Below is a structured extraction and summary of the relevant and actionable financial information from the SpiceJet Limited results filing for the quarter ended 30 June 2025 (Q1 FY26):
1. Auditor’s Note
- Qualified Conclusion due to:
- Non-compliance with various laws and regulations (notably delays in TDS, GST payments and filings, repatriation of foreign currency trade receivables/payables, and non-reappointment of CFO within prescribed time).
- Impact of these non-compliances is currently unascertainable; auditors unable to quantify possible fines/penalties or adjustments.
- Material Uncertainty Related to Going Concern:
- Company incurred a net loss of Rs. 2,376.61 million (standalone) / Rs. 2,365.80 million (consolidated) in Q1 FY26.
- Accumulated losses of Rs. 80,024.75 million (standalone) / Rs. 80,696.52 million (consolidated).
- Current liabilities exceed current assets by Rs. 38,688.05 million (standalone) / Rs. 39,612.09 million (consolidated).
- These conditions raise significant doubt about the ability to continue as a going concern.
- However, management’s future business plans and cash flow projections support the going concern assumption.
- Emphasis of Matter:
- Ongoing litigation with erstwhile promoters involving Rs. ~5,790 million and related interest payments.
- Legal proceedings are sub-judice; management believes no material liability will arise.
- Other Matters:
- Comparative prior period results were also qualified by predecessor auditors.
- Two subsidiaries’ interim results not reviewed by their auditors but considered immaterial.
2. Financial Performance
Key Standalone Financials (Rs. million)
| Particulars | Q1 FY26 (Jun 30, 2025) | Q4 FY25 (Mar 31, 2025) | Q1 FY25 (Jun 30, 2024) | FY25 (Apr 1, 2024 - Mar 31, 2025) |
|---|
| Revenue from operations | 10,333.61 | 13,608.65 | 15,651.61 | 48,838.09 |
| Other operating revenues | 726.96 | 855.10 | 1,303.55 | 4,001.88 |
| Total revenue from operations | 11,060.57 | 14,463.75 | 16,955.16 | 52,839.97 |
| Other income | 844.99 | 4,952.36 | 3,716.93 | 14,521.54 |
| Total income | 11,905.56 | 19,416.11 | 20,672.09 | 67,361.51 |
| Total expenses | 14,256.40 | 16,167.37 | 19,172.51 | 66,780.77 |
| (Loss)/Profit before tax | (2,350.84) | 3,248.74 | 1,499.58 | 580.74 |
| Tax expense | - | - | - | - |
| (Loss)/Profit after tax | (2,350.84) | 3,248.74 | 1,499.58 | 580.74 |
| Other comprehensive income | (25.77) | (62.77) | 4.86 | (103.08) |
| Total comprehensive income | (2,376.61) | 3,185.97 | 1,504.44 | 477.66 |
| Earnings per share (Basic) | (1.66) | 2.50 | 1.90 | 0.55 |
| Earnings per share (Diluted) | (1.66) | 2.50 | 1.72 | 0.55 |
| Paid-up equity share capital | 14,133.97 | 14,133.97 | 7,934.05 | 14,133.97 |
| Other equity | - | - | - | (7,303.75) |
Key Consolidated Financials (Rs. million)
| Particulars | Q1 FY26 (Jun 30, 2025) | Q4 FY25 (Mar 31, 2025) | Q1 FY25 (Jun 30, 2024) | FY25 (Apr 1, 2024 - Mar 31, 2025) |
|---|
| Revenue from operations | 10,598.81 | 13,959.66 | 16,462.12 | 50,737.15 |
| Other operating revenues | 603.24 | 695.97 | 620.27 | 2,519.76 |
| Total revenue from operations | 11,202.05 | 14,655.63 | 17,082.39 | 53,256.91 |
| Other income | 808.32 | 4,924.84 | 3,695.33 | 14,425.72 |
| Total income | 12,010.37 | 19,580.47 | 20,777.72 | 67,682.63 |
| Total expenses | 14,350.40 | 16,163.10 | 19,195.87 | 67,063.31 |
| (Loss)/Profit before tax | (2,340.03) | 3,417.37 | 1,581.85 | 619.32 |
| Tax expense | - | - | - | - |
| (Loss)/Profit after tax | (2,340.03) | 3,417.37 | 1,581.85 | 619.32 |
| Other comprehensive income | (25.77) | (56.21) | 4.41 | (93.13) |
| Total comprehensive income | (2,365.80) | 3,361.16 | 1,586.26 | 526.19 |
| Earnings per share (Basic) | (1.66) | 2.63 | 2.01 | 0.59 |
| Earnings per share (Diluted) | (1.66) | 2.63 | 1.82 | 0.59 |
| Paid-up equity share capital | 14,133.97 | 14,133.97 | 7,934.05 | 14,133.97 |
| Other equity | - | - | - | (33,557.70) |
3. Detailed Notes / Management Commentary
- Litigation with Erstwhile Promoters:
- Rs. 5,790.90 million received as advance for securities; legal/arbitration proceedings ongoing.
- Rs. 5,790.89 million carried as current liabilities; Rs. 1,500 million paid recently per court orders.
- Management expects no material liability; matter sub-judice.
- Going Concern:
- Net loss and negative retained earnings with current liabilities exceeding current assets.
- Impacted by non-operation of part of fleet due to maintenance delays and geopolitical airspace restrictions.
- Customer sentiment subdued due to a tragic aviation accident in India.
- Raised Rs. 41,721 million via equity warrants and shares in prior years; funds used for fleet return to service, rationalization, and expansion.
- Cost control initiatives ongoing.
- Settled past dues with some vendors/lessors; ongoing discussions for relief with others.
- Management confident of settling liabilities as they fall due.
- Foreign Exchange:
- Net unrealized foreign exchange gain of Rs. 11.30 million in Q1 FY26 (vs. losses in prior periods) mainly from lease liability restatements.
- Statutory Non-compliances:
- Delays in TDS, GST payments and filings; interest accrued for delays.
- Non-compliance with RBI foreign exchange repatriation timelines.
- No CFO appointed within statutory timeline.
- Notices received; representations being filed citing exceptional financial crisis.
- Impact of fines/penalties unascertainable; no adjustments made.
- Tax Paid Under Protest:
- Rs. 619.59 million paid under protest for IGST and customs duty on re-import of repaired aircraft parts.
- Management considers these recoverable based on favorable court rulings.
- Operational Challenges:
- Non-operation of part of fleet due to maintenance and geopolitical airspace restrictions.
- Tragic accident in Indian aviation sector affected customer sentiment.
- Capital Raising and Use:
- Rs. 41,721 million raised via equity warrants and shares in previous years.
- Funds used for fleet return to service, rationalization, and expansion into new sectors.
- Cost Control and Settlements:
- Ongoing cost control initiatives.
- Settled past dues with several lessors/vendors; ongoing negotiations with others.
- Fleet and Network:
- Lease restructuring with Carlyle Aviation for $121.18 million lease obligations.
- Lease agreements secured for 10 Boeing 737 aircraft to be inducted from October 2025.
- Discussions ongoing for additional narrow-body and wide-body aircraft.
- Smart lease program discussions ongoing for damp lease arrangements.
- Added Kathmandu to international operations.
- Successfully operated Haj flights transporting ~15,500 pilgrims.
- Safety:
- Zero Level 1 findings in DGCA safety audits for over a year.
4. Segment Information (Consolidated)
| Segment | Q1 FY26 Revenue (Rs. mn) | Q4 FY25 Revenue (Rs. mn) | Q1 FY25 Revenue (Rs. mn) | FY25 Revenue (Rs. mn) | Q1 FY26 Segment Result (Rs. mn) | FY25 Segment Result (Rs. mn) | Q1 FY26 Segment Assets (Rs. mn) | FY25 Segment Assets (Rs. mn) | Q1 FY26 Segment Liabilities (Rs. mn) | FY25 Segment Liabilities (Rs. mn) |
|---|
| Air Transport Services | 10,936.80 | 14,312.30 | 16,268.88 | 51,364.22 | (2,350.84) | 580.74 | 58,788.76 | 62,992.99 | 79,918.56 | 81,947.08 |
| Freighter and Logistics | 264.66 | 351.96 | 787.91 | 1,869.41 | 82.76 | 101.33 | 1,884.18 | 1,824.84 | 1,999.59 | 2,025.50 |
| Others | 0.59 | (8.63) | 25.60 | 23.28 | (71.95) | (62.75) | 818.44 | 1,127.16 | 1,369.48 | 1,416.35 |
| Total | 11,202.05 | 14,655.63 | 17,082.39 | 53,256.91 | (2,340.03) | 619.32 | 61,491.38 | 65,944.99 | 83,287.63 | 85,388.93 |
5. Capex, Projects, and Corporate Activity
- Capital Expenditure / Fleet Expansion:
- Lease agreements secured for 10 Boeing 737 aircraft induction starting October 2025.
- Discussions ongoing for additional narrow-body and wide-body aircraft inductions during winter.
- Lease Restructuring:
- Finalized terms with Carlyle Aviation Management Limited to restructure lease obligations worth $121.18 million.
- Ongoing discussions on damp lease arrangements under Smart Lease Program to improve network reliability.
- Settlements and Restructuring:
- Settled past dues with several lessors/vendors.
- Actively negotiating relief with other vendors/lessors.
- No exceptional items or impairments reported in Q1 FY26.
6. Standalone vs Consolidated
- Both standalone and consolidated results are provided and reviewed.
- Consolidated results include 11 subsidiaries, with two subsidiaries’ interim results not reviewed but immaterial.
- Financial trends and issues are broadly consistent between standalone and consolidated results.
- Consolidated net loss for Q1 FY26: Rs. 2,340.03 million vs. standalone net loss Rs. 2,350.84 million.
- Consolidated net worth negative Rs. 21,796.25 million vs. standalone positive net worth Rs. 4,463.80 million (note: standalone net worth positive but with large negative retained earnings).
Summary for Investment Analysis Team
| Aspect | Key Points |
|---|
| Auditor’s Opinion | Qualified due to non-compliances; material uncertainty on going concern; emphasis on litigation. |
| Financial Performance | Q1 FY26 net loss Rs. ~2,350 million (standalone), Rs. ~2,340 million (consolidated); sharp decline from prior year quarters and FY25 profits. Revenue down QoQ and YoY. |
| Margins | Operating loss of Rs. 780 million (approx. from press release); EBITDA negative Rs. 180 million in Q1 FY26 vs. positive Rs. 4.02 billion in Q1 FY25. |
| EPS | Negative Rs. 1.66 per share in Q1 FY26 vs. positive Rs. 1.90 in Q1 FY25 (standalone). |
| Balance Sheet | Negative retained earnings (~Rs. 80 billion); current liabilities exceed current assets by ~Rs. 39 billion; net worth positive standalone but negative consolidated. |
| Litigation | Significant ongoing legal dispute with erstwhile promoters involving Rs. ~5.8 billion; management expects no material liability. |
| Operational Challenges | Fleet grounding due to maintenance delays; geopolitical airspace restrictions; subdued demand post aviation accident. |
| Capital Raising | Rs. 41.7 billion raised in prior years via equity warrants/shares; funds used for fleet return, rationalization, expansion. |
| Fleet & Network Expansion | Lease restructuring with Carlyle Aviation ($121 million); 10 Boeing 737 aircraft leases secured for Oct 2025 induction; network expansion including Kathmandu. |
| Cost Control | Ongoing initiatives; settled past dues with many lessors/vendors; negotiations ongoing for others. |
| Non-compliances | Delays in tax and GST filings/payments; foreign exchange repatriation delays; no CFO appointed timely; regulatory notices received; impact unquantified. |
| Going Concern | Material uncertainty noted by auditors; management confident based on future plans and cash flows. |
| Segment Performance | Air Transport Services segment loss of Rs. 2,350 million in Q1 FY26; Freighter & Logistics profitable but small. |
Actionable Insights
- Monitor litigation outcomes with erstwhile promoters due to potential financial impact.
- Watch for resolution of regulatory non-compliances and any associated penalties.
- Track operational recovery, especially fleet return to service and impact of geopolitical tensions.
- Evaluate effectiveness of cost control and lease restructuring initiatives on improving profitability.
- Assess capital raising and liquidity position given negative retained earnings and current liabilities exceeding current assets.
- Segment focus remains on Air Transport Services which is currently loss-making; Freighter & Logistics segment remains profitable but small.
- Going concern risk remains material; management’s confidence and plans should be validated with future quarterly updates.
This summary is prepared strictly based on disclosed information and is suitable for use by the investment analysis team for further due diligence and monitoring.