Crisil gives SpiceJet A4+ rating: How the airline is scripting its revival story

New Delhi: SpiceJet has received a CRISIL A4+ rating, with the credit rating agency highlighting the airline’s restructuring plans, strong capital-raising ability, and adequate liquidity as key strengths.

The announcement marks another vote of confidence in the low-cost carrier’s financial and operational revival strategy.

“We are pleased that CRISIL has acknowledged SpiceJet’s sustained efforts to strengthen its financial and operational performance. Over the past year, we have focused on disciplined financial management, and this recognition reaffirms our commitment to building a stronger and more resilient airline, well-positioned for sustainable growth,” said Debojo Maharshi, Chief Business Officer, SpiceJet.

The CRISIL rating follows two consecutive upgrades from Acuité Ratings & Research, reflecting growing market confidence in SpiceJet’s turnaround. In September 2025, Acuité had upgraded the airline’s long-term credit rating to ‘BB (Stable)’ from ‘BB- (Stable)’, and reaffirmed its short-term rating at ‘A4+’ after an update in August.

Ratings agencies have pointed to SpiceJet’s detailed revival plan as a key factor supporting the improved rating. The plan includes ungrounding 10 aircraft by early 2026 and finalizing damp lease agreements for 18 aircraft, which will result in a 2.5x capacity increase

With this additional capacity, the airline’s operating profitability is expected to improve, especially during peak travel seasons.

Crisil also noted that SpiceJet has a strong liquidity position. The airline currently holds INR 333 crore in free cash and equivalents, supplemented by INR150 crore in restricted cash. These funds, along with anticipated steady cash inflows, are expected to cover operational expenses, debt repayments, and lease obligations, ensuring stability during the revival process.

The combined recognition from Crisil and Acuité signals renewed confidence in SpiceJet’s ability to navigate challenges, expand its operations, and strengthen its position as a key player in India’s low-cost airline segment.