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SpiceJet has signed an interline agreement with Gulf Air, the national carrier of the Kingdom of Bahrain. This partnership will provide SpiceJet passengers seamless access to Gulf Air's expansive network across the Middle East, Africa, Europe and Central Asia via Bahrain, while Gulf Air customers will gain enhanced connectivity to India through SpiceJet's extensive domestic network. Ticket sales under the new agreement are expected to commence by early next year.
An interline agreement allows passengers to book connecting flights across different airlines under a single itinerary.
In its existing India network, Gulf Air currently operates direct flights to eight Indian cities including Delhi, Mumbai, Bengaluru, Chennai, Hyderabad, Goa, Kochi, and Thiruvananthapuram.
SpiceJet has achieved a significant financial milestone with Acuité Ratings & Research upgrading its long-term credit rating to BB- (Stable) and short-term rating to A4+. The upgrade reflects the airline's strengthened financial position, improved business outlook, and sustained efforts toward operational resilience.
This upgrade builds on the strong momentum in SpiceJet's credit profile. In November 2024, Acuité had raised the airline's rating by four notches to B+ (Stable) along with a short-term rating of A4. This was followed in January 2025 by CareEdge Ratings assigning a BB- (Stable) rating, marking SpiceJet's second upgrade within just three months.
Acuité, in its latest upgrade, highlighted, “The upgrade in the rating reflects the significant new infusion of funds from key promoter company in March 2025 into the airline which occurred after the QIP (Qualified Institutional Placement) in September 2024 providing additional liquidity cushion and which will be helping in improving overall operations.”
“The rating also supported by improvement in scale of operations & profitability, unutilized funds of ~Rs. 300 Cr. from last fund raising round (QIP) as on 31st March 2025 and reduction in the aircraft lease liabilities (operational creditors) settled through negotiations with the lessors.”
“Acuité notes that the new order for fresh fleet under wet lease structure has been given to increase the existing fleet size will benefit the airline in near to medium term. The timely delivery of these new aircraft will be key monitorable. These strengths are balanced by the challenges of operating in a highly competitive and regulated industry, weak financial risk profile and susceptible to volatile fuel prices and foreign exchange risks,” it added.
Elaborating on the key rating drivers, Acuité highlighted that SpiceJet, over the years with its established presence in the aviation industry has been able to diversify its revenue stream for its cash generation. Acuité believes that the presence of diversified revenue stream and robust fleet will aid SpiceJet's revenue profile over the medium term.
SpiceJet has finalised a lease agreement for another five Boeing 737 aircraft, further strengthening its fleet ahead of the upcoming winter schedule. While most of these aircraft will join the fleet in October 2025, a few are scheduled to arrive a couple of weeks earlier.
These additions will cater to the peak winter season and extend into the early summer season of 2026, remaining with the airline until May 2026. The aircraft will be inducted under damp lease arrangements.
This latest agreement follows SpiceJet's announcement last month of inducting five Boeing 737s on damp lease from another operator, taking the total number of new fleet additions to 10. The airline is also in advanced discussions to lease more aircraft ahead of the winter 2025 schedule.
The aircraft are being inducted on a damp lease basis, where operational crew will be shared between the operator and SpiceJet.
This fleet addition is part of the airline's broader strategy to bolster capacity ahead of the winter schedule and cater to increased travel demand during the peak and early summer seasons. SpiceJet is also in advanced discussions with other lessors to further enhance its fleet and strengthen both domestic and international operations.
These aircraft are scheduled to join the airline’s fleet in October 2025, ahead of the commencement of the winter schedule, and will cater to the peak winter season as well as the early summer season of 2026.
SpiceJet is also in advanced discussions with other lessors to further enhance its fleet and strengthen both domestic and international operations.
Debojo Maharshi, chief business officer, SpiceJet, said: “We are pleased to finalise this lease agreement for the induction of five Boeing 737 aircraft.
This addition will significantly strengthen our fleet and enable us to deliver a superior flying experience to our passengers. We are actively exploring further fleet additions as we prepare for a robust winter schedule.'
SpiceJet is an IATA‐IOSA certified airline that operates a fleet of Boeing 737s & Q‐400s and is one of the countryʹs largest regional players operating multiple daily flights under UDAN or the Regional Connectivity Scheme.
The company’s standalone net profit surged 173% to Rs 324.87 crore in Q4 FY25 as against Rs 119 crore posted in Q4 FY24. Revenue from operations fell 13.4% year on year to Rs 1,360.87 crore in the fourth quarter of FY25.
The scrip rose 0.73% to currently trade at Rs 38.55 on the BSE.
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.