SpiceJet Limited (SPICEJET) AI Stock Analysis

• Market Cap: ₹20.85B
• Dividend Yield: N/A
• Average Volume (3M): 12.45M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.38
• 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: ₹12.50 ▼(-57.60% 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 & ancillary revenues

SpiceJet’s LCC model and ancillary revenue mix create durable unit-economics levers: lower base fares attract volume while ancillaries boost yield per passenger. Over 2–6 months this structure supports revenue diversification and scalable margin improvement as load factors normalize.

Positive EBITDA margins

Reported positive EBITDA margins indicate the core operations can generate cash before financing and non-cash charges. This operating cash-generation capacity is a durable strength for near-term liquidity management, renegotiating leases, and restoring profitability pathways.

Established Indian LCC market position

As an established Indian low-cost carrier, SpiceJet benefits from brand recognition, existing route rights and slot access. These structural market positions support passenger demand capture and network scale advantages that remain relevant across a multi-month horizon.

Negative Factors

Negative stockholders' equity & high leverage

Negative equity and high leverage are structural vulnerabilities: they limit financing options, increase default and covenant risk, and constrain investment. Over 2–6 months this impairs the company’s ability to absorb shocks or fund recovery without dilutive or costly capital.

Negative operating cash flow and weak free cash flow

Persistent negative operating cash flow and weak FCF mean the business cannot internally fund operations or capex reliably. This structural cash shortfall forces dependence on external financing, raising refinancing risk and operational constraints over the coming months.

Persistent negative margins and volatile revenue

Ongoing negative gross, EBIT and net margins reflect deep operational inefficiencies and pricing pressure. Coupled with recent revenue decline, these structural profitability issues hinder sustainable earnings recovery and make return to positive net income uncertain in the medium term.

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 primarily makes money by selling air travel to passengers. Its main revenue stream is passenger ticket (fare) revenue from scheduled flights, where pricing varies by route, demand, seasonality, and booking time. In addition to base fares, it earns ancillary revenue from optional customer purchases and fees associated with travel (for example, baggage-related charges, seat selection, and other flight add-ons when offered), which are typically sold during booking or at the airport. The company’s total earnings are also influenced by operational factors such as load factor (how full flights are), yields (average fare per passenger), route network choices, aircraft utilization, and fuel and currency movements that affect pricing and profitability. Specific significant partnerships or segment-level revenue breakdowns are null.

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: 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 16.30, above the 50-day MA of 22.10, and below the 200-day MA of 32.57, indicating a bearish trend. The MACD of -2.50 indicates Negative momentum. The RSI at 24.61 is Positive, neither overbought nor oversold. The STOCH value of 16.73 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
EASEMYTRIP	66 Neutral	₹26.77B	91.75	―	―	-16.06%	-79.12%
WELENT	63 Neutral	₹63.55B	74.06	―	0.58%	9.11%	16.30%
YATRA	62 Neutral	₹17.23B	81.87	―	―	82.79%	208.75%
MHRIL	57 Neutral	₹55.06B	702.73	―	―	4.25%	17.51%
THOMASCOOK	57 Neutral	₹44.10B	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	₹20.85B	-4.18	―	―	-26.46%	46.14%