Shares of SpiceJet Ltd declined 4.09% on Monday, September 8, to ₹33.04 on the BSE after the airline reported a consolidated net loss of Rs 234 crore for Q1 FY26, marking a sharp reversal from a net profit of Rs 158 crore in the same quarter last year.
The company’s revenue from operations fell 36% year-on-year to Rs 1,060 crore, compared to Rs 1,646 crore in Q1 FY25. Sequentially, revenue was down 24% from Rs 1,394 crore in Q4 FY25. SpiceJet had posted a consolidated net profit of Rs 342 crore in the previous quarter.
SpiceJet attributed the weak performance to geopolitical tensions with a neighbouring country, airspace restrictions in key international markets, and delays in returning grounded aircraft to service amid global supply chain disruptions and engine overhaul challenges.
EBITDA slipped to a loss of Rs 18 crore in Q1 FY26, compared to an EBITDA of Rs 402 crore in the same quarter last year.
Despite the headwinds, operational indicators showed resilience, with Passenger Revenue per Available Seat Kilometer (PAX RASK) steady at Rs 4.74 and Passenger Load Factor (PLF) holding at 86%.
Following the results, domestic brokerage Nuvama cut its target price on the stock to Rs 40 (from Rs 48 earlier) while maintaining a ‘Hold’ rating.
Investor sentiment weakened in Monday’s trade, with the stock slipping over 4% as the disappointing earnings weighed on market confidence.
