GURUGRAM, September 3, 2025: SpiceJet has reached a notable financial achievement with Acuité Ratings & Research elevating its long-term credit rating to BB- (Stable) and its short-term rating to A4+. This upgrade indicates the airline’s enhanced financial status, improved business prospects, and ongoing commitment to operational stability. The upgrade reinforces the positive momentum in SpiceJet’s credit assessment. In November 2024, Acuité had upgraded the airline’s rating by four levels to B+ (Stable) along with a short-term rating of A4. This was succeeded in January 2025 by CareEdge Ratings assigning a BB- (Stable) rating, marking SpiceJet’s second upgrade within a brief three-month span.
In its most recent upgrade, Acuité noted, “The rating upgrade reflects a significant new capital infusion from a key promoter company in March 2025, which followed the Qualified Institutional Placement (QIP) in September 2024, providing additional liquidity and aiding overall operations.” Furthermore, “The rating is bolstered by increased operational scale and profitability, alongside unutilized funds of approximately Rs. 300 Cr. from the previous fundraising round (QIP) as of March 31, 2025, and a reduction in aircraft lease liabilities settled through negotiations with lessors.” Acuité pointed out that a new order for expanding the fleet under a wet lease structure is expected to benefit the airline in the near to medium term.
The timely delivery of these new aircraft will be a key area to monitor. These strengths are tempered by the challenges of operating in a highly competitive and regulated market, a weak financial risk profile, and vulnerability to fluctuating fuel prices and foreign exchange risks. Acuité emphasized that SpiceJet, with its established presence in the aviation sector, has successfully diversified its revenue streams for cash generation. Acuité anticipates that this diversified revenue and a strong fleet will enhance SpiceJet’s revenue profile in the medium term. “Acuité believes that moving forward, the scale of operations and profitability will improve due to additional funding and the induction of new aircraft in the near to medium term,” the agency stated.
Debojo Maharshi, Chief Business Officer of SpiceJet, remarked, “Acuité’s upgrade confirms SpiceJet’s financial strength and operational discipline. With decisive actions taken to bolster our balance sheet and expand our fleet, we are optimistic about achieving sustainable growth and long-term value for all stakeholders.” About SpiceJet: SpiceJet is India’s preferred airline, making air travel affordable for more Indians than ever before. SpiceJet is an IATA-IOSA certified airline operating a fleet of Boeing 737s & Q-400s, and is among the largest regional operators in the country, providing numerous daily flights under the UDAN or Regional Connectivity Scheme. Most of the airline’s fleet features SpiceMax, offering the most spacious economy-class seating in India.