $1.4 billion worth of services and components from the country.

An Airbus spokesperson, quoted by PTI, stated on September 25 that the board’s visit represents a significant milestone, emphasising India’s importance as a critical hub for global operations. “We have already crossed the milestone of sourcing over $1.4 billion in components and services annually. We are on track to significantly increase that figure, as we continue to further integrate India into our global value chain.”

The spokesperson also said that Airbus’ investments in India are deepening across the board, from growing engineering and digital centres in Bengaluru, which are integral to its worldwide operations, to expanding its industrial footprint.

Airbus is also setting up two Final Assembly Lines (FAL) for the H125 helicopters in Vemagal, Karnataka, as well as the C295 military aircraft is being established in Vadodara, Gujarat. Both FALs are being set up with Tata Advanced Systems Ltd.

IndiGo and Air India together have placed orders for more than 1,000 planes with Airbus.

In March, Airbus CEO Guillaume Faury said their annual sourcing of components and services from India will touch $2 billion before 2030.