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By Manu Vardhan Kannan
Published on November 15, 2025
SpiceJet has announced its financial results for the quarter ended September 30, 2025 (Q2 FY26), reporting a consolidated net loss of INR 447.7 crore (ex-forex), compared to INR 424.26 crore in Q2 FY25. The airline attributed the results to recalibrating dollar-based obligations, carrying costs of grounded aircraft, and expenses related to the restoration of aircraft to service during the quarter.
Despite the traditionally weak monsoon period, SpiceJet maintained a strong Passenger Load Factor (PLF) of 84.3%, showcasing steady passenger demand. Passenger Revenue per Available Seat Kilometre (RASK) improved to INR 4.04 from INR 3.91 in the previous year, while EBITDAR (ex-forex) stood at INR (203.8) crore against INR (58.87) crore in Q2 FY25.
The airline also advanced its ambitious fleet ramp-up programme, finalising damp lease agreements for 19 aircraft and restoring two grounded aircraft to service. Under the winter 2025 schedule, SpiceJet plans to more than double its operational fleet and triple its Available Seat Kilometres (ASKM). It also became the first Indian airline to launch non-stop flights to Najaf, Iraq, expanding its daily operations to 250 flights — more than twice the summer schedule.
Financially, the airline strengthened its balance sheet through several key milestones. It secured a liquidity boost of $89.5 million following a settlement with Carlyle Aviation Partners, unlocking $79.6 million in cash maintenance reserves and $9.9 million in credits. SpiceJet also completed the full repayment of $24 million to Credit Suisse, improving its financial flexibility. The airline’s credit ratings were upgraded consecutively by Acuité (BB Stable) and CRISIL (A4+), reflecting growing confidence in its turnaround strategy.
SpiceJet also achieved zero Level 1 findings in DGCA safety audits over the past year and signed an interline agreement with Gulf Air to enhance international connectivity.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “The September quarter was a period of consolidation and groundwork for our next phase of growth. While the results reflect short-term costs related to fleet revival and expansion, these are strategic investments that will yield results from the current quarter onward. With aircraft additions and an expanding network, SpiceJet is on a clear trajectory towards stronger operational and financial performance in the second half of the year.”
He added, “Our load factor of over 84% underscores strong demand. With the winter schedule now live and high-yield routes in play, Q3 marks the start of a new chapter of scale, strength, and profitability for SpiceJet. We are also pleased to welcome Sanjay Kumar as Executive Director, his leadership will drive our next phase of transformation.”
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Published on April 7, 2026
Indian Hotels Company Limited’s lifestyle catering brand Soulinaire has partnered with IF.BE (Ice Factory Ballard Estate), a well-known cultural centre in Mumbai. This collaboration marks a new phase for the 150-year-old restored industrial space, bringing together culture and curated hospitality experiences.
Mr. Kamal Malik, Founding Partner, IF.BE, said, “IF.BE has always been envisioned as a space where ideas, people and disciplines converge. Through this collaboration with Soulinaire we are able to extend that vision - bringing together strong cultural programming with a level of culinary refinement and operational depth that enhances every interaction within the space.”
Mr. Abhijit Mehta, Partner, IF.BE, said, “The collaboration brings together IF.BE’s curatorial focus with Soulinaire’s systems-led approach to refined, high-volume catering and service. Known for its emphasis on personalization, scale, and consistency, Soulinaire extends IF.BE’s offering beyond programming, introducing a more considered and cohesive food and beverage dimension across events, gatherings, and daily experiences.”
Located in Mumbai’s historic Ballard Estate, IF.BE is a unique cultural hub set inside a restored 150-year-old ice factory. The space blends heritage architecture with modern art and design, creating a platform for creativity, discussions, and community engagement.
Mr. Somnath Mukherjee, Executive Vice President - Operations, IHCL, said, “This partnership brings together two brands with a shared commitment to craft, culture and experience. IF.BE has evolved into a distinctive cultural destination within Mumbai’s urban fabric, and this association marks Soulinaire’s entry into one of the city’s historic precincts to curate experiences that are rooted in design and dialogue. We are happy to collaborate with Mr. Kamal Malik and Mr. Abhijit Mehta.”
The venue features three dining and social spaces, including Native Bombay, a modern Indian restaurant, The Banyan Tree Café set in a calm courtyard, and The Native Lounge, a contemporary bar. Along with this, IF.BE offers flexible event spaces such as The Ice Factory, The Cathedral, and The Substation, which host a range of activities from art exhibitions and conferences to brand showcases and private events.
With this collaboration, IF.BE and Soulinaire aim to create a more seamless mix of culture and hospitality, offering visitors well-curated experiences that bring together food, art, and social interactions in one space.
Atmosphere Core has announced its expansion into Northeast India with the launch of a boutique hotel project in Shillong. The company has partnered with Shri Rocky Dhar to introduce DHAR GOLF VISTA by Atmosphere Shillong, marking its entry into the scenic hill station of Meghalaya.
Scheduled to open in 2027, the property will be located in the capital city of Meghalaya, around an hour from Shillong Airport and close to the well-known 18-hole Golf Link Arena. The project is positioned as an upper upscale boutique hotel, designed to cater to both leisure and business travellers.
Speaking about the development, Mr. Salil Panigrahi, Co-Founder & Managing Director of Atmosphere Core, said, “As part of our dynamic expansion across India, a key focus is our approach towards developing premium experiences in hill station destinations particularly in the beautiful northeastern region. This upcoming boutique property at Shillong, Meghalaya is being thoughtfully designed to cater to a diverse range of travellers from leisure seekers and corporate guests to curated events and social get-togethers”.
The hotel, operating under the Atmosphere Hotels & Resorts brand, will feature 75 keys, including deluxe rooms, suites, and presidential suites. Guests can expect views of the golf course, surrounding greenery, mountain valleys, and the city, creating a calm and immersive stay experience.
Dining will be a key highlight at the property, with an all-day dining restaurant offering outdoor seating, a themed sports pub, and a rooftop resto bar serving both local and international cuisine along with a wide selection of beverages.
The wellness experience will be led by the award-winning ELE|NA Ayur spa, offering therapy rooms and professional treatments aimed at relaxation and rejuvenation. Additional facilities will include a swimming pool with an outdoor deck facing the golf course, a golf simulation pavilion, a kids’ play area, and an indoor games room.
At an elevation of 1,496 metres, Shillong is known for its mix of natural beauty and cultural charm. Attractions such as Ward's Lake, Elephant Falls, Shillong Peak, and Umiam Lake continue to draw travellers throughout the year. The city is also known for its vibrant music culture and festivals like the Shillong Autumn Festival.
Mr. Souvagya Mohapatra, Managing Director Atmosphere Core India, Bhutan, Nepal & Sri Lanka, added, “The Northeastern state’s hill stations have always been central to our vision of creating iconic luxury experiences. Shillong the capital city of Meghalaya, with its awe-inspiring cultural heritage backdrop and timeless appeal, is a natural choice for our expansion. As plans to enter this extraordinary destination unfold, I am confident that this collaboration will redefine hospitality in the region”.
Shri Rocky Dhar, owner of DHAR GOLF VISTA by Atmosphere, concluded, "Atmosphere Core’s distinguished legacy of excellence aligns perfectly with our vision to unveil a transcendent world-class hotel in Shillong. With our vision and focused approach, we are committed to manifesting inspiring, bespoke hotels and resorts that embody the pinnacle of sophistication. This illustrious partnership will not only elevate Shillong’s hospitality landscape but will also set an unrivalled benchmark for elegance and impeccable service in this breathtaking and scenic Northeastern state of India."
Indian Hotels Company Limited (IHCL), India’s largest hospitality company, has announced the signing of a Gateway Hotel and Convention Centre in Kanamangala, Devanahalli, near Kempegowda International Airport, Karnataka. This will be a greenfield project, marking another step in the company’s expansion in North Bengaluru.
Speaking on the development, Ms. Suma Venkatesh, Executive Vice President – Real Estate & Development, IHCL, said, “Bengaluru is widely recognised as one of India’s fastest-growing cities, driven by a strong business ecosystem and sustained infrastructure development. With the rapid expansion around the airport, North Bengaluru has emerged as a significant growth corridor, and this signing aligns with our strategy to build scale in the micro-market addressing the rising demand from corporate and MICE segments. We are delighted to partner with Hombale Group for this project.”
The upcoming 300-key Gateway Hotel and Convention Centre in Kanamangala, Devanahalli, will feature an all-day dining restaurant, a bar, a specialty restaurant, and a lounge. Guests will also have access to a fully equipped gym and a swimming pool, offering a comfortable stay experience.
As a convention centre, the property will include spacious and flexible banquet and meeting spaces. The largest banquet hall will span over 16,000 sq. ft., making it suitable for large conferences, corporate gatherings, and social events.
Ms. Shailaja Vijay Kiragandur of Hombale Group said, “We are happy to partner with IHCL to bring the Gateway brand to North Bengaluru aligning with the region’s growth trajectory.”
Bengaluru, often referred to as the Silicon Valley of India, continues to grow as a major hub for IT, biotechnology, aerospace, and advanced manufacturing. The steady development around the airport region has made North Bengaluru an important zone for hospitality growth.
With this addition, IHCL will expand its presence in the city to 20 hotels, including 11 currently under development.
Hombale Group, the owning company, is engaged in both construction and film production. The group has completed over 10 million sq. ft. of construction across various state and central Government projects. Hombale Films, founded by Mr. Vijay Kiragandur in 2014, is also recognised as one of the leading film production houses in South India.
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