SpiceJet , one of India's leading airlines, has reported a net loss of ₹635.42 crore for the second quarter of fiscal year 2026, as the carrier grapples with fleet expansion costs and ongoing restructuring efforts. The results, announced on November 12, 2025, reflect the challenges faced by the airline during a traditionally weak travel season.

Financial Performance

The airline's Q2 FY2026 loss widened compared to the ₹447.54 crore loss reported in the same quarter last year. Excluding foreign exchange fluctuations, the net loss stood at ₹447.70 crore, slightly higher than the ₹424.26 crore loss in Q2 FY2025.

SpiceJet's EBITDAR (earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs) excluding forex impacts was negative ₹203.80 crore, compared to negative ₹58.87 crore in the corresponding quarter of the previous year.

Operational Highlights

Despite the financial challenges, SpiceJet maintained a healthy passenger load factor of 84.3%, demonstrating strong capacity utilization during an otherwise lean travel season. The airline's passenger revenue per available seat kilometer (RASK) improved to ₹4.04, up from ₹3.91 in Q2 FY2025.

Fleet Expansion and Restructuring

During the quarter, SpiceJet finalized lease agreements for 19 aircraft and ungrounded two aircraft, returning them to active service. This fleet expansion is part of the airline's strategy to double its operational fleet and triple available seat kilometers (ASKM) in the upcoming winter schedule.

The company also made significant progress in its restructuring efforts:

• Secured a $89.5 million liquidity boost through a settlement with Carlyle Aviation
• Completed full payment of $24 million to Credit Suisse
• Received consecutive credit rating upgrades from Acuité (BB Stable) and CRISIL (A4+)

Management Commentary

Ajay Singh, Chairman and Managing Director of SpiceJet, commented on the results: "The September quarter was a period of consolidation and groundwork for our next phase of growth. While the results reflect short-term costs related to fleet revival and expansion, these are strategic investments that will start yielding results from the current quarter onward."

Singh added, "With aircraft additions already underway and our network expanding rapidly, SpiceJet is now on a clear trajectory towards stronger operational and positive financial performance in the second half of the year."

Future Outlook

Looking ahead, SpiceJet is focusing on:

1. Expanding its winter schedule to operate 250 daily flights, more than double its summer schedule
2. Launching new routes, including non-stop flights to Najaf, Iraq
3. Strengthening its management team with the appointment of Sanjay Kumar as Executive Director and Arjun Das Gupta as Vice President of Sales & Ancillary Revenue

As the airline industry enters the peak travel season, SpiceJet expects to see improved operational momentum and financial performance in the coming quarters.

Conclusion

While SpiceJet's Q2 FY2026 results reflect the challenges of fleet expansion and restructuring, the airline's management remains optimistic about its future prospects. The company's focus on network expansion, improved operational efficiency, and strategic appointments may position it for a stronger performance in the second half of the fiscal year.

SpiceJet , one of India's leading airlines, reported a wider net loss of Rs 635.42 crore for the second quarter, compared to a loss of Rs 447.54 crore in the same period last year. The airline's performance was impacted by historically weak demand, grounded fleet carrying costs, and rupee depreciation against the dollar.

Key Financial Highlights

• Revenue declined 13.4% to Rs 792.00 crore from Rs 915.00 crore year-over-year
• Operating loss stood at Rs 297.00 crore for Q2
• EBITDAR (excluding forex losses) was negative Rs 203.80 crore, compared to negative Rs 58.87 crore in Q2 of the previous year
• Passenger Load Factor remained robust at 84.3%, demonstrating strong capacity utilization during a lean travel season
• Passenger Revenue per Available Seat Kilometre (PAX RASK) improved to Rs 4.04 from Rs 3.91 in Q2 of the previous year

Operational Developments and Future Outlook

Despite the challenging quarter, SpiceJet has made significant strides in its restructuring and expansion efforts:

1. Fleet Expansion: The airline finalized damp lease agreements for 19 aircraft and ungrounded two existing aircraft, returning them to active service.

2. Liquidity Boost: Secured $89.50 million through a settlement with Carlyle Aviation, including $79.60 million in cash maintenance reserves and $9.90 million in credits.

3. Debt Settlement: Completed full payment of $24.00 million to Credit Suisse.

4. Network Expansion: Signed an interline agreement with Gulf Air to enhance global connectivity.

5. Safety Record: Achieved zero Level 1 findings in DGCA safety audits over the last year.

6. Winter Schedule: On track to more than double its fleet and triple Available Seat Kilometre (ASKM) during the upcoming Winter Schedule.

7. New Routes: Launched special non-stop flights to Najaf, Iraq, becoming the only Indian airline offering direct services to the holy city.

Management Commentary

Ajay Singh, Chairman and Managing Director of SpiceJet, commented on the results: "The September quarter was a period of consolidation and groundwork for our next phase of growth. While the results reflect short-term costs related to fleet revival and expansion, these are strategic investments that will start yielding results from the current quarter onward."

He added, "With aircraft additions already underway and our network expanding rapidly, SpiceJet is now on a clear trajectory towards stronger operational and positive financial performance in the second half of the year."

Credit Rating Upgrades

During the quarter, SpiceJet received two consecutive credit rating upgrades from Acuité Ratings, with its long-term rating revised to BB (Stable). This reaffirms confidence in the airline's turnaround strategy, financial discipline, and improving industry outlook.

Leadership Appointments

To strengthen its management team, SpiceJet has appointed:

• Sanjay Kumar as Executive Director to spearhead the next phase of growth and transformation
• Arjun Das Gupta as Vice President (Sale & Ancillary Revenue) to bolster its commercial team

As SpiceJet continues its restructuring efforts and fleet expansion, the airline remains optimistic about its future performance. With the winter schedule now in operation and more high-yield routes in the pipeline, the company expects to see improved operational and financial results in the coming quarters.