SpiceJet swings into red in Q1 with Rs 234-crore net loss

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SpiceJet on September 5 reported a consolidated net loss of Rs 233.85 crore for the first quarter of the financial year 2026 (April-June quarter). This marks a significant fall from the Rs 158.3 crore net profit reported in the same period last year.

The airline’s revenue from operations meanwhile dropped around 34 percent year-on-year to Rs 1,120.2 crore during Q1 FY26. It had reported revenue from operations at Rs 1,708.2 crore in Q1 FY25.

Speaking about the net loss, SpiceJet said that it was impacted by costs related to grounded aircraft and expenses towards their return to service. It however added that its net worth position strengthened significantly, rising to Rs 446 crore during the quarter under review, as compared to the earlier deficit of Rs 2,398 crore in Q1 FY25.

"The results were significantly impacted by geo‐political situation with a neighbouring country and airspace restrictions in key markets, which led to subdued leisure travel demand," SpiceJet said.

Passenger revenue per available seat kilometre (PAX RASK) stood at Rs 4.74 during the quarter. Passenger load factor (PLF) meanwhile was reported at 86 percent.

While noting the key operational highlights during the quarter, SpiceJet said it finalised terms with Carlyle Aviation Management Limited to restructure its entire lease obligations worth $121.18 million, and secured lease agreements for 10 Boeing 737 aircraft to be inducted from October this year. Discussions are underway for additional inductions of narrow body and wide body aircraft during winters, it further said.

Ajay Singh, Chairman and Managing Director of SpiceJet, said, "This quarter’s results reflect the extraordinary challenges faced by the aviation industry, including geopolitical turbulence, restricted air routes, and supply chain disruptions. Despite these headwinds, SpiceJet continues to demonstrate resilience. We are taking decisive steps to enhance fleet reliability, reduce costs, and expand our network. With India’s aviation and tourism sectors among the fastest‐growing globally, we remain confident of a strong recovery trajectory in the coming quarters."

Also read: SpiceJet inks interline agreement with Gulf Air to boost connectivity

The results were announced in the post market hours of September 5. Earlier during the day, the shares if the airline dropped nearly 2 percent to close at Rs 34.45 apiece. The stock has fallen more than 6 percent in the past five days, but gained over 1 percent in the past one month.