Spicejet Ltd

₹ 26.1 -2.10%

14 Jan

🔗 Website | BSE: 500285 | NSE: SPICEJET

Market Cap3,982

Current Price26.1

High / Low56.8

Stock P/E—

Book Value-1.33

Dividend Yield0.00

ROCE9.10

ROE—

ABOUT

SpiceJet Ltd is principally engaged in the business of providing air transport services for the carriage of passengers and cargo.[1]

Stock Analysis

### Description SpiceJet Limited is an Indian low-cost airline providing air transport services for passengers and cargo, operating a significant number of UDAN flights and serving domestic and international destinations with a fleet including Boeing 737 Max, Boeing 700, and Q400 aircraft. ### Key Growth Triggers Key growth triggers include aggressive fleet expansion through new aircraft inductions and wet/damp leases, launch of new domestic and international routes to enhance network connectivity and capacity, and strategic settlements with lessors to improve liquidity. These initiatives aim to capitalize on expected travel demand and turnaround the company's performance. ### Order Book Currently no data available for Order Book. The company is inducting leased aircraft, with plans to add 19 aircraft for the winter schedule and a total operational fleet of 35 by November 2025. ### Key Red Flags Recent financial results show significant net losses for Q1 and Q2 FY26, with a decline in revenue. Auditors have issued a qualified opinion citing non-compliance with laws and regulations and highlighted material uncertainty regarding the company's ability to continue as a going concern, indicating ongoing financial and operational risks. ### Key Dates To Watch - **September 4, 2025**: Extra-Ordinary General Meeting (EGM) for shareholder approval of new statutory auditors. - **September 5, 2025**: Board meeting to approve Q1 FY26 financial results. - **September 30, 2025**: 41st Annual General Meeting (AGM) to adopt audited financials and approve preferential share issues. - **November 12, 2025**: Board meeting (rescheduled from Nov 7) to approve Q2 FY26 financial results.

Peer Comparison

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Interglobe Aviat	4733.00	36.14	182973.57	0.21	-2614.10	-164.37	18555.30	9.34	17.34	83314.30	20.40	5062.40	-2614.10	21.51	5.89	8.83
2.	SpiceJet	26.09		3981.59	0.00	-633.80	-43.48	781.22	-14.25	9.10	4564.73	-14.88	-519.04	-633.80		0.65
3.	TAAL Tech	3068.65	18.58	956.30	2.12	14.27	-1.79	48.83	-0.59	32.73	182.66	31.75	51.48	14.27	4.30	21.32	0.01
4.	FlySBS Aviation	441.15	16.23	763.35	0.00	23.84	358.46	137.61	64.39	34.65	247.79	25.38	47.04	23.84	2.90	21.13	0.09
5.	Global Vectra	184.30		258.02	0.00	-6.16	-48.43	117.62	-5.37	6.66	524.49	8.05	-5.96	-6.16	57.21	-0.07	140.88

Quarterly Results

Figures in Cr.

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,953	2,315	2,145	2,002	1,425	1,904	1,719	1,696	911	1,231	1,446	1,106	781
YOY Sales Growth %	45.44%	2.45%	14.96%	-18.52%	-27.01%	-17.76%	-19.84%	-15.3%	-36.08%	-35.33%	-15.88%	-34.77%	-14.25%
Expenses	2,518	2,374	2,143	1,734	1,856	2,142	1,964	1,661	1,276	1,419	1,394	1,196	1,235
Material Cost %	1.04%	0.92%	1.09%	0.97%	0.91%	0.87%	1.25%	0.86%	1.09%	0.88%	0.82%	0.92%	1.25%
Employee Cost %	10.42%	9.41%	9.91%	10.04%	13.29%	10.43%	10.56%	10.13%	16.7%	11.74%	10.32%	13.84%	18.41%
Operating Profit	-566	-60	2	268	-431	-238	-245	35	-365	-188	53	-90	-454
OPM %	-29%	-3%	0%	13%	-30%	-13%	-14%	2%	-40%	-15%	4%	-8%	-58%
Other Income	152	515	357	266	301	245	635	372	166	420	495	84	46
Exceptional items	—	—	—	—	—	—	—	—	—	—	—	—	—
Other income normal	152.11	514.92	357.37	266.32	300.58	245.11	634.99	371.69	165.62	419.6	495.24	84.5	46.37
Interest	143	115	118	122	113	126	100	87	87	60	56	62	53
Depreciation	281	234	224	207	188	183	170	170	155	146	166	168	173
Profit before tax	-838	107	17	205	-432	-301	119	150	-442	25	325	-235	-634
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Net Profit	-838	107	17	205	-432	-301	119	150	-442	25	325	-235	-634
EPS in Rs	-13.92	1.77	0.28	3.4	-6.31	-4.41	1.52	1.89	-3.45	0.19	2.3	-1.66	-4.48

Profit & Loss

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	6,237	5,163	5,088	6,191	7,756	9,113	12,359	5,133	6,557	8,869	7,050	5,284	4,565
Sales Growth %	12.37%	-17.22%	-1.46%	21.68%	25.27%	17.5%	35.61%	-58.46%	27.74%	35.25%	-20.51%	-25.05%	—
Expenses	7,084	5,776	4,542	5,646	6,992	9,119	11,842	4,958	7,480	9,892	7,693	5,749	5,244
Material Cost %	0%	0%	0%	0%	0%	0%	0%	0%	1%	1%	1%	1%	—
Raw material cost	0	0	0	0	0	0	0	0	60.12	95.78	73.11	47.78	—
Change in inventory	0	0	0	0	0	0	0	0	0.77	-5.49	-2.69	-0.58	—
Manufacturing Cost %	97%	93%	71%	72%	72%	81%	72%	79%	89%	84%	78%	80%	—
Employee Cost %	9%	10%	10%	11%	11%	12%	12%	13%	11%	10%	11%	12%	—
Other Cost %	8%	8%	8%	8%	7%	8%	12%	5%	13%	17%	19%	16%	—
Operating Profit	-847	-613	546	545	764	-6	517	175	-923	-1,023	-643	-465	-679
OPM %	-14%	-12%	11%	9%	10%	0%	4%	3%	-14%	-12%	-9%	-9%	-15%
Other Income	131	218	210	150	127	79	828	987	973	1,046	1,443	1,451	1,046
Exceptional items	-2	59	57	41	10	-60	-17	-0	-78	1	-4	-1	—
Other income normal	133	158	152	109	118	140	845	987	1,051	1,045	1,447	1,452	—
Interest	139	165	126	66	93	134	546	603	486	507	461	291	232
Depreciation	148	127	180	199	231	256	1,734	1,558	1,290	1,019	748	638	653
Profit before tax	-1,003	-687	450	431	567	-316	-935	-998	-1,725	-1,503	-409	58	-519
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	—
Net Profit	-1,003	-687	450	431	567	-316	-935	-998	-1,725	-1,503	-409	58	-519
Exceptional items AT	-2	59	57	41	10	-60	-17	-0	-78	1	-4	-1	—
Profit excl Excep	-1,002	-747	392	390	557	-256	-918	-998	-1,647	-1,504	-406	59	—
Profit for PE	-1,002	-747	392	390	557	-256	-918	-998	-1,647	-1,504	-406	59	—
Profit for EPS	-1,003	-687	450	431	567	-316	-935	-998	-1,725	-1,503	-409	58	—
EPS in Rs	-18.74	-11.46	7.5	7.19	9.45	-5.27	-15.58	-16.61	-28.67	-24.97	-5.23	0.41	-3.65
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	—

Balance Sheet

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	535	599	599	599	599	600	600	601	602	602	783	1,413	1,414
Reserves	-1,530	-1,685	-1,638	-1,209	-642	-950	-2,179	-3,172	-4,890	-3,833	-3,369	-730	-1,601
Borrowings	1,709	1,477	1,230	1,155	1,303	1,110	1,097	1,068	8,330	7,348	5,376	4,214	4,209
Long term Borrowings	1,236	1,120	921	776	651	557	459	303	313	466	892	682	550
Short term Borrowings	280	120	105	252	357	418	414	404	766	720	259	204	246
Lease Liabilities	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Borrowings	193	237	204	127	294	135	223	361	-0	0	0	0	—
Other Liabilities	2,233	2,215	2,656	2,445	2,772	4,048	13,354	12,879	5,479	6,163	6,167	4,219	4,410
Trade Payables	1,052	949	721	585	688	1,113	1,737	1,711	2,553	2,875	3,317	2,330	2,506
Advance from Customers	233	136	121	156	197	193	377	421	345	366	187	162	—
Other liability items	948	1,130	1,814	1,704	1,887	2,742	11,241	10,748	2,581	2,923	2,663	1,727	1,905
Total Liabilities	2,947	2,607	2,847	2,991	4,032	4,807	12,872	11,376	9,520	10,280	8,957	9,116	8,431
Fixed Assets	1,877	1,714	1,628	1,620	1,598	1,604	8,681	7,000	5,540	3,973	2,536	2,084	1,879
Land	0	0	0	0	17.14	17.14	17.14	17.14	17.14	17.14	17.14	17.14	—
Building	43.61	43.99	3.26	3.37	4.46	5.73	160.87	121.99	74.55	73.69	86.04	72.4	—
Plant Machinery	47.98	48.01	40.1	50.74	72.63	93.66	133.93	136.81	133.14	124.9	119.31	115.36	—
Equipments	148.53	153.31	136.35	233.89	290.82	330.91	382.55	400.44	409.03	418.95	434.56	489.91	—
Furniture & fittings	—	—	—	—	—	—	—	—	—	—	—	—	—
Vehicles	1,890.41	1,825.28	1,613.32	1,688.01	1,786.46	1,962.16	10,432.77	9,831.29	9,421.55	8,305.58	6,407	6,413.95	—
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	0.04
Other fixed assets	21.73	24.35	2.48	3.7	7.81	22.37	34.99	38.19	38.18	38.93	38.95	39.41	—
Gross Block	2,172.6	2,113.77	1,803.8	1,994.21	2,202.06	2,462.71	11,207.54	10,595.03	10,144.73	9,029.81	7,154.53	7,199.89	—
Accumulated Depreciation	295.93	399.94	176.25	374.44	604.36	858.95	2,526.58	3,594.88	4,604.51	5,056.71	4,618.41	5,115.58	—
CWIP	1	0	0	0	0	0	0	6	6	6	5	10	10
Investments	0	0	20	140	101	0	1	3	3	3	19	152	191
Other Assets	1,070	893	1,199	1,231	2,333	3,203	4,190	4,367	3,972	6,297	6,396	6,869	6,352
Inventories	45	45	67	87	124	137	178	156	145	156	166	173	171
Trade receivables	156	128	43	62	85	147	292	346	250	154	192	203	966
Receivables under 6m	156	128	44	62	88	152	308	357	100	72	133	62	—
Receivables over 6m	10	1	0	0	0	0	0	0	156	87	91	184	—
Prow for Doubtful	—	—	—	—	—	—	—	—	—	—	—	—	—
Cash Equivalents	5	24	106	67	146	78	40	32	60	34	198	237	213
Loans & Advances	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Assets items	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Assets	2,947	2,607	2,847	2,991	4,032	4,807	12,872	11,376	9,520	10,280	8,957	9,116	8,431

Cash Flows

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	59	-411	711	496	1,046	456	1,778	226	978	93	-613	-1,665
Profit from operations	-738	-129	859	725	1,245	625	1,983	575	144	-313	-125	-318
Receivables	-51	43	85	-18	-25	-577	-760	-467	-49	-62	-201	-45
Inventory	0	0	-21	-20	-37	-13	-40	22	11	-11	-9	-8
Payables	801	-230	-55	-79	-270	-112	570	-59	604	473	317	-313
Loans Advances	42	-28	0	0	0	0	0	0	0	0	0	0
Other WC items	8	-60	-323	-285	141	539	58	119	326	48	-579	-1,031
Working capital changes	801	-275	-315	-403	-191	-163	-173	-386	891	449	-472	-1,397
Direct taxes	-5	-7	-0	8	-8	-5	-33	37	-58	-43	-16	50
Cash from Investing Activity	-50	304	-275	-491	-806	-146	-156	210	-122	561	36	-674
Fixed assets purchased	-82	0	-158	-249	-258	-200	-256	-74	-33	0	-47	-85
Fixed assets sold	0	43	0	0	2	0	3	13	5	19	1	1
Investments purchased	0	0	-20	-116	0	0	-0	-0	0	-0	-10	-131
Investments sold	0	0	0	0	36	100	0	0	0	0	0	0
Interest received	36	29	25	26	33	89	60	69	33	43	12	32
Redeemp Cnce of Shares	—	—	—	—	—	—	—	—	—	—	—	—
Acquisition of companies	0	0	0	0	-0	0	0	0	0	0	0	0
Other investing items	-4	231	-122	-153	-619	-131	39	207	-127	500	80	-492
Cash from Financing Activity	-221	126	-379	-62	-140	-364	-1,659	-435	-876	-632	732	2,170
Redemption of debentures	—	—	—	—	—	—	—	—	—	—	—	—
Proceeds from borrowings	125	155	2	147	105	64	17	0	148	302	541	0
Repayment of borrowings	-311	-309	-285	-126	-125	-295	-170	-57	-225	-308	-202	-397
Interest paid fin	-134	-145	-145	-65	-90	-134	0	0	0	0	0	0
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Financial liabilities	0	0	0	0	0	0	-1,506	-378	-799	-626	-424	-653
Other financing items	58	326	0	-19	-31	0	0	0	0	0	239	336
Net Cash Flow	-212	19	58	-57	100	-54	-37	1	-20	23	154	-170

Ratios

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	9	9	3	4	4	6	9	25	14	6	10	14
Inventory Days	—	—	—	—	—	—	—	—	—	—	—	—
Days Payable	—	—	—	—	—	—	—	—	—	—	—	—
Cash Conversion Cycle	9	9	3	4	4	6	9	25	14	6	10	14
Working Capital Days	-122	-130	-149	-117	-114	-94	-129	-371	-360	-313	-346	-291
ROCE %	-75%	-105%	178%	124%	72%	-12%	-269%	—	-91%	-24%	2%	9%

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Nov 2025
Promoters	59.39%	58.98%	58.98%	56.53%	55.28%	48.27%	47.67%	29.14%	29.14%	33.46%	33.46%	33.45%	30.99%
Ajay Singh	50.57	50.57	50.57	44.48	43.45	37.95	37.48	22.9	22.9	18.54	18.54	18.53	17.17
Ajay Singh Huf	8.78	8.36	8.36	7.01	6.8	5.92	5.85	3.54	3.54	3.19	3.19	3.19	2.95
Kalpana Singh	0.05	0.05	0.05	0.04	0.04	0.04	0.04	0.02	0.02	0.02	0.02	0.02	0.02
Spice Healthcare Private Limited	—	—	—	4.99	4.99	4.36	4.31	2.67	2.67	11.72	11.72	11.71	10.85
FIIs	0.65%	0.43%	0.35%	0.29%	0.33%	1.73%	1.81%	22.87%	15.76%	11.85%	11.79%	7.95%	6.88%
Aries Opportunities Fund Limited	—	—	—	—	—	—	—	3.12	1.2	—	—	—	—
Bofa Securities Europe Sa	—	—	—	—	—	—	—	1.26	—	—	—	—	—
Discovery Global Opportunity (Mauritius) Ltd	—	—	—	—	—	—	—	3.17	3.17	2.2	2.2	—	—
Goldman Sachs (Singapore) Pte_ - Odi	—	—	—	—	—	—	—	1.8	1.5	1.36	1.36	—	—
Goldman Sachs Bank Europe Se - Odi	—	—	—	—	—	—	—	—	—	—	—	1.35	1.24
Morgan Stanley Asia (Singapore) Pte_ - Odi	—	—	—	—	—	—	—	—	1.53	1.4	1.38	—	—
Societe Generale - Odi	—	—	—	—	—	—	—	1.59	1.08	—	—	—	—
Troo Capital Ltd	—	—	—	—	—	—	—	2.04	—	—	—	—	—
DIIs	0.01%	0.01%	0.01%	0.01%	0.04%	5.3%	5.05%	8.45%	7.57%	6.92%	6.29%	5.39%	5.36%
Aries Opportunities Fund Limited	—	—	—	—	—	5.11	5.04	—	—	—	—	—	—
Bandhan Infrastructure Fund	—	—	—	—	—	—	—	1.46	1.37	1.32	—	1.51	—
Bandhan Small Cap Fund	—	—	—	—	—	—	—	—	—	—	1.37	—	—
Reliance Nippon Life Insurance Co Limited	—	—	—	—	—	—	—	—	—	—	—	1.4	—
Tata Multi Asset Opportunities Fund	—	—	—	—	—	—	—	1.58	—	—	—	—	—
Tata Mutual Fund - Tata Hybrid Equity Fund	—	—	—	—	—	—	—	—	1.33	1.21	—	—	—
Volrado Venture Partners Fund Iv Gamma	—	—	—	—	—	—	—	1.39	1.39	1.26	1.26	—	—
Government	—	—	—	—	—	—	—	—	—	—	—	—	—
Public	39.95%	40.58%	40.67%	43.16%	44.35%	44.71%	45.48%	39.55%	47.55%	47.78%	48.45%	53.21%	56.78%
Others	—	—	—	—	—	—	—	—	—	—	—	—	—
No. of Shareholders	3,93,200	3,89,982	3,89,700	3,99,618	4,04,107	3,97,705	3,79,135	3,82,601	4,25,659	4,22,935	4,29,608	4,31,336	—

News & Updates

BSE Announcements

Direct from BSE filings, AI summarised

SpiceJet Restructures Lessor Debt, Expands Fleet Amidst Qualified Auditor Opinion and Q2 FY26 Losses

26 Dec 2025

SpiceJet Inducts Two Boeing 737 Aircraft, Continues Fleet Expansion Amidst Financial Restructuring

9 Dec 2025

SpiceJet to Host Analyst Meet Amidst Expansion and Financial Restructuring

1 Dec 2025

SpiceJet Cancels Investor/Analyst Meeting Scheduled for November 24, 2025

21 Nov 2025

SpiceJet Limited Confirms 6.86% Stake Acquisition by Lessor Consortium via Preferential Allotment on Nov 19, 2025

20 Nov 2025

Other Websites

External media mentions

Iran Airspace Shutdown Forces Air India, IndiGo Flight Cancellations

15 Jan 2026

IndiGo Q3 Hit by Chaos; SpiceJet Faces Shaky Outlook

14 Jan 2026

Aviation Profit Dive Expected as Demand Woes Hit IndiGo, SpiceJet

9 Jan 2026

Centre Demands Airline Fare Data as IndiGo Dominance Probe Intensifies

8 Jan 2026

India Demands Airfare Data Amid IndiGo Antitrust Probe

7 Jan 2026

News Articles

Editorial & research coverage

Aviation Profit Dive Expected as Demand Woes Hit IndiGo, SpiceJet

9 Jan 2026

Govt Demands Airline Fare Data Amid December Travel Chaos

7 Jan 2026

India Aviation Crisis: IndiGo, Air India Failures Strain Market Boom

5 Jan 2026

India's Airport King: GMR Soars While Airlines Tumble! Why Investors Are Betting Big on Infrastructure.

1 Jan 2026

Fog Chaos! Delhi Airport Grounds Flights; IndiGo, Air India Warn of Mass Cancellations - Are You Affected?

29 Dec 2025

Documents

Announcements

Closure of Trading Window

null

Announcement under Regulation 30 (LODR)-Press Release / Media Release

9 Dec 2025 - Inducted two Boeing 737s into service on Nov 26 and Nov 29; deployed on Delhi-Bangkok, Ahmedabad-Dubai, Ahmedabad-Kolkata.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

null

Cancellation Of Analyst / Investor Meet

21 Nov 2025 - SpiceJet cancels in-person analyst group conference scheduled Nov 24, 2025, 5:00–7:30 PM at BKC, Mumbai.

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011

20 Nov 2025 - 104,172,634 shares allotted Nov 19, 2025 to SASOF/Fly Aircraft, representing 6.86% post-allotment dilution.

Annual Reports

FY Financial Year 2025

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FY Financial Year 2024

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FY Financial Year 2023

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FY Financial Year 2022

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FY Financial Year 2021

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FY Financial Year 2020

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FY Financial Year 2019

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FY Financial Year 2018

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FY Financial Year 2017

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FY Financial Year 2016

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FY Financial Year 2015

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FY Financial Year 2014

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FY Financial Year 2013

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FY Financial Year 2012

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FY Financial Year 2011

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