Overview

• SpiceJet swung to a net profit of Rs325 crore in Q4 FY25, compared with a Rs404 crore loss a year earlier
• A one-off Rs220 crore lease liability gain along with lower fuel and maintenance costs and forex benefits boosted yields by 28% year-on-year
• The airline recorded its first annual net profit in seven years at Rs48 crore for FY25, completing a second consecutive profitable quarter
• Operational fleet stood at 25 aircraft at the end of March and the Rs3,000 crore QIP is expected to repay lessor dues and return grounded jets to service
• Nuvama warns of a gradual recovery and has trimmed FY26E and FY27E EBITDAR forecasts by 14% while maintaining a hold rating and Rs48 share target