SpiceJet Reports Strong Operating Momentum in Q3 FY26; Revenue Jumps 77%

Domestic market share increases to 4.3% in December 2025 from 1.9% in September due to significant expansion in capacity by 56% with addition of 16 aircraft contributing to substantial reduction in loss.

Financial Highlights
- Passenger Load Factor (PLF): 90% — strong utilisation, up from 84% in Q2 FY26 and 88% in Q3 FY25.
- Revenue from Operations: ₹1,384 crore — a 77% QoQ jump, higher than ₹781 crore in Q2 FY26 and ₹1,231 crore in Q3 FY25.
- Passenger RASK: ₹4.74 — improved from ₹4.04 in Q2 FY26 and ₹4.63 in Q3 FY25.
- Net Loss (before Forex & exceptional items): ₹197 crore — narrowed from ₹448 crore in Q2 FY26 (56% improvement).
- Net Loss (post Forex & labour code adjustment): ₹268 crore — down from ₹635 crore in Q2 FY26 (58% improvement).
- EBITDAR: ₹175 crore — a turnaround from negative ₹392 crore in Q2 FY26.

Operational Highlights
- ASKM (Available Seat Kilometres): 277 crore — up 56% from 177 crore in Q2 FY26.
- Passengers Carried: 1.9 million — up 77% from 1.1 million in Q2 FY26.
- Fleet Expansion: Inducted 16 aircraft (Boeing NG & 737 Max) on wet lease.
- Balance Sheet Repair: Equity allotment to Carlyle Aviation Partners & GASL, settling ₹476 crore liabilities.

New Routes:
- Non-stop flights to Najaf, Iraq (only Indian airline with direct connectivity).
- Ahmedabad–Sharjah non-stop service.
- Added Imphal with daily links from Kolkata, Guwahati, and Mumbai.

Strategic Context
- Domestic market share rose to 4.3% in Dec 2025, up from 1.9% in Sept 2025.
- Board plans calibrated fleet ramp-up to 55–60 aircraft for winter schedule via wet/damp leases and reactivation of grounded planes.
- Liquidity support through monetisation of surplus spare parts/components.

Leadership View
Ajay Singh (CMD, SpiceJet) noted that the quarter reflects steady progress: higher revenues, improved yields, and reduced losses show the operational strategy is working, despite legacy costs and external pressures.

This quarter clearly marks a turnaround trajectory for SpiceJet — stronger revenues, improved efficiency, and a narrowing of losses, while simultaneously expanding its network and repairing its balance sheet.