Spicejet vs Indigo – Which Airline Is Rulling The Indian Sky?

Spicejet vs Indigo

Do you know the number of domestic passenger air traffic in India? It’s 125.42 lakh. Yes! The passenger load factor is increasing day by day. In India’s world of flying, two big players stand out i.e. SpiceJet vs IndiGo.

Spicejet vs Indigo

They are no less than rivals in the Indian aviation industry. Reason?

Due to affordability and time-saving factors. Does it make you wonder which one is better in SpiceJet vs Indigo? If yes, then fasten your seatbelt. We will take off on a journey to find out which airline is ruling the Indian sky- SpiceJet or Indigo.

Here we go!

SpiceJet vs Indigo: Businesswise Comparison

As you have read above, the Indian aviation industry consists of many players. Out of these the rivalry of two prominent ones stands out brightly- SpiceJet vs Indigo.

When it comes to Indigo, we all are aware of the fact that it is a real powerhouse of Indian aviation. How? With the biggest market share, impressive revenues, a market value that’s seriously impressive, and more passengers than you can count. You can say that it doesn’t just lead the way, it’s like the king of the road. What we mean is- Indigo is the big leader in the aviation world!

But, hold on, the story doesn’t stop there. In this ever-changing aviation world, there’s space for surprises and growth. 

Here comes SpiceJet, like the spirited underdog. It might be smaller in size, but it’s been making big moves in its own way. In recent times, SpiceJet has been impressively improving its finances, showing that it’s a real contender.

Go through the following table describing the business wise comparison of SpiceJet vs Indigo. And soon you will find out what we are trying to say.

FoundersAjay Singh,
Bhupendra S. Kansagra
Rahul Bhatia,
Rakesh Gangwal
Founded in20042006
HeadquartersGurgaon (Haryana, India)Gurgaon (Haryana, India)
Frequent Flyer ProgramSpice ClubIndigo Plus
Market Capitalization
Rs.26.98 BillionRs.1.00 Trillion
Market Share4.4%56.2%
RevenueRs.6,072.55 crore (FY21)Rs.55,878 crore (FY23)
Operating IncomeRs.-1,087.19 crore (FY21)Rs.4,784 crore (FY23)
Net IncomeRs.-1,029.89 crore (FY21)Rs.-317 crore (FY23)
Profit (Q1 2023-24)Rs.197.63 crore  Rs.3,090 crore
No. of Passengers
(Domestic + International)
9 million (FY22)161 million (FY23)
No. of Flights (daily)6301900
International Destinations660+
Spicejet vs Indigo: Businesswise Comparison


Have you noticed a surprising fact? 

Both of these big airlines are from the same city, Gurgaon. And they’re not just rivals in the sky. They’re also competing to win over passengers with their frequent flyer programs like Spice Club and Indigo Plus.

What inference did you get from the table given above? IndiGo’s dominance isn’t just about the numbers. It’s also about its impressive financial performance, its fleet of planes that seem to go on forever, and a customer base that others envy. SpiceJet, on the other hand, might be smaller, but it’s got that spark of potential.

You know what, money in business is complicated. A lot of things can affect how well a company is doing. So, what we see here is just a small part of the big picture. To really understand how these companies are doing, we’d need to look deeper and consider more details.

Spicejet vs Indigo: Financial Performance Comparison FY23

In this section, we will compare and analyze the financial performance in the battle of SpiceJet vs Indigo.

The following data has been taken from the official financial report of SpiceJet and Indigo.

Financial AspectsSpiceJetIndigo
Income (Revenue)
Revenue From OperationsRs.88,688.40 millionRs.5,36,158.92 million
Other incomeRs.10,460.46 millionRs.14,349.65 million
Total incomeRs.99,148.86 millionRs.5,50,508.57 million
Operating ExpensesRs.47,716.54 millionRs.3,93,069.81 million
Employee  Benefit ExpensesRs.8,438.71 millionRs.47,947.52 million
Foreign Exchange LossesRs.6,789.51 millionRs.29,597.73 million
Other ExpensesRs.8,740.13 million + OthersRs.42,469.61 million
Total ExpensesRs.114,179.01 millionRs.561,858.03 million
Net LossRs.15,030.15 millionRs.3,057.89 million
Spicejet vs Indigo: Financial Performance Comparison FY23

What we found out is- Indigo is doing way better than SpiceJet! 

Especially, when it comes to making money. They’re making a lot more from their main business and other sources. But have you noticed Indigo’s expenses? They’re shelling out five times more than SpiceJet. Here’s the catch. Indigo is spending a lot more money on various things. Such as running their business, paying employees, dealing with currency changes, and other stuff.

Because of all these expenses, Indigo is still making a bit of money. See their revenue! Even their revenue is five times more than SpiceJet.

Unfortunately, the story is quite different for SpiceJet. They’re losing more money than Indigo is making. This suggests that SpiceJet is having a tougher time financially.

Fleet Size Comparison of SpiceJet vs Indigo

Do you know what the most important part of aviation companies are? Aircrafts. The more aircrafts you have, the more monopoly you can have in the aviation industry. But is it true? Look at the following table and you will find out!

(A) Current Fleet of SpiceJet

AircraftIn ServicePassenger Carrying
Boeing 737-7003293
Boeing 737-80017375
Boeing 737-900ER2212
Boeing 737 MAX 811189
De Havilland Canada
Dash 8-400
De Havilland Canada
Dash 8-400 NextGen
Fleet Size of SpiceJet

(B) Current Fleet of Indigo

AircraftIn ServicePassenger Carrying
Airbus A320-20020180
Airbus A320neo175366
Airbus A321neo93454
Airbus A321XLROrdered
(69 Aircrafts)
ATR 72-6004178
Airbus A321-200/P2F2Cargo Plane
Fleet Size of Indigo

When it comes to their airplane fleets, Indigo and SpiceJet are in a bit of a cut-throat battle. Indigo seems to have a bigger arsenal with 331 airplanes. They’ve got various types, like Airbus A320 and A321, and even some cargo planes. 

On the other side, SpiceJet, while having a smaller fleet of 65 airplanes, seems to be packing them with more seats, totaling 1,237 passenger spots. 

So, in terms of size, Indigo wins, but SpiceJet might be squeezing more passengers into each plane. It’s like comparing a bigger team with a smaller team of superheroes, each has its strengths.

Note: Just like aircrafts, pilots and aircrew are also an integral part of aviation companies. Unfortunately, one such aviation company i.e. Akasa Airline went through a massive crisis. To know more, go through the article “What’s wrong with Akasa Air? Uncovering the Airline in Crisis.”

Final Thoughts on Spicejet vs Indigo

Indigo vs Spicejet

In the bustling world of Indian aviation, two major players, SpiceJet and Indigo, have been competing to rule the skies. 

The key takeaway of SpiceJet vs Indigo goes like this. Indigo has a big fleet of planes, making it one of the largest airlines in India. SpiceJet, on the other hand, has a smaller fleet but makes the most of its planes by having lots of seats for passengers.

Indigo’s strength lies in its size and widespread routes, connecting people across the country. SpiceJet’s magic is in making the most out of each plane by putting many passengers on board.

So, who’s ruling the Indian skies? 

Well, it’s not that simple. 

Indigo dominates in terms of size and reach, while SpiceJet shows its skills by being efficient and filling up its planes well.

In the end, the winner depends on what you value more: a giant fleet or a well-optimized one. Both airlines bring something special to the table, offering passengers a range of choices when they take to the Indian skies!

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Published By: Supti Nandi
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