SpiceJet Shares In Focus: Airline Plans Sharp Operational Scale-Up, Eyes FY27 Turnaround

SpiceJet Ltd. shares will be in focus on Friday as the airline in its analyst meet has laid out an ambitious roadmap for the next year, signalling a decisive scale-up in operations and a sharper financial recovery as it enters the second half of financial year 2026.

At its latest analyst meet, the airline highlighted significant progress on capacity, fleet availability, operational stability, and liability management, indicating that the turnaround narrative is gaining momentum.

The most notable development is the rapid expansion of the fleet. SpiceJet’s total fleet has risen to 68 aircraft in December 2025, up from 54 in the second quarter of fiscal 2026. More importantly, the operational fleet— aircraft actually flying —has increased from 19 in the second quarter to 32 by December. This sharp improvement in aircraft availability has directly supported a major rise in capacity deployment.

A strategic shift is also underway in terms of network composition. SpiceJet intends to deepen its presence at a select set of key airports, concentrating operations to drive better connectivity, operational efficiencies, and stronger load factors. This move aligns with industry trends where carriers consolidate operations around high-traffic, high-yield hubs.

Available Seat Kilometres (ASK), a key indicator of airline capacity, has doubled in just a few months. SpiceJet’s ASK moved from 55 crore in the second quarter to 110 crore by December 2025. The airline expects this figure to double again, aiming for 220 crore by December 2026. This expansion, if executed as planned, positions the carrier to reclaim scale, improve network relevance, and capture demand in India’s buoyant aviation market.

On the financial front, management addressed concerns around lessor liabilities—currently at Rs 2,381 crore. The airline believes that a 35% reduction in these obligations is achievable, driven by ongoing negotiations and improved operating performance. A meaningful cut here would substantially ease balance sheet pressure and support long-term sustainability.

Looking ahead, SpiceJet expects the next few quarters to be profitable, supported by increased aircraft utilisation, stronger capacity deployment, and tighter cost control. If the airline delivers on its guidance, financial year 2027 could mark the beginning of a more stable growth phase.