The Kalanithi Maran owned-airline is also the official flier for the team, a company statement said.
SunRisers Hyderabad made its debut in the IPL last year and it is led by noted batsman Shikhar Dhawan and the team coach is former Australian cricketer Tom Moody.
"Spicejet is proud to extend its association with SunRisers Hyderabad as the principal sponsor for the team for the second consecutive year. This association gives us the right kind of opportunity to promote our brand among travelling public most of whom are also cricket lovers," the company's CEO Sanjiv Kapoor said.