SpiceJetMAX
SpiceJet, the Delhi-based low-cost airline, has reported a net loss of Rs. 1.97 billion (before Forex and exceptional items) in the third quarter of fiscal year 2026 as compared to a net loss of Rs 4.48 billion (before Forex and exceptional items) during the second quarter of fiscal year 2026.
Post Forex adjustment and one-time impact of adjustment for New Labour code, net loss stood at Rs 2.68 billion in Q3 FY26 as against Rs 6.35 billion in Q2 FY26.
The airline said that grounded fleet costs, higher Aviation Turbine Fuel prices, the depreciation of the Indian Rupee against most international currencies, continued airspace closure, and one-time labour law impact weigh on expenses.
The depreciation of the Indian rupee hurts many businesses, including Indian airlines, as many of their costs must be paid in foreign exchange, such as aircraft leasing. Pakistan has closed its airspace to Indian airlines and Indian registered aircraft since early last year. This impacts westbound flights from India, as Indian airlines now have to take a more circuitous route, adding to operational costs.
The one-time labour expense the airline mentions refers to the new Flight Duty Time Limitation Rules, introduced in India late last year. The more stringent rules saw almost all Indian carriers having to look for sets of cockpit crew to keep their operations going.
SpiceJet reported that revenue from operations increased to Rs 13.84 billion in the latest quarter, up from Rs 7.81 billion in Q2 FY26. The airline had reported revenue from operations of Rs 12.31 billion in Q3 FY25. Similarly, the airline reported that passenger RASK improved to Rs 4.74 in Q3 FY26 from Rs 4.63 in Q3 FY25
The airline also completed equity allotments to Carlyle Aviation Partners and GASL, resulting in the settlement of $54 million in liabilities.
The airline board also approved a calibrated fleet ramp-up to 55-60 aircraft for the upcoming winter schedule. It also plans to strengthen liquidity by monetising surplus spares.
Commenting on the latest financial results, Mr. Ajay Singh said that while legacy costs and external factors continue to weigh on expenses, the core business is clearly strengthening. “With more aircraft in service, a sharper network focus and continued balance sheet repair, we are building a more resilient airline, step by step,” he added.
SpiceJet among Indian carriers in the red in 2025
SpiceJet narrowed its losses to Rs 556.7 million during 2025, the Union Minister for Civil Aviation, Murlidhar Mohol, told the Indian Parliament recently.
The Minister answered that of the 11 airlines in India, only four, including IndiGo, reported a profit in 2025, with IndiGo reporting a profit of Rs 72.53 billion. Air India group reported the largest loss in 2025 at Rs 98.01 billion, of the total Rs 52.89 billion reported during the year.
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