Over the past few weeks, several news reports have detailed the position in which SpiceJet finds itself. It desperately needs capital infusion, is trying to lay off at least 15% of its 6,000-strong employee base, and is struggling for survival. And, just 13 of its aircraft are still operational — less than half of its fleet size of close to 30 aircraft (including wet leases).

After the pandemic — and the consolidation that the Indian airline industry has seen in recent years — SpiceJet turned into a cash guzzler. In the third quarter of financial year 2025-26 (FY26), the airline reported a net loss of ₹268 crore, an improvement from the ₹635-crore loss in the previous quarter.

The airline continues to face significant financial headwinds, including accumulated losses of almost ₹9,000 crore (as of September 2025), raising auditor concerns about its ability to continue as a going concern.

No matter which quarter one looks at, the company’s balance sheet is in the red, burdened by the carrying costs of a grounded fleet, vendor dues and various outstanding legal payments. In effect, liabilities far outstrip its tangible or valued assets.

As of September 2025, the airline reported a negative net worth of ₹2,801.9 crore.........

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