SpiceJet has received a ‘CRISIL A4+’ rating from Crisil Ratings Limited, which highlighted the airline’s ongoing restructuring initiatives, capacity to raise capital, and sufficient liquidity as major advantages. This new rating follows two recent upgrades from Acuité Ratings & Research, indicating increasing confidence in the airline’s recovery and growth plans. In September 2025, Acuité raised SpiceJet’s long-term credit rating to ‘BB (Stable)’ from ‘BB- (Stable)’ and maintained the short-term rating at ‘A4+’, after an earlier upgrade in August 2025. According to Crisil, the rating is bolstered by the airline’s ongoing efforts to restructure a significant portion of its lease liabilities.
The agency noted that SpiceJet successfully raised INR 3,000 crore through a QIP, which was allocated for settling statutory dues, paying outstanding liabilities to creditors including aircraft and engine lessors, and for the maintenance and ungrounding of the existing fleet. Crisil emphasized the structured revival plan of SpiceJet, which includes plans to unground 10 aircraft by early 2026 and finalize damp lease agreements for 18 aircraft, potentially increasing capacity by nearly 2.5 times. The agency projected that the airline’s operating profitability would further improve with additional capacity during peak periods. Crisil mentioned that SpiceJet’s liquidity seems adequate, with INR 333 crore in free cash and equivalents, plus INR 150 crore in restricted cash.
This liquidity, along with expected stable cash inflows, should be sufficient to meet operational costs, debt repayments, and lease commitments. Debojo Maharshi, Chief Business Officer of SpiceJet, expressed satisfaction with CRISIL’s recognition of the airline’s continued efforts to enhance its financial and operational performance. He stated that the company has prioritized disciplined financial management over the past year, and this acknowledgment reinforces its dedication to building a stronger, more resilient airline positioned for sustainable growth. The agency also noted the airline’s advancements in ungrounding aircraft, resulting in increased Available Seat Kilometres (ASKM) and improved market share, along with enhancements in EBITDAR and capital structure, with the net debt-to-EBITDAR ratio remaining below five times.
