SpiceJet

₹55.6 0.5 | 0.8%

WEBSITE BSE:500285 NSE : SPICEJET LTD 10 May, 16:01

Market Cap ₹4353 Cr.

Stock P/E -35.9

P/B -0.8

Current Price ₹55.6

Book Value ₹ -68.3

Face Value 10

52W High ₹77.5

Dividend Yield 0%

52W Low ₹ 22.7

Edit Ratio

SpiceJet Research see more...

Overview Inc. Year: 1984Industry: Airlines

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 overseas. The Company's spice add-on consists of spice cash/spice club, SpiceMax, hot meals, SpiceCash Top-up, priority check-in, Spice talk, track Spicetalk request, bag out first, carry more onboard, fly for sure, Spice lounge, my flexi plan, reliance tour coverage, Spice assurance, Spice flex, friends and family, senior citizen and student discount, Indian defense force personnel and red hot offers.

SpiceJet Share Price

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Peer Comparison

SpiceJet Quarterly Results

#(Fig in Cr.)	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Net Sales	1125	1345	2263	1871	2457	1954	2317	2145	2004	1429
Other Income	170	194	418	255	17	147	505	354	263	297
Total Income	1295	1540	2681	2126	2474	2102	2822	2499	2267	1726
Total Expenditure	1540	1654	2150	2188	2847	2510	2363	2160	1738	1872
Operating Profit	-245	-114	531	-62	-373	-408	460	339	529	-146
Interest	137	114	88	144	130	143	115	120	123	114
Depreciation	349	343	323	279	281	282	235	225	208	189
Exceptional Income / Expenses	0	0	-77	0	0	0	0	0	0	0
Profit Before Tax	-731	-571	42	-485	-784	-833	110	-6	198	-449
Provision for Tax	0	0	0	0	0	0	0	0	0	0
Profit After Tax	-731	-571	42	-485	-784	-833	110	-6	198	-449
Adjustments	0	0	0	0	-0	-0	0	0	0	0
Profit After Adjustments	-731	-571	42	-485	-784	-833	110	-6	198	-449
Adjusted Earnings Per Share	-12.2	-9.5	0.7	-8.1	-13	-13.8	1.8	-0.1	3.3	-6.6

SpiceJet Profit & Loss

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	5088	6191	7760	9121	12375	5171	6604	8874	7895
Other Income	152	112	129	145	831	1051	1027	1023	1419
Total Income	5240	6303	7889	9266	13205	6222	7631	9897	9314
Total Expenditure	4515	5621	6979	9085	11826	5208	7502	9858	8133
Operating Profit	725	682	911	181	1380	1014	129	39	1182
Interest	159	95	122	164	581	483	502	530	472
Depreciation	180	199	231	256	1735	1561	1293	1023	857
Exceptional Income / Expenses	64	39	0	-63	0	0	-77	0	0
Profit Before Tax	450	427	557	-302	-937	-1030	-1744	-1513	-147
Provision for Tax	0	0	0	0	0	0	0	0	0
Profit After Tax	450	427	557	-302	-937	-1030	-1744	-1513	-147
Adjustments	0	0	0	0	0	0	0	0	0
Profit After Adjustments	450	427	557	-302	-937	-1030	-1744	-1513	-147
Adjusted Earnings Per Share	7.5	7.1	9.3	-5	-15.6	-17.1	-29	-25.1	-1.6

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	34%	-10%	3%	0%
Operating Profit CAGR	-70%	-70%	-47%	0%
PAT CAGR	0%	0%	NAN%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	86%	-4%	-15%	14%
ROE Average	0%	0%	0%	0%
ROCE Average	0%	0%	-54%	33%

SpiceJet Balance Sheet

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	-1039	-613	-56	-350	-1580	-2604	-4340	-5850
Minority's Interest	0	0	0	0	0	0	-0	-0
Borrowings	921	776	651	557	459	303	313	466
Other Non-Current Liabilities	339	357	327	967	7441	5883	4969	3346
Total Current Liabilities	2625	2470	3098	3631	6540	7771	8613	9809
Total Liabilities	2847	2991	4019	4805	12861	11352	9555	7771
Fixed Assets	1628	1620	1598	1626	8714	7033	5569	4006
Other Non-Current Assets	539	659	1480	1797	1933	1733	1819	1623
Total Current Assets	680	711	941	1381	2214	2586	2166	2141
Total Assets	2847	2991	4019	4805	12861	11352	9555	7771

SpiceJet Cash Flow

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	18	76	20	120	67	30	33	11
Cash Flow from Operating Activities	711	479	1036	456	1784	228	1004	82
Cash Flow from Investing Activities	-275	-493	-825	-144	-166	212	-149	550
Cash Flow from Financing Activities	-379	-43	-110	-364	-1660	-437	-878	-610
Net Cash Inflow / Outflow	58	-57	100	-52	-41	4	-23	22
Closing Cash & Cash Equivalent	76	20	120	67	30	33	11	34

SpiceJet Ratios

#	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	7.5	7.13	9.3	-5.04	-15.61	-17.14	-28.98	-25.14
CEPS(Rs)	10.5	10.44	13.15	-0.77	13.31	8.84	-7.49	-8.15
DPS(Rs)	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
Core EBITDA Margin(%)	11.26	9.22	10.07	0.4	4.44	-0.71	-13.61	-11.09
EBIT Margin(%)	11.97	8.44	8.75	-1.52	-2.88	-10.58	-18.81	-11.08
Pre Tax Margin(%)	8.84	6.9	7.18	-3.32	-7.57	-19.91	-26.41	-17.05
PAT Margin (%)	8.84	6.9	7.18	-3.32	-7.57	-19.91	-26.41	-17.05
Cash Profit Margin (%)	12.37	10.11	10.16	-0.5	6.46	10.27	-6.83	-5.52
ROA(%)	15.8	14.64	15.9	-6.85	-10.6	-8.51	-16.69	-17.47
ROE(%)	0	0	0	0	0	0	0	0
ROCE(%)	319.11	142.4	75.9	-13.83	-257.72	0	0	0
Receivable days	3.11	3.1	3.47	4.66	6.5	21.7	15.87	8.5
Inventory Days	4.77	4.87	5.65	5.67	4.76	12.31	8.79	6.45
Payable days	0	0	0	0	0	0	0	0
PER(x)	8.52	14.27	13.46	0	0	0	0	0
Price/Book(x)	-3.69	-9.95	-131.11	-16.46	-1.39	-1.6	-0.75	-0.31
Dividend Yield(%)	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
EV/Core EBITDA(x)	6.84	10.53	9.51	38.07	2.37	5.14	33.36	75.53
Net Sales Growth(%)	0	21.68	25.34	17.54	35.66	-58.21	27.69	34.38
EBIT Growth(%)	0	-14.2	30.02	-120.43	-156.39	-53.75	-127.1	20.84
PAT Growth(%)	0	-5.02	30.43	-154.27	-209.7	-9.96	-69.37	13.26
EPS Growth(%)	0	-5.02	30.43	-154.25	-209.51	-9.81	-69.1	13.27
Debt/Equity(x)	-1.18	-1.89	-22.77	-3.12	-0.69	-0.41	-0.25	-0.2
Current Ratio(x)	0.26	0.29	0.3	0.38	0.34	0.33	0.25	0.22
Quick Ratio(x)	0.23	0.25	0.26	0.34	0.31	0.31	0.23	0.2
Interest Cover(x)	3.83	5.49	5.57	-0.85	-0.61	-1.13	-2.47	-1.86
Total Debt/Mcap(x)	0.32	0.19	0.17	0.19	0.5	0.26	0.33	0.65

SpiceJet Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	59.46	59.4	59.4	59.39	59.39	58.98	58.98	56.53	55.28	48.27
FII	1.16	1.19	1.18	1.17	0.63	0.41	0.33	0.27	0.31	1.71
DII	0.8	0.04	0.04	0.06	0.02	0.02	0.02	0.02	0.05	5.31
Public	38.59	39.38	39.38	39.37	39.95	40.59	40.67	43.17	44.36	44.71
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	35.76	35.75	35.75	35.75	35.75	35.49	35.49	38.68	37.83	37.82
FII	0.7	0.71	0.71	0.71	0.38	0.25	0.2	0.19	0.21	1.34
DII	0.48	0.02	0.02	0.04	0.01	0.01	0.01	0.01	0.03	4.16
Public	23.2	23.7	23.7	23.69	24.04	24.43	24.48	29.54	30.35	35.02
Others	0	0	0	0	0	0	0	0	0	0
Total	60.14	60.18	60.18	60.18	60.18	60.18	60.18	68.41	68.43	78.34

Pros

Stock is trading at -0.8 times its book value
Company is almost debt free.

Cons

Promoter holding is low: 48.27%.
Company has a low return on equity of 0% over the last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.