Budget airline SpiceJet Ltd reported a consolidated net loss of ₹621 crore for the quarter ended September 30, 2025 (Q2FY26) on 12th November, 2025, widening from a loss of ₹458 crore in the same period last year. The company attributed the decline to the impact of recalibrating dollar-based future obligations, continued airspace restrictions, and the rising cost of grounded fleet maintenance.
Revenue and Operational Performance
SpiceJet’s revenue from operations dropped 13% year-on-year to ₹792 crore in Q2FY26, compared to ₹915 crore in Q2FY25. Sequentially, revenue fell 31% from ₹1,033 crore in the previous quarter, reflecting the seasonal slowdown and operational disruptions.
Despite the financial pressure, the airline maintained a Passenger Load Factor (PLF) of 84.3%, highlighting steady passenger demand and brand loyalty.
Ajay Singh, Chairman and Managing Director of SpiceJet, described the September quarter as “a period of consolidation and groundwork for our next phase of growth.” He added that while short-term costs have weighed on results, the airline’s investments in fleet revival and expansion are expected to yield positive results from the current quarter onward.
Strategic Investments and Fleet Expansion
During the quarter, SpiceJet finalised lease agreements for 19 aircraft as part of its fleet modernisation and capacity-building plans. These additions, along with the reactivation of grounded planes, are aimed at strengthening the airline’s domestic and international network during the festive and winter travel seasons.
However, a significant portion of the airline’s Boeing 737 MAX fleet remains grounded, compelling SpiceJet to depend on wet-lease arrangements—leasing aircraft with crew from other operators—to maintain capacity and meet rising travel demand.
Challenges and Cost Pressures
SpiceJet’s operating costs surged sharply due to continued airspace restrictions, elevated foreign exchange losses, and the carrying cost of grounded aircraft. Forex losses jumped nearly eightfold to ₹188 crore, accounting for about 26.5% of total revenue.
The airline also faced a 22.5% decline in passenger traffic, with around 751,000 passengers carried during the quarter, according to data from India’s aviation regulator.
Management Outlook
Looking ahead, the company remains cautiously optimistic. Ajay Singh emphasised that the Q3FY26 quarter will mark the beginning of a new phase of scale and profitability for the airline. He also announced the return of Sanjay Kumar to the SpiceJet leadership team, who is expected to play a pivotal role in accelerating the company’s transformation.
“Our loads of over 84% confirm strong demand for the product,” Singh said. “With the winter schedule now in operation and more high-yield routes being introduced, SpiceJet is poised for a stronger performance in the coming quarters.”
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- ONGC Q2 Results: Profit Falls 18% to ₹9,848 Crore, Revenue Down 2.5%
- Bajaj Finserv Q2 FY26 Results: Profit Rises 7.5% YoY, Revenue Up 11%
Conclusion
SpiceJet’s Q2FY26 results reflect a challenging yet transitional phase for the low-cost carrier. While operational hurdles and forex losses have weighed on profitability, the airline’s renewed focus on fleet expansion, network growth, and leadership revival signals a strategic push towards recovery. The next few quarters will be crucial as SpiceJet seeks to regain financial stability and reinforce its position in India’s competitive aviation market.
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