Mumbai : Shares of budget carrier SpiceJet slipped more than 5 per cent in intra-day trade on Monday after the airline posted disappointing earnings for the first quarter of FY26.
The airline reported a consolidated net loss of ₹234 crore for the April–June period, against a net profit of ₹158.18 crore in the same quarter last year. On a standalone basis, the net loss stood at ₹235.08 crore.
Revenue from operations dropped nearly 36 per cent year-on-year (YoY) to ₹1,059.88 crore, compared with ₹1,646.21 crore in Q1 FY25. The sharp decline was attributed to geopolitical tensions with a neighbouring country, restrictions on international airspace, and weaker demand for leisure travel.
The airline also struggled with delays in re-inducting grounded aircraft, owing to global supply chain disruptions and engine maintenance issues.
Ajay Singh, Chairman and Managing Director of SpiceJet, said the results reflected “extraordinary challenges” faced by the aviation sector. “Turbulence caused by geopolitics, restricted air routes, and supply chain disruptions weighed heavily on operations,” he said. However, Singh maintained that the airline remains resilient and is working to improve fleet reliability, cut costs and expand its network.
Despite the setbacks, some operational metrics held steady. Passenger Revenue per Available Seat Kilometer (PAX RASK) stood at ₹4.74, while Passenger Load Factor (PLF) was maintained at 86 per cent.
The airline reported an EBITDA loss of ₹18 crore in Q1 FY26, a sharp reversal from an EBITDA profit of ₹402 crore a year earlier. Total expenses, however, declined 25 per cent YoY to ₹1,435.04 crore.
Following the results, domestic brokerage Nuvama cut its target price on SpiceJet shares to ₹40 from ₹48 while maintaining a ‘Hold’ rating. The brokerage noted that lower capacity, modest load factors, and elevated costs had dragged performance below expectations.
Also Read : SpiceJet Q1 loss hits Rs 234 crore as revenues drop 34%
