SpiceJet Reports Q3 FY26 Revenue Growth and Reduced Losses
SpiceJet reported improved operating performance in the third quarter of FY26, with revenue rising 77% quarter-on-quarter to INR 1,384 crore, supported by higher capacity deployment, improved yields and network expansion. The airline’s domestic market share increased to 4.3% in December 2025 from 1.9% in September, following a 56% increase in capacity with the induction of additional aircraft.
Passenger Load Factor (PLF) stood at 90% during the quarter, compared with 84% in Q2 FY26 and 88% in Q3 FY25, indicating stable capacity utilisation. Passenger RASK improved to INR 4.74 from INR 4.04 in the previous quarter. The number of passengers carried rose to 1.9 million in Q3 FY26 from 1.1 million in Q2 FY26.
Net loss before forex and exceptional items narrowed to INR 197 crore from INR 448 crore in Q2 FY26, reflecting a 56% sequential improvement. After accounting for forex impact and a one-time adjustment related to the new labour code, net loss stood at INR 268 crore, compared with INR 635 crore in the previous quarter. EBITDAR for Q3 FY26 was INR 175 crore, compared with a loss of INR 392 crore in Q2 FY26.
Operational capacity, measured in Available Seat Kilometres (ASKM), increased to 277 crore from 177 crore in the preceding quarter. During the period, SpiceJet inducted 16 aircraft, including Boeing NG and Boeing 737 MAX aircraft, on wet lease to strengthen fleet availability and network coverage.
As part of its balance sheet initiatives, the airline completed an equity allotment to Carlyle Aviation Partners and GASL, resulting in the settlement of liabilities amounting to INR 476 crore (US $54 million). The Board has approved a calibrated fleet ramp-up to 55–60 aircraft for the winter schedule through a combination of wet and damp leases and the return to service of grounded aircraft. The airline also plans to improve liquidity by monetising surplus spare parts and components.
Network expansion continued during the quarter, with the launch of non-stop services to Najaf in Iraq, making SpiceJet the only Indian airline operating direct flights to the city. Additional services were introduced on the Ahmedabad–Sharjah route, and Imphal was added to the network with daily connectivity from Kolkata, Guwahati and Mumbai.
Commenting on the results, Ajay Singh said the quarter reflected progress in revenue growth, yield improvement and loss reduction, while noting that legacy costs, fuel prices, currency depreciation and one-time regulatory impacts continued to affect expenses. He added that the focus remains on restoring fleet capacity, strengthening the network and continuing balance sheet repair.
Leave a comment