SpiceJet Limited – Q1 FY26 Results Summary
Announcement Date: 05 September 2025
Financial Highlights (Standalone):
- Total revenue from operations: Rs. 11,060.57 million (down QoQ and YoY from Rs. 14,463.75 million and Rs. 16,955.16 million respectively)
- Net loss after tax: Rs. 2,376.61 million vs. profit of Rs. 1,504.44 million in Q1 FY25
- Earnings per share (Basic and Diluted): (Rs. 1.66) vs. Rs. 1.90 in Q1 FY25
- EBITDA negative Rs. 180 million approx. vs. positive Rs. 4.02 billion in Q1 FY25
- Current liabilities exceed current assets by ~Rs. 38.7 billion; accumulated losses approx. Rs. 80 billion
Consolidated Results:
- Total revenue from operations: Rs. 11,202.05 million (down QoQ and YoY)
- Net loss after tax: Rs. 2,365.80 million
- EPS (Basic and Diluted): (Rs. 1.66)
- Net worth negative Rs. 21.8 billion
Auditor’s Opinion:
- Qualified due to multiple statutory non-compliances (delays in TDS, GST payments/filings, foreign exchange repatriation, CFO appointment)
- Material uncertainty related to going concern due to losses, negative working capital, and accumulated losses
- Emphasis on ongoing litigation with erstwhile promoters involving Rs. ~5.8 billion (management expects no material liability)
Management Commentary & Operational Notes:
- Operational challenges include partial fleet grounding (maintenance delays, geopolitical airspace restrictions) and subdued demand following a recent aviation accident in India
- Raised Rs. 41.7 billion in prior years via equity warrants/shares for fleet return, rationalization, and expansion
- Ongoing cost control initiatives and settlements with vendors/lessors; negotiations continue for relief
- Lease restructuring finalized with Carlyle Aviation for $121.18 million; 10 Boeing 737 aircraft leases secured for induction starting October 2025
- Network expansion includes addition of Kathmandu and successful operation of Haj flights (~15,500 pilgrims)
- Zero Level 1 findings in DGCA safety audits for over a year
Segment Performance (Consolidated):
- Air Transport Services: Revenue Rs. 10,936.80 million; segment loss Rs. 2,350.84 million
- Freighter & Logistics: Revenue Rs. 264.66 million; segment profit Rs. 82.76 million
- Others: Segment loss Rs. 71.95 million
Key Developments:
- Ongoing litigation with erstwhile promoters; Rs. 5.79 billion carried as current liabilities with Rs. 1.5 billion paid recently
- Statutory non-compliances under regulatory scrutiny; impact of potential penalties unascertainable
- Tax paid under protest of Rs. 619.59 million related to IGST/customs on aircraft parts, considered recoverable by management
Outlook:
- Auditors highlight material uncertainty on going concern; management remains confident based on future business plans and cash flow projections
- Focus on operational recovery, cost control, lease restructuring, and capital raising to improve financial position
This summary is based solely on disclosed information and intended for investment analysis and monitoring purposes.