SpiceJet Limited (IN:SPICEJET)
:SPICEJET
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SpiceJet Limited
(SPICEJET)
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Rating:39Underperform
Price Target:
₹13.50
▼(-54.21% Downside)
Action:ReiteratedDate:04/17/26
The score is primarily constrained by very weak financial performance (loss-making operations, negative equity, and cash flow strain). Technicals are mixed with a weak longer-term trend despite short-term strength, and valuation is clouded by a negative P/E with no dividend support.
Positive Factors
Low-cost carrier business model
Operating as a low-cost carrier with ancillary revenue creates durable unit-level levers: base fares plus add-ons diversify revenue per passenger. This business model supports high-frequency demand sensitivity and gives management structural tools to lift yield and margins over months with route and ancillary optimization.
Negative Factors
Negative stockholders' equity
Negative equity indicates liabilities exceed assets, a structural solvency concern that limits financial flexibility. Over the medium term this raises refinancing risk, reduces lender appetite, and can constrain capital investment and growth unless equity is restored or liabilities are materially reduced.
Read all positive and negative factors
Positive Factors
Negative Factors
Low-cost carrier business model
Operating as a low-cost carrier with ancillary revenue creates durable unit-level levers: base fares plus add-ons diversify revenue per passenger. This business model supports high-frequency demand sensitivity and gives management structural tools to lift yield and margins over months with route and ancillary optimization.
Read all positive factors
SpiceJet Limited (SPICEJET) vs. iShares MSCI India ETF (INDA)
Market Cap
₹22.57B
Dividend YieldN/A
Average Volume (3M)12.45M
Price to Earnings (P/E)―
Beta (1Y)1.43
Revenue Growth-14.50%
EPS Growth-239.75%
CountryIN
Employees7,131
SectorServices
Sector StrengthN/A
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)-1.90
Shares Outstanding1,526,099,500
10 Day Avg. Volume18,854,900
30 Day Avg. Volume12,451,830
Financial Highlights & Ratios
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 CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-10.33
Revenue Forecast (FY)₹70.18B
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...
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,...
SpiceJet Limited Financial Statement Overview
Summary
Income Statement
35
Negative
Balance Sheet
25
Negative
Cash Flow
30
Negative
| 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
Neutral
29.48
Price Trends
15.06
Negative
22.40
Negative
28.84
Negative
Market Momentum
-0.48
Negative
56.53
Neutral
92.95
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SPICEJET, the sentiment is Neutral. The current price of 29.48 is above the 20-day moving average (MA) of 11.70, above the 50-day MA of 15.06, and above the 200-day MA of 28.84, indicating a neutral trend. The MACD of -0.48 indicates Negative momentum. The RSI at 56.53 is Neutral, neither overbought nor oversold. The STOCH value of 92.95 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:SPICEJET.
SpiceJet Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹27.71B | 91.75 | ― | ― | -14.48% | -112.46% | |
63 Neutral | ₹69.88B | 74.06 | ― | 0.58% | 1.59% | 0.58% | |
62 Neutral | ₹17.65B | 81.87 | ― | ― | 52.39% | 99.89% | |
59 Neutral | ₹45.73B | 41.31 | ― | 0.32% | 9.72% | -0.76% | |
56 Neutral | ₹52.20B | 702.73 | ― | ― | 5.28% | -26.20% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
39 Underperform | ₹22.57B | -4.18 | ― | ― | -14.50% | -239.75% |
* Services Sector Average
IN:SPICEJET
SpiceJet Limited
14.79
-39.23
-72.62%
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258.35
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2.79%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.