SpiceJet Slips Into ₹261 Cr. Loss In Q3 Despite 14% Revenue Growth

Indian budget airline SpiceJet reported a consolidated net loss of ₹261.38 crore for the quarter ended 31 December 2025 (Q3 FY26), reversing from a net profit of ₹20.43 crore in the same period last year, according to an exchange filing.

On 13 February 2026, around 12:30 pm, shares of SpiceJet fell 2–3% following the Q3 results announcement, touching ₹19.85.

How Much Did SpiceJet’s Revenue Grow In Q3 FY26?

The overall revenue from operations of SpiceJet increased by 14% in Q3 FY26 to ₹1,408 crore, compared to ₹1,237 crore in the same quarter in the previous year, indicating a recovery in revenues.

Nevertheless, the increase in the top-line was not enough to cover increased expenses and the firm returned to a loss. The sequential loss narrowed from the ₹621 crore loss posted in Q2 FY26, aided in part by the revenue increase.

What Cost Pressures Hit SpiceJet’s Q3 Performance?

SpiceJet attributed part of its losses to elevated expenses, including costs related to grounded aircraft, higher aviation turbine fuel (ATF) prices, rupee depreciation, and the one-time impact of implementing new labour codes.

The airline’s total expenses grew 9.3% year-on-year to ₹1,787 crore, compared with ₹1,634 crore in the corresponding quarter a year ago, while sequential expenses rose by about 23% from Q2 FY26 levels.

Did SpiceJet Gain Market Share Despite The Loss?

SpiceJet has registered an increase in capacity and market share despite the loss. Domestic market share rose to 4.3% in December of 2025, compared with 1.9% in September, due to a 56% growth in flying capacity with 16 more aircraft added.

A measured increase to 55-60 aircraft in the impending winter schedule was also approved by the board of the company, indicating continued inertia toward ramping up operations.

What Does This Mean For The Investors?

The Q3 performance of SpiceJet underscores the long-term struggles of low-cost carriers in a highly competitive aviation environment characterised by fluctuating fuel prices, currency exchange, and regulatory costs.

Revenue and market share have picked up, which is encouraging. But losses are still there, and operations remain stretched. That keeps the focus on cutting costs and improving network efficiency over the longer term.

The fact that the carrier is trying to increase its fleet of aircraft indicates that the management is still keen on long-term scaling and liquidity assistance, but investors and people monitoring the market closely should pay close attention to whether it can move on to continuous profitability in the next few quarters before making an investment.

Sources:

Economic Times

Moneycontrol

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