Crisil Assigns 'CRISIL A4+' Rating to SpiceJet

SpiceJet has been assigned a 'CRISIL A4+' rating by Crisil Ratings Limited, which cited the airline's ongoing restructuring efforts, ability to raise capital, and adequate liquidity position as key strengths.

The new rating comes close on the heels of two consecutive upgrades by Acuité Ratings & Research, reflecting growing confidence in the airline's revival and growth strategy.

In September 2025, Acuité upgraded SpiceJet's long-term credit rating to 'BB (Stable)' from 'BB- (Stable)', while reaffirming the short-term rating at 'A4+', following an earlier upgrade in August 2025.

Crisil, in a note, said that the rating is supported by the airline's ongoing restructuring efforts for a significant portion of its lease liabilities. "Furthermore, the company has also shown ability to raise capital by raising INR 3,000 crore through a QIP, which was utilised for payment of statutory dues, settlement of outstanding liabilities of creditors including aircraft and engine lessors and engineering vendors, and ungrounding and maintenance of existing fleet," the ratings agency observed.

Crisil also highlighted SpiceJet's structured revival plan, which includes the ungrounding of 10 aircraft by early 2026 and finalisation of damp lease agreements for 18 aircraft, expected to increase capacity by nearly 2.5 times.

The agency added that the airline's operating profitability is expected to improve further with additional capacity deployment during peak periods.

Crisil said, "SpiceJet's liquidity position appears adequate, with the company holding INR 333 crore in free cash and equivalents, supplemented INR Rs 150 crore of restricted cash. The availability of these funds, combined with anticipated steady cash accrual, is expected to be sufficient to cover operational expenses, debt repayment, and lease obligations."

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 agency also acknowledged the airline's progress in ungrounding aircraft, leading to higher Available Seat Kilometres (ASKM) and consequent market share gains, as well as an improvement in EBITDAR and capital structure, with the net debt to EBITDAR ratio remaining below 5 times.

Shares of SPICEJET LTD was last trading in BSE at Rs. 34.96 as compared to the previous close of Rs. 33.09. The total number of shares traded during the day was 43708490 in over 48356 trades.

The stock hit an intraday high of Rs. 35.97 and intraday low of 32.11. The net turnover during the day was Rs. 1514470872.00.

Source : Equity Bulls

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