SpiceJet posts ₹633 cr loss in Q2 but fleet expansion hints at a revival

SpiceJet has reported another weak quarter, with losses deepening and revenues under pressure. However, the airline is betting on fresh capacity additions and management changes to drive a turnaround in the coming months.The airline’s revenue from operations fell 14% year-on-year to ₹781 crore in Q2FY26, compared to ₹911 crore in the same quarter last year. Net loss widened by nearly 44% to ₹633 crore, dragged further by a foreign exchange loss of ₹187 crore during the quarter.

Financial stress deepens

The balance sheet continues to be under strain. Current liabilities have surged to ₹7,051 crore, exceeding current assets by ₹4,350 crore. The airline’s accumulated losses now stand at ₹8,692 crore, resulting in a negative net worth of ₹2,801 crore.Auditors have expressed concerns about SpiceJet’s financial health, flagging “material uncertainties” that could cast doubt on the company’s ability to continue as a going concern.

Signs of revival: fleet expansion, fresh leadership

Despite the financial challenges, the airline is seeing early signs of operational revival. SpiceJet has added 12 leased aircraft since October, taking its active fleet to 30 planes, while another 35 remain grounded.It has also finalised a damp lease agreement for 19 aircraft and plans to double its fleet during the Winter Schedule, with a target of operating 250 daily flights, more than double the number flown in the summer.

The airline is also strengthening its leadership ranks. Sanjay Kumar, an industry veteran who previously worked with IndiGo, has joined as Executive Director to oversee growth and transformation. Meanwhile, Arjun Das Gupta has been appointed Vice President – Sales and Ancillary Revenue to bolster commercial operations.

Market share, passenger numbers under pressure

While expansion plans are underway, SpiceJet’s market share has slipped from 3.2% in January to 1.9% by September 2025. Passenger numbers have also nearly halved during the same period from 4.6 lakh in January to 2.4 lakh in September.

The road ahead

While the financial stress continues to weigh on the carrier, SpiceJet’s renewed focus on capacity addition, leadership restructuring, and operational ramp-up could mark the beginning of a turnaround, provided execution stays on course.