SpiceJet Reports Rs 635 Crore Net Loss in Q2 FY26: Strategic Fleet Expansion Despite Financial Headwinds

SpiceJet announced a widened net loss of Rs 635.42 crore for the September quarter of FY26, significantly higher than the Rs 447.54 crore loss reported during the same period last year. The budget airline cited multiple challenging factors affecting their financial performance, including substantial foreign exchange losses, additional expenses related to grounded and reinducted aircraft, and ongoing airspace restrictions.

When excluding the foreign exchange loss, SpiceJet's net loss for Q2 of the current fiscal year stood at Rs 447.70 crore, compared to Rs 424.26 crore in the previous year. The company emphasized that these results came during a traditionally weak seasonal quarter and were largely driven by recalibration of dollar-based future obligations along with carrying costs of grounded fleet.

The airline specifically highlighted expenditures of Rs 120 crore related to its grounded fleet and an additional Rs 30 crore for aircraft returning to service. Total income for the quarter decreased to Rs 835.31 crore from Rs 1,078.21 crore year-over-year, according to their BSE filing.

Ajay Singh, SpiceJet's Chairman and Managing Director, characterized these expenses as strategic investments, stating that while the results reflect short-term costs for fleet revival and expansion, these investments will begin yielding positive results from the current quarter onward. He expressed confidence that with aircraft additions already in progress and network expansion happening rapidly, SpiceJet is positioned for stronger operational and financial performance in the second half of the year.

On an EBITDAR basis (excluding forex impacts), the airline reported a figure of Rs (203.80) crore for Q2 FY26, compared to Rs (58.87) crore in Q2 FY25. The Passenger Revenue per Available Seat Kilometre (PAX RASK) was Rs 4.04, while Passenger Load Factor (PLF) remained strong at 84.3 percent.

During the September quarter, SpiceJet initiated a major fleet enhancement program, finalizing lease agreements for 19 aircraft. The company stated it remains on track to more than double its fleet size and triple Available Seat Kilometre (ASKM) during the upcoming winter schedule, with more high-yield routes planned.

Despite the financial challenges, SpiceJet's shares rose by 4.17 percent to close at Rs 35.48 on the BSE, suggesting investor confidence in the airline's recovery strategy and future outlook.