SpiceJet Limited (SPICEJET) AI Stock Analysis

• Market Cap: ₹32.15B
• Dividend Yield: N/A
• Average Volume (3M): 12.45M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.34
• 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): -4.50
• Shares Outstanding: 1,413,592,800
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: ₹26.00 ▼(-11.80% Downside)

SpiceJet's overall stock score is primarily impacted by its poor financial performance, characterized by negative profitability and high leverage. Technical analysis provides mixed signals, with some potential for upward momentum. Valuation metrics are unattractive due to ongoing losses and lack of dividends.

Positive Factors

Low-cost carrier business model

Operating as a low-cost carrier provides a durable business framework focused on unit-cost discipline and high-volume scheduled services. This model supports resilience in price-sensitive markets and allows flexibility in route/pricing decisions that matter over multi-month horizons.

Ancillary revenue streams

The presence of ancillary revenues (baggage, seat selection, add-ons) diversifies income beyond base fares. These higher-margin, repeatable streams help stabilize revenue per passenger and improve long-term margin sustainability even if base fares remain volatile.

Positive EBITDA margins

Reported positive EBITDA margins indicate core operations can generate operating cash before financing and non-cash items. Over 2-6 months this underpins operational scalability and suggests a pathway to recovery if fixed-cost and balance-sheet pressures are addressed.

Negative Factors

Negative shareholders' equity and high leverage

Negative equity and heavy reliance on debt create structural solvency risk, limiting the company's ability to raise funding or absorb shocks. This constrained capital flexibility materially increases refinancing and default risk over the medium term.

Negative operating and free cash flow

Persistent negative operating and free cash flow erode liquidity and force reliance on external financing. Over several months this hampers capital spending, fleet maintenance, and debt servicing, raising the probability of operational disruption or dilutive recapitalization.

Persistent unprofitable margins

Sustained negative gross and net margins signal structural weaknesses in core unit economics and cost base. Even with EBITDA positivity, continued losses at gross/net levels imply the business needs material operational improvements or cost restructuring to reach durable profitability.

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

Financial statements indicate significant stress: persistent negative profitability and EBIT margins, negative stockholders’ equity with high leverage, and strained cash generation with negative free cash flow trends.

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	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
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: Positive
• RSI: Positive
• STOCH: Positive

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 25.78, above the 50-day MA of 29.47, and below the 200-day MA of 36.31, indicating a bearish trend. The MACD of -2.09 indicates Positive momentum. The RSI at 23.57 is Positive, neither overbought nor oversold. The STOCH value of 19.98 is Positive, 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
YATRA	69 Neutral	₹23.13B	41.67	―	―	82.79%	208.75%
EASEMYTRIP	66 Neutral	₹22.84B	120.77	―	―	-16.06%	-79.12%
THOMASCOOK	63 Neutral	₹57.74B	22.62	―	0.32%	11.02%	-9.59%
WELENT	63 Neutral	₹65.71B	18.77	―	0.58%	9.11%	16.30%
MHRIL	57 Neutral	₹59.81B	59.08	―	―	4.25%	17.51%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SPICEJET	41 Neutral	₹32.15B	-6.97	―	―	-26.46%	46.14%