Overview

Detailed Summary

SpiceJet is an Indian low‑cost carrier providing passenger and dedicated cargo services, operating a mixed fleet of Boeing 737 family aircraft and Bombardier Q400 turboprops, with a separate cargo platform branded as SpiceXpress and subsidiaries for merchandise and technical services.
Q3FY26 showed an aggressive operational ramp: ASKM rose 56% quarter‑on‑quarter to 2,772 million, passengers jumped 77% QoQ to 1.99 million, and load factor improved to 89.5%, signalling strong demand and rapid network scaling under SpiceJet’s current strategy.
Financially the quarter delivered sharp top‑line recovery — total income increased ~85% QoQ — but profitability remains stressed: EBITDAR was positive at INR 175 crore while EBITDA and PAT stayed negative, with PAT improving from (635) crore to (268) crore sequentially, reflecting cost and forex pressures.
Key near‑term operational drivers for SpiceJet include a sharp rise in wet‑lease usage and lease rental expense, a large write‑back contributing to other income, and a 103% QoQ jump in ancillary revenue, all of which influence revenue mix, margins and the pathway to sustained profitability.

Sector: Air Transport Service
Industry: Transport - Airlines
Market Cap: 2,137 Cr
Volatility: High Risk
P/E Ratio: -2.8
Industry P/E: 35.2
PEG Ratio: —
P/B Ratio: —
52W High: 56.80
52W Low: 12.88

Sales CAGR

1Y: -24.83%
3Y: -6.94%
5Y: -15.63%
10Y: 0.42%

Profit CAGR

1Y: 114.62%
3Y: —
5Y: —
10Y: -20.34%

ROE

TTM: 17.60%
3Y: 36.12%
5Y: 38.17%
10Y: 28.06%

ROCE

TTM: -18.22%
3Y: -19.07%
5Y: -30.49%
10Y: -7.12%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RAYMOND	380.65	2,534 Cr	0.46	0.78	0.00	6.38	3.72	107.38
SPICEJET	14.00	2,137 Cr	-2.82	0.00	0.00	17.60	-18.22	-13.20
AFCOM	800.90	2,088 Cr	37.06	6.63	0.00	33.18	40.67	25.47
TAALENT	2851.95	885 Cr	17.19	3.98	0.88	23.12	31.19	20.72
FLYSBS	456.00	789 Cr	17.90	3.12	0.00	0.00	0.00	15.59
TANEJAERO	263.90	673 Cr	37.75	4.49	0.95	11.97	15.43	10.72
GLOBALVECT	157.00	220 Cr	-15.62	48.77	0.00	-132.14	4.39	-1.48

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,429	1,915	1,738	1,708	915	1,237	1,466	1,120	792	1,408
Expenses	1,872	2,145	1,973	1,659	1,290	1,425	1,393	1,202	1,228	1,589
Operating Profit	-443	-231	-235	49	-376	-188	73	-82	-435	-181
OPM %	-31.03	-12.06	-13.52	2.86	-41.05	-15.17	4.98	-7.31	-54.95	-12.84
Other Income	297	242	636	370	163	417	492	81	43	117
Interest	114	126	102	88	88	61	57	63	54	52
Depreciation	189	184	173	172	158	148	166	170	175	146
Profit Before Tax	-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
Net Profit	-449	-299	127	158	-458	20	342	-234	-621	-262
EPS in Rs	-3.22	-1.96	0.78	0.95	-4.54	0.13	2.44	-1.54	-4.08	-1.78

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	5,088	6,191	7,760	9,121	12,375	5,171	6,604	8,874	7,085	4,738
Expenses	4,551	5,651	7,009	9,118	11,861	4,985	7,521	9,880	7,729	5,310
Operating Profit	537	540	752	3.96	514	186	-917	-1,006	-644	-572
OPM %	10.56	8.73	9.69	0.04	4.15	3.60	-13.89	-11.34	-9.09	-12.08
Other Income	216	150	129	81	831	827	949	1,023	1,439	1,154
Interest	124	65	92	131	546	482	483	508	465	270
Depreciation	180	199	231	256	1,735	1,561	1,293	1,023	753	642
Profit Before Tax	450	427	557	-302	-937	-1,030	-1,744	-1,513	-424	-330
Tax %	0.00	0.00	0.00	-0.01	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	-330
EPS in Rs	—	2.80	3.65	-1.84	-6.13	-6.75	-11.43	-9.91	-3.11	-4.96
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	599	599	599	600	600	601	602	602	783
Reserves	-1,638	-1,212	-655	-950	-2,180	-3,205	-4,942	-6,452	-6,001
Borrowings	1,026	1,028	1,008	975	874	9,518	8,332	7,349	5,379
Other Liabilities	2,860	2,575	3,067	4,180	13,567	4,438	5,562	6,272	6,311
Total Liabilities	2,847	2,991	4,019	4,805	12,861	11,352	9,555	7,771	6,472
Fixed Assets	1,628	1,620	1,598	1,626	8,714	7,033	5,569	4,006	2,571
CWIP	0.00	0.00	0.00	0.00	0.00	5.84	6.34	20	7.24
Investments	20	140	101	0.39	0.44	0.48	0.45	0.48	0.52
Other Assets	1,199	1,231	2,320	3,179	4,146	4,313	3,979	3,743	3,894
Total Assets	2,847	2,991	4,019	4,805	12,861	11,352	9,555	7,771	6,472

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	711	479	1,036	456	1,784	228	1,004	82	-596	-1,689
Cash from Investing Activity	-275	-493	-825	-144	-166	212	-149	550	36	-643
Cash from Financing Activity	-379	-43	-110	-364	-1,660	-437	-878	-610	730	2,168
Net Cash Flow	58	-57	100	-52	-41	3.75	-23	22	170	-164

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2023	Jan 2024	Feb 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Nov 2025	Dec 2025
Promoters	55.28%	51.11%	48.49%	48.27%	47.66%	29.13%	29.13%	33.46%	33.46%	33.45%	30.99%	30.99%
FIIs	0.33%	0.87%	6.22%	1.72%	1.81%	22.87%	15.76%	11.81%	11.78%	7.95%	6.87%	4.00%
DIIs	0.04%	0.15%	0.20%	5.40%	5.15%	8.45%	7.57%	6.92%	6.31%	5.39%	5.36%	5.26%
Public	44.35%	47.87%	45.10%	44.60%	45.37%	39.55%	47.54%	47.81%	48.45%	53.20%	56.78%	59.75%
Total Shareholders	4,04,107	4,01,592	4,01,892	3,97,705	3,79,135	3,82,601	4,25,659	4,24,849	4,29,608	4,31,336	4,25,354	4,35,391

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Frequently Asked Questions about SpiceJet Ltd

SpiceJet Ltd (SPICEJET) is currently trading at 13.07 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

SpiceJet is an Indian low‑cost carrier providing passenger and dedicated cargo services, operating a mixed fleet of Boeing 737 family aircraft and Bombardier Q400 turboprops, with a separate cargo platform branded as SpiceXpress and subsidiaries for merchandise and technical services. Q3FY26 showed an aggressive operational ramp: ASKM rose 56% quarter‑on‑quarter to 2,772 million, passengers jumped 77% QoQ to 1.99 million, and load factor improved to 89.5%, signalling strong demand and rapid network scaling under SpiceJet’s current strategy. Financially the quarter delivered sharp top‑line recovery — total income increased ~85% QoQ — but profitability remains stressed: EBITDAR was positive at INR 175 crore while EBITDA and PAT stayed negative, with PAT improving from (635) crore to (268) crore sequentially, reflecting cost and forex pressures. Key near‑term operational drivers for SpiceJet include a sharp rise in wet‑lease usage and lease rental expense, a large write‑back contributing to other income, and a 103% QoQ jump in ancillary revenue, all of which influence revenue mix, margins and the pathway to sustained profitability.

Over the past 52 weeks, SpiceJet Ltd has traded between a low of ₹12.85 and a high of ₹56.80. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

SpiceJet Ltd has a market capitalization of approximately 2,136.54. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

SpiceJet Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of -2.82 and operates in the Air Transport Service sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 2,136.54 Cr, SpiceJet Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

SpiceJet Ltd operates in the Air Transport Service sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of SpiceJet Ltd is -2.82. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

The main highlight was a significant operational improvement, with revenue from operations surging 77% quarter-over-quarter to ₹1,384 crore and the consolidated net loss narrowing by 58% to ₹268 crore.

In Q3 FY26, SpiceJet reported a 77% quarter-on-quarter revenue increase to INR 1,384 crore. Its consolidated net loss narrowed by 58% to INR 268 crore, and its EBITDAR turned positive at INR 175 crore.

The most significant positives are the major push for the tourism sector, which directly boosts passenger demand, and the introduction of a Viability Gap Funding (VGF) scheme for seaplane operations, a niche area where SpiceJet has prior experience.

Spice Jet Ltd

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

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Frequently Asked Questions about SpiceJet Ltd

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Is SpiceJet Ltd a large-cap, mid-cap, or small-cap stock?

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What is the biggest positive for SpiceJet in Union Budget 2026?

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Frequently Asked Questions about SpiceJet Ltd

What is SpiceJet Ltd share price today?

What does SpiceJet Ltd do?

What is the 52-week high and low of SpiceJet Ltd?

What is the market capitalization of SpiceJet Ltd?

Should I consider investing in SpiceJet Ltd stock?

Is SpiceJet Ltd a large-cap, mid-cap, or small-cap stock?

Which sector does SpiceJet Ltd belong to and why does it matter?

What is the PE ratio of SpiceJet Ltd?

What was the main highlight of SpiceJet's Q3 FY26 results?

What were SpiceJet's key financial results for Q3 FY26?

What is the biggest positive for SpiceJet in Union Budget 2026?

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