Please see attached Investors Presentation.
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SpiceJet shared its Q3 FY26 (quarter ended Dec 31, 2025) investor presentation showing a strong sequential recovery. Total income jumped 85% QoQ to INR 1,517 Cr, driven by a 56% increase in capacity (ASKM) and a passenger load factor rising to 89.5% from 84.3%. Operational fleet expanded from 19 to 33 aircraft, with 16 new wet-lease aircraft added during the quarter. Despite improved revenue and a 14% drop in CASK, the company reported a net loss of INR 268 Cr (down from INR 635 Cr in Q2 FY26), with EBITDAR margin turning positive at 12% versus -48% the prior quarter. Adjusted operational loss narrowed sharply to INR 49 Cr from INR 297 Cr.
Sharesholders may view the sequential improvement in load factor, fleet utilization, and narrowed operational loss as a positive turnaround signal, though the bottom line remains in the red and lease rental costs surged 836% QoQ due to wet-lease expansion, which will pressure margins going forward.