Low-cost carrier SpiceJet Ltd on November 12 said its consolidated net loss widened to Rs 621 crore for the quarter ended September 30, 2025, hurt by a drop in its passenger traffic and mounting foreign exchange losses. It reported net loss of Rs 458 crore in the year-ago period.
The airline's consolidated revenue from operations declined 13% to Rs 792 crore in Q2FY26 as compared to Rs 915 crore in Q2FY25.
"The results for the seasonally weak quarter were primarily driven by impact of recalibrating Dollar based future obligations along with carrying cost of grounded fleet and additional expenses incurred towards RTS. Continued airspace restrictions negatively impacted operations and resulted in a sharp escalation in operating costs, further weighing on the quarter’s performance," said SpiceJet in a stock exchange filing.
Passenger Load Factor (PLF) remained at 84.3%, "underscoring SpiceJet’s strong brand affinity and customer focus", it said.
Ajay Singh, Chairman and Managing Director, SpiceJet, 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. With aircraft additions already underway and our network expanding rapidly, SpiceJet is now on a clear trajectory towards stronger operational and positive financial performance in the second half of the year.
“Our loads of over 84% confirm strong demand for the product and with the winter schedule now in operations there are more high-yield routes in the pipeline. I am also delighted to welcome Sanjay Kumar back to the SpiceJet family – his leadership will play a key role in accelerating our transformation. Q3 marks the beginning of a new phase of scale, strength, and profitability for SpiceJet.”
SpiceJet has been slow to ramp up its fleet capacity despite multiple fundraises and settlements with lessors.
A significant portion of its Boeing 737 MAX fleet remains grounded, prompting the carrier to rely on wet-lease arrangements, wherein it is paying to use others' aircraft to boost capacity ahead of the holiday season, which coincides with the fiscal third quarter.
SpiceJet's number of passengers carried dropped 22.5% to 751,000 during the quarter, data from India's aviation regulator showed.
An eight-fold jump in foreign exchange losses further pressured margins.
Forex losses stood at Rs 188 crore, the equivalent of 26.5% of total revenue.
With inputs from Reuters
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