SpiceJet Limited· Q4 FY2026
NSE: SPICEJET·Services
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Pulse
Signal engine
Pattern-matched earnings signal
Spicejet Ltd. Q4 FY2026 result coverage is queued. Reported numbers, management commentary, filings, policy and evidence will populate as analysis is completed.
Evidence set
1 matched signals
Direction
NEUTRAL
Action
HOLD
Confidence
61%
Horizon
30D
Primary pattern
Spicejet Ltd. Q4 FY2026 result coverage is queued. Reported numbers, management commentary, filings, policy and evidence will populate as analysis is completed.
Key risk
Thesis fails if management commentary does not convert into reported numbers.
Next catalyst
Next quarterly result and management commentary
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Company dossier map
Pulse
AWAITEDSpicejet Ltd. Q4 FY2026 result coverage is queued. Reported numbers, management commentary, filings, policy and evidence will populate as analysis is completed.
Results
Q4 FY2026Quarterly numbers are available in the results layer.
Order Book / Capex / Pipeline
TO STRUCTUREThis layer will track order book, execution runway, capex, capacity and pipeline as company-specific fields are populated.
Management
1 interviewsLatest on-record topic: Latest official Q3 FY2026 management update, Q4 FY2026 source absence, BSE-only coverage context, operating recovery, fleet ramp-up, liquidity and issue-proceeds monitoring, going-concern and compliance caveats, NSE-listing application and June 2026 governance filings
Policy + Macro
WATCHServices needs explicit government, rates, commodity, FX and demand sensitivity mapping.
Evidence
10 sourcesEvidence links, management clips, filings, transcripts and source confidence are shown at the bottom of the dossier.
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Results
P&L scorecard
MetricEstimateActualSurprise
Revenue———
PAT———
EBITDA———
EBIT margin %———
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Management call
Management commentary not yet available.
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Verdict
—score
Spicejet Ltd. Q4 FY2026 result coverage is queued. Reported numbers, management commentary, filings, policy and evidence will populate as analysis is completed.
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Management on record
Recent CNBC-TV18 management interviews for SpiceJet Limited.
SpiceJet LimitedNSE: SPICEJETAjay Singh; Board of Directors; CARE Ratings Limited; Mahesh Kumar Gupta · Chairman and Managing Director; Board of Directors; Monitoring Agency; Practicing Company SecretaryLatest official Q3 FY2026 management update, Q4 FY2026 source absence, BSE-only coverage context, operating recovery, fleet ramp-up, liquidity and issue-proceeds monitoring, going-concern and compliance caveats, NSE-listing application and June 2026 governance filings·Services·12 Feb 2026·Company-hosted BSE filing for Q3 FY2026 unaudited standalone/consolidated results and press release, company-hosted Q3 FY2026 investor presentation, Q3 FY2026 monitoring-agency report, FY2026 annual secretarial compliance report, June 2026 registered-office change filing, large-corporate disclosure, official investor financial-information page and corporate-announcements page▾
SpiceJet LimitedNSE: SPICEJET
Ajay Singh; Board of Directors; CARE Ratings Limited; Mahesh Kumar Gupta · Chairman and Managing Director; Board of Directors; Monitoring Agency; Practicing Company Secretary
Latest official Q3 FY2026 management update, Q4 FY2026 source absence, BSE-only coverage context, operating recovery, fleet ramp-up, liquidity and issue-proceeds monitoring, going-concern and compliance caveats, NSE-listing application and June 2026 governance filings·Services·12 Feb 2026·Company-hosted BSE filing for Q3 FY2026 unaudited standalone/consolidated results and press release, company-hosted Q3 FY2026 investor presentation, Q3 FY2026 monitoring-agency report, FY2026 annual secretarial compliance report, June 2026 registered-office change filing, large-corporate disclosure, official investor financial-information page and corporate-announcements page
Key highlights
- →The official SpiceJet investor financial-information page lists Q3 FY2026 as the latest FY2026 financial result available; no official Q4 FY2026 result, Q4 FY2026 investor presentation or Q4 FY2026 earnings-call transcript was found on the official SpiceJet financial-information and corporate-announcements pages as of June 28, 2026.
- →The official Q3 FY2026 result filing is addressed to BSE and uses Scrip Code 500285 and Scrip ID SPICEJET.
- →The Q3 FY2026 result filing says the board meeting was held on February 12, 2026 and approved unaudited standalone and consolidated financial results for the quarter ended December 31, 2025.
- →The Q3 FY2026 press release says the company filed its application for listing on the National Stock Exchange of India.
- →Supabase launch coverage should therefore treat SPICEJET as BSE-sourced until an NSE listing and NSE announcement feed are visible.
- →The company reported Q3 FY2026 consolidated revenue from operations of Rs 1,408.28 crore, up from Rs 792.42 crore in Q2 FY2026.
- →The investor presentation says revenue from operations increased to Rs 1,384 crore in Q3 FY2026 from Rs 781 crore in Q2 FY2026, a 77% sequential improvement on the operating view used in the deck.
- →The Q3 FY2026 press release says revenue from operations was higher than Rs 1,231 crore in Q3 FY2025.
- →The company reported Q3 FY2026 consolidated total income of Rs 1,545.32 crore versus Rs 835.31 crore in Q2 FY2026 and Rs 1,654.23 crore in Q3 FY2025.
- →The company reported Q3 FY2026 consolidated total expenses of Rs 1,787.21 crore versus Rs 1,456.80 crore in Q2 FY2026 and Rs 1,633.96 crore in Q3 FY2025.
- →The company reported Q3 FY2026 consolidated loss before exceptional items and tax of Rs 241.90 crore versus Rs 621.49 crore in Q2 FY2026.
- →The company reported Q3 FY2026 consolidated net loss of Rs 261.70 crore after exceptional items.
- →The investor presentation says Q3 FY2026 PAT loss was Rs 268 crore versus a Rs 635 crore loss in Q2 FY2026, a 58% sequential improvement.
- →The investor presentation says Q3 FY2026 PAT loss before forex and exceptional items was Rs 197 crore versus Rs 448 crore in Q2 FY2026, a 56% sequential improvement.
- →The investor presentation says Q3 FY2026 EBITDAR was Rs 175 crore versus negative Rs 392 crore in Q2 FY2026.
- →The investor presentation says Q3 FY2026 EBITDA was negative Rs 59 crore versus negative Rs 417 crore in Q2 FY2026.
- →The investor presentation says Q3 FY2026 EBITDA excluding forex and exceptional items was negative Rs 7 crore versus negative Rs 228 crore in Q2 FY2026.
- →The investor presentation says Q3 FY2026 ASKM increased to 277 crore from 177 crore in Q2 FY2026, up 56% sequentially.
- →The Q3 FY2026 press release says passenger load factor was 90% versus 84% in Q2 FY2026 and 88% in Q3 FY2025.
- →The investor presentation says load factor was 89.4% in Q3 FY2026 versus 84.2% in Q2 FY2026 and 88% in Q3 FY2025.
- →The investor presentation says passenger RASK improved to Rs 4.74 in Q3 FY2026 from Rs 4.04 in Q2 FY2026.
- →The investor presentation says passenger yield was Rs 4.98 in Q3 FY2026 versus Rs 4.55 in Q2 FY2026.
- →The investor presentation says total RASK was Rs 5.49 in Q3 FY2026 versus Rs 4.66 in Q2 FY2026.
- →The investor presentation says total CASK excluding forex and exceptional items declined to Rs 6.20 from Rs 7.17 in Q2 FY2026.
- →The investor presentation says operational CASK declined to Rs 5.67 in Q3 FY2026 from Rs 6.33 in Q2 FY2026.
- →The investor presentation says grounded-aircraft CASK declined to Rs 0.49 in Q3 FY2026 from Rs 0.68 in Q2 FY2026.
- →The investor presentation says ungrounding CASK declined to Rs 0.04 in Q3 FY2026 from Rs 0.17 in Q2 FY2026.
- →The Q3 FY2026 press release says the number of passengers travelled increased to 1.9 million from 1.1 million in Q2 FY2026.
- →The investor presentation says passenger market share increased from 2.2% in Q2 FY2026 to 4.3% in December 2025.
- →The investor presentation says domestic market share increased from 1.9% in September 2025 to 4.3% in December 2025.
- →The investor presentation says ASKM per month increased from 55 crore in September 2025 to 105 crore in December 2025.
- →The investor presentation says daily departures increased from 100 in September 2025 to 175 in December 2025.
- →The investor presentation says capacity expansion delivered approximately 1.9 times operating scale by December 2025.
- →The Q3 FY2026 press release says SpiceJet inducted 16 Boeing NG and Boeing 737 MAX aircraft on wet lease during the quarter.
- →The investor presentation says the quarter-end fleet was 70 total aircraft and 33 operational aircraft at December 2025 versus 54 total aircraft and 19 operational aircraft at September 2025.
- →The investor presentation says the board approved a calibrated ramp-up to 60 aircraft for the winter schedule through wet leases, damp leases and return to service of grounded aircraft.
- →The investor presentation says the plan includes induction of 35 damp-leased aircraft by October 2026 and return to service of five aircraft.
- →The investor presentation projects operational aircraft rising to 60 by October-December 2026.
- →The investor presentation projects quarterly ASKMs rising from 305 crore in April-June 2026 to 650 crore in January-March 2027.
- →The Q3 FY2026 press release says the airline commenced non-stop services to Najaf, Iraq.
- →The Q3 FY2026 press release says SpiceJet commenced non-stop Ahmedabad-Sharjah services and added Imphal to the network with daily connectivity from Kolkata, Guwahati and Mumbai.
- →The investor presentation says network expansion is focused on high-yield regional and metro routes, including Northeast connectivity.
- →Management said in the Q3 FY2026 press release that higher revenue, improving yields and a sharp reduction in losses showed the operational strategy was delivering results.
- →Management also said legacy costs and external factors continue to weigh on expenses while the core business is strengthening.
- →The Q3 FY2026 result notes cite non-operation of part of the fleet awaiting maintenance, airspace restrictions and rupee weakness as factors affecting performance.
- →The consolidated auditor review includes a qualified conclusion because the company is non-compliant with various laws and regulations, with adjustments presently unascertainable.
- →The consolidated auditor review includes material uncertainty related to going concern.
- →The consolidated results say the group had negative retained earnings of Rs 8,952.39 crore at December 31, 2025.
- →The consolidated results say Q3 FY2026 net loss after comprehensive income was Rs 259.72 crore and nine-month loss after comprehensive income was Rs 1,119.81 crore.
- →The consolidated results say segment liabilities were Rs 8,481.01 crore versus segment assets of Rs 5,896.52 crore at December 31, 2025.
- →The consolidated results say the holding company raised Rs 4,172.10 crore through equity warrants and fresh equity shares on a preferential basis in previous financial years.
- →The consolidated results say those funds are being used for grounded fleet return-to-service, fleet rationalization and expansion into new sectors.
- →The consolidated results say the company is undertaking a detailed exercise to monetize grounded and spare assets for near-term liquidity and to remove infructuous cost base.
- →The Q3 FY2026 press release says equity allotment to Carlyle Aviation Partners and GASL settled Rs 476 crore, or USD 54 million, of liabilities.
- →The consolidated results say 11,25,06,725 equity shares were allotted on November 18, 2025 to aircraft lessors consequent upon conversion of USD 54 million of outstanding dues.
- →The Q3 FY2026 monitoring-agency report by CARE Ratings covers a Rs 494.09 crore preferential issue net-proceeds pool.
- →The monitoring-agency report says SpiceJet utilized Rs 12.16 crore during the quarter ended December 31, 2025 and Rs 10.64 crore remained unutilized for that monitored issue.
- →The monitoring-agency report says the company received Rs 294.09 crore of remaining proceeds in March 2025 and funds were not completely utilized by December 31, 2025.
- →The monitoring-agency report says no board resolution had been received specifying the revised timeline for complete utilization of those proceeds.
- →The monitoring-agency report says Q1 FY2026 reallocated funds from statutory-obligations payments toward fleet operating expenses including rent, deposit and maintenance.
- →The monitoring-agency report says CARE requested management confirmation on the timeline for complete utilization of funds but had not received it.
- →The annual secretarial compliance report for FY2026 lists exceptions and prior-year actions including delays in monitoring-agency report submissions, a 22-day delay in submitting June 2025 financial results, a one-day related-party disclosure delay with a Rs 5,900 fine, and listing/trading-application delays with BSE fines.
- →The annual secretarial compliance report says no SEBI or stock-exchange actions were taken other than matters specified in the report.
- →The annual secretarial compliance report says no director was disqualified under Section 164 of the Companies Act.
- →The annual secretarial compliance report says related-party transactions had prior Audit Committee approval.
- →The large-corporate disclosure says SpiceJet was not a large corporate as of March 31, 2026.
- →The June 6, 2026 filing says the board approved shifting the registered office within New Delhi to 505, 5th Floor, Caddie Commercial Tower, Aerocity (DIAL), New Delhi 110037 with immediate effect.
Financial highlights
- NSE context
- Company said it filed an NSE-listing application in the Q3 FY2026 press release; no April-June 2026 NSE announcement rows were returned for SPICEJET
- Market share
- 4.3% in December 2025 versus 1.9% in September 2025 / 2.2% in Q2 FY2026
- Q3 FY2026 ASKM
- 277 crore, up 56% sequentially and 11% year on year
- Daily departures
- 175 in December 2025 versus 100 in September 2025
- Q3 FY2026 EBITDA
- Negative Rs 59 crore versus negative Rs 417 crore in Q2 FY2026
- Q3 FY2026 EBITDAR
- Rs 175 crore versus negative Rs 392 crore in Q2 FY2026
- Monthly ASKM scale
- 105 crore in December 2025 versus 55 crore in September 2025
- December 2025 fleet
- 70 total aircraft and 33 operational aircraft
- Q3 FY2026 free cash
- Rs 171 crore
- Q3 FY2026 total RASK
- Rs 5.49 versus Rs 4.66 in Q2 FY2026
- September 2025 fleet
- 54 total aircraft and 19 operational aircraft
- Large corporate status
- Not a Large Corporate as of March 31, 2026
- Projected quarterly ASKM
- 305 crore in Apr-Jun 2026, 240 crore in Jul-Sep 2026, 600 crore in Oct-Dec 2026 and 650 crore in Jan-Mar 2027
- Q3 FY2026 passenger RASK
- Rs 4.74 versus Rs 4.04 in Q2 FY2026
- Q3 FY2026 passenger yield
- Rs 4.98 versus Rs 4.55 in Q2 FY2026
- Q3 FY2026 restricted cash
- Rs 146 crore
- Q3 FY2026 aircraft rentals
- Rs 234 crore
- Q3 FY2026 operational CASK
- Rs 5.67 versus Rs 6.33 in Q2 FY2026
- Q3 FY2026 ungrounding CASK
- Rs 0.04 versus Rs 0.17 in Q2 FY2026
- Q3 FY2026 passengers carried
- 1.9 million to 2.0 million, up 77% sequentially
- Q3 FY2026 total cash balance
- Rs 317 crore
- Segment assets at Dec 31 2025
- Rs 5,896.52 crore
- Winter schedule fleet ambition
- 55-60 / 60 aircraft
- Q3 FY2026 consolidated net loss
- Rs 261.70 crore
- Q3 FY2026 passenger load factor
- 89.4%-90%
- Q3 FY2026 grounded aircraft CASK
- Rs 0.49 versus Rs 0.68 in Q2 FY2026
- Carlyle/GASL liability settlement
- Rs 476 crore / USD 54 million
- Segment liabilities at Dec 31 2025
- Rs 8,481.01 crore
- Latest official FY2026 result found
- Q3 FY2026; no official Q4 FY2026 result or presentation found on official company pages as of June 28, 2026
- Q2 FY2026 consolidated total income
- Rs 835.31 crore
- Q3 FY2025 consolidated total income
- Rs 1,654.23 crore
- Q3 FY2026 aircraft maintenance cost
- Rs 156 crore
- Q3 FY2026 consolidated total income
- Rs 1,545.32 crore
- Q3 FY2026 aviation turbine fuel cost
- Rs 548 crore
- Registered office from June 5/6 2026
- 505, 5th Floor, Caddie Commercial Tower, Aerocity (DIAL), New Delhi 110037
- Q3 FY2026 consolidated total expenses
- Rs 1,787.21 crore
- Q3 FY2026 monitored proceeds utilized
- Rs 12.16 crore
- Planned damp-leased aircraft induction
- 35 aircraft by October 2026
- Exchange source used for latest filings
- BSE company-hosted filings, Scrip Code 500285 and Scrip ID SPICEJET
- Nine-month FY2026 consolidated net loss
- Rs 1,117.20 crore
- Q3 FY2026 air transport segment revenue
- Rs 1,364.86 crore
- Q3 FY2026 consolidated exceptional item
- Rs 19.81 crore New Labour Codes impact
- Q3 FY2026 monitored proceeds unutilized
- Rs 10.64 crore
- Monitored preferential issue net proceeds
- Rs 494.09 crore
- Negative retained earnings at Dec 31 2025
- Rs 8,952.39 crore
- Remaining proceeds received in March 2025
- Rs 294.09 crore
- Q3 FY2026 PAT loss in investor presentation
- Rs 268 crore versus Rs 635 crore in Q2 FY2026
- Wet-lease aircraft inducted during Q3 FY2026
- 16 aircraft
- Existing aircraft planned to return to service
- 5 aircraft
- Projected operational aircraft by Oct-Dec 2026
- 60 aircraft
- Q2 FY2026 consolidated revenue from operations
- Rs 792.42 crore
- Q3 FY2025 consolidated revenue from operations
- Rs 1,237.04 crore
- Q3 FY2026 consolidated revenue from operations
- Rs 1,408.28 crore
- Q3 FY2026 presentation revenue from operations
- Rs 1,384 crore, up 77% sequentially
- Q3 FY2026 consolidated total comprehensive loss
- Rs 259.72 crore
- Q3 FY2026 freighter and logistics segment result
- Profit of Rs 13.41 crore
- Q3 FY2026 freighter and logistics segment revenue
- Rs 42.54 crore
- Preferential funds raised in prior financial years
- Rs 4,172.10 crore through equity warrants and fresh equity shares
- Shares allotted to aircraft lessors on Nov 18 2025
- 112,506,725 equity shares
- Q3 FY2026 PAT loss before forex and exceptional items
- Rs 197 crore versus Rs 448 crore in Q2 FY2026
- Q3 FY2026 EBITDA excluding forex and exceptional items
- Negative Rs 7 crore versus negative Rs 228 crore in Q2 FY2026
- Nine-month FY2026 consolidated total comprehensive loss
- Rs 1,119.81 crore
- Q3 FY2026 total CASK excluding forex and exceptional items
- Rs 6.20 versus Rs 7.17 in Q2 FY2026
- Q3 FY2026 consolidated loss before exceptional items and tax
- Rs 241.90 crore
- Q3 FY2026 air transport segment result before exceptional items
- Loss of Rs 250.71 crore
- Q3 FY2026 PAT loss before forex, exceptional items, grounded and ungrounding cost
- Rs 48 crore versus Rs 295 crore in Q2 FY2026
Guidance
The board approved a calibrated fleet ramp-up to 55-60 aircraft / 60 aircraft for the winter schedule through wet leases, damp leases and return to service of grounded aircraft. The investor presentation sets out planned induction of 35 damp-leased aircraft by October 2026, five aircraft returning to service, projected operational aircraft of 60 by October-December 2026, and projected quarterly ASKM expansion from 305 crore in April-June 2026 to 650 crore by January-March 2027. The presentation also frames growth around high-yield regional and metro routes, improved utilization, cost discipline, demand recovery and AI-driven revenue and cost tools.
Strategy & commentary
Launch coverage should preserve SPICEJET under a BSE-source track until an active NSE announcement feed is visible. The operating thesis is a turnaround led by capacity rebuild, wet/damp lease induction, grounded-aircraft return-to-service, higher passenger RASK/yields, sharper route focus, surplus-spares monetization for liquidity, liability settlement through equity allotment, and eventual NSE listing. The note should be treated as latest official Q3 FY2026 management evidence, not a Q4 FY2026 result.
Risks / watch items
Key risks are the absence of an official Q4 FY2026 filing in the current source pack, BSE-only disclosure coverage, going-concern material uncertainty, negative retained earnings, liabilities exceeding assets, non-compliance with laws and regulations with unascertainable adjustments or penalties, delays in statutory dues and FEMA-related regularization, unresolved lessor/vendor obligations and aircraft maintenance return-to-service execution, reliance on wet/damp leases, ATF and rupee volatility, airspace restrictions, monitored issue-proceeds utilization delays, lack of revised utilization timelines, governance/process fines and whether the planned fleet and ASKM ramp can be funded without renewed stress.
SourcesCompany-hosted BSE filing for Q3 FY2026 unaudited standalone/consolidated results and press release, company-hosted Q3 FY2026 investor presentation, Q3 FY2026 monitoring-agency report, FY2026 annual secretarial compliance report, June 2026 registered-office change filing, large-corporate disclosure, official investor financial-information page and corporate-announcements page ↗Official Q3 FY2026 investor presentation ↗Official BSE investor-presentation filing ↗Official Q3 FY2026 monitoring-agency report ↗Official FY2026 annual secretarial compliance report ↗Official June 2026 registered-office change filing ↗Official FY2026 large-corporate disclosure ↗Official investor financial-information page ↗Official corporate-announcements page ↗Official Q3 FY2026 press-release page ↗