SpiceJet Reports Q2 FY26 Financial Results with Net Loss of INR 447.70 Crore

SpiceJet Limited released its financial results for the quarter ending September 30, 2025. The company reported a net loss of INR 447.70 crore, excluding forex losses, compared to a net loss of INR 424.26 crore in the same quarter of the previous year. The results were influenced by the recalibration of Dollar-based obligations and costs associated with the grounded fleet and Return to Service (RTS) expenses.

Financially, SpiceJet faced an operating loss of INR 297 crore in Q2 FY26. The company incurred a carrying cost of INR 120 crore for its grounded fleet and an RTS cost of INR 30 crore. The net loss, after forex adjustments, amounted to INR 635.42 crore. The airline’s EBITDAR, excluding forex, was reported at INR (203.80) crore, compared to INR (58.87) crore in Q2 FY25. Despite these financial challenges, the Passenger Revenue per Available Seat Kilometre (PAX RASK) improved to INR 4.04, and the Passenger Load Factor (PLF) remained robust at 84.3%.

Operationally, SpiceJet finalized lease agreements for 19 aircraft, enhancing its fleet capabilities. The airline also ungrounded two aircraft, returning them to active service. Additionally, SpiceJet secured a liquidity boost of $89.5 million through a settlement with Carlyle, unlocking $79.6 million in cash maintenance reserves and $9.9 million in credits. The company completed a full payment of $24 million to Credit Suisse and signed an interline agreement with Gulf Air to enhance global connectivity.

The timeline for these operational enhancements includes the addition of 19 aircraft under damp lease arrangements for the winter schedule. SpiceJet is on track to more than double its fleet and triple its Available Seat Kilometres (ASKM) during this period. The airline also launched special non-stop flights to Najaf, Iraq, and announced an expansive winter 2025 schedule, planning to operate 250 daily flights, more than double the summer schedule.

SpiceJet’s strategic moves involved appointing Sanjay Kumar as Executive Director and Arjun Das Gupta as Vice President (Sales & Ancillary Revenue) to strengthen its leadership team. These appointments aim to spearhead the next phase of growth and transformation for the airline.

In the context of market relevance, SpiceJet’s financial performance was impacted by continued airspace restrictions and the depreciation of the Rupee against the Dollar. The airline’s efforts to enhance liquidity and financial flexibility through settlements and restructuring initiatives are part of its strategy to achieve sustained recovery and profitability.

About SpiceJet: SpiceJet is a leading Indian airline known for making air travel affordable. It operates a fleet of Boeing 737s and Q-400s and is a significant player in regional connectivity under the UDAN scheme. The airline focuses on expanding its fleet and enhancing its operational capabilities to achieve long-term growth and profitability.