SpiceJet Ltd.

•

spicejet.comBSE: -NSE: SPICEJET

Market Cap₹ 1,433 Cr.

Current Price

High / Low₹ 32 / 31

Stock P/E0.0

Book Value₹ -3

Price to Book11.33

Dividend Yield0.00 %

ROCE533.4 %

ROE0.0 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2023 • Air Transport: 93.0% • Freighter and Logistics Services: 7.0%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

View full sector analysis →

PROS

Company has a healthy return on capital (ROCE) of 177.8%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.16x)

CONS

Company is loss-making at the operating / net level
Company has a high debt-to-equity of 1.60x
Operating cash flow has been negative in recent years
A large part of profit comes from other income (2500.5% of PBT)
Receivables are growing faster than sales - a possible quality concern
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

Capital GoodsAviationAirlines

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	INDIGO	4964.40	0.00	191956.77	0.00	-238.00	-110.94	24584.10	19.94	39.95	13.29
2.	RAYMOND	809.00	145.25	5385.81	0.00	30.85	-99.94	605.61	15.51	-0.54	12.72
3.	TAALTECH	4888.70	24.40	1523.49	1.33	194.34	1317.30	648.11	1316.08	33.33	34.03
4.	SPICEJET	9.39	0.00	1433.01	0.00	-261.70	-1390.90	1345.47	14.14	0.00	-16.38
5.	TANAA	272.35	36.54	694.51	0.92	5.74	62.05	10.31	21.04	15.52	72.30
6.	GLOBALVECT	139.90	0.00	195.86	0.00	-11.85	-25.64	130.71	1.05	28.74	8.85

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	2,261	2,044	1,844	1,281	1,757	1,571	1,565	817	1,141	1,361	1,033	708	1,302
	2,374	2,143	1,734	1,856	2,142	1,964	1,666	1,276	1,419	1,402	1,200	1,235	1,578
Operating Profit	-113	-99	109	-575	-385	-393	-101	-459	-279	-41	-167	-527	-276
OPM %	-5.00%	-4.85%	5.94%	-44.91%	-21.95%	-25.03%	-6.46%	-56.13%	-24.44%	-2.99%	-16.14%	-74.45%	-21.22%
	515	357	266	301	245	635	377	166	420	503	89	46	120
Interest	115	118	122	113	126	100	87	87	60	56	62	53	51
Depreciation	234	224	207	188	183	170	170	155	146	166	168	173	144
Profit before Tax	107	17	205	-432	-301	119	150	-442	25	325	-235	-634	-269
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	107	17	205	-432	-301	119	150	-442	25	325	-235	-634	-269
	1.77	0.28	3.40	-6.89	-4.41	1.60	1.90	-5.21	0.19	2.50	-1.66	-4.48	-1.84

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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	7,756	9,113	12,359	5,133	6,557	8,869	7,050	5,284	4,404
	4,515	5,618	6,969	9,091	11,827	5,173	7,465	9,871	7,682	5,739	5,415
Operating Profit	573	573	787	22	532	-40	-908	-1,002	-632	-455	-1,011
OPM %	11.26%	9.26%	10.15%	0.25%	4.30%	-0.77%	-13.85%	-11.30%	-8.96%	-8.61%	-22.95%
	216	151	133	81	848	1,090	974	1,046	1,447	1,452	758
Interest	159	95	122	164	580	491	502	527	477	301	223
Depreciation	180	199	231	256	1,734	1,558	1,290	1,019	748	638	651
Profit before Tax	450	431	567	-316	-935	-998	-1,725	-1,503	-409	58	-813
Tax %	0.00%	0.00%	0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	0.00%	-0.00%
Net Profit	450	431	567	-316	-935	-998	-1,725	-1,503	-409	58	-813
EPS	5.70	719.00	9.45	-5.27	-15.58	-16.61	-28.69	-24.97	-5.23	0.41	—
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:: 0%
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

Standalone Figures in Rs. Crores / View Consolidated

	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
	-1,639	-1,209	-644	-957	-2,192	-3,180	-4,894	-3,839	-3,613	-860
	1,102	1,095	1,252	1,512	7,732	6,370	5,312	3,541	2,441	1,762
Trade Payables	721	585	688	1,113	1,737	1,983	2,553	3,071	3,317	2,330
	2,064	1,920	2,136	2,539	4,995	5,586	5,947	6,906	6,028	4,470
Total Liabilities	2,847	2,991	4,032	4,807	12,872	11,360	9,520	10,280	8,957	9,116
	1,628	1,620	1,598	1,604	8,681	7,000	5,540	3,973	2,536	2,084
Capital Work in Progress	0	0	0	0	0	6	6	6	5	10
	20	140	101	0	1	3	3	3	19	152
	67	87	124	137	178	156	145	156	166	173
	0	0	0	0	0	0	0	0	192	203
Cash & Bank	106	67	146	78	40	32	60	34	198	237
	1,026	1,077	2,062	2,988	3,973	4,163	3,766	6,107	5,841	6,255
Total Assets	2,847	2,991	4,032	4,807	12,872	11,360	9,520	10,280	8,957	9,116

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	544	322	1,054	462	1,811	189	1,035	174	-613	-1,665
Cash from Investing	-275	-492	-805	-146	-160	211	-123	523	37	-674
Cash from Financing	-379	-62	-140	-364	-1,659	-435	-876	-632	732	2,170
	58	-58	100	-53	-41	2	-21	22	155	-170

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	47.66	29.13	29.13	33.46	33.46	33.45	30.99	24.19
	1.80	22.86	15.75	11.84	11.78	7.94	4.00	1.97
	5.05	8.37	7.54	6.91	6.25	5.35	5.19	2.20
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	45.48	39.63	47.57	47.78	48.50	53.24	59.82	71.63

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for SPICEJET

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AI Stock Analyst

SpiceJet Ltd.

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Name

INDIGO

4964.40

0.00

191956.77

0.00

-238.00

-110.94

24584.10

19.94

39.95

13.29

RAYMOND

809.00

145.25

5385.81

0.00

30.85

-99.94

605.61

15.51

-0.54

12.72

TAALTECH

4888.70

24.40

1523.49

1.33

194.34

1317.30

648.11

1316.08

33.33

34.03

SPICEJET

9.39

0.00

1433.01

0.00

-261.70

-1390.90

1345.47

14.14

0.00

-16.38

TANAA

272.35

36.54

694.51

0.92

5.74

62.05

10.31

21.04

15.52

72.30

GLOBALVECT

139.90

0.00

195.86

0.00

-11.85

-25.64

130.71

1.05

28.74

8.85

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

2,261

2,044

1,844

1,281

1,757

1,571

1,565

817

1,141

1,361

1,033

708

1,302

2,374

2,143

1,734

1,856

2,142

1,964

1,666

1,276

1,419

1,402

1,200

1,235

1,578

Operating Profit

-113

-99

109

-575

-385

-393

-101

-459

-279

-41

-167

-527

-276

OPM %

-5.00%

-4.85%

5.94%

-44.91%

-21.95%

-25.03%

-6.46%

-56.13%

-24.44%

-2.99%

-16.14%

-74.45%

-21.22%

515

357

266

301

245

635

377

166

420

503

120

Interest

115

118

122

113

126

100

Depreciation

234

224

207

188

183

170

155

146

166

168

173

144

Profit before Tax

107

205

-432

-301

119

150

-442

325

-235

-634

-269

Tax %

0.00%

-0.00%

0.00%

-0.00%

0.00%

-0.00%

Net Profit

107

205

-432

-301

119

150

-442

325

-235

-634

-269

1.77

0.28

3.40

-6.89

-4.41

1.60

1.90

-5.21

0.19

2.50

-1.66

-4.48

-1.84

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

7,756

9,113

12,359

5,133

6,557

8,869

7,050

5,284

4,404

4,515

5,618

6,969

9,091

11,827

5,173

7,465

9,871

7,682

5,739

5,415

Operating Profit

573

787

532

-40

-908

-1,002

-632

-455

-1,011

OPM %

11.26%

9.26%

10.15%

0.25%

4.30%

-0.77%

-13.85%

-11.30%

-8.96%

-8.61%

-22.95%

216

151

133

848

1,090

974

1,046

1,447

1,452

758

Interest

159

122

164

580

491

502

527

477

301

223

Depreciation

180

199

231

256

1,734

1,558

1,290

1,019

748

638

651

Profit before Tax

450

431

567

-316

-935

-998

-1,725

-1,503

-409

-813

Tax %

0.00%

-0.00%

0.00%

-0.00%

Net Profit

450

431

567

-316

-935

-998

-1,725

-1,503

-409

-813

EPS

5.70

719.00

9.45

-5.27

-15.58

-16.61

-28.69

-24.97

-5.23

0.41

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

599

600

601

602

783

1,413

-1,639

-1,209

-644

-957

-2,192

-3,180

-4,894

-3,839

-3,613

-860

1,102

1,095

1,252

1,512

7,732

6,370

5,312

3,541

2,441

1,762

Trade Payables

721

585

688

1,113

1,737

1,983

2,553

3,071

3,317

2,330

2,064

1,920

2,136

2,539

4,995

5,586

5,947

6,906

6,028

4,470

Total Liabilities

2,847

2,991

4,032

4,807

12,872

11,360

9,520

10,280

8,957

9,116

1,628

1,620

1,598

1,604

8,681

7,000

5,540

3,973

2,536

2,084

Capital Work in Progress

140

101

152

124

137

178

156

145

156

166

173

192

203

Cash & Bank

106

146

198

237

1,026

1,077

2,062

2,988

3,973

4,163

3,766

6,107

5,841

6,255

Total Assets

2,847

2,991

4,032

4,807

12,872

11,360

9,520

10,280

8,957

9,116

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

544

322

1,054

462

1,811

189

1,035

174

-613

-1,665

Cash from Investing

-275

-492

-805

-146

-160

211

-123

523

-674

Cash from Financing

-379

-62

-140

-364

-1,659

-435

-876

-632

732

2,170

-58

100

-53

-41

-21

155

-170

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

47.66

29.13

33.46

33.45

30.99

24.19

1.80

22.86

15.75

11.84

11.78

7.94

4.00

1.97

5.05

8.37

7.54

6.91

6.25

5.35

5.19

2.20

Government

0.00

45.48

39.63

47.57

47.78

48.50

53.24

59.82

71.63

SpiceJet Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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SpiceJet Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI