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SpiceJet shared its Q2 FY26 investor presentation. The airline posted weaker Q2 results, with total income falling 31% QoQ to Rs 827 crore and losses widening to Rs 635 crore (PAT), hit by a 15% drop in RASK and a 25% rise in total CASK. Year-on-year, revenue declined 23% and losses deepened from Rs 448 crore. On the positive side, SpiceJet completed key liability settlements with Carlyle (unlocking USD 89.5 million in cash/credits) and Credit Suisse (USD 24 million paid), earned credit rating upgrades from CRISIL and Acuité, and added senior leadership (Sanjay Kumar as Executive Director). Management guided that operational fleet will nearly double and ASKM will nearly triple by end-2025, with 225 daily flights in the Winter Schedule (vs 125 in the prior Summer Schedule), supporting 'triple digit revenue growth' in the next quarter.
Near-term financials remain weak with widening losses and rising costs, but management's aggressive fleet expansion, capacity ramp and liability restructuring could drive a sharp revenue rebound and margin recovery in upcoming quarters. Positive for medium-term sentiment, though execution and continued losses are key risks for shareholders.