The performance for the September quarter were primarily driven by impact of recalibrating dollar based future obligations along with carrying 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.

Revenue from operations declined 14.4% YoY to Rs 730.14 crore in Q2 Sept 2025. The company reported negative EBITDAR (excluding forex) of Rs 203.80 crore in Q2 FY26 compared with negative EBITDAR (excluding forex) of Rs 58.87 crore in Q2 FY25.

In Q2 FY26, passenger revenue per available seat kilometre (PAX RASK) stood at Rs 4.04, while passenger load factor (PLF) remained robust at 84.3%.

During the July-September period, the company executed 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.

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.

During the quarter, the airline 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.

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.”

SpiceJet is a low-cost Indian airline. It is an IATA-IOSA certified carrier operating Boeing 737s and Q-400s, and a leading regional player under the UDAN scheme.