**GURGAON, November 13, 2026 —** SpiceJet’s domestic market share plummeted to 0.6% in September, down from 1.2% in August and nearly 15% in 2019, as the airline grapples with unpaid salaries, lessor disputes, and a looming BSE suspension threat. With only nine of its 12 aircraft operational and a board meeting scheduled for November 18 to approve a ₹5,000 crore fundraising plan, the carrier’s survival hinges on securing fresh capital amid mounting operational and financial pressures.
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Cash Burn and Operational Collapse: A Market Share of 0.6% and Grounded Fleet
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SpiceJet’s market share decline to 0.6% in September 2026, from 1.2% in August and nearly 15% in 2019, underscores its deepening crisis. Figures show only nine of its 12 aircraft are operational, with three grounded due to unpaid lessor rent. In September, nearly 40% of flights were delayed over two hours, and 20% were cancelled, according to Directorate General of Civil Aviation (DGCA) data. The airline’s half-yearly report reveals ₹63.03 crore in unpaid supplier dues, with over 85% of invoices from small suppliers overdue beyond the 45-day legal limit.
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Regulatory and Exchange Pressure: BSE Suspension Threat and DGCA Oversight
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The Bombay Stock Exchange (BSE) has threatened to suspend SpiceJet’s trading from December 10 if it fails to file overdue March and June quarter results by December 7. The airline last reported financials in February 2026, posting a ₹2.62 billion net loss for the October-December 2025 quarter. Meanwhile, the DGCA is monitoring SpiceJet’s operations and financial position, with Civil Aviation Minister K. Rammohan Naidu emphasizing passenger safety and convenience as key priorities.
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Lessor and Legal Battles: Insolvency Petitions and Unpaid Dues
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SpiceJet faces insolvency petitions from lessors and payment claims from former promoter Kalanidhi Maran and KAL Airways. The airline’s inability to pay rent has grounded three aircraft, while ₹63.03 crore in supplier dues remains unpaid. The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, mandates compound interest on overdue payments, adding to the financial strain.
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The ₹5,000 Crore Lifeline: Board Meeting on November 18
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SpiceJet’s board will meet on November 18 to consider raising up to ₹5,000 crore via equity, debt, or other instruments. A term sheet for the proposed investment has been received, though details on investors and pricing remain undisclosed. The airline received ₹150 crore under the Emergency Credit Line Guarantee Scheme (ECLGS) in September, but this has not alleviated its cash crunch.
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Human Cost: Six Months of Unpaid Salaries and Passenger Frustration
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Salary payments have been delayed for over four months, with some employees reporting six months of unpaid dues. Passengers face mass flight cancellations without notification, unpaid refunds, and non-functional customer care. Social media posts highlight delays and sudden cancellations, with one incident at Delhi airport escalating into an argument between passengers and staff.
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Duopoly Context: Survival Amid IndiGo and Air India Dominance
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SpiceJet’s crisis unfolds in a market dominated by IndiGo and Air India, which together control over 70% of India’s domestic aviation market. With high fuel costs and the West Asia crisis weighing on operations, the airline’s ability to restore capacity and compete remains uncertain.
The ₹5,000 crore fundraising plan is critical, but a potential BSE suspension could complicate efforts to attract investors. As SpiceJet navigates legal, regulatory, and operational challenges, its survival hinges on securing fresh capital and restoring operational stability. The next concrete milestone is the November 18 board meeting, where the fate of the proposed lifeline will be decided.
Sources
- I Am Also A SpiceJet Victim: Flight Cancelled, No Customer Care, No Email; Passengers Sing Chhath Songs At Boarding Gate
- SpiceJet
- SpiceJet Scrambles To File Results Before BSE Suspension
- SpiceJet Market Share Doubles on Capacity Boost
- SpiceJet board to consider fresh ₹5,000 crore capital raise on November 18
- SpiceJet is running late on three fronts: flights, supplier payments, salaries
Photo: Nisarg Vyas (GFDL 1.2)
