SpiceJet Q1 results: Airline posts Rs 234 crore loss as revenue falls 36% year-on-year

SpiceJet Q1 Results: Budget carrier SpiceJet slipped into the red in the June quarter, posting a consolidated net loss of Rs 234 crore, weighed down by geopolitical disruptions, weak travel demand, and persistent supply chain snags. This marks a sharp reversal from the Rs 158 crore profit the airline reported in the year-ago period.

Revenue from operations came in at Rs 1,060 crore, down 36 per cent year-on-year, as the airline struggled with restricted airspace, grounded aircraft, and tepid international travel. Sequentially, revenue dropped 24 per cent from the March quarter, when SpiceJet had posted a profit of Rs 342 crore.

SpiceJet Facing Turbulence from All Sides

In its statement to exchanges, the Gurugram-headquartered airline pointed to a "geo-political situation with a neighbouring country" and airspace restrictions in key markets, which impacted its international operations. These disruptions, the airline said, led to muted leisure travel demand during the quarter.

But external shocks weren’t the only problem. Delays in bringing grounded aircraft back into service, due to engine overhaul challenges and global supply chain bottlenecks, added to operational stress.

Despite these headwinds, the airline showed some signs of cost control. EBITDA loss narrowed sharply to Rs 18 crore, compared to a loss of Rs 402 crore in Q1 last year.

Strong Load Factor, but Revenue Metrics Under Pressure

Passenger demand, at least on domestic routes, held steady. Passenger Load Factor (PLF) stood at a robust 86 per cent, in line with industry trends. Passenger Revenue per Available Seat Kilometre (PAX RASK) was reported at Rs 4.74, reflecting some resilience in yields despite the challenging environment.

SpiceJet Balance Sheet Boost: Net Worth Turns Positive

A significant positive for the airline this quarter was the improvement in its financial position. Net worth turned positive at Rs 446 crore, from a negative Rs 2,398 crore a year ago — a shift the company attributes to successful financial restructuring, including debt settlements and equity infusion.

This marks an important milestone for SpiceJet, which has been under pressure from regulators, lessors, and vendors over the past few years due to its strained financials.

Ajay Singh: “Extraordinary Challenges, but We Remain Resilient”

Chairman and Managing Director Ajay Singh said the results reflect the broader headwinds facing the aviation sector.

“This quarter was marked by extraordinary challenges — from geopolitical turbulence to restricted air routes and continued supply chain disruptions. Despite all this, SpiceJet continues to demonstrate resilience,” Singh said.

He added that the airline is taking “decisive steps to enhance fleet reliability, reduce costs, and expand our network.” Singh remains optimistic, pointing to the fast-growing Indian aviation and tourism sectors as reasons to believe in a strong recovery in the quarters ahead.

SpiceJet Stock Reaction: SpiceJet Shares Extend Losing Streak

SpiceJet’s earnings were announced after market hours. Earlier in the day, the stock closed 1.6 per cent lower at Rs 34.45 on the BSE. The shares have been on a downward trend, shedding over 45 per cent in the past year and 39 per cent so far in 2025.

The stock has underperformed its peers, weighed down by operational uncertainty, concerns over fleet reliability, and ongoing litigation.