For a SpiceJet passenger, the main question right now is a simple one: will the flight actually take off? Multiple reports suggest the budget carrier's operations have come under heavy strain. Frequent cancellations, a much smaller fleet and a growing list of unpaid bills are reportedly disrupting its daily schedule.

According to these reports, SpiceJet is cancelling between 15 and 20 flights every day while operating only around 65 scheduled services. That would mean that on a bad day, roughly one in four planned flights may not operate. Passengers have also reportedly faced long waits, with some flights cancelled only after delays of three to five hours.

Where the Money Trail Leads

Sources cited in various reports link the disruptions to dues owed to aircraft lessors, oil marketing companies, airport operators and ground-handling agencies. These are the suppliers an airline needs in order to fly at all. SpiceJet is understood to be running largely on a cash-and-carry basis, paying in advance for essential services. That leaves it little room to absorb unexpected costs or recover quickly when a schedule goes wrong.

The fleet tells a similar story. SpiceJet's fleet has reportedly shrunk to just 12 aircraft, and three of those are grounded because of non-payment issues with lessors. In aviation, aircraft are the airline's main source of revenue. Each grounded plane means fewer flights to sell, and the costs of leasing, parking and maintaining it continue to add up.

The strain also appears to have reached employees. According to sources, SpiceJet staff have not received salaries since June 2026.

The airline's latest available financial results show the pressure it has been under. For the quarter ended September 2025, SpiceJet reported a net loss of Rs 621 crore, compared with Rs 458 crore a year earlier. Revenue fell 13.4 per cent year-on-year, from Rs 915 crore to Rs 792 crore. The operating loss stood at Rs 297 crore, which included Rs 120 crore in grounded-aircraft costs and Rs 30 crore in return-to-service expenses. Its EBITDAR loss, excluding foreign exchange impact, widened to Rs 203.8 crore from Rs 58.87 crore.

The numbers are not all negative. SpiceJet reported a passenger load factor of 84.3 per cent for the quarter, and passenger revenue per available seat kilometre rose to Rs 4.04 from Rs 3.91. In other words, the planes that did fly were mostly full, and fares improved. That suggests passenger demand is still there. What appears to be missing is the money to keep enough aircraft in the air.

What It Means for Flyers and the Market

Passengers holding SpiceJet tickets, especially for the busy winter and wedding season, should check their flight status before leaving for the airport. They should also make sure their contact details are up to date with the airline. Under DGCA's passenger rules, travellers on cancelled flights are generally entitled to a refund or an alternate flight, and in certain cases to compensation.

The situation also matters for the wider industry. India's domestic aviation market is already concentrated among a few large carriers. If a budget player operates fewer flights, fares on some routes could rise and passengers would have fewer choices.

Investors appear cautious. SpiceJet shares ended 0.65 per cent lower at Rs 7.68 on the BSE. How quickly the airline settles its dues and returns grounded aircraft to service will likely decide whether this is a temporary disruption or a deeper crisis.

With inputs from IANS