SpiceJet Ltd

SPICEJET

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Market Cap

₹ 4,483 Cr

P/E

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

SpiceJet Limited is a low-cost carrier providing air transport services for passengers and cargo. Recently, it has firmed up agreements to expand its fleet significantly by the end of 2025, marking its aggressive capacity build-up. The company has achieved notable financial settlements, unlocking liquidity to support expansion and resolve legacy liabilities. SpiceJet plans to increase its operational fleet size to over double by December 2025, aiming to boost its route network and tripling its capacity. Despite facing financial challenges, SpiceJet is restructuring its operations for better profitability and market positioning.

Sector

Air Transport Service

Industry

Transport - Airlines

Market Cap

4,483 Cr

Volatility

High Risk

P/E Ratio

—

Industry P/E

36.2

PEG Ratio

—

P/B Ratio

—

52W High

61.99

52W Low

28.13

Sales CAGR

-24.83%

-6.94%

-15.63%

10Y

0.42%

Profit CAGR

114.62%

—

10Y

-20.34%

ROE

TTM

17.60%

36.12%

38.17%

10Y

28.06%

ROCE

TTM

-18.22%

-19.07%

-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 (%)
SPICEJET	31.71	4,483 Cr	—	0.00	0.00	17.60	-18.22	-8.40
RAYMOND	457.55	3,027 Cr	14.60	0.93	0.00	6.38	3.72	108.66
AFCOM	847.90	2,096 Cr	24.78	7.61	0.00	30.71	36.77	25.47
TAALENT	2980.00	931 Cr	18.09	4.18	0.84	23.12	31.19	20.63
FLYSBS	525.15	909 Cr	—	3.59	0.00	0.00	0.00	15.59
TANEJAERO	300.05	765 Cr	42.68	5.11	0.83	11.97	15.43	10.78
GLOBALVECT	200.20	280 Cr	—	62.19	0.00	-132.14	4.39	-0.63

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	2,004	1,429	1,915	1,738	1,708	915	1,237	1,466	1,120	792
Expenses	1,738	1,872	2,145	1,973	1,659	1,290	1,425	1,393	1,202	1,228
Operating Profit	265	-443	-231	-235	49	-376	-188	73	-82	-435
OPM %	13.25	-31.03	-12.06	-13.52	2.86	-41.05	-15.17	4.98	-7.31	-54.95
Other Income	263	297	242	636	370	163	417	492	81	43
Interest	123	114	126	102	88	88	61	57	63	54
Depreciation	208	189	184	173	172	158	148	166	170	175
Profit Before Tax	198	-449	-299	127	158	-458	20	342	-234	-621
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	198	-449	-299	127	158	-458	20	342	-234	-621
EPS in Rs	1.29	-3.22	-1.96	0.78	0.95	-4.54	0.13	2.44	-1.54	-4.08

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	-3.05
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)

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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	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

	Sep 2023	Dec 2023	Jan 2024	Feb 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Nov 2025
Promoters	56.53%	55.28%	51.11%	48.49%	48.27%	47.66%	29.13%	29.13%	33.46%	33.46%	33.45%	30.99%
FIIs	0.29%	0.33%	0.87%	6.22%	1.72%	1.81%	22.87%	15.76%	11.81%	11.78%	7.95%	6.87%
DIIs	0.01%	0.04%	0.15%	0.20%	5.40%	5.15%	8.45%	7.57%	6.92%	6.31%	5.39%	5.36%
Public	43.17%	44.35%	47.87%	45.10%	44.60%	45.37%	39.55%	47.54%	47.81%	48.45%	53.20%	56.78%
Total Shareholders	3,99,618	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

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 15, 2025	Goldman sachs (singapore) pte...	Bulk	Sell	33.38	21.78 Cr	65,25,000	0.46
Sep 15, 2025	Goldman sachs bank europe se	Bulk	Buy	33.38	21.97 Cr	65,80,813	0.46
Jul 23, 2025	Plutus wealth management llp	Bulk	Buy	38.12	93.39 Cr	2,45,00,000	1.73
Jul 23, 2025	Discovery global opportunity ...	Bulk	Sell	38.14	118.82 Cr	3,11,53,621	2.20
Mar 17, 2025	Ajay singh	Bulk	Sell	45.00	90.00 Cr	2,00,00,000	1.41
Mar 17, 2025	Plutus wealth management llp	Bulk	Buy	45.00	33.75 Cr	75,00,000	0.53
Mar 13, 2025	Ajay singh	Bulk	Sell	45.34	52.32 Cr	1,15,38,462	0.81
Mar 04, 2025	Plutus wealth management llp	Bulk	Buy	46.00	41.40 Cr	90,00,000	0.63
Oct 01, 2024	Plutus wealth management llp	Bulk	Buy	66.70	50.03 Cr	75,00,000	0.53
Sep 30, 2024	Plutus wealth management llp	Bulk	Buy	59.95	50.96 Cr	85,00,000	0.60

Projection

Actions

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Announcements

Last 7 days

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

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Investor Presentation

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Investor Presentation

Q4 FY25

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Q3 FY25

Investor Presentation

Q1 FY25

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Oscillators

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Overall

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SPICEJET	31.71	4,483 Cr	—	0.00	0.00	17.60	-18.22	-8.40
RAYMOND	457.55	3,027 Cr	14.60	0.93	0.00	6.38	3.72	108.66
AFCOM	847.90	2,096 Cr	24.78	7.61	0.00	30.71	36.77	25.47
TAALENT	2980.00	931 Cr	18.09	4.18	0.84	23.12	31.19	20.63
FLYSBS	525.15	909 Cr	—	3.59	0.00	0.00	0.00	15.59
TANEJAERO	300.05	765 Cr	42.68	5.11	0.83	11.97	15.43	10.78
GLOBALVECT	200.20	280 Cr	—	62.19	0.00	-132.14	4.39	-0.63

Overview

Detailed Summary

Sector

Air Transport Service

Industry

Transport - Airlines

Market Cap

4,483 Cr

Volatility

High Risk

P/E Ratio

—

Industry P/E

36.2

PEG Ratio

—

P/B Ratio

—

52W High

61.99

52W Low

28.13

Sales CAGR

-24.83%

-6.94%

-15.63%

10Y

0.42%

Profit CAGR

114.62%

—

10Y

-20.34%

ROE

TTM

17.60%

36.12%

38.17%

10Y

28.06%

ROCE

TTM

-18.22%

-19.07%

-30.49%

10Y

-7.12%

Spice Jet Ltd

SpiceJet Ltd

SPICEJET

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Investment Checklist

Investment Checklist

Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

52W High

52W Low

Technicals

Forecasts

Peers

Price Chart Comparison

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

Projection

Actions

Announcements

Documents

AI Mode

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Technicals

Forecasts

Oscillators

Neutral

Overall

Bullish

Moving Averages

Bullish

Overall

Bullish

SpiceJet Ltd

SPICEJET

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Projection

Peers

Price Chart Comparison

Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

52W High

52W Low

Investment Checklist

Announcements