Spicejet Ltd.SPICEJET₹33.39 -3.08%

Shares of Spicejet Ltd. slipped over 5% on Monday, reaching an intraday low of ₹32.60, after the carrier reported a sharp loss for the June quarter, dragged down by lower capacity, weak passenger yields, and higher restoration costs.

The airline posted a net loss of ₹238 crore in Q1FY26, compared with a profit of ₹319 crore in the preceding quarter and ₹150 crore in the year-ago period. Revenue from operations fell 23.5% sequentially to ₹1,106 crore, while total income declined 42.5% year-on-year to ₹1,191 crore.

EBITDA turned negative at ₹18 crore, against a profit of ₹401 crore in Q1FY25. Capacity, measured by available seat kilometre (ASKM), shrank 28.4% YoY as grounded aircraft weighed on operations.

On the cost side, total expenses came in at ₹1,429 crore. Aviation turbine fuel costs dropped 41% YoY, but this benefit was offset by ₹118 crore spent on grounded aircraft and ₹68 crore on ungrounding efforts. As a result, CASK (cost per available seat kilometre, an indicator of unit operating cost) rose 4% YoY to ₹6.56.

Passenger performance also softened. Load factor (the percentage of seats filled) slipped to 85.9%, down from 91% a year ago, while yield (average revenue earned per passenger per kilometre) eased to ₹5.27, compared with ₹5.38 last year.

Despite the weak results, SpiceJet pointed to progress on several operational fronts. It renewed its IOSA safety certification and maintained a clean record in DGCA audits. The airline plans to restore around 10 aircraft by April 2026, with 4–5 expected to return to service in the winter schedule, and has lined up leases for 10 Boeing 737 jets from October. It also completed restructuring of $121 million lease obligations with Carlyle Aviation and transported nearly 15,500 Haj pilgrims during the quarter.

Note: The stock price mentioned is as of 11:42 am.

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