SpiceJet Ltd

₹ 22.7 -0.74%

30 Jan - 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 ₹ 3,470 Cr.
Current Price ₹ 22.7
High / Low ₹ 56.8 / 21.9
Stock P/E
Book Value ₹ -1.33
Dividend Yield 0.00 %
ROCE 9.10 %
ROE %
Face Value ₹ 10.0

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Pros

Company has reduced debt.

Cons

Company has low interest coverage ratio.
Promoter holding has decreased over last quarter: -2.47%
The company has delivered a poor sales growth of -15.6% over past five years.
Promoter holding is low: 31.0%
Promoters have pledged 47.7% of their holding.
Earnings include an other income of Rs.1,046 Cr.

* 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

Part of BSE Allcap BSE Services

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	1,953	2,315	2,145	2,002	1,425	1,904	1,719	1,696	911	1,231	1,446	1,106	781
	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
OPM %	-29%	-3%	0%	13%	-30%	-13%	-14%	2%	-40%	-15%	4%	-8%	-58%
	152	515	357	266	301	245	635	372	166	420	495	84	46
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%
	-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
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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	TTM
	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
	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
OPM %	-14%	-12%	11%	9%	10%	-0%	4%	3%	-14%	-12%	-9%	-9%	-15%
	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
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	-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%

Compounded Sales Growth
10 Years:	0%
5 Years:	-16%
3 Years:	-7%
TTM:	-27%

Compounded Profit Growth
10 Years:	8%
5 Years:	16%
3 Years:	27%
TTM:	-9%

Stock Price CAGR
10 Years:	-12%
5 Years:	-23%
3 Years:	-14%
1 Year:	-53%

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	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
	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
	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
	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
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
	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

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	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%

Shareholding Pattern

Numbers in percentages

2 Recently

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	58.98%	58.98%	56.53%	55.28%	48.27%	47.67%	29.14%	29.14%	33.46%	33.46%	33.45%	30.99%
	0.43%	0.35%	0.29%	0.33%	1.73%	1.81%	22.87%	15.76%	11.85%	11.79%	7.95%	4.01%
	0.01%	0.01%	0.01%	0.04%	5.30%	5.05%	8.45%	7.57%	6.92%	6.29%	5.39%	5.26%
	40.58%	40.67%	43.16%	44.35%	44.71%	45.48%	39.55%	47.55%	47.78%	48.45%	53.21%	59.74%
No. of Shareholders	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	4,35,391

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	60.25%	60.03%	60.00%	59.93%	59.81%	59.40%	58.98%	48.27%	33.46%	30.99%
	4.42%	6.51%	4.27%	1.71%	2.12%	1.19%	0.43%	1.73%	11.85%	4.01%
	3.64%	5.22%	7.74%	10.66%	3.66%	0.03%	0.01%	5.30%	6.92%	5.26%
	31.69%	28.24%	27.99%	27.71%	34.41%	39.38%	40.58%	44.71%	47.78%	59.74%
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	4,35,391

* 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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