SpiceJet posts wider loss on weak passenger traffic

Spicejet aircraft
| Photo Credit:
KRISHNAN VV

Cash-strapped Indian carrier SpiceJet
posted a wider quarterly loss on Wednesday, hit by a
drop in passenger traffic and mounting foreign exchange costs.

The company’s loss stood at ₹634 crore ($72.1
million) for the quarter ended September 30, compared with a
loss of ₹442 crore a year ago.

SpiceJet has been slow to ramp up its fleet capacity despite
multiple fundraises and settlements with lessors.

A significant portion of its Boeing 737 MAX fleet
remains grounded, prompting the carrier to rely on wet-lease
arrangements, wherein it is paying to use others’ aircraft to
boost capacity ahead of the holiday season, which coincides with
the fiscal third quarter.

SpiceJet’s number of passengers carried dropped 22.5% to
751,000 during the quarter, data from India’s aviation regulator
showed.

The drop in passenger numbers dragged the company’s
revenue by about 13% to 7.08 billion rupees.

“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
onward,” said Ajay Singh, the company’s chairman and managing
director.

An eight-fold jump in foreign exchange losses further
pressured margins.

Forex losses stood at ₹188 crore , the
equivalent of 26.5% of total revenue.

Published on November 12, 2025