Financial Highlights

• PLF: Maintained a healthy Passenger Load Factor of 84.3% demonstrating strong capacity utilization during an otherwise lean travel season
• The improved passenger RASK stands at INR 4.04 up from INR 3.91 in Q2 FY25
• Operating Loss of INR 297 Crore in Q2 FY26
• Grounded fleet carrying cost of INR 120 Crore and RTS cost of INR 30 Crore
• Net Loss: INR 447.70Crore(ex-Forex Loss) in Q2 FY26, compared to a net loss of INR 424.26Crore(ex-Forex Loss) in Q2 FY25
• Post Forex adjustment, net loss of INR 635.42 Crore in Q2 FY26, compared to a net loss of INR 447.54 Crore in Q2 FY25
• EBITDAR (Ex- Forex): INR (203.80)Crore in Q2 FY26 vs INR (58.87)Crore in Q2 FY2

Key Operational Highlights

• Finalised damp lease agreement for 19 aircraft
• Ungrounded two aircraft and returned them to active service
• Secured $89.5 Million in liquidity boost through Carlyle settlement – agreement unlocked $79.6m in cash maintenance reserves and $9.9m in credits
• Completed full payment of $24 Million to Credit Suisse
• Signed interline agreement with Gulf Air to enhance global connectivity
• Achieved zero Level 1 findings in DGCA safety audits over the last one year

Key Current Highlights

• Adding 19 aircraft on a damp lease arrangements for Winter schedule; Ungrounded one Boeing 737-8 MAX aircraft
• On track to more than double its fleet and triple ASKM during Winter Schedule
• Launched special non-stop flights to Najaf, Iraq – only Indian airline offering non-stop services to the holy city
• Announces expansive Winter 2025 schedule –to operate 250 daily flights, more than double the Summer schedule
• Appoints seasoned aviation leader Sanjay Kumar as Executive Director to spearhead next phase of growth and transformation
• Appoints Arjun Das Gupta as Vice President (Sale & Ancillary Revenue) to strengthen its commercial team

GURUGRAM, November 12, 2025: SpiceJet today announced its financial results for the quarter ended September 30, 2025 (Q2 FY26), reporting a net loss of INR 447.70Crore (ex-forex), compared to a net loss of INR 424.26Crore in Q2 FY25. The results for the seasonally weak quarter were primarily driven by impact of recalibrating Dollar based future obligations along withcarrying cost of grounded fleet and additional expenses incurred towards RTS.

Continued airspace restrictions negatively impacted operations and resulted in a sharp escalation in operating costs, further weighing on the quarter’s performance.

On an EBITDAR (ex-forex) basis, the airline reported INR (203.80) Crore in Q2 FY26, compared to INR (58.87)Crore in Q2 FY25. Passenger Revenue per Available Seat Kilometre (PAX RASK) stood at INR 4.04, while Passenger Load Factor (PLF) remained robust at 84.3%, underscoring SpiceJet’s strong brand affinity and customer focus.

During the July-September period, SpiceJet undertook one of its most significant fleet enhancement programs, finalising lease agreements for 19 aircraft. These additions, coupled with the reactivation of grounded planes, will enable the airline to rapidly ramp up capacity and expand its international footprint in the festive and winter season.

SpiceJet also strengthened its financial position through the successful completion of key restructuring initiatives. The airline fully completed the settlement and payment plan of $24 million with Credit Suisse and also secured $89.5 million in liquidity through the Carlyle Aviation settlement, unlocking vital maintenance reserves. These steps have enhanced liquidity, improved financial flexibility, and positioned the airline for sustained recovery.

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

It signed a strategic interline agreement with Gulf Air, offering passengers wider global connectivity and seamless travel options.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “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. 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.”

“Our loads of over 84% confirm strong demand for the product and with the winter schedule now in operations there are more high-yield routes in the pipeline. I am also delighted to welcome Sanjay Kumar back to the SpiceJet family – his leadership will play a key role in accelerating our transformation. Q3 marks the beginning of a new phase of scale, strength, and profitability for SpiceJet.”

About SpiceJet:
SpiceJet is India's favourite airline that has made flying affordable for more Indians than ever before. SpiceJet is an IATA-IOSA certified airline that operates a fleet of Boeing 737s & Q-400s and is one of the country's largest regional players operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airline's fleet offers SpiceMax, the most spacious economy-class seating in India.