SpiceJet has received a credit rating upgrade from Acuité Ratings, even as it reported losses in the first quarter of FY26. The airline’s long-term rating has been revised to BB- (Stable) and its short-term rating to A4+. This reflects stronger finances, better outlook, and operational resilience.
In Q1 FY26, the airline posted a net loss of ₹238 crore. Revenue from operations stood at ₹1,106 crore, a drop of 35% compared to the previous year. Load factor also fell to 85.9% from 91% last year, highlighting the pressure on passenger demand.
Despite these challenges, SpiceJet has been taking several steps to improve operations. It has restructured lease obligations worth $121.18 million with Carlyle Aviation Management. It is also working on ungrounding aircraft and expanding its fleet to boost capacity.
The airline has secured lease agreements for 10 Boeing 737 aircraft to be inducted from October 2025. It also plans to bring 10 grounded aircraft back into service by April 2026. These measures are expected to strengthen its network and prepare it for peak travel demand.
SpiceJet currently operates a mixed fleet of Boeing 737 and Q400 aircraft, along with wet-leased planes. Out of 56 aircraft in its fleet as of June 2025, only 21 were operational. Fleet restoration and expansion remain key to its turnaround strategy.
Founded in 2005, SpiceJet is one of India’s major low-cost carriers. It operates flights to domestic and international destinations such as Dubai, Bangkok, and Jeddah. The airline also handled Haj operations, transporting nearly 15,500 pilgrims to Saudi Arabia in 2025.
The credit rating upgrade signals confidence in SpiceJet’s recovery plans. With ongoing efforts to expand capacity and cut costs, the airline is aiming to overcome recent losses and rebuild resilience in a competitive aviation market.
