SpiceJet Q2 FY26 Earnings Results: Loss Widens to ₹621 Crore

SpiceJet Limited announced its consolidated unaudited financial results for the quarter and half-year ended September 30, 2025, receiving a qualified audit opinion due to regulatory non-compliances. 

The budget airline reported widening losses impacted by weak seasonal demand, grounded fleet carrying costs of ₹12 crore, rupee depreciation and airspace restrictions, though maintaining a healthy 84.3% passenger load factor, demonstrating strong capacity utilisation.

SpiceJet Q2 FY26 Earnings Results

For the quarter ended September 30, 2025, SpiceJet achieved consolidated revenue from operations of ₹792.42 crore, declining 13% YoY and 29% QoQ. Total income stood at ₹835.31 crore, down from ₹1,078.21 crore in Q2 FY25. The airline operates in 2 segments, with air transport services contributing ₹770.35 crore and freighter logistics contributing ₹21.95 crore.

Loss before tax widened to ₹621.49 crore from ₹458.26 crore in Q2 FY25, impacted by foreign exchange loss of ₹189.62 crore arising from lease liability restatement. Loss per share stood at ₹4.40 compared to ₹5.41 in Q2 FY25. Excluding forex impact, net loss was ₹447.70 crore versus ₹424.26 crore previously.

SpiceJet Half Year FY26 Results

For the half year ended September 30, 2025, consolidated revenue from operations reached ₹1,912.62 crore, declining 27% from ₹2,623.09 crore in H1 FY25. Total income totalled ₹2,036.34 crore, down 35% year on year.

Half-year loss widened to ₹855.49 crore from ₹300.08 crore in H1 FY25. Loss per share for the half year was ₹6.05 compared to ₹3.67 in the corresponding period. Operational cash flow remained negative at ₹13.81 crore for H1 FY26.

Read More: IndiGo Share Price Gains 3% on Nov 6 as Operational Performance Remains Steady in Q2 FY26 Results!

Fleet Enhancement and Restructuring Initiatives

During Q2 FY26, SpiceJet finalised damp lease agreements for 19 aircraft and ungrounded 2 aircraft, returning them to active service. The airline secured a $89.5 million liquidity boost through the Carlyle settlement, unlocking $79.6 million in cash maintenance reserves. Completed full payment of $24 million to Credit Suisse, strengthening financial position.

The company received in principle approval for equity share issuance to lesser entities worth $54 million upon debt conversion. SpiceJet is on track to double its operational fleet and triple ASK during the winter schedule, with 250 daily flights planned compared to summer operations.

Operational Performance Metrics

Passenger load factor remained robust at 84.3% in Q2 FY26 despite a seasonally weak period. Passenger revenue per available seat kilometre improved to ₹4.04 from ₹3.91 in Q2 FY25, reflecting better yield management. EBITDAR excluding forex stood at negative ₹20.38 crore in Q2 FY26 versus negative ₹5.89 crore in Q2 FY25.

Credit Rating Upgrades and Strategic Partnerships

SpiceJet received consecutive credit rating upgrades from Acuité to BB Stable and CRISIL to A4+, reflecting confidence in capital-raising ability and restructuring efforts. The airline signed a strategic interline agreement with Gulf Air, enhancing global connectivity. Achieved zero Level 1 findings in DGCA safety audits over the last 1 year.

Regulatory Compliance Challenges

The auditors issued a qualified opinion citing non-compliance with TDS and GST payment timelines, delayed filing of returns, foreign exchange management violations and non-reappointment of CFO within stipulated timelines. The impact of possible fines and penalties remains unascertainable. The company is regularising non-compliances and has filed representations seeking waivers, citing an exceptional financial crisis.

Going Concern and Material Uncertainty

The company reported a negative net worth of ₹280.20 crore, accumulated losses of ₹869.30 crore and current liabilities exceeding current assets by ₹435.05 crore as of September 30, 2025. Management remains confident in going concern assessment based on ₹417.21 crore raised through equity issuances, ongoing fleet expansion, cost control initiatives and vendor settlement discussions.

SpiceJet Share Price Performance

On November 12, 2025, SpiceJet share price opened at ₹34.30 on BSE, above the previous close of ₹34.06. During the day, it surged to ₹35.98 and dipped to ₹33.94. The stock closed at ₹35.48 by the end of the day. The stock registered a significant gain of 4.17%.

Over the past week, it has declined by 0.42%, over the past month, it has moved up by 5.50%, and over the past 3 months, it has moved up by 3.50%.

Conclusion

SpiceJet reported challenging Q2 and H1 FY26 results with loss widening to ₹621.49 crore amid 13% YoY revenue decline, though demonstrating resilience through 84.3% load factor, successful fleet enhancement initiatives securing 19 aircraft on lease, credit rating upgrades and strategic partnerships positioning the airline for operational recovery in winter season amid regulatory compliance challenges.

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