SpiceJet Ltd

₹ 36.8 -2.18%

03 Nov 3:48 p.m.

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 ₹ 5,209 Cr.
Current Price ₹ 36.8
High / Low ₹ 64.0 / 28.1
Stock P/E
Book Value ₹ -13.7
Dividend Yield 0.00 %
ROCE 29.4 %
ROE %
Face Value ₹ 10.0

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Pros

Company has reduced debt.

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -15.5% over past five years.
Promoter holding is low: 33.5%
Promoters have pledged or encumbered 47.7% of their holding.
Earnings include an other income of Rs.1,154 Cr.
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

Part of BSE SmallCap BSE Allcap BSE Services

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	2,457	1,954	2,317	2,145	2,004	1,429	1,914	1,738	1,708	915	1,237	1,466	1,120
	2,847	2,510	2,363	2,160	1,738	1,872	2,145	1,973	1,659	1,290	1,425	1,393	1,202
Operating Profit	-390	-555	-46	-15	265	-443	-231	-235	49	-376	-188	73	-82
OPM %	-16%	-28%	-2%	-1%	13%	-31%	-12%	-14%	3%	-41%	-15%	5%	-7%
	17	147	506	354	263	297	242	636	370	163	417	492	81
Interest	130	143	115	120	123	114	126	102	88	88	61	57	63
Depreciation	281	282	235	225	208	189	184	173	172	158	148	166	170
Profit before tax	-784	-833	110	-6	198	-449	-299	127	158	-458	20	342	-234
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	-784	-833	110	-6	198	-449	-299	127	158	-458	20	342	-234
EPS in Rs	-13.02	-13.85	1.84	-0.10	3.28	-6.56	-4.36	1.62	2.00	-3.57	0.16	2.42	-1.65
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	5,088	6,191	7,760	9,121	12,375	5,171	6,604	8,874	7,085	5,326	4,738
	4,542	5,649	7,002	9,113	11,840	4,984	7,517	9,878	7,724	5,764	5,310
Operating Profit	546	543	758	8	534	187	-913	-1,005	-638	-439	-572
OPM %	11%	9%	10%	0%	4%	4%	-14%	-11%	-9%	-8%	-12%
	210	149	124	79	811	827	949	1,023	1,435	1,442	1,154
Interest	126	66	93	134	546	483	487	509	467	297	270
Depreciation	180	199	231	256	1,735	1,561	1,293	1,023	753	645	642
Profit before tax	450	427	557	-302	-937	-1,030	-1,744	-1,513	-424	62	-330
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	450	427	557	-302	-937	-1,030	-1,744	-1,513	-424	62	-330
EPS in Rs	7.50	7.13	9.30	-5.04	-15.61	-17.14	-28.98	-25.14	-5.40	0.44	-2.64
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	-16%
3 Years:	-7%
TTM:	-30%

Compounded Profit Growth
10 Years:	%
5 Years:	16%
3 Years:	27%
TTM:	29%

Stock Price CAGR
10 Years:	-2%
5 Years:	-5%
3 Years:	-2%
1 Year:	-39%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	599	599	599	600	600	601	602	602	783	1,413
Reserves	-1,638	-1,212	-655	-950	-2,180	-3,205	-4,942	-6,452	-6,001	-3,356
	1,230	1,155	1,303	1,110	1,097	9,518	8,332	7,349	5,379	4,219
	2,656	2,448	2,772	4,045	13,344	4,438	5,562	6,272	6,311	4,318
Total Liabilities	2,847	2,991	4,019	4,805	12,861	11,352	9,555	7,771	6,472	6,594
	1,628	1,620	1,598	1,626	8,714	7,033	5,569	4,006	2,571	2,111
CWIP	0	0	0	0	0	6	6	20	7	10
Investments	20	140	101	0	0	0	0	0	1	134
	1,199	1,231	2,320	3,178	4,146	4,313	3,979	3,743	3,894	4,339
Total Assets	2,847	2,991	4,019	4,805	12,861	11,352	9,555	7,771	6,472	6,594

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	711	479	1,036	456	1,784	228	1,004	82	-596	-1,689
	-275	-492	-825	-145	-161	212	-148	550	35	-643
	-379	-43	-110	-364	-1,660	-437	-878	-610	730	2,168
Net Cash Flow	58	-56	100	-53	-37	3	-22	22	169	-164

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	3	4	4	6	9	23	14	7	8	8
Inventory Days
Days Payable
Cash Conversion Cycle	3	4	4	6	9	23	14	7	8	8
Working Capital Days	-149	-116	-113	-93	-129	-368	-360	-317	-351	-297
ROCE %		123%	72%	-11%	-270%	-17%	-22%	-37%	6%	29%

Shareholding Pattern

Numbers in percentages

4 Recently

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	59.39%	58.98%	58.98%	56.53%	55.28%	48.27%	47.67%	29.14%	29.14%	33.46%	33.46%	33.45%
	0.65%	0.43%	0.35%	0.29%	0.33%	1.73%	1.81%	22.87%	15.76%	11.85%	11.79%	7.95%
	0.01%	0.01%	0.01%	0.01%	0.04%	5.30%	5.05%	8.45%	7.57%	6.92%	6.29%	5.39%
	39.95%	40.58%	40.67%	43.16%	44.35%	44.71%	45.48%	39.55%	47.55%	47.78%	48.45%	53.21%
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

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	60.25%	60.03%	60.00%	59.93%	59.81%	59.40%	58.98%	48.27%	33.46%	33.45%
	4.42%	6.51%	4.27%	1.71%	2.12%	1.19%	0.43%	1.73%	11.85%	7.95%
	3.64%	5.22%	7.74%	10.66%	3.66%	0.03%	0.01%	5.30%	6.92%	5.39%
	31.69%	28.24%	27.99%	27.71%	34.41%	39.38%	40.58%	44.71%	47.78%	53.21%
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	4,31,336

* 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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