Shares of SpiceJet Limited dropped nearly 4% to Rs 34.10 in Thursday’s trade after the airline reported a steep widening of losses for the second quarter of FY26. The company’s consolidated net loss came in at Rs 621.29 crore for Q2FY26, compared to a loss of Rs 457.87 crore in the same period last year.
The airline attributed the weak results to foreign exchange losses, higher costs related to grounded and reinducted aircraft, and airspace restrictions. SpiceJet stated in its regulatory filing that “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).”
During the quarter, the airline incurred Rs 120 crore in costs related to grounded aircraft and an additional Rs 30 crore for planes that returned to service. Excluding forex losses, the company’s net loss stood at Rs 447.70 crore, up from Rs 424.26 crore a year ago.
Total revenue from operations declined 13.38% YoY to Rs 792.42 crore in Q2FY26, compared to Rs 914.85 crore in Q2FY25. Its EBITDAR loss (excluding forex impact) widened to Rs 203.8 crore from Rs 58.87 crore a year earlier.
Key operating metrics showed a mixed picture — Passenger Revenue per Available Seat Kilometer (PAX RASK) was at Rs 4.04, while Passenger Load Factor (PLF) stood at 84.3%, reflecting steady travel demand despite operational challenges.
During the September quarter, SpiceJet finalized lease agreements for 19 aircraft as part of its major fleet expansion programme, which aims to more than double its fleet and triple available seat kilometers (ASKM) during the upcoming winter schedule.
Commenting on the results, Chairman and Managing Director Ajay Singh 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 the airline expects stronger operational performance and improved financials in the second half of FY26, citing high passenger loads and the addition of new routes under the winter schedule.
At 2:38 PM on Thursday, shares of SpiceJet were trading 3.89% lower at Rs 34.10 on the Bombay Stock Exchange, with a market capitalization of around Rs 2,170 crore.
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