SpiceJet Q2 loss widens 36% on rupee fall, grounded planes, restrictions

The airline's Q2 FY26 net loss rose to ₹621.5 crore due to rupee depreciation, grounded planes, and airspace curbs, though CMD Ajay Singh says fleet expansion will aid recovery in H2

The consolidated net loss of SpiceJet increased by 35.6 per cent year-on-year (Y-o-Y) to ₹621.5 crore in the second quarter of 2025-26 (Q2FY26) due to sizable depreciation of rupee against dollar, high number of grounded planes and airspace restrictions around India.

 

“Non-operation of certain part of the entire fleet for awaited maintenance coupled with airspace restrictions in place and weaker rupee against dollar affected the results of the company during the quarter,” said Ajay Singh, chairman and managing director, SpiceJet.

 

The company reported a foreign exchange loss of ₹189.6 crore in the second quarter this year against ₹23.7 crore in the same quarter last year. 

 

 

The forex loss arose mainly from the revaluation of aircraft lease liabilities due to changes in foreign currency exchange rates, indicating that currency fluctuations had a much larger negative impact this year than during the corresponding period last year.

 

According to planespotters.net, SpiceJet currently has about 65 planes in its fleet, out of which 35 are grounded while the remaining 30 are operating commercial flights.

 

SpiceJet was not the only airline that was hit by rupee depreciation in the second quarter of FY26.

 

Earlier this month, India’s largest airline IndiGo reported a 161.6 per cent jump in its consolidated net loss for the second quarter against the same period last year, primarily due to rupee depreciation and continued outflow of foreign direct investment (FDI) amid US’ imposition of tariff.

 

Singh, on Wednesday, said that the September quarter was a period of consolidation and groundwork for the airline's next phase of growth.

 

“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. 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,” he noted.

 

“Our loads of over 84 per cent confirm strong demand for the product and with the winter schedule now in operation there are more high-yield routes in the pipeline,” he stated.