On February 20, 2026, SpiceJet confirmed that its domestic market share has surged to 4.3% as of December 2025. This marks a dramatic recovery from the 1.9% share it held just three months prior in September 2025.
The jump is a direct result of the airline’s aggressive “operational turnaround” strategy aimed at reclaiming lost ground in the Indian aviation sector.
How the Share Doubled
The airline attributed this rapid growth to a massive infusion of capacity during the third quarter of FY26.
- 56% Capacity Boost: SpiceJet increased its Available Seat Kilometers (ASKMs) from 55 crore to 105 crore in a single quarter.
- Fleet Induction: The carrier added 16 aircraft (a mix of Boeing 737 MAX and Boeing NG) via wet and damp leases to support the winter schedule.
- Network Expansion: New routes were launched, including non-stop services to Najaf, Iraq, and Ahmedabad-Sharjah, alongside enhanced connectivity to the Northeast (Imphal, Guwahati).
- High Utilization: Despite the capacity increase, the airline maintained a 90% Passenger Load Factor (PLF), indicating that demand for its seats remains robust.
Financial Context: Growth vs. Stress
While the market share numbers are positive, the airline’s financial foundation remains under heavy pressure.
| Metric | Q3 FY26 Performance |
| Revenue | ₹1,384 Crore (Up 77% Quarter-on-Quarter) |
| Net Loss | ₹268 Crore (Reduced by 58% from Q2) |
| Share Price | Trading near ₹16.40 (near 52-week lows) |
| Liabilities | Current liabilities exceed assets by over ₹4,200 crore. |
Future Outlook: Target 300+ Flights
SpiceJet is doubling down on this momentum with several ambitious goals for the remainder of 2026:
- Fleet Target: Aims to reach a fleet of 55–60 aircraft by the end of the year.
- Daily Operations: Targeting over 300 daily flights (up from approximately 250 currently).
- Capacity Goal: Looking to hit 220–225 crore ASKMs by Winter 2026.
- Equity Allotment: The airline recently settled ₹476 crore ($54 million) in liabilities by allotting equity to lessors like Carlyle Aviation Partners, helping to slowly repair its balance sheet.
