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SpiceJet reported unaudited standalone revenue from operations of Rs. 7,812 million for Q2 FY26, down from Rs. 9,110 million in Q2 FY25, and a standalone net loss of Rs. 6,338 million for the quarter (Rs. 8,689 million for the half year). Consolidated half-year loss stood at Rs. 8,555 million, with accumulated losses swelling to Rs. 86,930 million and negative net worth of Rs. 28,020 million as of September 30, 2025. The company cited grounded Boeing Max aircraft, airspace restrictions, and a weaker rupee as drag factors, while a Rs. 1,877 million foreign exchange loss in Q2 also hit results. Auditor Kalyaniwalla & Mistry LLP issued a qualified conclusion, flagged material uncertainty over going concern, and added an emphasis-of-matter paragraph on the ongoing Rs. 5,791 million litigation with erstwhile promoters (Marans/KAL Airways).
Significant red flags for shareholders — auditor's explicit going-concern doubt, deep and widening losses, negative consolidated net worth, and unresolved promoter litigation could weigh on the stock and raise refinancing risk; near-term recovery depends on fleet grounding resolution, fresh equity infusion (US$54 million lessor share issuance in process), and cost-control execution.