SpiceJet Q2 Results: Net loss widens to ₹621 crore on higher costs, revenue drops 13% YoY

Budget airline SpiceJet today, November 12, announced its financial results for the quarter ended September 30, 2025 (Q2FY26), reporting a net loss of ₹621 crore, compared to a net loss of ₹458 crore in Q2FY25. The losses widened further on a quarter-on-quarter (QoQ) basis, as the company had reported a net loss of ₹234 crore in the preceding June quarter (Q1FY26).

Revenue from operations also declined 13.4% year-on-year (YoY) to ₹792 crore, compared to ₹915 crore posted in the same quarter of the previous financial year.

The results for this seasonally weak quarter were primarily impacted by the recalibration of dollar-based future obligations, the carrying cost of the grounded fleet, and additional expenses incurred towards the return-to-service (RTS) of aircraft.

Moreover, continued airspace restrictions negatively affected operations, leading to a sharp escalation in operating costs, which further weighed on the quarter’s performance.

On an EBITDAR (ex-forex) basis, the airline reported a loss of ₹204 crore in Q2FY26, compared to a loss of ₹58.87 crore in Q2FY25. In other operational metrics, Passenger Revenue per Available Seat Kilometre (PAX RASK) stood at ₹4.04, while the Passenger Load Factor (PLF) remained steady at 84.3%.

During the July–September period, SpiceJet undertook one of its most significant fleet enhancement programmes, finalising lease agreements for 19 aircraft. These additions, along with the reactivation of grounded planes, are expected to help the airline rapidly ramp up capacity and expand its international footprint during the festive and winter season.

SpiceJet eyes turnaround in H2

SpiceJet Chairman and Managing Director Ajay Singh said the September quarter marked a period of consolidation and groundwork for the airline’s next phase of growth. He noted that while the results reflected short-term costs related to fleet revival and expansion, these were strategic investments that would begin 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,” Singh said.

He added that the airline’s load factor of over 84% confirmed strong demand for its services, and with the winter schedule now in operation, more high-yield routes were 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,” Singh said, adding that Q3 marks the beginning of a new phase of scale, strength, and profitability for SpiceJet.

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