SpiceJet shares are likely to be in focus after Acuité Ratings & Research upgraded the airline’s long-term credit rating to BB- (Stable) from B+ (Stable) and its short-term rating to A4+, citing improved financial resilience and operational strength.
The upgrade reflects a stronger credit profile built on recent fund infusions, improved operations, and negotiations with lessors that reduced aircraft lease liabilities. Acuité noted that SpiceJet still holds around ₹300 crore of unutilized funds from its Qualified Institutional Placement (QIP) last year, providing additional liquidity cushion.
In March 2025, the company also received fresh capital from its promoter entity, strengthening its balance sheet. The airline has ordered new aircraft under a wet lease structure to boost its fleet size, with deliveries expected soon.
Acuité cautioned, however, that risks remain due to the highly competitive nature of the aviation industry, volatile fuel prices, and foreign exchange fluctuations.
Commenting on the development, Debojo Maharshi, Chief Business Officer at SpiceJet, said the upgrade “reaffirms SpiceJet’s financial resilience and operational discipline,” adding that decisive steps are being taken to expand its fleet and drive long-term value creation.
SpiceJet operates a fleet of Boeing 737s and Q-400s, with multiple daily flights under India’s regional connectivity scheme UDAN.
