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SpiceJet announced that in a significant step towards revitalising its fleet and enhancing operational efficiency, SpiceJet has received the first two of its overhauled engines from global MRO provider StandardAero. These include a CFM LEAP-1B engine that powers the Boeing 737 MAX, overhauled at StandardAerofs Houston, USA facility, and one Q400 engine, received from StandardAerofs Singapore facility.
The airline has also successfully ungrounded another Boeing 737 NG aircraft, which returned to active service last month, reinforcing SpiceJetfs commitment to restoring fleet capacity in a structured and phased manner.
As part of its broader fleet revival plan, a total of 17 engines were sent for overhaul. With the receipt of the first two engines, SpiceJet expects a steady flow of additional engines in the coming months.
Six CFM LEAP]1B engines were sent to StandardAerofs Houston facility, while seven Q400 engines had been sent to its Singapore facility. Additionally, four engines have been sent to Carlyle Aviation to support the revival of grounded Boeing 737 NG aircraft.
On 24 June 2025, CRISIL Ratings has published an update stating “CRISIL D – Issuer Not Cooperating”. We would like to clarify that this does not reflect the current credit standing of the company.
As on date, SpiceJet (the company) is rated CARE BB-; Stable / CARE A4 by CARE Ratings, which remains valid. This rating highlights the company's adequate liquidity position and anticipates an operational turnaround supported by recent fundraises and the promoter's long-standing experience in the industry. The Company also maintains a consistent track record of efficiently utilizing its operational fleet.
It may also be noted that the CRISIL rating was linked only to a non-fund-based facility of ₹220 crore from Indian Bank, which has since been substantially reduced to Rs 9.02 crore as of March 31, 2025. The facility no longer holds material significance in the Company's overall banking exposure.
We reaffirm that the company continues to maintain its credit discipline and positive banking relationships.
For the full year,net profit reported to Rs 62.77 crore in the year ended March 2025 as against net loss of Rs 422.83 crore during the previous year ended March 2024. Sales declined 25.15% to Rs 5073.72 crore in the year ended March 2025 as against Rs 6778.96 crore during the previous year ended March 2024.
However, revenue from operations fell 13.4% year on year to Rs 1,360.87 crore in the fourth quarter of FY25.
EBITDA stood at Rs 526.20 crore in Q4 FY25, up 36.10% as against Rs 386.60 posted in Q4 FY24. The company EBITDAR of Rs 689.90 crore in the fourth quarter of FY25, up 11.83% year on year.
During the fourth quarter of total passenger revenue per available seat kilometer (RASK) stands at Rs 5.32. Passenger Load Factor (PLF) stood at an impressive 88.1%.
In Q4 FY25, the Promoter Group of SpiceJet completed an equity infusion of Rs 500 crore, including the final tranche of Rs 294.09 crore during the quarter. As part of its summer 2025 schedule, the airline launched 24 new domestic flights and expanded its network by adding three new destinations-Tuticorin, Porbandar, and Dehradun.
Additionally, SpiceJet successfully renewed its prestigious IATA Operational Safety Audit (IOSA) certification, reinforcing its commitment to global safety standards.
Ajay Singh, chairman and managing director, SpiceJet, said, “As we share our quarterly and annual performance today, our thoughts are with those affected by the tragic Air India crash in Ahmedabad. This heartbreaking tragedy has deeply affected us all, and our thoughts are with the families and loved ones of those lost in this devastating crash. The entire aviation community stands together in this moment of grief.
SpiceJet has delivered a strong set of results, marking a significant turnaround in our operational and financial performance. Posting a profit for the second consecutive quarter and for the full financial year after seven years is a reflection of the tireless efforts of our team, the continued trust of our passengers, and the resilience of our brand. With a strengthened balance sheet, renewed investor trust and continued network expansion, SpiceJet is well positioned for sustainable growth.
While the revival of our grounded fleet has taken longer than anticipated due to complex global supply chain and engine overhaul challenges, momentum is now clearly building. Our partnerships with world class OEMs and MROs like StandardAero and Carlyle Aviation are bearing fruit, and engine overhauls are underway. With overhauled engines now returning, we expect a steady rampup in operational capacity in the weeks ahead.”
Meanwhile, the company has entered into a term sheet with Carlyle Aviation Management (CAML) to restructure aircraft lease obligations amounting to $121.18 million as of 31 March 2025. The agreement is aimed at optimizing the airline’s capital structure and improving liquidity, as the company continues efforts to streamline operations and strengthen its financial position.
SpiceJet is Indiaʹs favourite airline that has made flying affordable for more Indians than ever before. SpiceJet is an IATA and IOSA certified airline that operates a fleet of Boeing 737s & Q400s and is one of the country’s largest regional players operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airlineʹs fleet offers SpiceMax, the most spacious economy-class seating in India
SpiceJet today flagged off its Haj 2025 operations with the inaugural flight departing from Gaya to Medina, marking the start of the sacred pilgrimage for thousands of Indian pilgrims. The airline will operate a total of 45 Haj flights in the first phase, connecting Gaya, Srinagar, Guwahati, and Kolkata to Medina and Jeddah.
The first phase of operations will run until 29 May 2025, with flights from Guwahati to Medina beginning 03 May, Srinagar to Medina from 04 May, and Kolkata to Jeddah from 16 May. The return leg of Haj operations is scheduled between 13 June and 11 July 2025.
SpiceJet is facilitating the travel of approximately 15,500 pilgrims this year, an 18% increase from the 13,000 pilgrims carried in 2024, further underlining the importance of Haj operations as a significant revenue generator for the airline.
In 2024, SpiceJet operated 102 Haj flights from seven Indian cities including Srinagar, Gaya, Guwahati, Bhopal, Indore, Aurangabad, and Vijayawada, generating a revenue of Rs 209 crore.
To enhance the travel experience, SpiceJet has inducted two wide-body Airbus A340 aircraft, each capable of accommodating 324 passengers. These aircraft will operate on routes from Srinagar and Guwahati to Medina and from Kolkata to Jeddah. A 189 seater Boeing 737 aircraft has been deployed on the Gaya-Medina route.
Flight SG 41 will depart from Delhi at 8:10 am (local time) and land in Kathmandu at 9:55 am (local time). The return flight, SG 42, will depart from Kathmandu at 10:55 am (local time) and arrive in Delhi at 1:10 pm (local time). SpiceJet will operate its Boeing 737 aircraft on this route.