SpiceJet , one of India's leading airlines, has received a significant boost to its financial outlook with a second credit rating upgrade within a month. Acuité Ratings & Research, a SEBI-registered credit rating agency, has upgraded SpiceJet's long-term credit rating to BB (Stable) from BB- (Stable), while reaffirming its short-term rating at A4+.

Improved Credit Profile and Financial Discipline

The upgrade reflects SpiceJet's improved credit profile, strengthened liquidity position, and sustained focus on financial discipline. This marks a notable achievement for the airline, coming shortly after a previous upgrade by Acuité.

Key Factors Behind the Upgrade

Acuité cited several critical factors contributing to the rating upgrade:

1. Ongoing Fleet Induction Plans: SpiceJet is actively working on expanding its fleet capacity.
2. Successful Settlement Agreements: The airline has reached agreements with key lessors, improving its operational flexibility.
3. Robust Operational Roadmap: A clear strategy for growth and operational efficiency.

Strategic Revival Plan

SpiceJet's revival strategy includes:

• Inducting new leased aircraft over the coming months
• Nearly tripling daily flights to 280
• Bringing back grounded aircraft into service

Carlyle Aviation Partners Settlement

A recent settlement with Carlyle Aviation Partners is expected to significantly improve SpiceJet's liquidity position. The agreement provides:

• Cash credits for future aircraft and engine maintenance
• Restructuring of lease debt liability, with some portion converted into airline ownership

Management and Revenue Streams

Acuité highlighted the company's experienced management, led by Chairman and Managing Director Ajay Singh, who brings over 15 years of aviation leadership experience. The agency also emphasized SpiceJet's diversified revenue streams and growing fleet capacity as key factors supporting the airline's revenue profile in the near to medium term.

Management's Perspective

Debojo Maharshi, Chief Business Officer of SpiceJet, commented on the upgrade: "The back-to-back upgrades in our credit ratings are a strong validation of SpiceJet's consistent efforts to strengthen its financial foundation and build a resilient future. With fresh aircraft inductions, restructured agreements with lessors, and a focused strategy on growth and profitability, SpiceJet is well positioned to expand operations, enhance customer experience, and create long-term value for all stakeholders."

Looking Ahead

As SpiceJet continues to implement its revival strategy, the airline appears to be on a trajectory of financial improvement and operational growth. The consecutive credit rating upgrades serve as a positive indicator for the company's future prospects in the competitive Indian aviation sector.

SpiceJet , one of India's leading airlines, has announced a significant expansion of its fleet in preparation for the Winter Schedule 2025. The airline has finalized lease agreements for an additional eight Boeing 737 aircraft, bringing its total planned fleet additions to 18 planes.

Fleet Expansion Details

SpiceJet's latest move includes:

• Eight newly leased Boeing 737 aircraft
• Ten previously announced Boeing 737 aircraft leases
• Total of 18 aircraft to join the fleet

The first batch of these aircraft is scheduled to join SpiceJet's fleet starting October 2025, with the remaining planes to be inducted subsequently.

Strategic Timing and Purpose

The timing of this fleet expansion is strategic, aimed at:

• Strengthening capacity for the Winter Schedule 2025
• Enhancing frequencies on key routes
• Meeting the growing passenger demand during the festive and winter travel season

Management's Perspective

Debojo Maharshi, Chief Business Officer of SpiceJet, expressed enthusiasm about the expansion, stating, "We are delighted to announce the addition of eight more Boeing 737 aircraft to our fleet, taking our total planned inductions to 18 aircraft for the Winter Schedule 2025. These additions reaffirm our commitment to expanding capacity, ensuring seamless connectivity, and offering a superior flying experience to our passengers."

Impact on Operations

The fleet expansion is expected to have several positive impacts on SpiceJet's operations:

1. Increased capacity on popular routes
2. Improved frequency of flights
3. Enhanced ability to meet seasonal demand
4. Potential for new route additions

About SpiceJet

SpiceJet is recognized as one of India's favorite airlines, known for making air travel more accessible to a broader segment of the population. The airline operates a fleet comprising Boeing 737s and Q-400s, and is a significant player in regional connectivity, operating multiple daily flights under the UDAN (Regional Connectivity Scheme).

As the winter and festive seasons approach, SpiceJet's fleet expansion demonstrates the airline's proactive approach to meeting increased travel demand and enhancing its market position in the competitive Indian aviation sector.

Note: This article is based on a press release dated September 16, 2025, filed by SpiceJet Limited with the BSE Limited.