Forex impact: SpiceJet net loss widens to ₹635 crore in Q2 FY26
Recalibrating the impact of dollar-based future obligations widened SpiceJet’s net loss for the second quarter of FY26 to ₹635.42 crore on a year-on-year basis.
The airline’s net loss in Q2FY25 stood at ₹447.54 crore.
However, excluding the foreign exchange impact, the budget carrier’s net loss stood at ₹447.70 crore for the quarter under review, which was higher than the ₹424.26-crore loss reported for the same period last year.
“While the results reflect short-term costs related to fleet revival and expansion, these are strategic investments that will start yielding results from the current quarter,” said Ajay Singh, Chairman and Managing Director, SpiceJet.
“With aircraft additions already underway and our network expanding rapidly, SpiceJet is now on a clear trajectory towards stronger operational and positive financial performance in the second half of the year.”
The airline attributed the Q2FY26 performance to the impact of recalibrating dollar-based future obligations, carrying costs of grounded aircraft, and additional expenses incurred towards return-to-service (RTS) efforts.
Besides, SpiceJet pointed out that continued airspace restrictions have led to a sharp rise in operating costs.
On an EBITDAR (excluding forex) basis, the airline reported a loss of ₹203.80 crore for Q2 FY26, compared with ₹58.87 crore in the corresponding quarter of FY25.
However, the airline’s Passenger Load Factor (PLF) remained healthy at 84.3 per cent, while Passenger Revenue per Available Seat Kilometre (PAX RASK) stood at ₹4.04.
During the July–September 2025 period, the airline undertook fleet enhancement programmes by finalising lease agreements for 19 aircraft.
Furthermore, the airline said it has strengthened its financial position through a series of key restructuring measures.
Notably, SpiceJet has completed a $24-million settlement and payment plan with Credit Suisse, and secured $89.5 million in liquidity through the Carlyle Aviation settlement.
According to the airline, these restructuring measures have improved liquidity, enhanced financial flexibility, and positioned the airline for sustained recovery.
Published on November 12, 2025
