Please see attached Outcome of Board Meeting held on February 12, 2025.
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SpiceJet's Board approved its Q3 FY26 (quarter ended December 31, 2025) results, reporting standalone revenue from operations of Rs. 13,843 million, up sequentially from Rs. 7,812 million in Q2 FY26 but broadly flat versus Q3 FY25. The company posted a standalone net loss of Rs. 2,692.7 million for the quarter (vs a profit of Rs. 249.7 million in Q3 FY25) and Rs. 11,381.5 million for the nine months ended December 2025, compared to a Rs. 2,668 million loss in 9M FY25. A one-time exceptional charge of Rs. 185.62 million was taken on account of new Labour Codes. The statutory auditor (Kalyaniwalla & Mistry LLP) issued a qualified conclusion on both standalone and consolidated results, flagged a material uncertainty related to going concern given accumulated losses of Rs. 89,054 million and current liabilities exceeding current assets by Rs. 42,139 million, and added emphasis-of-matter paragraphs on the long-pending Maran/KAL Airways litigation and a Rs. 25,508 million receivable from its cargo subsidiary SXPL.
This is a significant red flag for shareholders — the auditor's going-concern qualification underscores serious solvency and liquidity stress, with mounting losses and negative working capital. While Q3 revenue showed a sequential recovery driven by 16 new wet-leased aircraft, year-to-date losses have widened sharply versus last year, and unresolved promoter-related litigation and regulatory non-compliances (TDS/GST delays, no CFO appointed) add to the overhang. Expect the stock to react negatively; near-term equity dilution risk also persists given accumulated losses near Rs. 89 billion.