SpiceJet Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Air Transport: 95.7% • Freighter and Logistics Services: 3.4% • Others: 0.9%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.15x)
CONS
- Net worth is negative - accumulated losses have eroded equity
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (2329.3% of PBT)
- Company has a low return on capital employed of 0.0%
- Company has a low return on equity of 0.0% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| INDIGO | 4974.00 | 0.00 | 192327.97 | 0.00 | -238.00 | -110.94 | 24584.10 | 19.94 | 39.95 | 13.29 |
| RAYMOND | 1003.20 | 180.12 | 6678.68 | 0.00 | 30.85 | -99.94 | 605.61 | 15.51 | -0.54 | 12.72 |
| TAALTECH | 5367.10 | 26.79 | 1672.57 | 1.21 | 194.34 | 1317.30 | 648.11 | 1316.08 | 33.33 | 34.03 |
| SPICEJET | 8.55 | 0.00 | 1304.82 | 0.00 | -261.70 | -1390.90 | 1345.47 | 14.14 | 0.00 | -16.38 |
| TANAA | 265.70 | 35.65 | 677.55 | 0.94 | 5.74 | 62.05 | 10.31 | 21.04 | 15.52 | 72.30 |
| GLOBALVECT | 133.40 | 0.00 | 186.76 | 0.00 | -11.85 | -25.64 | 130.71 | 1.05 | 28.74 | 8.85 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,263 | 2,044 | 1,917 | 1,348 | 1,850 | 1,664 | 1,646 | 853 | 1,179 | 1,396 | 1,060 | 730 | 1,345 | |
| 2,363 | 2,160 | 1,738 | 1,872 | 2,145 | 1,973 | 1,665 | 1,290 | 1,425 | 1,393 | 1,207 | 1,228 | 1,589 | |
| Operating Profit | -99 | -116 | 179 | -525 | -295 | -310 | -19 | -438 | -246 | 3 | -147 | -498 | -244 |
| OPM % | -4.39% | -5.66% | 9.35% | -38.94% | -15.94% | -18.63% | -1.15% | -51.32% | -20.87% | 0.25% | -13.87% | -68.16% | -18.11% |
| 505 | 354 | 263 | 297 | 242 | 636 | 375 | 163 | 417 | 492 | 86 | 43 | 117 | |
| Interest | 115 | 120 | 123 | 114 | 126 | 102 | 88 | 88 | 61 | 57 | 63 | 54 | 52 |
| Depreciation | 235 | 225 | 208 | 189 | 184 | 173 | 172 | 158 | 148 | 166 | 170 | 175 | 146 |
| Profit before Tax | 110 | -6 | 198 | -449 | -299 | 127 | 158 | -458 | 20 | 342 | -234 | -621 | -262 |
| Tax % | 0.00% | -0.00% | 0.00% | -0.00% | -0.00% | 0.00% | 0.00% | -0.00% | 0.00% | 0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | 110 | -6 | 198 | 0 | 0 | 127 | 158 | -458 | 20 | 342 | -234 | -621 | -262 |
| 1.83 | -0.10 | 3.28 | -7.18 | -4.37 | 1.71 | 2.01 | -5.41 | 0.16 | 2.63 | -1.66 | -4.40 | -1.78 |
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 | 4,531 | |
| 4,515 | 5,621 | 6,979 | 9,085 | 11,826 | 5,199 | 7,502 | 9,858 | 7,712 | 5,754 | 5,416 | |
| Operating Profit | 573 | 571 | 781 | 36 | 549 | -28 | -898 | -984 | -627 | -429 | -885 |
| OPM % | 11.26% | 9.22% | 10.07% | 0.40% | 4.44% | -0.54% | -13.61% | -11.09% | -8.85% | -8.05% | -19.53% |
| 216 | 150 | 129 | 81 | 831 | 1,051 | 949 | 1,023 | 1,439 | 1,443 | 738 | |
| Interest | 159 | 95 | 122 | 164 | 581 | 491 | 502 | 530 | 483 | 307 | 226 |
| Depreciation | 180 | 199 | 231 | 256 | 1,735 | 1,561 | 1,293 | 1,023 | 753 | 645 | 658 |
| Profit before Tax | 450 | 427 | 557 | -302 | -937 | -1,030 | -1,744 | -1,513 | -424 | 62 | -775 |
| Tax % | 0.00% | 0.00% | 0.00% | -0.01% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | -0.00% |
| Net Profit | 450 | 427 | 557 | -302 | -937 | -1,030 | -1,744 | -1,513 | -424 | 62 | -775 |
| EPS | 5.70 | 713.00 | 9.30 | -5.04 | -15.61 | -17.14 | -29.01 | -25.14 | -5.40 | 0.44 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- -16%
- 3 Years:
- -7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -1%
- 5 Years:
- -24%
- 3 Years:
- -10%
- 1 Year:
- -42%
RETURN ON EQUITY
- 10 Years:
- 0%
- 5 Years:
- 0%
- 3 Years:
- 0%
- Last Year:
- 0%
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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -1 | -2 |
| -1,639 | -1,212 | -657 | -956 | -2,194 | -3,213 | -4,946 | -6,458 | -6,245 | -3,487 | |
| 1,102 | 1,095 | 1,252 | 1,512 | 7,737 | 6,372 | 5,312 | 3,541 | 2,442 | 1,766 | |
| Trade Payables | 721 | 587 | 689 | 1,110 | 1,720 | 2,001 | 2,613 | 3,123 | 3,382 | 2,388 |
| 2,064 | 1,921 | 2,136 | 2,539 | 4,998 | 5,591 | 5,974 | 6,963 | 6,110 | 4,516 | |
| 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 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 6 | 6 | 20 | 7 | 10 |
| 20 | 140 | 101 | 0 | 0 | 0 | 0 | 0 | 1 | 134 | |
| 67 | 99 | 142 | 141 | 182 | 167 | 151 | 163 | 172 | 178 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 158 | 124 | |
| Cash & Bank | 106 | 68 | 147 | 80 | 42 | 36 | 63 | 36 | 215 | 260 |
| 1,026 | 1,064 | 2,031 | 2,957 | 3,923 | 4,110 | 3,765 | 3,545 | 3,349 | 3,777 | |
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 544 | 305 | 1,043 | 461 | 1,817 | 191 | 1,068 | 165 | -596 | -1,689 | |
| Cash from Investing | -275 | -493 | -825 | -144 | -166 | 212 | -149 | 512 | 36 | -643 |
| Cash from Financing | -379 | -43 | -110 | -364 | -1,660 | -437 | -878 | -610 | 730 | 2,168 |
| 58 | -57 | 100 | -52 | -41 | 4 | -23 | 22 | 170 | -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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
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