Synopsis: SpiceJet (NSE: SPICEJET) shares turned positive on February 19, 2026, following the announcement of a Memorandum of Understanding (MoU) for 10 additional aircraft. The “Zero-Minute” fact is that the airline plans to double its capacity to 220 crore Available Seat Kilometres (ASKMs) and 300 daily flights by Winter 2026, marking a significant acceleration in its operational turnaround.
On Thursday, February 19, 2026, SpiceJet Limited witnessed renewed investor interest as its stock price gained over 2% to an intraday high of ₹17.30. The rally was ignited by a fresh fleet expansion update, where the airline confirmed receiving an MoU for the induction of 10 new aircraft. This follows the Board’s approval for a calibrated ramp-up of the fleet to 60 aircraft through a strategic mix of wet and damp leases, alongside the phased return of grounded planes.
The airline’s recovery has gathered pace, with capacity doubling in the last quarter as ASKMs rose from 55 crore to 105 crore. This operational momentum is helping the carrier regain market share, which recently climbed to 4.3% in December 2025 from 1.9% in September.
Why is SpiceJet’s strategic jump significant today?
The primary driver is the “300 Daily Flights” Roadmap. By securing 10 fresh aircraft, SpiceJet is moving toward its goal of more than doubling its current capacity. This expansion is essential for capturing high passenger demand and improving its Cost per Available Seat Kilometre (CASK) through better asset utilization and network strength.
Furthermore, the “1-2-1” rule of SpiceJet’s recovery was evident: one massive fleet catalyst (10-aircraft MoU), two financial milestones (full repayment of $24 million to Credit Suisse and a $89.5 million liquidity boost from Carlyle Aviation), and one clear market objective. The airline is targeting a 220 crore ASKM monthly capacity by Winter 2026 to ensure long-term sustainability.
SpiceJet: Operational & Financial Recovery Metrics
| Metric | Q2 FY26 (Actual) | Q3 FY26 (Reported) | Winter 2026 Target |
| ASKM (Monthly) | 177 Crore | 277 Crore (56% ↑) | 220 Crore |
| Daily Departures | ~100 Flights | 175 Flights | 300+ Flights |
| Market Share | 1.9% | 4.3% | Double-Digit Aim |
| Net Loss (ex-forex) | ₹448 Crore | ₹197 Crore (56% ↓) | Profitability Pivot |
The “Legacy Debt” Cleanup and Future Risks
SpiceJet is aggressively cleaning its balance sheet to regain trust with lessors and investors.
- Debt Settlement Success: The company has finalized the full repayment of its $24 million dispute with Credit Suisse, significantly reducing its legal and financial overhang.
- Carlyle Aviation Deal: A strategic settlement with Carlyle Aviation provided a $89.5 million liquidity boost, enabling the airline to fund engine overhauls and return grounded aircraft to active service.
- Technical Outlook: Chartists identify a support level at ₹16.50. If the stock sustains momentum above ₹17.30, it could test the ₹20–₹22 zone as the market begins to price in the “300 flights per day” revenue potential for FY27.
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The Bottom Line
The 10-aircraft MoU signals SpiceJet’s shift from “survival” to “growth.” For the Aam Aadmi investor, the focus remains on the Winter 2026 execution. If the airline successfully hits its 300-flight target while maintaining its 90% load factor, the current recovery could transform into a major valuation rerating as legacy liabilities fade.
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