By Kavita Mistry 
SpiceJet has been assigned a ‘CRISIL A4+’ rating by Crisil Ratings Limited, recognising the airline’s successful restructuring measures, its ability to raise capital, and its adequate liquidity position. The latest rating comes on the back of two successive upgrades by Acuité Ratings & Research, signalling growing investor and institutional confidence in the airline’s financial turnaround.
In September 2025, Acuité upgraded SpiceJet’s long-term credit rating to ‘BB (Stable)’ from ‘BB- (Stable)’, while reaffirming its short-term rating at ‘A4+’. This followed an earlier upgrade in August, marking consistent improvement in the airline’s credit profile.
In its assessment, Crisil noted that SpiceJet’s rating is supported by ongoing restructuring efforts covering a significant portion of lease liabilities, as well as the airline’s demonstrated ability to raise fresh capital. The report cited the successful Qualified Institutional Placement (QIP) of INR 3,000 crore, the proceeds of which were utilised for payment of statutory dues, settlement of creditor obligations—including aircraft and engine lessors and engineering vendors—and the ungrounding and maintenance of the existing fleet.
Crisil also highlighted the airline’s structured revival strategy, which includes the ungrounding of 10 aircraft by early 2026 and the finalisation of damp lease agreements for 18 aircraft, together expected to boost SpiceJet’s capacity by nearly two and a half times. The agency added that operating profitability is likely to improve further with additional capacity deployment during peak travel periods.
SpiceJet has inducted three new aircraft—an Airbus A340 and two Boeing 737s—marking the start of its large-scale winter expansion. The airline plans to add 20 new aircraft between October and November and unground four by mid-December. The expansion will more than double its operational fleet and triple its available seat kilometres (ASKM) by December 2025.
Commenting on liquidity, Crisil stated: “SpiceJet’s liquidity position appears adequate, with the company holding INR 333 crore in free cash and equivalents, supplemented by INR 150 crore in restricted cash. The availability of these funds, together with anticipated steady cash accruals, is expected to be sufficient to meet operational expenses, debt repayment, and lease commitments.” Debojo Maharshi, Chief Business Officer, SpiceJet, said: “We are pleased that Crisil has acknowledged SpiceJet’s sustained efforts to strengthen its financial and operational performance. Over the past year, we have focused on disciplined financial management, and this recognition reaffirms our commitment to building a stronger and more resilient airline, well-positioned for sustainable growth.”
The ratings agency further observed that the airline’s progress in returning aircraft to service has led to an increase in Available Seat Kilometres (ASKM), market share gains, and improvement in operating profitability. Crisil also noted that the airline’s capital structure has strengthened, with the net debt-to-EBITDAR ratio remaining below five times, underscoring improved financial stability.
