GURUGRAM, September 3, 2025: SpiceJet has achieved a significant financial milestone with Acuite Ratings & Research upgrading its long-term credit rating to BB- (Stable) and short-term rating to A4+. The upgrade reflects the airline’s strengthened financial position, improved business outlook, and sustained efforts toward operational resilience.

This upgrade builds on the strong momentum in SpiceJet’s credit profile. In November 2024, Acuite had raised the airline’s rating by four notches to B+ (Stable) along with a short-term rating of A4. This was followed in January 2025 by CareEdge Ratings assigning a BB- (Stable) rating, marking SpiceJet’s second upgrade within just three months.

Acuite, in its latest upgrade, highlighted, “The upgrade in the rating reflects the significant new infusion of funds from key promoter company in March 2025 into the airline which occurred after the QIP (Qualified Institutional Placement) in September 2024 providing additional liquidity cushion and which will be helping in improving overall operations.”

“The rating also supported by improvement in scale of operations & profitability, unutilized funds of ~Rs. 300 Cr. from last fund raising round (QIP) as on 31st March 2025 and reduction in the aircraft lease liabilities (operational creditors) settled through negotiations with the lessors.”

“Acuite notes that the new order for fresh fleet under wet lease structure has been given to increase the existing fleet size will benefit the airline in near to medium term. The timely delivery of these new aircraft will be key monitorable. These strengths are balanced by the challenges of operating in a highly competitive and regulated industry, weak financial risk profile and susceptible to volatile fuel prices and foreign exchange risks,” it added.

Elaborating on the key rating drivers, Acuité highlighted that SpiceJet, over the years with its established presence in the aviation industry has been able to diversify its revenue stream for its cash generation. Acuité believes that the presence of diversified revenue stream and robust fleet will aid SpiceJet’s revenue profile over the medium term.

“Acuite believes that going forward, the scale of operations & profitability will improve on account of infusion of additional funds as well as induction of new fleet size in near term to medium term,” Acuite noted.

Debojo Maharshi, Chief Business Officer, SpiceJet, said, “Acuite’s upgrade reaffirms SpiceJet’s financial resilience and operational discipline. With decisive steps taken to strengthen our balance sheet and expand our fleet, we remain confident of driving sustainable growth and long-term value for all stakeholders.”

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.