Executive Summary
• Fleet revival: SpiceJet’s grounded fleet is gradually returning. Only ~40% of its ~70 aircraft were
operational in Q3 FY26 1 , but management expects to unground ~10 more by Apr 2026 2 . It has
also leased 10 new Boeing 737s (via DAMP leases) and plans wet leases to reach ~55–60 aircraft by
Winter ’26 2 3 . Restoring these planes is the biggest near-term driver of capacity (ASKM) and
revenue.
• Balance-sheet repair: Major debt-overhangs are being cleared. SpiceJet settled $121.18 m in lease
dues with Carlyle (trimming ₹442.3 cr liability) 4 and completed a ₹500 cr promoter equity infusion
5 . As a result, SpiceJet swung to profit in Q4 FY25 (₹319 cr PAT) and turned net worth positive
(₹683 cr) 6 7 . These moves remove insolvency risk and improve access to financing.
• Demand tailwinds: India’s domestic market remains high-growth, albeit moderating recently (ICRA
forecasts ~0–3% growth in FY26 8 ). High load factors (~90%) and pricing power during events (e.g.
Maha Kumbh in early 2025 9 ) bolster yields. SpiceJet’s market share has doubled (to ~4.3%) as it
added capacity, suggesting it can capture demand if it fixes its fleet 10 3 .
• Cost pressures: Fuel (~35–40% of costs) and USD/INR are major swings. Rising jet-fuel prices and
rupee weakness have recently hurt losses 11 12 . Every ₹1 shift in ATF or USD can swing tens of
crores in expense. Monitoring these is key since fuel and forex go directly into CASK.
• Strategic factors: SpiceJet’s turnaround roadmap also includes expanding routes (e.g. new
international links like Sharjah, Najaf 13 ), partnerships (e.g. StandardAero for engine overhauls 6 ),
and potentially unbundling cargo (SpiceXpress). Regulatory wins (e.g. DGCA safety audits with “zero
Level 1 findings” 14 ) and Supreme Court rulings clearing past legal claims 15 remove overhangs.
Each of these catalysts is quantified below. We present scenario analyses (Bull/Base/Bear) for SpiceJet’s
EBITDAR and valuation (using EV/EBITDAR multiples), and a timeline of recent events. In summary,
SpiceJet’s stock will likely rerate only if (a) grounded aircraft return (lifting ASKM), (b) demand stays strong,
and (c) costs stay under control. Until then, legacy losses and debt still worry investors 16 6 .
1. Operational Catalysts
• Grounded fleet & capacity: SpiceJet has had dozens of planes grounded (due to engine,
maintenance and lessor issues). At end-Dec ’25, only 33 of 70 total aircraft (~47%) were flying 1 (up
from 21/56 in Q1 FY26 17 ). Management plans to induct and restore ~10 more aircraft by Apr
2026 (with 4–5 in early winter) 2 . This includes 10 new Boeing 737s on damp leases from Oct ’25
2 and wet-leasing 16 jets in Q3 10 .
Effect: More planes → higher ASKMs and revenue, with fixed costs spread over more flights. For example,
SpiceJet doubled quarterly ASKM from ~177cr in Q2FY26 to ~277cr in Q3FY26 18 10 as it added 16 jets.
1
Passenger traffic jumped 77% (1.1 m→1.9 m) 19 . Cargo capacity (SpiceXpress) also benefits from more
freighters. Chart: fleet count vs operational status (Q4FY25–Q3FY26) illustrates the ramp-up.
• Fleet expansion: In addition to restoring planes, SpiceJet has secured lease agreements to more
than double its capacity. A recent Memorandum of Understanding covers 10 Boeing 737 inductees 20 .
The Board has approved ramping up to 55–60 aircraft for Winter ’26 (via wet/damp leases plus
grounded return) 21 . If realized, SpiceJet aims for ~220–225 cr ASKM by Winter 2026 22 (vs ~105cr
in Dec’25).
• Maintenance fixes: To speed restorations, SpiceJet partnered with engine specialists (StandardAero,
etc.) 23 . It reports that “overhauled engines are now returning”, enabling a ramp-up 24 . In Q1FY26, it
dispatched 19 engines for overhaul (7 NG, 6 MAX, 6 Q400) 25 . Successful maintenance turnaround
is a positive operational catalyst (cutting downtime).
• Lessor/lease issues: SpiceJet has settled many disputes with lessors. In Sep’25 it finalized terms with
Carlyle Aviation to restructure ~$121.2M of lease dues 26 . Later in Nov’25 it allotted 10.417 Cr
shares (at ₹42.32) to Carlyle, wiping out ₹442.25 cr in liabilities 4 27 . (The scheme also secured
USD 79.6M in maintenance reserves 28 .) These deals mean fewer foreclosures/liabilities and restore
lessor confidence for future leases.
Key metrics to watch: total and operational fleet count, new aircraft inductees, ASKM/trips, load factor
(PLF). (SpiceJet maintained an industry-high ~86–90% PLF in Q1–Q3 FY26 29 30 .) Also track speaker
announcements: e.g. next aircraft arrivals or lease signings, and DGCA airworthiness bulletins.
2. Financial / Balance-Sheet Catalysts
• Debt & lease restructuring: Outside investor flows remain low until debt overhang eases. Key
steps:
• Carlyle settlement: By Nov’25, SpiceJet completed a debt-for-equity swap with Carlyle Aviation
(issuance of 10.417 Cr shares, reducing liabilities by ₹442.3 cr 27 ). The earlier Sep’25 agreement had
settled $121.18M of lease obligations, freeing USD 89.5M liquidity 4 . This removed a major legacy
debt. The company states the deal provides “meaningful support” for fleet revival 28 .
• Lenders/other lessors: Additional write-downs or payment plans have been done. In Q3 FY26,
SpiceJet says the Carlyle/GASL equity allotment settled ₹476 cr of liabilities 31 . Any similar deals with
other lessors (if any) will similarly clear risk.
• Equity infusion: Promoter funding has been critical. Founder Ajay Singh fulfilled a ₹500 cr
commitment in FY25. By Q4 FY25 he converted warrants worth ₹294.09 cr (raise stake from ~29% to
~33.5%) 5 . (Earlier tranches completed in 2024.) This capitalization bolstered liquidity. The infusion
coincided with the turnaround: Q4FY25 was profitable (₹319cr PAT) 6 and FY25 net worth turned
strongly positive (₹683cr) 6 . Ajay Singh has repeatedly stated commitment to further support if
needed 5 32 .
• Net worth & credit rating: After years of negative equity, SpiceJet reached net worth +₹446 cr in Q1
FY26 16 (positive at +₹683cr in FY25 6 ). A positive net worth is a turning point – it legally permits
2
funding, listing, etc. Credit agencies (CareEdge/Acuité) have upgraded SpiceJet (to BB-/A4+) on this
basis 33 . The removal of a huge accumulated loss (net worth was -₹2,398cr in Q1FY25 16 )
substantially lowers bankruptcy risk.
• Profitability & cashflow: The recent quarters show shrinking losses. Q4FY25: ₹319cr profit (EBITDA
₹527cr) 34 . Q1–Q3 FY26 still losses, but narrowing (e.g. Q3 FY26 ~₹268cr loss after forex) 35 .
Sustained profitability (even if only breakeven on EBITDAR) would be a huge catalyst. Any future
reduction in finance costs (via fewer borrowings) or asset sales (spare parts monetization 21 ) can
further bolster cash.
Table: Scenario Analysis (Annualized)
Scenarios for FY27: “Bull” assumes a successful revival, “Bear” a worse outcome. EV/EBITDAR ~8× is a typical
industry multiple (India LCCs) 35 6 . We assume net debt ≈₹2,000 cr for equity calculation.
EV/ (–₹2,000
Revenue EBITDA Implied EV Implied Share
Scenario EBITDAR debt)→ Equity
(₹Cr) (₹Cr) (₹Cr) Price (₹)
(×) (₹Cr)
Bull 8,000 1,500 8× 12,000 10,000 ≈70
Base 6,000 500 8× 4,000 2,000 ≈14
–100
Bear 5,000 – – – ~0 (distressed)
(neg)
Assumptions: Bull: fleet fully restored, yields up 5–10%, costs contained (CASK≈RASK). Base: partial revival,
moderate yields, continued small losses. Bear: delays, weak pricing, forex/fuel pressures. In the Bull case,
the implied share price is roughly 5× today’s level (driven by full EBITDAR recovery). In the Base case, EV
covers debt only, leaving little equity value (consistent with current market cap ~₹2,100cr).
Key metrics to watch: pro-forma leverage (net debt), credit ratings, and any future rights/QIPs (dilution).
Also real-time liquidity (cash on books) in filings.
3. Legal & Regulatory Catalysts
• Supreme Court rulings: The biggest overhang was a long-running claim by Kalanithi Maran (via KAL
Airways) for ₹1,323cr in damages. In Nov’25 the Supreme Court dismissed these appeals, fully
upholding an earlier verdict in SpiceJet’s favor 36 . This removal of contingent liability is a major legal
win. (Similarly, any other legal suits or tax disputes being resolved would boost confidence.)
• DGCA safety/audit: SpiceJet reports zero Level‑1 findings in DGCA safety audits over the past year
14 . It also renewed its IATA-IOSA certification (global safety standard) through Mar 2027 37 . Given
past DGCA issues (e.g. 2022 pilot-training fines) this signals regulatory stability. It lowers risk of
government action (groundings or bans).
• Policy changes: No immediate new policy uniquely affects SpiceJet (the UDAN “regional
connectivity” scheme still favors its turboprop ops). Any future policy (e.g. liberalization of routes,
ATF taxes, airport charges) could shift costs. E.g. if ATF taxes rise, all carriers suffer. Keep an eye on
3
DGCA circulars about slot allocations or route approvals, since SpiceJet has added niche routes (e.g.
Imphal, Najaf 13 ) as competitive advantages.
• Listing & governance: SpiceJet filed for an NSE listing in early 2026 38 . A successful listing (on a
major exchange) could unlock institutional interest once accounting/legal issues fade. Also,
improved corporate governance (new disclosures or board appointments) can affect perceptions.
Monitoring: Watch court dockets (unlikely new cases if major ones are closed), DGCA news, and any policy
announcements on aviation sector fees or open skies (India-Middle East agreements could help hubs).
4. Demand & Revenue Catalysts
• Domestic traffic growth: India’s aviation market has grown ~6–10% annually pre-2024 39 . After
pandemic bounce, FY24 saw ~6% growth 39 . However, 2025’s geopolitical shocks (Middle East
tensions, Indo-Pak airspace restrictions, and IndiGo cancellations) dampened sentiment. Industry
forecasters (ICRA) cut FY26 domestic growth forecast to 0–3% 40 . Still, in a country of >1.4B with
rising incomes, long-term secular demand remains high. SpiceJet’s survival depends on capturing
any growth that does appear.
• Passenger Load Factor and yields: SpiceJet has achieved very high PLFs (~86–90% in FY26) 29 30 ,
meaning most seats are filled. During Q3 FY26 it reported a 90% PLF (vs 84% in Q2) 30 . Strong PLF
suggests demand is there; the challenge is capacity. Passenger RASK (₹ per ASK) has held up ~₹4.5–
6.0 (varying by quarter) 41 42 , reflecting ancillaries and high fares on some routes (e.g. weekend
pilgrimage fares were ₹30–58k round-trip 9 ). Seasonal boosts (festivals, holidays, pilgrimages) can
spike yields.
• Cargo & ancillary: SpiceJet’s cargo arm (SpiceXpress) provided a lifeline during COVID. Cargo
demand has since normalized, but any uptick in e-commerce/logistics would help margins (cargo
yields are generally higher per tonne). Ancillary revenue (baggage fees, meals, seat-upsells) also
adds ~10–15% to RASK (typical LCC profile). The Q1FY26 presentation noted “Other RASK” items,
including cargo and ancillaries 43 . Keep an eye on cargo yield trends (linked to global trade) and
ancillary uptake.
Monitoring: Overall passenger ASK growth (reported by DGCA monthly), SpiceJet’s domestic market share
(CEO said ~4.3% in Dec ’25 11 ), and average fares or RASK. Special events (e.g. large pilgrimages, school
holidays) can cause temporary uplifts (e.g. Kumbh Mela Feb 2025 spiked fares 5–18× 9 ). Also watch
business travel – its recovery post-COVID is uneven.
5. Cost & Market Catalysts
• Fuel prices (ATF): Jet fuel is ~35–40% of SpiceJet’s costs. A rise in ATF price directly inflates CASK. For
example, if ATF doubles vs prior year, it could add ~₹1,000–1,200/cr to annual costs. Recent months
saw Brent crude rebound toward $90–100/barrel (up from $70–80 in early 2024). SpiceJet explicitly
cited “higher ATF prices” as a cost pressure in Q3FY26 11 . In Q3FY26, fuel averaging ~$1.20 per liter
would mean each $10 movement = ~₹60–75/cr of annual fuel cost swing (assuming ~$3.5B annual
fuel spend). A weaker rupee amplifies this (since fuel is $-denominated).
4
• Currency (USD/INR): SpiceJet leases aircraft & engines mainly in USD. The rupee’s depreciation
(from ~₹75/$ in 2022 to ~₹83–84/$ in late-2025 44 ) has hurt costs. Q1FY26 noted forex losses. ICRA
highlighted that INR depreciation was expected to worsen airlines’ FX losses in FY26 45 . Every ₹1 fall
in INR adds roughly ₹20–30/cr in lease/maintenance costs for SpiceJet per annum. Recent reports
cite the rupee around ₹83–84 to the dollar (Mar ’26) (versus ₹74–77 a couple years prior).
Charts (indicative): A multi-year line chart of USD/INR (above ~₹75 in 2023, peaking near ₹84 in mid-2023,
then ~₹82–84 through ’25) and of Jet-fuel prices (dipped in mid-2023, spiked to ~$130–140 in 2025) would
illustrate these trends. Since SpiceJet’s break-even RASK vs CASK hinge on forex and fuel, these markets are
direct valuation drivers.
• Interest rates: Global/local rates affect SpiceJet’s borrowing costs (LC/LFA margins) but less so short-
term RASK/CASK. However, higher rates also cool economic growth (indirect demand effect). For
SpiceJet’s valuation, rising rates can compress EV/EBITDAR multiples (as with other cyclical stocks).
Monitoring: Weekly ATF prices (oil indices) and USD/INR spot rates. SpiceJet’s quarterly results often give
“CASK ex-fuel” and “ex-forex” figures (we saw, e.g. Q3 FY26 RASK ~₹5.49 vs CASK ~₹6.20 ex-forex 41 ).
Watching the RASK–CASK gap over quarters shows how fuel/forex swings are impacting margins. For
instance, CASK jumped in Q2FY26 when fuel was high, then eased in Q3 41 . A sustained fuel rally or rupee
slide would widen the loss gap.
6. Competitive Catalysts
• Market share shifts: SpiceJet is a small player (~4% domestic share as of Q3FY26 11 ) but its share
more than doubled recently by adding capacity. If rivals falter, SpiceJet can gain: for example, Go
First’s grounding (May 2023) and Jet Airways’ 2019 exit freed slots/routes. In contrast, Air India faces
integration chaos and IndiGo’s 2025 de‑scheduling (flight cancellations) just showed that incumbents
can underperform too. SpiceJet could opportunistically fill such gaps.
• Rival performance: SpiceJet’s per-seat yields partly depend on how aggressively competitors price.
During peak Kumbh demand, all carriers raised fares 9 . But in low season, heavy discounting by
large LCCs can force yields down. If, say, IndiGo floods the market, SpiceJet may struggle to maintain
RASK. Conversely, if big airlines cut some low-yield routes (e.g. shutting unprofitable BSNL/Code-
share routes), SpiceJet may take those. Any announcements by rivals of route cuts or capacity
changes are catalysts: e.g. Air India’s fleet expansion (50 new planes) could intensify competition,
while bankruptcies (e.g. collapsed GoFirst) reduced competition.
• Ancillary/cargo competition: On cargo, SpiceXpress competes with Akasa, Air India Express, Go
First (defunct) and international freighters. A sustained cargo boom (similar to 2021–22) would help
SpiceJet more if it leases additional freighters. Ancillaries (e.g. SpiceClub loyalty) are also relative; any
new service (premium seats, regional charters) could drive ancillary revenues.
Monitoring: Track industry capacity and yield data (DGCA publishes total ASKs by airline). SpiceJet-specific:
domestic share (see DGCA “July–Dec 2025” reports or SpiceJet’s statements 11 ). Also competitor news (e.g.
news of Air India vs IndiGo vs Akasa capacity moves). Any future entry of deep-pocket global LCC (like Scoot
or others) could also change dynamics.
5
7. Strategic & Corporate Events
• Partnerships & orders: SpiceJet has no major aircraft order backlog (unlike IndiGo). Its expansion
depends on leases. Possible catalysts include striking a long-term lease or purchase deal (e.g. Airbus
or Boeing pending orders, though none announced). On non-aircraft front, alliances (e.g. interline
agreements, joint ventures) could improve network connectivity. For example, SpiceJet’s new non-
stop Najaf service (Feb ’26) 13 was unique – similar international route expansions could open
revenue streams.
• Spinoffs: There’s market chatter about a SpiceXpress cargo spin-off (“unlock hidden value”), but no
official news. If management actually lists or JV’s the cargo unit, that could revalue the business
separately. Similarly, monetizing spare parts (selling existing inventory) was mentioned 21 . These
are optional, speculative catalysts.
• Strategic investor / M&A: Any new investor stake (foreign or other strategic airline) would be big
news. Ajay Singh remains majority promoter, so selling a minority stake would dilute him but could
bring expertise or capital (as with Cairn/Ryanair deals in low-cost airlines). Also, if SpiceJet itself
became an acquisition target (unlikely with negative equity not long ago).
• Regulatory policies: Government aviation policy (e.g. airport privatization, route liberalization)
indirectly affect SpiceJet. For example, easing of regional UDAN requirements or new international
bilateral pacts can help/spice routes. Recent labour reforms caused a one-time hit (Jan 2026) in
SpiceJet’s books 35 ; any further labor/regulatory changes (positive or negative) will impact costs.
Monitoring: Company announcements (BSE filings, press releases) for any MoU/investor news (e.g. the
Feb 19/’26 MoU was a press event 3 ). Aviation policy news (DGCA’s route allocations, govt announcements
on airport infra) may affect all carriers. Also, shareholding pattern filings (to spot any big new investor) and
AGM outcomes.
8. Valuation Mechanics (RASK/CASK, Multiples)
• RASK vs CASK: Key to SpiceJet’s bottom line is keeping RASK > CASK (ex-fuel). We saw in FY25–26
that RASK (~₹5–6) has generally lagged CASK (~₹6–7) 41 46 . For instance, in Q3 FY26 RASK was
₹5.49 vs CASK ₹6.20 41 . A narrow or inverted gap means losses. For SpiceJet to justify higher
multiples, we need either cost cuts (lower maintenance costs as engines overhauls complete, better
utilization so “grounded CASK” shrinks 42 ) or revenue up (through load factor and yield growth). If
SpiceJet reaches a mid-cycle like FY25 Q4 (RASK ~₹5.66, 88% PLF, yielding profit 34 ), it can command
higher EV/EBITDAR.
• EV/EBITDAR multiples: Analysts note Indian carriers trade around ~8× EV/EBITDAR (IndiGo often
higher, smaller LCCs slightly lower). Businesstoday suggested SpiceJet may re-rate to ~8× once
stabilized 47 . (In January 2026 Marketsmojo gave a sell rating with 6× target, reflecting current pains
3 – illustrating wide opinion gulf.) Our scenario table used 8× as a reference. If SpiceJet can sustain
6
even a few hundred crores of annual EBITDAR, an 8× multiple implies a multi-thousand crore EV.
Conversely, negative EBITDAR (like in Bear case) implies little to no equity value.
• Sensitivity: Because EV/EBITDAR is linear, small changes matter. E.g., increasing yield by 10% (at 90%
PLF and stable ASKM) would raise RASK ~₹0.5–1.0, potentially turning breakeven into slight profit,
swinging EV by several hundred crores. Similarly, a ₹5 increase in fuel cost per litre adds ~₹100–200cr
expense annualized, wiping out much of recently achieved EBITDA.
• Comparison: For context, IndiGo trades at >10× EV/EBITDAR on stronger fundamentals; GoFirst (pre-
collapse) was ~6–7×. SpiceJet’s historical negative net worth meant its effective multiple was far
lower. An eventual re-rating closer to peers could dramatically lift the stock – if accompanied by
actual profitability.
Tables/Charts: A line chart of quarterly RASK and CASK would show their gap (see analysis above). Tables
above illustrate scenarios and their implied equity valuations.
Key metrics to watch: EV/EBITDAR of peers (for context) and SpiceJet’s own trailing EBITDAR/EBIT margins
(from income statements). Watch for any shift in operating leverage: if SpiceJet attains positive EBIT (or net
profit) for consecutive quarters, multiples should jump.
9. Risks & Interdependencies
Even as catalysts line up, risks remain interlinked:
- Fleet delays: If engine or airframe servicing drags, capacity targets slip. Every month of delay costs ~1–2%
of annual ASKM. If SpiceJet fails to return aircraft, fixed costs will stay high (many planes parked still
incurring lease/parkage fees).
- Cost overruns: Fuel/rupee spikes and inflation could swamp any revenue gains. SpiceJet is particularly
sensitive since its break-evens are already tight. For example, Q3FY26 currency hit moved net loss from
₹197cr to ₹268cr (incl. FX loss) 35 .
- Demand downturn: A sharper-than-expected slowdown (e.g. due to global recession or geopolitical
shock) would hit yields and load factors. The ICRA forecast (0–3% growth) already flags weakness 8 . A
domestic demand dip means more flat seats and lower RASK.
- Competition: If larger carriers aggressively price or scale back capacity, SpiceJet might be outflown.
Weaker players often come under intense price wars. High oil prices can also cause competitors to reduce
flights, which can help SpiceJet load factors, but also hurt overall industry profitability (less revenue per
ASK).
- Execution risk: All catalysts require execution. E.g. the Q4FY25 management commentary noted “revival of
grounded fleet has taken longer than anticipated” 24 . Future derailments (engine accidents, regulatory fines,
unexpected bills) could set back turnaround.
Interdependencies: These factors amplify or dampen each other. High demand (catalyst) can offset higher
fuel costs to some extent. Debt paydown depends on profitability (operational catalyst). Legal clarity (SC
ruling) helps lender confidence, enabling more leases (operational). Thus, it’s a delicate balance – missing
targets in one area (say, slower fleet returns) can stymie progress elsewhere (revenue growth, debt
reduction).
7
10. Monitoring Indicators
To track SpiceJet’s catalysts, watch:
- Fleet Metrics: Official filings/BSE announcements often disclose total/operational fleet each quarter.
Monitor any announced “induction by month” and actual monthly flight numbers. (SpiceJet said 55–60 by
winter 21 ; check if board minutes or press releases detail monthly targets.)
- Traffic & Yield Data: DGCA’s monthly “Airline traffic” reports (available publicly) show ASKs, passengers,
PLF by carrier. An uptick in SpiceJet’s monthly PLF or yield would confirm improving revenue quality.
SpiceJet’s own RASK/CASK (from quarterly reports) should be tracked: e.g. rising PAX RASK or ancillary RASK.
- Fuel and Currency: Track crude and ATF spot (e.g. ICRA’s monthly bulletins or public benchmarks).
SpiceJet’s quarterly AR will list average fuel cost and forex loss. A simple alarm: every 10% change in fuel/
INR should be keyed to Spice’s profit impact.
- Debt and Liquidity: Quarterly results and AGM notes might show net debt or cash levels. Watch for any
fresh borrowings (red flag) or asset sales (positive). Any new equity issuance (shares allotted) or asset
monetization (spares, CapEx sale) would be announced publicly.
- Industry News: Airline bulletins (e.g. India’s CAPA, Mint/ET reports) often highlight capacity trends. Keep
an eye on reports of competitor capacity cutbacks or increases. For SpiceJet specifically, listen for news on
supplier disputes (e.g. engine delays), court cases, or promoter comments – these often end up in
mainstream financial press (ET, LiveMint, etc.).
- Regulatory Filings: BSE announcements (weekly) for any corporate actions (share allotments,
resolutions). Also, safety audit results or DGCA notices (some on DGCA website or via news) indicate
compliance.
By systematically monitoring these, investors can gauge how each catalyst unfolds. Collectively, if SpiceJet
hits its targets (fleet up, yields up, debt down), the market should re-rate the business from “high-risk LCC”
toward “normalized small airline” status.
timeline
title SpiceJet – Key Events (2025–2026)
Mar 2025 : Q4 FY25 results – first annual profit in 7 yrs (₹319 Cr) 6 ;
promoter completes ₹500 Cr equity infusion 32
Sep 2025 : Settles $121.18 M lease obligations with Carlyle 4 (pending
equity allot)
Nov 2025 : Allots equity to Carlyle Aviation (10.42 Cr shares) clearing
₹442.25 Cr debt 27
Dec 2025 : Q3 FY26 results – Rev +77%, PLF 90%, market share 4.3% 11 ; 16
new aircraft inducted (wet lease) 19
Feb 2026 : Signs MoU for 10 Boeing 737s; targets 220–225 Cr ASKMs by
Winter ’26 3
Winter 2026 : Fleet ramp-up to ~55–60 aircraft (mix of wet/damp leases +
returning grounded planes) 21 ; application filed for NSE listing 38
8
Sources: SpiceJet financial filings and press releases 2 48 4 16 11 6 ; leading financial news (ET, FT,
Mint) 3 5 8 14 . All metrics are drawn from these. The scenario analysis and commentary interpret
these data points; if certain info was unavailable, that is noted or assumed conservatively.
1 18 41 44 48 [Link]
[Link]
[Link]
2 17 25 26 [Link]
[Link]
3 20 22 SpiceJet secures MoU for 10 aircraft, bets on more than doubling capacity - The Economic Times
[Link]
more-than-doubling-capacity/articleshow/[Link]?from=mdr
4 27 SpiceJet clears ₹442 crore debt, completes equity share allotment to Carlyle Aviation Partners -
28
The Economic Times
[Link]
equity-share-allotment-to-carlyle-aviation-partners/articleshow/[Link]?from=mdr
5 SpiceJet Promoter Ajay Singh completes ₹500 crore equity infusion into airline - The Economic Times
[Link]
into-airline/articleshow/[Link]?from=mdr
6 7 23 24 32 34 SpiceJet News
[Link]
8 40 ICRA Domestic Air Traffic Forecast: Domestic Air Traffic Growth in India Slashed to 0-3% for
45
FY2026 Amid Softening Sentiment, ETTravelWorld
[Link]
to-0-3-for-fy2026-amid-softening-sentiment/126247573
9 Maha Kumbh mela boosts air travel demand: Special flights, skyrocketing fares; all you need to know
39
| Mumbai News - The Times of India
[Link]
all-you-need-to-know/articleshow/[Link]
10 11 13 19 21 30 31 35 38 SpiceJet News
[Link]
12 16 29 SpiceJet Reports Rs 234 Crore Loss in Q1 FY26 as Revenues Plummet 34%, ETTravelWorld
[Link]
plummet-34/123730221
14 37 Recorded zero Level 1 safety findings in DGCA safety audits in past year, says SpiceJet
[Link]
[Link]
15 33 36 42 43 46 47 Microsoft PowerPoint - Investor Presentation 6 Sep 2025 Final [Read-Only]
[Link]