A volatile mix of operational setbacks and aggressive growth targets has placed SpiceJet at the center of India’s aviation news cycle. As the stock plunges to new lows following a mid-air engine failure on a Delhi-Leh flight, the airline simultaneously pushes forward with a bold fleet expansion strategy for Winter 2026.

Operational Safety: The Delhi-Leh Mid-Air Incident

Sources indicate that a significant safety scare occurred on Tuesday, February 24, 2026, involving a SpiceJet Boeing 737 (Flight SG121). According to reporting from Various News Agencies, the flight, carrying approximately 150 passengers, was forced to return to Delhi Airport shortly after takeoff due to a suspected engine failure. A “Full Emergency” was declared at the airport, though the aircraft landed safely with no injuries reported. This incident has intensified scrutiny on the carrier’s operational resilience.

Financial Turbulence: Stock Crash and Q3 Losses

The market reaction has been swift and severe. According to financial news reports, SpiceJet shares crashed over 39% in the past month, hitting a 52-week low of approximately Rs 12.88 on February 25, 2026. Sources indicate this sell-off was triggered by the airline’s Q3 FY26 results, which revealed a consolidated net loss of Rs 261.38 crore, a stark contrast to the profit posted in the same quarter the previous year. Despite a 14% year-on-year revenue increase, rising costs continue to pressure the bottom line.

Strategic Pivot: The 2026 Expansion Roadmap

In a counter-intuitive move, the airline is doubling down on growth. According to reporting from Various News Agencies, SpiceJet has signed a Memorandum of Understanding (MoU) to induct 10 new aircraft. The carrier aims to more than double its capacity by Winter 2026, targeting over 300 daily flights. This aggressive strategy suggests management is betting on scaling its way out of financial headwinds, even as it navigates immediate operational challenges.

Key Data Points

• Stock Performance: Shares down ~39% in one month, hitting 52-week lows.
• Financials: Q3 FY26 Consolidated Net Loss of Rs 261.38 Crore.
• Market Share: Improved to 4.3% in December 2025 from 1.9% in September 2025.
• Growth Target: Aiming for 220 crore Available Seat Kilometers (ASKMs) by Winter 2026.

FAQ

Q: Why did SpiceJet’s stock price crash in February 2026?
A: Sources indicate the crash was driven by a reported Q3 net loss of Rs 261 crore and negative sentiment following a mid-air engine failure incident on the Delhi-Leh route.

Q: What happened to the SpiceJet Delhi-Leh flight?
A: According to reporting from Various News Agencies, flight SG121 returned to Delhi shortly after takeoff on Feb 24, 2026, due to a technical snag in the engine. It landed safely.

Q: Is SpiceJet expanding despite the losses?
A: Yes, sources indicate the airline has signed an MoU for 10 new aircraft and plans to double its capacity by Winter 2026.

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Tags: SpiceJet News, Aviation Stocks India, Flight Safety