SpiceJet has said it will file its overdue financial results by December 7, after the Bombay Stock Exchange warned that trading in the airline’s shares could be suspended over the missing filings. The development adds pressure on the cash-strapped carrier, whose share of India’s domestic aviation market has fallen sharply as it cuts flights and grounds aircraft.
In a notice issued on Monday, the BSE said trading in SpiceJet shares would be suspended from December 10 because the airline had not submitted its results for the March and June quarters. The suspension will not take effect if the carrier meets the listing requirements to the exchange’s satisfaction by December 7.
A SpiceJet spokesperson said the delay was caused by the longer time taken to complete the audit. The spokesperson did not explain what had prolonged the process. The airline also said it had received an extension from the Registrar of Companies to hold its annual shareholder meeting for the financial year ended March 2026 by December 31.
Under Indian company law, audited annual financial statements must be presented at the annual shareholder meeting. Indian listing rules separately require companies to report quarterly results within 45 days of the end of each quarter, except for the final quarter of the financial year, and audited annual results within 60 days of the financial year’s end.
The BSE said that if trading is suspended, shares held by SpiceJet’s controlling shareholders, along with other securities in their electronic securities accounts, would be frozen. Chairman and managing director Ajay Singh is among the airline’s controlling shareholders. Singh held a 12 per cent stake as of March 31, while the wider controlling shareholder group owned 24.2 per cent, according to the company’s latest available shareholding disclosure.
SpiceJet has been dealing with a cash crunch that has led to flight reductions, grounded aircraft and delays in salary payments to many pilots. The airline has also sought government-backed financing. Its domestic market share has declined to 0.6 per cent from nearly 15 per cent in 2019, while IndiGo and the Air India group together accounted for more than 90 per cent of India’s domestic passenger market in September.
The airline’s financial difficulties have been worsened by higher fuel prices and restricted airspace access linked to the conflict in the Middle East. SpiceJet last reported financial results in February, when it posted a consolidated net loss of 2.62 billion rupees for the October-December 2025 quarter.
Separately, SpiceJet said its board would meet on November 18 to consider raising fresh capital through shares, debt securities or other financial instruments. The filing deadline and the proposed fund-raising decision are the next key milestones for the airline as it attempts to address its financial and operational constraints.
