Despite slipping into the red on a year on year basis, the airline’s total revenue from operations rose 14% to Rs. 1,408 crore in Q3FY26, up from Rs. 1,237 crore a year ago.
On a sequential basis, the company narrowed its losses significantly from Rs. 621 crore reported in Q2FY26. The improvement came on the back of a 78% surge in revenue compared with Rs. 792 crore posted in the July to September quarter of FY26.
However, the December quarter performance was impacted by elevated costs. In its earnings filing, SpiceJet cited grounded fleet expenses, higher aviation turbine fuel (ATF) prices, rupee depreciation and a one time impact from labour law changes as key factors weighing on profitability.
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Operationally, SpiceJet reported an improvement in its domestic market share, which increased to 4.3% in December 2025 from 1.9% in September, supported by a 56% capacity expansion and the addition of 16 aircraft. The capacity ramp up contributed to a substantial reduction in losses on a quarter on quarter basis.
Looking ahead, the Board has approved a calibrated fleet expansion plan to scale up to 55 to 60 aircraft for the winter schedule. The airline also plans to bolster liquidity through the monetisation of surplus spares.In a separate exchange filing, SpiceJet said it has applied for listing on the National Stock Exchange. Currently, the stock is listed only on the BSE.
On Thursday, SpiceJet shares ended 5.55% lower at Rs. 20.41 on the BSE.
From a technical perspective, trendline data suggests that the stock appears deeply oversold. The 14 day Relative Strength Index stands at 16.7. An RSI reading below 20 is generally considered strongly oversold, indicating the possibility of a near term rebound in the stock.
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