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SpiceJet Overview

Spicejet Ltd is an India-based organization engaged in transportation of passengers by air. The Company is engaged within the enterprise of scheduled air transport services. Its geographical segments consist of India and others. It presents air transport services for the carriage of passengers and load. The Company is a low cost carrier (LCC) operating below the brand name of Spice Jet in India. The Company operates a fleet of approximately 40 plane, along with approximately seven aircraft taken on wet lease across various routes in India and o...Read More

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SpiceJet Key Financials

Market Cap ₹2216 Cr.

Stock P/E 35.8

P/B -0.7

Current Price ₹14.5

Book Value ₹ -20

Face Value 10

52W High ₹56.8

Dividend Yield 0%

52W Low ₹ 9.5

SpiceJet Share Price

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Volume
Price

SpiceJet Quarterly Price

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SpiceJet Peer Comparison

SpiceJet Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 1429 1914 1738 1708 915 1237 1466 1120 792 1408
Other Income 297 242 636 375 163 417 492 86 43 137
Total Income 1726 2157 2375 2083 1078 1654 1958 1206 835 1545
Total Expenditure 1872 2145 1973 1665 1290 1425 1393 1207 1228 1589
Operating Profit -146 11 401 418 -212 230 566 -1 -393 -44
Interest 114 126 102 88 88 61 57 63 54 52
Depreciation 189 184 173 172 158 148 166 170 175 146
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 -20
Profit Before Tax -449 -299 127 158 -458 20 342 -234 -621 -262
Provision for Tax 0 0 0 0 0 0 0 0 0 0
Profit After Tax -449 -299 127 158 -458 20 342 -234 -621 -262
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -449 -299 127 158 -458 20 342 -234 -621 -261
Adjusted Earnings Per Share -6.6 -4.4 1.6 2 -3.6 0.2 2.4 -1.7 -4.4 -1.7

SpiceJet Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 5088 6191 7760 9121 12375 5171 6604 8874 7085 5326 4786
Other Income 152 112 129 145 831 1051 1027 1023 1439 1443 758
Total Income 5240 6303 7889 9266 13205 6222 7631 9897 8524 6768 5544
Total Expenditure 4515 5621 6979 9085 11826 5199 7502 9858 7712 5754 5417
Operating Profit 725 682 911 181 1380 1023 129 39 812 1014 128
Interest 159 95 122 164 581 491 502 530 483 307 226
Depreciation 180 199 231 256 1735 1561 1293 1023 753 645 657
Exceptional Income / Expenses 64 39 0 -63 0 0 -77 0 0 0 -20
Profit Before Tax 450 427 557 -302 -937 -1030 -1744 -1513 -424 62 -775
Provision for Tax 0 0 0 0 0 0 0 0 0 0 0
Profit After Tax 450 427 557 -302 -937 -1030 -1744 -1513 -424 62 -775
Adjustments 0 0 0 0 0 0 0 0 1 1 0
Profit After Adjustments 450 427 557 -302 -937 -1030 -1744 -1513 -423 63 -774
Adjusted Earnings Per Share 7.5 7.1 9.3 -5 -15.6 -17.1 -29 -25.1 -5.4 0.4 -5.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -25% -7% -16% 0%
Operating Profit CAGR 25% 99% -6% 0%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -73% -23% -25% -14%
ROE Average 0% 0% 0% 0%
ROCE Average 0% 0% 0% 27%

SpiceJet Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds -1039 -613 -56 -350 -1580 -2604 -4340 -5850 -5217 -1942
Minority's Interest 0 0 0 0 0 0 -0 -0 -1 -2
Borrowings 921 776 651 557 459 303 313 466 892 682
Other Non-Current Liabilities 339 357 327 967 7441 5883 4969 3151 1699 1185
Total Current Liabilities 2625 2470 3098 3631 6540 7771 8613 10004 9099 6672
Total Liabilities 2847 2991 4019 4805 12861 11352 9555 7771 6472 6594
Fixed Assets 1628 1620 1598 1626 8714 7033 5569 4006 2571 2111
Other Non-Current Assets 539 659 1480 1797 1933 1733 1819 1623 1391 1754
Total Current Assets 680 711 941 1381 2214 2586 2166 2141 2510 2729
Total Assets 2847 2991 4019 4805 12861 11352 9555 7771 6472 6594

SpiceJet Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 18 76 20 120 67 30 33 11 34 203
Cash Flow from Operating Activities 711 479 1036 456 1784 228 1004 120 -596 -1689
Cash Flow from Investing Activities -275 -493 -825 -144 -166 212 -149 512 36 -643
Cash Flow from Financing Activities -379 -43 -110 -364 -1660 -437 -878 -610 730 2168
Net Cash Inflow / Outflow 58 -57 100 -52 -41 4 -23 22 170 -164
Closing Cash & Cash Equivalent 76 20 120 67 30 33 11 34 203 39

SpiceJet Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 7.5 7.13 9.3 -5.04 -15.61 -17.14 -28.98 -25.14 -5.4 0.44
CEPS(Rs) 10.5 10.44 13.15 -0.77 13.31 8.84 -7.49 -8.15 4.2 5
DPS(Rs) 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) -17.34 -10.22 -0.95 -5.94 -26.56 -43.47 -72.19 -97.3 -69.71 -14.67
Core EBITDA Margin(%) 11.26 9.22 10.07 0.4 4.44 -0.54 -13.61 -11.09 -8.85 -8.05
EBIT Margin(%) 11.97 8.44 8.75 -1.52 -2.88 -10.41 -18.81 -11.08 0.83 6.93
Pre Tax Margin(%) 8.84 6.9 7.18 -3.32 -7.57 -19.91 -26.41 -17.05 -5.98 1.16
PAT Margin (%) 8.84 6.9 7.18 -3.32 -7.57 -19.91 -26.41 -17.05 -5.98 1.16
Cash Profit Margin (%) 12.37 10.11 10.16 -0.5 6.46 10.27 -6.83 -5.52 4.65 13.27
ROA(%) 15.8 14.64 15.9 -6.85 -10.6 -8.51 -16.69 -17.47 -5.95 0.95
ROE(%) 0 0 0 0 0 0 0 0 0 0
ROCE(%) 319.11 142.4 75.9 -13.83 -257.72 0 0 0 0 0
Receivable days 3.11 3.1 3.47 4.66 6.5 21.7 15.87 8.5 8.19 9.67
Inventory Days 4.77 4.87 5.65 5.67 4.76 12.31 8.79 6.45 8.62 11.99
Payable days 0 0 0 0 3023.4 7453.68 8350.62 0 0 0
PER(x) 8.52 14.27 13.46 0 0 0 0 0 0 99.84
Price/Book(x) -3.69 -9.95 -131.11 -16.46 -1.39 -1.6 -0.75 -0.31 -0.86 -3.02
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.97 1.16 1.12 0.76 0.26 1.01 0.65 0.34 0.8 1.29
EV/Core EBITDA(x) 6.84 10.53 9.51 38.07 2.37 5.09 33.36 75.53 6.95 6.8
Net Sales Growth(%) 0 21.68 25.34 17.54 35.66 -58.21 27.69 34.38 -20.15 -24.83
EBIT Growth(%) 0 -14.2 30.02 -120.43 -156.39 -51.33 -130.73 20.84 105.98 527.97
PAT Growth(%) 0 -5.02 30.43 -154.27 -209.7 -9.96 -69.37 13.26 71.99 114.62
EPS Growth(%) 0 -5.02 30.43 -154.25 -209.51 -9.81 -69.1 13.27 78.53 108.23
Debt/Equity(x) -1.18 -1.89 -22.77 -3.12 -0.69 -0.41 -0.25 -0.2 -0.21 -0.43
Current Ratio(x) 0.26 0.29 0.3 0.38 0.34 0.33 0.25 0.21 0.28 0.41
Quick Ratio(x) 0.23 0.25 0.26 0.34 0.31 0.31 0.23 0.2 0.26 0.38
Interest Cover(x) 3.83 5.49 5.57 -0.85 -0.61 -1.1 -2.47 -1.86 0.12 1.2
Total Debt/Mcap(x) 0.32 0.19 0.17 0.19 0.5 0.26 0.33 0.65 0.25 0.14

SpiceJet Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 55.28 48.27 47.66 29.13 29.13 33.46 33.46 33.45 30.99 24.19
FII 0.31 1.71 1.8 22.86 15.75 11.84 11.78 7.94 4 1.97
DII 0.05 5.31 5.06 8.38 7.55 6.92 6.27 5.36 5.2 2.2
Public 44.36 44.71 45.48 39.63 47.57 47.78 48.5 53.25 59.82 71.63
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

SpiceJet News

SpiceJet Pros & Cons

Pros

  • Stock is trading at -0.7 times its book value
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 24.19%.
  • Company has a low return on equity of 0% over the last 3 years.
  • Earnings include an other income of Rs. 1443 Cr.
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