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.”

The Fern Hotels & Resorts has announced the signing of Rajpath Beacon Hotel Belagavi, located in the vibrant city of Belagavi, Karnataka. This new addition marks another milestone in the group’s ongoing expansion across South India, taking the total number of operational and upcoming properties in the region to 13.

Sharing his thoughts on the signing, Suhail Kannampilly, Managing Director, The Fern Hotels & Resorts, said, “India’s hospitality landscape is witnessing rapid growth beyond traditional metros, with cities like Belagavi emerging as key demand drivers due to increasing business activity, improved connectivity and evolving consumer preferences. Our presence in such markets aligns with our long-term vision of creating a strong network of well-positioned hotels that serve both business and leisure segments, delivering contemporary, value-driven hospitality that resonates with today’s discerning travellers.”

The upcoming Rajpath Beacon Hotel Belagavi will feature 35 well-appointed guestrooms that combine modern amenities with thoughtful design, catering to the needs of both business and leisure travellers. Guests will also enjoy a contemporary all-day dining restaurant serving a variety of cuisines in a relaxed and welcoming ambiance, ideal for both casual meals and social gatherings.

Conveniently located in Belagavi, the property will cater to a diverse mix of visitors drawn to the city’s growing business ecosystem, educational institutions, and cultural heritage.

Scheduled to open in January 2026, the Rajpath Beacon Hotel Belagavi will further reinforce The Fern Hotels & Resorts’ commitment to delivering exceptional hospitality experiences rooted in comfort, sustainability, and regional character.

Indian Hotels Company (IHCL), India’s largest hospitality company, has announced the signing of a Tree of Life resort in Panheli, Raigad, Maharashtra. This is a conversion project, further expanding the brand’s footprint in leisure and experiential destinations.

Ms. Suma Venkatesh, Executive Vice President – Real Estate & Development, IHCL, said, “Panheli is poised for significant growth, emerging as a sought-after getaway for travellers from the cities of Mumbai and Pune. The region’s natural beauty makes it an ideal location for a quick leisure escape, in line with the ethos of expanding the brand’s presence in drivable destinations. We are delighted to partner with Mr. Prabhat Jha for this project.”

Nestled amidst the scenic Sahyadri hills, Tree of Life AeroVillage Panheli features a private airstrip allowing guests to arrive via a 30-minute chartered flight from Mumbai or Pune. The resort offers 28 elegantly designed guest rooms and suites, along with an all-day dining restaurant and bar.

A perennial river stream flowing through the property enhances the natural charm and sets the stage for curated riverside dining experiences. The resort also features banqueting space of over 5,000 sq. ft., making it ideal for intimate gatherings and celebrations.

Guests can enjoy a variety of recreational experiences including nature treks and trails through the Sahyadris, a 9-hole golf course, a 20-seater private theatre, and a multi-sport stadium catering to cricket, football, and pickleball.

Mr. Prabhat Jha added, “We are delighted to partner with IHCL to bring the Tree of Life experience to AeroVillage Panheli. This collaboration will help us elevate the destination’s appeal to discerning travellers.”

Surrounded by the lush Sahyadri range, Panheli is a hidden gem offering rich natural beauty. Nearby attractions include Murud Janjira Fort, Wanjloshi Dam, Deoghar Waterfalls, and the historic Raigad Fort. Guests can also explore the white sand beaches of Diveagar and Shrivardhan or visit the ancient Gandharpale Buddhist Caves in Mahad, all within driving distance.

With the addition of this property, IHCL now has 54 hotels across Maharashtra, including 27 under development.

About the Owning Company

Mr. Prabhat Jha, an ex-IRS officer and former Commissioner of Income Tax, took early retirement to pursue his passion for hospitality and aviation. He has also served in the World Bank and IMF, and held various positions in the Government of India. His son, Pranjal Jha, an engineer and pilot, has managed marketing and operations for Mumbai City Football Club and is an avid footballer.