MUMBAI– Indian budget carrier SpiceJet slipped back into losses in the April–June quarter, reporting a consolidated net loss of Rs 234 crore for the first quarter of FY26. The airline had posted a net profit of Rs 158 crore in the same period last year.
According to a filing with the stock exchanges, operating revenues dropped 34.4 percent year-on-year to Rs 1,120 crore from Rs 1,708 crore in Q1 FY25. The company cited the cost burden of grounded aircraft and the expense of returning them to service as major factors behind the decline.
SpiceJet also blamed weaker leisure travel demand on geopolitical tensions with a neighboring country and airspace restrictions in key international markets.
Despite the quarterly setback, the carrier highlighted improvements in its balance sheet. Net worth turned positive at Rs 446 crore, a reversal from the Rs 2,398 crore deficit recorded in Q1 FY25.
Operationally, the airline maintained a passenger load factor of 86 percent, while passenger revenue per available seat kilometer came in at Rs 4.74.
The company confirmed that it has finalized a restructuring agreement with Carlyle Aviation Management Limited covering $121.18 million in lease obligations. It also secured lease deals for 10 Boeing 737 aircraft, which are expected to join the fleet in October, with further inductions of narrow-body and wide-body planes under discussion for the winter season.
Chairman and Managing Director Ajay Singh said the results underscored the “extraordinary challenges” confronting the aviation industry. He pointed to geopolitical turbulence, restricted air routes and supply chain disruptions as major headwinds but stressed that the airline is working to boost fleet reliability, cut costs and expand its network.
Singh expressed confidence that India’s fast-growing aviation and tourism markets would support a rebound in the quarters ahead.
The results were released after market hours on Friday. Earlier in the day, SpiceJet shares closed nearly 2 percent lower at Rs 34.45. The stock has fallen more than 6 percent over the past week but remains up about 1 percent over the past month. (Source: IANS)
