India, Nov. 8 -- It sounds both mysterious, and mystifying. Here is a company that controls more than 60 per cent of the domestic market share. There are agonised postings on social media of how it charges sky-high rates for some simple services, possibly due to its near-monopoly status. How can such a company incur huge quarterly losses regularly? Yes, we are talking about IndiGo, "India's largest, and most preferred passenger airline, and among the fastest-growing airlines in the world." In Q2-FY26 (July-September), it incurred a net loss of more than Rs2,500 crore, which was more than two-and-a-half time the loss figure (just under Rs1,000 crore) in Q2-FY25.

Isn't this strange? What is, perhaps, more unpalatable is that the airline ea...