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SpiceJet's Q1 FY26 investor presentation reveals a steep year-on-year deterioration, with revenue from operations falling 34.8% to ₹1,106 crore and the company swinging to a net loss of ₹238 crore versus a profit of ₹150 crore in Q1 FY25. Operating loss stood at ₹78 crore against a profit of ₹82 crore in the prior quarter, as unit costs (CASK) rose 3.9% YoY amid airspace restrictions, geopolitical turbulence and supply-chain disruptions. On the positive side, SpiceJet secured lease agreements for 10 Boeing 737 aircraft starting October 2025, plans to unground around 10 aircraft by April 2026, restructured $121.18 million of lease obligations with Carlyle Aviation, and got its credit rating upgraded to BB-(Stable) by Acuité. The Supreme Court also dismissed Kalanithi Maran's appeal seeking ₹1,323 crore in damages, ending a major legal overhang, and the airline maintained Zero Level 1 findings in DGCA safety audits with IOSA renewal.
Despite supportive developments on fleet expansion, the rating upgrade and the favourable Maran ruling, the sharp YoY revenue decline, swing to losses and rising CASK suggest continued near-term margin and earnings pressure. Shareholders should expect ungrounding and lease costs to weigh on the P&L over the next couple of quarters before scale benefits kick in.