SpiceJet aims for fleet of 100 by the end of 2026: CMD Ajay Singh

“SpiceJet is an airline that has strong fundamentals but was hamstrung by two black swan events one after the other – the worldwide grounding of Boeing 737 Max, followed by Covid pandemic,” CMD Ajay Singh told ET in an interview.

After enduring major setbacks, such as the global grounding of the Boeing 737 MAX and the disruptions caused by the Covid-19 pandemic, SpiceJet is focused on reclaiming its competitive position in the aviation market.

Despite these challenges, the airline’s core strengths remain intact, and with a robust infrastructure, it is well-equipped to recover from its recent struggles.

“After acquiring SpiceJet in 2015, we had improved its operational and financial metrics in a very short time. With highest aircraft occupancy, there were profitable quarters on the trot," Ajay Singh told ET.

"We ordered 200 Boeing 737 MAX aircraft. Everything was going just fine when two black swan events happened in quick succession: global grounding of the 737 MAX in March 2019 and then Covid in 2020,” Singh said.

As the domestic aviation sector becomes increasingly dominated by major players, there remains ample opportunity for other airlines to succeed.

A competitive environment is essential for driving innovation and offering consumers more choices, ultimately leading to a more balanced market.

SpiceJet is seizing new opportunities and enhancing its services to attract a wider customer base.

This proactive strategy is aimed at reinforcing its market position and reclaiming the share lost during recent challenging years.

Looking ahead, the airline plans not only to rebuild its fleet but also to innovate its approach to air travel.

With a focus on resilience and adaptability, SpiceJet is ready to face future challenges and leverage emerging opportunities in the industry.

"We have resumed dialogue with Boeing for getting delivery of MAX ordered by us. We will rededicate all efforts to be an efficient and on time airline,” the SpiceJet CMD told ET.

SpiceJet stock soars 10% as company raises Rs 3,000 crore via QIP

SpiceJet’s share price on Monday (Sept. 23) jumped by 10 percent, hitting an intraday high of Rs 72.8 per share on the BSE, following the airline's successful raising of Rs 3,000 crore through a qualified institutional placement (QIP) process.

In the early trade on Monday, SpiceJet’s shares were trading 6.41 percent higher at Rs 70.4 per share on the BSE, while the BSE Sensex saw an increase of 187.83 points, reaching 84,732.14 around the same time.