SpiceJet Limited (SPICEJET) AI Stock Analysis

• Market Cap: ₹21.49B
• Dividend Yield: N/A
• Average Volume (3M): 12.45M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.30
• Revenue Growth: -26.46%
• EPS Growth: 46.14%
• Country: IN
• Employees: 7,131
• Sector: Services
• Sector Strength: N/A
• Industry: Airlines, Airports & Air Services
• EPS (TTM): -1.90
• Shares Outstanding: 1,526,099,500
• 10 Day Avg. Volume: 18,854,900
• 30 Day Avg. Volume: 12,451,830
• PEG Ratio: -0.69
• Price to Book (P/B): -2.45
• Price to Sales (P/S): 0.94
• P/FCF Ratio: -2.68
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -5.93
• Revenue Forecast (FY): ₹54.24B

• Rating: 38 Underperform
• Price Target: ₹15.00 ▼(-49.12% Downside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is primarily weighed down by severe financial weakness (loss-making operations, negative equity, and cash flow strain). Technicals also remain bearish with the stock trading well below major moving averages, despite oversold indicators. Valuation provides limited support due to a negative P/E and no dividend yield.

Positive Factors

Low-cost carrier model with ancillary revenue

Operating as a low-cost carrier with defined ancillary revenue streams provides a durable business model: base fares plus add‑ons diversify revenue per passenger, support higher unit revenue sensitivity to pricing, and allow scalable capacity growth across routes without relying solely on fare increases.

Positive EBITDA margin buffer

Positive EBITDA margins indicate the core flying and ancillary business can generate earnings before depreciation, interest and tax. That underlying operational profitability is a structural advantage if management can address high financing and non‑cash charges, offering a pathway to restore net profitability over months.

Operational levers: load factor, yields, utilization

Clear operational levers (load factor, yields, aircraft utilization, network choices) allow management to sustainably improve unit economics without relying on market timing. Focused network optimization and higher utilization can materially raise revenue per aircraft and margins over a multi‑month horizon.

Negative Factors

Negative shareholders' equity

Negative stockholders' equity signals liabilities exceed assets, constraining strategic options. It raises refinancing risk, limits access to unsecured capital, and forces reliance on creditor support or equity injections—structural constraints that materially increase default and restructuring risk over the medium term.

Severe cash flow strain and negative FCF

Consistent negative free cash flow and weak operating cash conversion undermine the company's ability to service debt, invest in fleet or routes, and absorb shocks. Without durable positive cash generation, operational fixes may be insufficient; liquidity shortfalls could force asset sales or emergency financing.

Persistent unprofitability and revenue decline

Ongoing negative gross, EBIT and net margins, combined with steep revenue and EPS declines, indicate structural profitability and demand challenges. These trends suggest the company faces fundamental unit‑economics issues rather than cyclical weakness, requiring sustained operational turnaround and capital support to reverse.

SpiceJet Limited Business Overview & Revenue Model

Company Description

SpiceJet Limited provides air transportation services. It operates through Air Transport, and Freighter and Logistics Services segments. The company offers passengers and cargo air transportation services under the SpiceJet brand name. It operates 98 fleets covering 250 routes, which include 212 domestic and 38 international destinations. SpiceJet Limited was incorporated in 1984 and is headquartered in Gurugram, India.

How the Company Makes Money

SpiceJet generates revenue primarily through ticket sales from its passenger flights, offering both economy and premium services. The airline's revenue model is based on a low-cost structure, which allows it to provide competitive fares while maintaining profitability. Additional revenue streams include ancillary services such as baggage fees, in-flight meals, and seat selection charges. Cargo services also contribute to the company's earnings, with SpiceJet operating dedicated freighter aircraft to transport goods. Strategic partnerships with travel agencies, online travel platforms, and loyalty programs further enhance revenue by increasing ticket sales and customer retention. The airline also benefits from government initiatives to promote regional connectivity, tapping into new markets and expanding its operational footprint.

SpiceJet Limited Financial Statement Overview

Summary

Very weak fundamentals: negative gross and net margins with consistently negative EBIT margins, high leverage with negative stockholders’ equity, and strained cash generation reflected in negative free cash flow growth and weak operating cash flow conversion.

Income Statement

SpiceJet's financial performance has been challenging, with negative gross and net profit margins indicating persistent profitability issues. The revenue growth has been volatile, and EBIT margins have been consistently negative, highlighting operational inefficiencies. Despite positive EBITDA margins, the company's income statement reflects significant financial stress.

Balance Sheet

The balance sheet shows a concerning financial position with negative stockholders' equity, indicating liabilities exceed assets significantly. The high debt-to-equity ratio suggests a heavy reliance on debt financing, posing substantial financial risk. Overall, the balance sheet reflects instability and financial vulnerability.

Cash Flow

SpiceJet's cash flow statement indicates negative free cash flow growth and a negative operating cash flow to net income ratio, reflecting cash flow strain. The limited ability to generate positive cash flow from operations is a major concern, impacting long-term financial sustainability.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2022	Mar 2021	Mar 2021
Income Statement
Total Revenue	33.09B	50.74B	67.77B	88.65B	66.04B	49.87B
Gross Profit	-2.79B	-2.38B	-3.88B	-5.07B	-15.15B	-12.60B
EBITDA	1.86B	10.01B	8.12B	-921.10M	510.44M	10.23B
Net Income	-3.50B	627.68M	-4.23B	-15.13B	-17.44B	-10.30B
Balance Sheet
Total Assets	0.00	65.94B	64.72B	77.71B	95.55B	113.52B
Cash, Cash Equivalents and Short-Term Investments	3.94B	8.01B	2.15B	359.74M	631.14M	359.40M
Total Debt	0.00	42.19B	53.79B	73.49B	83.32B	95.18B
Total Liabilities	19.44B	85.39B	116.91B	136.21B	138.95B	139.56B
Stockholders Equity	-19.44B	-19.42B	-52.17B	-58.50B	-43.40B	-26.04B
Cash Flow
Free Cash Flow	0.00	-17.70B	-6.54B	403.65M	9.67B	1.51B
Operating Cash Flow	0.00	-16.89B	-5.96B	627.95M	10.04B	2.28B
Investing Cash Flow	0.00	-6.43B	234.58M	5.12B	-1.49B	2.12B
Financing Cash Flow	0.00	21.68B	8.26B	-6.10B	-8.78B	-4.37B

SpiceJet Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 29.48
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SPICEJET, the sentiment is Negative. The current price of 29.48 is above the 20-day moving average (MA) of 17.62, above the 50-day MA of 23.14, and below the 200-day MA of 33.03, indicating a bearish trend. The MACD of -2.59 indicates Negative momentum. The RSI at 21.50 is Positive, neither overbought nor oversold. The STOCH value of 35.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SPICEJET.

SpiceJet Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EASEMYTRIP	66 Neutral	₹27.64B	91.75	―	―	-16.06%	-79.12%
WELENT	63 Neutral	₹63.94B	74.06	―	0.58%	9.11%	16.30%
YATRA	62 Neutral	₹17.29B	81.87	―	―	82.79%	208.75%
MHRIL	57 Neutral	₹56.21B	702.73	―	―	4.25%	17.51%
THOMASCOOK	57 Neutral	₹44.33B	41.31	―	0.32%	11.02%	-9.59%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SPICEJET	38 Underperform	₹21.49B	-4.18	―	―	-26.46%	46.14%