SpiceJet Limited announced its third quarter financial results for the period ended December 31, 2025, demonstrating significant operational improvements and revenue growth. The Board of Directors approved the unaudited standalone and consolidated financial results at their meeting held on February 12, 2026.

Strong Financial Performance

The airline reported substantial improvement across key financial metrics during the third quarter. Revenue from operations increased dramatically to ₹1,384.31 crore in Q3FY26 compared to ₹781.22 crore in Q2FY26, representing a remarkable 77% quarter-on-quarter growth.

Operational Excellence and Market Share Growth

SpiceJet's operational performance showed marked improvement during the quarter. The airline maintained a healthy Passenger Load Factor of 90%, demonstrating strong capacity utilization compared to 84% in Q2FY26. Domestic market share strengthened significantly to 4.3% in December 2025 from 1.9% in September 2025.

Fleet Expansion and Network Growth

The company inducted 16 aircraft (Boeing NG and Boeing 737 Max) on wet lease during the quarter, significantly strengthening its operational capability. The Board has approved a calibrated fleet ramp-up to 55-60 aircraft for the winter schedule through a mix of wet and damp leases.

SpiceJet expanded its network reach by commencing non-stop services to Najaf, Iraq, becoming the only Indian airline to operate direct flights to the holy city. The airline also launched services on the Ahmedabad-Sharjah route and added Imphal to its network with daily connectivity from Kolkata, Guwahati and Mumbai.

Balance Sheet Strengthening Initiatives

As part of ongoing balance sheet repair, SpiceJet completed equity allotment to aircraft lessors, settling ₹476 crore (USD 54 million) worth of liabilities. The company allotted 11,25,06,725 equity shares at ₹42.32 per share to various aircraft leasing entities including Carlyle Aviation Partners and GASL Aviation Holdings.

Regulatory Compliance and Going Concern

The financial results highlighted ongoing regulatory compliance challenges, with delays in TDS deposits and GST filings. The auditors issued a qualified opinion noting material uncertainties regarding the company's ability to continue as a going concern, citing accumulated losses of ₹89,053.73 million and current liabilities exceeding current assets by ₹42,139.31 million.

Despite these challenges, management expressed confidence in the company's recovery trajectory, citing improved operations, fleet expansion, and ongoing discussions with vendors and lessors for liability settlements.

SpiceJet employees are facing severe financial hardships due to prolonged salary delays that have stretched beyond one year, according to reports from Times of India journalists shared on social media platforms. The situation has created significant distress among the airline's workforce as they struggle to meet basic financial obligations.

Current Payment Status

The airline's employees are still awaiting salary payments for December and January, adding to an already lengthy backlog of unpaid wages. This delay represents the latest in a series of payment issues that have persisted for over twelve months, affecting the livelihoods of SpiceJet's staff members across various departments and positions.

Impact on Employee Finances

The extended salary delays are creating substantial financial strain for employees who are struggling to manage essential expenses. Staff members report difficulties in meeting EMI payments for loans and mortgages, while others are unable to pay school fees for their children. These payment delays are affecting employees' ability to maintain their standard of living and meet critical financial commitments.

Employee Hardships

The prolonged nature of the salary delays has compounded the financial difficulties faced by SpiceJet's workforce. Key areas of impact include:

• Loan Obligations: Employees struggling to meet EMI payments for personal and home loans
• Educational Expenses: Difficulty paying school fees and educational costs for children
• Daily Expenses: Challenges in managing routine household and personal expenses
• Financial Planning: Inability to maintain regular savings and financial planning

The situation highlights the significant personal and professional challenges faced by airline employees during periods of operational and financial uncertainty in the aviation sector.