SpiceJet Ltd

₹ 39.8 0.50%

01 Jul - close price

About

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

Key Points

Company Overview
SpiceJet 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]

Website BSE NSE

Market Cap ₹ 5,632 Cr.
Current Price ₹ 39.8
High / Low ₹ 79.9 / 38.8
Stock P/E 97.0
Book Value ₹ 4.83
Dividend Yield 0.00 %
ROCE 9.08 %
ROE %
Face Value ₹ 10.0

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Pros

Company has reduced debt.

Cons

Stock is trading at 8.25 times its book value
Company has low interest coverage ratio.
The company has delivered a poor sales growth of -15.6% over past five years.
Promoter holding is low: 33.5%
Company might be capitalizing the interest cost
Promoters have pledged or encumbered 42.2% of their holding.
Earnings include an other income of Rs.1,452 Cr.
Debtor days have increased from 28.1 to 68.0 days.
Promoter holding has decreased over last 3 years: -25.9%

* 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.

Peer comparison

Services Services Transport Services Airline

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	1,866	2,457	1,953	2,315	2,145	2,002	1,425	1,904	1,719	1,696	911	1,231	1,446
	2,161	2,858	2,518	2,374	2,143	1,734	1,856	2,142	1,964	1,661	1,276	1,419	1,394
Operating Profit	-295	-401	-566	-60	2	268	-431	-238	-245	35	-365	-188	53
OPM %	-16%	-16%	-29%	-3%	0%	13%	-30%	-13%	-14%	2%	-40%	-15%	4%
	259	22	152	515	357	266	301	245	635	372	166	420	495
Interest	144	130	143	115	118	122	113	126	100	87	87	60	56
Depreciation	278	280	281	234	224	207	188	183	170	170	155	146	166
Profit before tax	-458	-789	-838	107	17	205	-432	-301	119	150	-442	25	325
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	-458	-789	-838	107	17	205	-432	-301	119	150	-442	25	325
EPS in Rs	-7.61	-13.11	-13.92	1.77	0.28	3.40	-6.31	-4.41	1.52	1.89	-3.45	0.19	2.30
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	6,237	5,163	5,088	6,191	7,756	9,113	12,359	5,133	6,557	8,869	7,050	5,284
	7,084	5,776	4,542	5,646	6,992	9,119	11,842	4,958	7,480	9,892	7,692	5,750
Operating Profit	-847	-613	546	545	764	-6	517	175	-923	-1,023	-642	-466
OPM %	-14%	-12%	11%	9%	10%	-0%	4%	3%	-14%	-12%	-9%	-9%
	131	218	210	150	127	79	828	987	973	1,046	1,443	1,452
Interest	139	165	126	66	93	134	546	603	486	507	462	291
Depreciation	148	127	180	199	231	256	1,734	1,558	1,290	1,019	748	638
Profit before tax	-1,003	-687	450	431	567	-316	-935	-998	-1,725	-1,503	-409	58
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	-1,003	-687	450	431	567	-316	-935	-998	-1,725	-1,503	-409	58
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
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	0%
5 Years:	-16%
3 Years:	-7%
TTM:	-25%

Compounded Profit Growth
10 Years:	8%
5 Years:	16%
3 Years:	27%
TTM:	114%

Stock Price CAGR
10 Years:	8%
5 Years:	-5%
3 Years:	1%
1 Year:	-24%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	535	599	599	599	599	600	600	601	602	602	783	1,413
Reserves	-1,530	-1,685	-1,638	-1,209	-642	-950	-2,179	-3,172	-4,890	-3,833	-3,369	-730
	1,709	1,477	1,230	1,155	1,303	1,110	1,097	1,068	8,330	7,348	5,376	4,214
	2,233	2,215	2,656	2,445	2,772	4,048	13,354	12,879	5,479	6,163	6,167	4,219
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
	1,877	1,714	1,628	1,620	1,598	1,604	8,681	7,000	5,540	3,973	2,536	2,084
CWIP	1	0	0	0	0	0	0	6	6	6	5	10
Investments	0	0	20	140	101	0	1	3	3	3	19	152
	1,070	893	1,199	1,231	2,333	3,203	4,190	4,367	3,972	6,297	6,396	6,869
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

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	59	-411	711	496	1,046	456	1,778	226	978	93	-613	-1,665
	-50	304	-275	-491	-806	-146	-156	210	-122	561	36	-674
	-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

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	68
Inventory Days
Days Payable
Cash Conversion Cycle	9	9	3	4	4	6	9	25	14	6	10	68
Working Capital Days	-106	-121	-141	-102	-97	-77	-117	-342	-155	-147	-191	-112
ROCE %	-75%	-105%	178%	124%	72%	-12%	-269%		-91%	-24%	2%	9%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	59.40%	59.39%	59.39%	58.98%	58.98%	56.53%	55.28%	48.27%	47.67%	29.14%	29.14%	33.46%
	1.18%	1.19%	0.65%	0.43%	0.35%	0.29%	0.33%	1.73%	1.81%	22.87%	15.76%	11.85%
	0.04%	0.04%	0.01%	0.01%	0.01%	0.01%	0.04%	5.30%	5.05%	8.45%	7.57%	6.92%
	39.38%	39.37%	39.95%	40.58%	40.67%	43.16%	44.35%	44.71%	45.48%	39.55%	47.55%	47.78%
No. of Shareholders	3,93,855	3,97,294	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

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	60.25%	60.03%	60.00%	59.93%	59.81%	59.40%	58.98%	48.27%	33.46%
	4.42%	6.51%	4.27%	1.71%	2.12%	1.19%	0.43%	1.73%	11.85%
	3.64%	5.22%	7.74%	10.66%	3.66%	0.03%	0.01%	5.30%	6.92%
	31.69%	28.24%	27.99%	27.71%	34.41%	39.38%	40.58%	44.71%	47.78%
No. of Shareholders	1,46,518	1,41,037	1,48,166	1,88,807	3,29,828	3,93,282	3,89,982	3,97,705	4,22,935

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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SpiceJet Ltd

SpiceJet Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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