Low-cost carrier SpiceJet reported a standalone net loss of ₹269 crore for the December quarter of FY26, slipping from a profit of ₹25 crore in the year-ago period. However, the headline loss carries a significant sequential turnaround, with losses more than halving from ₹633 crore in the September quarter, signalling early traction from the airline’s operational recovery efforts amid prolonged financial stress.
Revenue from operations rose 12.4% year-on-year to ₹1,384 crore, supported by improved fleet availability, higher passenger volumes, and stronger network connectivity. The airline carried 1.9 million passengers during the quarter, up sharply from 1.1 million in Q2 FY26, reflecting a 77% sequential increase as grounded aircraft returned to service and wet-leased capacity was added.
Total expenses climbed to ₹1,773 crore, compared with ₹1,625 crore in the corresponding quarter last year, showing pressure from structural and external cost headwinds. SpiceJet said higher expenses include legacy costs linked to previously grounded aircraft, currency depreciation, continued international airspace restrictions, and a one-time charge arising from new labour law provisions.
Despite these challenges, operational performance remained resilient. The airline reported a Passenger Load Factor (PLF) of 90%, highlighting strong demand and efficient capacity utilization, key metrics for a budget carrier seeking to rebuild margins.
During the quarter, SpiceJet inducted 16 aircraft on wet lease, including Boeing Next-Generation and 737 MAX planes, which helped stabilise operations and improve network reliability. Capacity expansion and higher aircraft availability played a central role in reducing quarterly losses.
Commenting on the results, SpiceJet Chairman and Managing Director Ajay Singh said the quarter marked tangible progress in the airline’s turnaround journey.
“Higher revenues, improving yields and a sharp reduction in losses demonstrate that our operational strategy is delivering results,” Singh said, adding that while legacy costs and external factors continue to weigh on expenses, the airline’s core business fundamentals are improving.
A key pillar of SpiceJet’s recovery plan remains balance sheet strengthening. During the quarter, the airline completed an equity allotment to Carlyle Aviation Partners and GASL, enabling the settlement of ₹476 crore ($54 million) of liabilities. This move is expected to ease near-term liquidity pressure and improve creditor confidence.
The board has approved a ramp-up of fleet size to 55–60 aircraft by the winter schedule, using a combination of wet and damp leases alongside the phased return of grounded planes. In parallel, SpiceJet plans to generate additional internal accruals by monetising surplus spare parts and components, further supporting cash flows.
Network expansion also gathered pace during the quarter. SpiceJet launched non-stop services to Najaf, becoming the only Indian airline to offer direct connectivity to the religious destination. The carrier also introduced non-stop flights between Ahmedabad and Sharjah and added Imphal to its network with daily services from Kolkata, Guwahati, and Mumbai, strengthening access to India’s North-East.
While SpiceJet’s Q3 FY26 performance reflects clear sequential improvement, the airline continues to operate in a fragile financial environment marked by high costs, external disruptions, and balance sheet constraints. The sharp rise in passenger volumes, strong load factors, and disciplined fleet expansion suggest the turnaround strategy is gaining traction. However, sustaining momentum will depend on cost control, continued access to capital, and the successful scaling of operations without reigniting financial stress.