- SpiceJet's recovery depends on fleet revival and liability restructuring efforts
- Fleet expanded to 34 aircraft by December 2025, boosting operational strength
- Available Seat Kilometers expected to triple by year-end for capacity relief
While operational metrics such as load factor (84%) and pax yield (Rs 4.55) remain under pressure, PL Capital believes that successful execution of fleet revival and liability restructuring will be pivotal for SpiceJet's long-term recovery.
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PL Capital Report
PL Capital, in its latest analyst meet update, highlighted that SpiceJet's turnaround strategy rests on two critical pillars—ungrounding of aircraft and damp lease additions.
While the brokerage has kept the stock Not Rated, it notes encouraging progress on both fronts.
As of Q2 FY26, SpiceJet operated 19 aircraft. Recent additions under damp lease have boosted operational strength, with 14 aircraft inducted in October and November 2025 and two more expected in December, taking the fleet to 34 aircraft.
Additionally, one grounded Boeing 737 MAX has returned to service. This expansion is expected to triple Available Seat Kilometers (ASKM) by year-end, providing near-term capacity relief.
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