Spicejet (SJET IN) – Analyst Meet Update – Ungrounding & damp leases key to revival – Not Rated
Published on 09 Dec 2025
We attended analyst meet of SpiceJet (SJET IN) wherein management shared the progress over ungrounding and updated on fleet induction timelines. While SJET IN operated 19 aircrafts as of 2QFY26, 14 aircrafts have already been inducted via damp lease so far and the operational fleet is set to double by Dec-25. While damp lease inductions will help to boost capacity temporarily; the key to long term revival is ungrounding (8 Boeing’s expected to be back into service by April-26) and fresh inductions. On the other hand, negotiations for lessor liabilities (~Rs24bn) are underway and any material haircut should aid in cash preservation (Rs2.1bn of free cash as of 1HFY26). Revival of AoG and pace of damp lease inductions is key to revival. Not rated.
