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Awaiting price reaction for this filing.
SpiceJet submitted three Monitoring Agency Reports from CARE Ratings covering use of proceeds from earlier fundraises for the October–December 2025 quarter. For the September 2023 preferential issue (Rs. 494.09 crore to Spice Healthcare), only Rs. 12.16 crore was used in the quarter, with Rs. 10.64 crore still parked in a Yes Bank fixed deposit. For the larger January–February 2024 preferential issue (originally Rs. 2,241.50 crore, scaled down to Rs. 1,060 crore due to undersubscription; only Rs. 678.19 crore actually received), no funds were utilized in Q3FY26 because warrants worth Rs. 381.81 crore were forfeited — Rs. 33.31 crore from Silver Stallion expired unconverted on July 25, 2025, and Rs. 348.50 crore from Elara India Opportunities Fund was forfeited after the conversion window lapsed. For the September 2024 QIP (Rs. 3,000 crore), Rs. 60.19 crore of unutilized proceeds held in fixed deposits has been pledged. The reports also flag that SpiceJet had negative operating profits in FY25 and H1FY26, with PAT turning negative in H1FY26.
Reinforces concerns about SpiceJet's ongoing financial stress — fund utilisation is behind schedule, a large portion of warrants never converted (so capital the company was counting on won't arrive), and unutilized QIP money has been pledged. Shareholders should read this as a negative signal on liquidity and on management's ability to deploy raised capital for its stated fleet and operations purposes.