SpiceJet net loss widens to ₹621 crore in Q2, revenue slumps 13%; check numbers

The net loss widened as multiple factors, including foreign exchange loss, additional expenses related to grounded as well as reinducted aircraft, and airspace curbs, hit the budget carrier's bottom line.

"The results for the seasonally weak quarter were primarily driven by the impact of recalibrating dollar-based future obligations along with carrying cost of grounded fleet and additional expenses incurred towards RTS (Return to Service)," it said in a regulatory filing.

SpiceJet incurred costs of ₹120 crore related to the grounded fleet and expenses of ₹30 crore, with respect to aircraft that returned to service.

Its net loss, excluding the forex loss, stood at ₹447.70 crore, an increase from ₹424.26 crore on an annual basis.

The budget airline’s total revenue from operations declined 13.38% year-on-year (YoY) to ₹792.42 crore during the quarter under review, compared to ₹914.85 crore in the September quarter of the 2024-25 fiscal year (Q2FY25).

The company’s EBITDAR loss (excluding forex impact), which stands for earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs, came in at ₹203.8 crore in Q2FY26. It widened from the ₹58.87 crore EBITDAR loss it reported in the same period of the previous year.

The airline’s passenger tevenue per available seat kilometre (PAX RASK), which is a key performance indicator in the aviation industry, stood at ₹4.04. Furthermore, its passenger load factor came in at 84.3% for the reporting quarter.

Passenger load factor is a key aviation metric that represents the percentage of available seats on a flight or fleet that are occupied by paying passengers.

In the September quarter, SpiceJet said it undertook one of its most significant fleet enhancement programmes and finalised lease agreements for 19 aircraft.

The airline also said that it is on track to more than double its fleet and triple ASKM (Available Seat Kilometers) during the winter schedule.

What the management said

Commenting on the earnings, 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.”

He added that with aircraft additions already underway and its network expanding rapidly, the company has 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 operation, 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,” Singh said.

SpiceJet has a total market capitalisation of ₹4,548.50 crore, as of November 12, 2025, according to data on the BSE.