SpiceJet’s shares climbed over 5% on November 17 after the airline announced an aggressive fleet expansion plan that aims to double its operational aircraft count by the end of 2025. The stock rose to ₹37.40 in early Monday trading, reflecting renewed investor confidence.

In an investor presentation released on Monday, SpiceJet said its operational fleet had reduced to 19 aircraft in September, down from 21 in June. However, the airline now plans a major comeback.

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SpiceJet hopes to bring eight grounded Boeing aircraft back into service by April 2026. Two aircraft have already rejoined the fleet, up to two more are expected to be operational by December 2025 and the remaining four will be restored by early summer 2026.

The carrier said that by the end of 2025, it expects to double its operational fleet and nearly triple its Available Seat Kilometres (ASKM), marking a significant step forward in its growth strategy.

According to the airline, the higher capacity and improved aircraft utilisation will help bring down its Cost per Available Seat Kilometre (CASK) and support better profitability. SpiceJet also said that its ongoing liability restructuring will continue through Q3 and Q4, with a “significant portion” expected to be resolved, strengthening the airline’s financial position.

Despite its expansion plans, SpiceJet’s financial results for the July–September quarter of FY26 indicated continued challenges. The airline reported a consolidated net loss of ₹621 crore, compared with a loss of ₹458 crore in the same period last year.

Its revenue from operations fell 13% to ₹792 crore in Q2FY26, down from ₹915 crore in Q2FY25. The airline attributed the weak performance to high costs linked to its grounded aircraft, foreign exchange losses, additional expenditure for returning aircraft to service and airspace restrictions that disrupted operations and pushed up operating expenses.

SpiceJet’s share price has shown mixed movement this year. The stock has gained over 12% in the past month but is still down more than 18% over the last six months. Overall, the stock has fallen over 35% in 2025 so far.