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Awaiting price reaction for this filing.
CRISIL assigned a 'CRISIL A4+' rating to SpiceJet, citing the airline's ongoing lease liability restructuring, ability to raise capital, and adequate liquidity as key strengths. This follows two consecutive upgrades by Acuité Ratings, which upgraded SpiceJet's long-term rating to 'BB (Stable)' from 'BB- (Stable)' in September 2025. SpiceJet recently raised INR 3,000 crore via a Qualified Institutional Placement (QIP), used for settling statutory dues, paying aircraft and engine lessors, and ungrounding aircraft. The airline plans to unground 10 aircraft by early 2026 and finalise damp lease agreements for 18 aircraft, which is expected to nearly 2.5x capacity. CRISIL also noted adequate liquidity with INR 333 crore in free cash and INR 150 crore in restricted cash, while the net debt-to-EBITDAR ratio remains below 5 times.
Positive for shareholders — back-to-back rating upgrades from two agencies signal improving financial health and growing analyst confidence in the airline's revival, which could support stock sentiment and ease future fundraising.