Mumbai, Sep 5: Budget carrier SpiceJet slipped into losses in the April–June quarter (Q1 FY26), reporting a consolidated net loss of ₹234 crore, against a net profit of ₹158 crore in the same quarter last year (Q1 FY25).
According to its stock exchange filing, the airline’s revenue from operations fell 34.4% year-on-year (YoY) to ₹1,120 crore, compared to ₹1,708 crore in Q1 FY25.
SpiceJet attributed the setback to costs related to grounded aircraft and the expenses incurred in bringing them back into service. The carrier also cited geopolitical tensions with a neighbouring country and airspace restrictions in key markets, which dampened leisure travel demand.
Despite the quarterly loss, the airline highlighted a significant improvement in its balance sheet, with its net worth turning positive at ₹446 crore, reversing a deficit of ₹2,398 crore reported in Q1 FY25.
Operational Highlights
Passenger load factor: 86%
Passenger revenue per available seat kilometre (RASK): ₹4.74
The airline also announced the finalisation of a restructuring deal with Carlyle Aviation Management Ltd. for lease obligations worth $121.18 million. In addition, it has secured lease agreements for 10 Boeing 737 aircraft, scheduled to join its fleet from October, and is negotiating further inductions of both narrow-body and wide-body aircraft for the upcoming winter season.
Management Commentary
Chairman and Managing Director Ajay Singh said the results reflected the “extraordinary challenges” confronting the aviation sector, including geopolitical turbulence, route restrictions, and supply chain disruptions.
“We are focused on improving fleet reliability, reducing costs, and expanding our network. India’s fast-growing aviation and tourism markets will help support a strong recovery in the coming quarters,” Singh said.
Market Performance
SpiceJet’s Q1 results were announced after market hours on Friday. Earlier in the day, its shares closed nearly 2% lower at ₹34.45 apiece. The stock has fallen over 6% in the past week, but remains up around 1% over the past month.
