In December, SpiceJet entered into an agreement with StandardAero, a US-based engine maintenance, repair, and overhaul (MRO) company, to restore its grounded Max fleet. This move has significantly bolstered SpiceJet’s market share.
During the December quarter, the low-cost airline expanded its operational fleet by 55%, adding one aircraft every nine days, for a total of 10 additional aircraft. This expansion enabled the carrier to launch services to new destinations and resume operations to previously discontinued locations. Despite the progress, SpiceJet’s operational fleet remains small, consisting of 28 aircraft. Over half of SpiceJet’s fleet is still grounded due to cash flow issues and outstanding dues.
To address these challenges, the company recently raised Rs 3,000 crore, allocating Rs 800 crore to revive grounded aircraft. With these funds, SpiceJet plans to unground several aircraft, including seven 737 Max, four 737 NG, and six Q400 narrow-body, short-haul planes. By April 2025, at least 10 of these grounded planes are expected to rejoin operations.
The airline’s efforts to unground aircraft and streamline operations have also reflected positively on its financial performance. In Q3 FY25, SpiceJet reported a 53% revenue increase to Rs 1,651 crore compared to the previous quarter, along with a profit of Rs 26 crore—marking its first net worth-positive result in a decade.
Additionally, in the past three months, SpiceJet has resolved disputes with several major lessors and partners, including Export Development Canada, Engine Lease Finance Corporation, Babcock & Brown Aircraft Management, Aircastle (Ireland), Wilmington Trust SP Services (Dublin), and Shannon Engine Support.