IndiGo plans to add 158 pilots by Feb and 742 pilots by end-2026, which could escalate hiring costs amid intense industry competition Management has revised Q3 capacity growth guidance to high single digits for the peak season. However, near-term flight cancellations and elevated cost pressures are expected to weigh on FY26 earnings. IndiGo is expected to face heightened regulatory scrutiny and stricter compliance requirements in the near term, while the government is likely to promote greater competition and ensure operational stability. We downgrade our FY27E & FY28E earnings estimates by 43.1% & 10% to factor in the near term headwinds related to 10% cut in schedule, near...