SpiceJet Ltd is principally engaged in the business of providing air transport services for the carriage of passengers and cargo.[1]
Company OverviewSpiceJet is a low-cost airline operating in India primarily. It operates the maximum number of UDAN flights in India. It operates ~250 daily flights to 48 destinations within India and to international destinations. Its fleet includes Boeing 737 Max, Boeing 700 and Q400s.[1]
| 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 | 4745.95 | 36.24 | 183474.23 | 0.21 | -2614.10 | -164.37 | 18555.30 | 9.34 | 17.34 | 83314.30 | 20.40 | 5062.40 | -2614.10 | 21.50 | 5.89 | 8.83 |
| 2. | SpiceJet | 26.79 | – | 4088.40 | 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 | 3050.00 | 18.52 | 950.47 | 2.16 | 14.27 | -1.79 | 48.83 | -0.59 | 32.73 | 182.66 | 31.75 | 51.48 | 14.27 | 4.29 | 21.32 | 0.01 |
| 4. | FlySBS Aviation | 447.00 | 16.44 | 773.50 | 0.00 | 23.84 | 358.46 | 137.61 | 64.39 | 34.65 | 247.79 | 25.38 | 47.04 | 23.84 | 2.92 | 21.13 | 0.09 |
| 5. | Global Vectra | 180.00 | – | 252.00 | 0.00 | -6.16 | -48.43 | 117.62 | -5.37 | 6.66 | 524.49 | 8.05 | -5.96 | -6.16 | 55.89 | -0.07 | 140.88 |
| – | Median: 5 Co. | 447.0 | 18.52 | 950.47 | 0.0 | -6.16 | -43.48 | 137.61 | -0.59 | 17.34 | 524.49 | 20.4 | 47.04 | -6.16 | 12.89 | 5.89 | 4.46 |
Standalone figures in ₹ crores
| 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 |
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 |
Operating Profit | -566 | -60 | 2 | 268 | -431 | -238 | -245 | 35 | -365 | -188 | 53 | -90 | -454 |
Other Income | 152 | 515 | 357 | 266 | 301 | 245 | 635 | 372 | 166 | 420 | 495 | 84 | 46 |
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 | 3.40 | -6.31 | -4.41 | 1.52 | 1.89 | -3.45 | 0.19 | 2.30 | -1.66 | -4.48 |
Standalone Figures in ₹ Crores / Yearly
| 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 |
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 |
Operating Profit | -847 | -613 | 546 | 545 | 764 | -6 | 517 | 175 | -923 | -1,023 | -643 | -465 | -679 |
Other Income | 131 | 218 | 210 | 150 | 127 | 79 | 828 | 987 | 973 | 1,046 | 1,443 | 1,451 | 1,046 |
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 |
Net Profit | -1,003 | -687 | 450 | 431 | 567 | -316 | -935 | -998 | -1,725 | -1,503 | -409 | 58 | -519 |
EPS in Rs | -18.74 | -11.46 | 7.50 | 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% | – |
Standalone figures in ₹ crores
| 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 |
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 |
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 |
Gross Block | 2,172.60 | 2,113.77 | 1,803.80 | 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 |
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 |
Standalone Figures in ₹ Crores / Yearly
| 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 |
Cash from Investing Activity | -50 | 304 | -275 | -491 | -806 | -146 | -156 | 210 | -122 | 561 | 36 | -674 |
Cash from Financing Activity | -221 | 126 | -379 | -62 | -140 | -364 | -1,659 | -435 | -876 | -632 | 732 | 2,170 |
Net Cash Flow | -212 | 19 | 58 | -57 | 100 | -54 | -37 | 1 | -20 | 23 | 154 | -170 |
Standalone Figures in ₹ Crores / Yearly
| 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% |
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Stock Analysis
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 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.
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.
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.
Corporate Announcements
