MarketFriction

SpiceJet Ltd

NSE SPICEJET · BSE 500285 · Airline
₹31.70 +1.93%
NSE close2023-04-28
Market cap₹1,470 Cr.
No trades in 30 days Delivery 37.4%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales2,1452,0021,4251,9041,7191,6969111,2311,4461,1067811,384
Expenses2,1431,7341,8562,1421,9641,6611,2761,4191,3941,1961,2351,578
Operating Profit2268-431-238-24535-365-18853-90-454-194
OPM %0.1%13%-30%-13%-14%2.1%-40%-15%3.6%-8%-58%-14%
Other Income3572663012456353721664204958446120
Interest11812211312610087876056625351
Depreciation224207188183170170155146166168173144
Profit before tax17205-432-301119150-44225325-235-634-269
Tax %0%0%0%0%0%0%0%0%0%0%0%0%
Net Profit17205-432-301119150-44225325-235-634-269
EPS in Rs0.283.40-6.31-4.411.521.89-3.450.192.30-1.66-4.48-1.76
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales5,1635,0886,1917,7569,11312,3595,1336,5578,8697,0505,2844,718
Expenses5,7764,5425,6466,9929,11911,8424,9587,4809,8927,6925,7495,403
Operating Profit-613546545764-6517175-923-1,023-642-465-685
OPM %-12%11%9%10%-0.1%4.2%3.4%-14%-12%-9%-9%-15%
Other Income218210150127798289879731,0461,4431,451746
Interest1651266693134546603486507462291223
Depreciation1271801992312561,7341,5581,2901,019748638651
Profit before tax-687450431567-316-935-998-1,725-1,503-40958-813
Tax %0%0%0%0%0%0%0%0%0%0%0%
Net Profit-687450431567-316-935-998-1,725-1,503-40958-813
EPS in Rs-11.467.507.199.45-5.27-15.58-16.61-28.67-24.97-5.230.41-5.60
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth0%-16%-7%-15%
Compounded Profit Growth8%16%27%-438%
Stock Price CAGR-17%-34%-36%-67%
Return on Equity%%%%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital5995995995996006006016026027831,4131,414
Reserves-1,685-1,638-1,209-642-950-2,179-3,172-4,890-3,833-3,369-730-1,601
Borrowings1,4771,2301,1551,3031,1101,0971,0688,3307,3485,3764,2144,209
Other Liabilities2,2152,6562,4452,7724,04813,35412,8795,4796,1636,1674,2194,410
Total Liabilities2,6072,8472,9914,0324,80712,87211,3769,52010,2808,9579,1168,431
Fixed Assets1,7141,6281,6201,5981,6048,6817,0005,5403,9732,5362,0841,879
CWIP00000066651010
Investments0201401010133319152191
Other Assets8931,1991,2312,3333,2034,1904,3673,9726,2976,3966,8696,352
Total Assets2,6072,8472,9914,0324,80712,87211,3769,52010,2808,9579,1168,431
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity59-4117114961,0464561,77822697893-613-1,665
Cash from Investing Activity-50304-275-491-806-146-156210-12256136-674
Cash from Financing Activity-221126-379-62-140-364-1,659-435-876-6327322,170
Net Cash Flow-2121958-57100-54-371-2023154-170
Free Cash Flow-23-3685532487902561,525165950112-659-1,749
CFO/OP-8%66%130%90%138%-8,302%350%108%-112%-13%93%369%
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days9934469251461014
Inventory Days
Days Payable
Cash Conversion Cycle9934469251461014
Working Capital Days-122-130-149-117-114-94-129-371-360-313-346-291
ROCE %-75%-105%178%124%72%-12%-269%-91%-24%2%9%
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters58.98%56.53%55.28%48.27%47.67%29.14%29.14%33.46%33.46%33.45%30.99%24.19%
FIIs0.35%0.29%0.33%1.73%1.81%22.87%15.76%11.85%11.79%7.95%4.01%1.98%
DIIs0.01%0.01%0.04%5.30%5.05%8.45%7.57%6.92%6.29%5.39%5.26%2.25%
Public40.67%43.16%44.35%44.71%45.48%39.55%47.55%47.78%48.45%53.21%59.74%71.59%
No. of Shareholders3,89,7003,99,6184,04,1073,97,7053,79,1353,82,6014,25,6594,22,9354,29,6084,31,3364,35,3914,43,166

Fundamentals

Market Cap₹ 1,470 Cr.
Current Price₹ 9.63
Book Value₹ -1.23
ROCE9.10 %
ROE%
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-15%
Compounded Profit Growth (TTM)-438%
Standalone figures.
Valuation
Market capRs 4,480 Cr
Enterprise valueRs 8,457 Cr
Price to book6.56x
Price to sales0.95x
EV / EBITDA138.61x
EV / sales1.79x
Earnings yield-18.15%
P/E, 3-year average107.92x
P/B, 3-year average2.26x
P/E, 5-year average107.92x
P/B, 5-year average0.88x
Profitability
Operating margin (excl. other income)-8.79%
Operating margin (incl. other income)18.67%
EBITDA margin1.29%
Pre-tax margin-17.24%
Net profit margin-17.24%
Net margin, latest quarter-19.45%
ROE-6.10%
ROCE9.08%
ROA0.64%
ROE, 3-year average15.98%
ROCE, 3-year average-4.61%
ROA, 3-year average-6.27%
ROE, 5-year average29.27%
ROCE, 5-year average-27.86%
ROA, 5-year average-8.71%
ROIC (approx.)-12.67%
Other income / net worth212.47%
Growth
Sales growth (latest year)-25.05%
Sales CAGR, 3 years-6.94%
Sales CAGR, 5 years-15.63%
Sales growth QoQ77.20%
Sales growth YoY (latest quarter)12.45%
Profit growth YoY (latest quarter)-1178.37%
Per share
EPS (TTM)Rs -5.75
EPS (latest year)Rs 0.41
EPS (latest quarter)Rs -1.91
EPS, 3-year averageRs -9.93
EPS, 5-year averageRs -15.01
Book value per shareRs 4.83
Sales per shareRs 33.38
Cash flow per shareRs -11.78
Free cash flow per shareRs -12.37
Efficiency
Asset turnover0.58x
Fixed asset turnover2.54x
Inventory turnover24.64x
Inventory days15 days
Debtor days14 days
Debtors turnover26.00x
Cash conversion cycle14 days
Working capital days-291 days
Leverage
Total debtRs 4,214 Cr
Cash and bankRs 237 Cr
Net debtRs 3,976 Cr
Debt to equity6.17x
Net debt / EBITDA65.17x
Interest coverage-2.65x
Owners' fund to total sources7.49%
Debt to assets46.23%
Cash flow
Cash from Operating Activity (latest year)Rs -1,665 Cr
Cash from Investing Activity (latest year)Rs -674 Cr
Cash from Financing Activity (latest year)Rs 2,170 Cr
Net Cash Flow (latest year)Rs -170 Cr
Free cash flow (latest year)Rs -1,749 Cr
FCFE (approx.: FCF + change in debt)Rs -2,911 Cr
Statement figures
Net sales (TTM)Rs 4,718 Cr
Net sales (latest year)Rs 5,284 Cr
Sales (latest quarter)Rs 1,384 Cr
Operating profit excl. other income (latest year)Rs -465 Cr
Operating profit (latest quarter)Rs -194 Cr
Other income (TTM)Rs 746 Cr
EBITDA (TTM)Rs 61 Cr
PBDT (TTM)Rs -162 Cr
Profit before tax (TTM)Rs -813 Cr
Net profit (TTM)Rs -813 Cr
Net profit (latest year)Rs 58 Cr
Net profit (latest quarter)Rs -269 Cr
Depreciation (TTM)Rs 651 Cr
Depreciation (latest quarter)Rs 144 Cr
Interest (TTM)Rs 223 Cr
Cost of goods sold (latest year)Rs 4,274 Cr
Total expenditure (latest year)Rs 5,749 Cr
Total income (latest year)Rs 6,735 Cr
Share capitalRs 1,413 Cr
ReservesRs -730 Cr
Shareholders' fundsRs 683 Cr
Total assetsRs 9,116 Cr
Net blockRs 2,084 Cr
Capital work in progressRs 10 Cr
InvestmentsRs 152 Cr
ReceivablesRs 203 Cr
InventoryRs 173 Cr
Other liabilitiesRs 4,219 Cr
Shares outstanding (crore)141.34
Ownership
Promoter holding24.19% (-9.27 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
PeriodSPICEJETNifty 50Difference
1 week-1.2%-2.8% +1.5 pts
1 month-0.3%-6.8% +6.5 pts
3 months-14.0%-7.6% -6.4 pts
6 months-22.5%+0.4% -22.9 pts
1 year-43.2%-9.9% -33.3 pts
2 years-47.9%-13.6% -34.3 pts
3 years-26.4%+14.2% -40.5 pts
5 years-75.1%+27.9% -103.0 pts
1 mutual fund schemes hold about ₹0 Cr. Over three months 0 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Motilal Oswal BSE 1000 Index Fund0.01%0

Red flags

F-score 4 of 8
explainHigh accruals Profit exceeded operating cash by 19% of total assets in 2025
explainShare dilution Share count up 80% in a year, 135% in three
explainLow interest cover Interest cover 1.2x in 2025
lookProfit leans on other income Other income was 2499% of pre-tax profit in 2025
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Dec 2025
Sales ₹1,384 Cr +12.4% vs Dec 2024. Net loss ₹269 Cr.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-01-03Annual General Meeting
2022-12-16Annual General Meeting
2021-12-22Annual General Meeting
2020-12-16 Annual General Meeting
2019-09-20 Annual General Meeting
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-07-27NCLTSpicejet Ltd Vs M/s Affordable Infrastructure And Housing Projects Pvt Ltd
2021-07-05NCLTSHRI RIZWAN KHALEE Vs SPICEJET LIMITED
2020-11-03NCLATSpicejet Ltd. VS Affordable Infrastructure and Housing Projects Pvt. Ltd.
2020-10-16NCLATSpicejet Ltd. VS Affordable Infrastructure and Housing Projects Pvt. Ltd.
2020-10-13NCLTSHRI RIZWAN KHALEE Vs SPICEJET LIMITED
2020-09-24NCLTSHRI RIZWAN KHALEE Vs SPICEJET LIMITED
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of SpiceJet Ltd?

SpiceJet Ltd (SPICEJET) has a market capitalisation of Rs 1,470 Cr. at the 2023-04-28 close.

What were SpiceJet Ltd's latest quarterly results?

In the Dec 2025 quarter, SpiceJet Ltd sales was Rs 1,384 Cr (+12.4% vs Dec 2024) with a net loss of Rs 269 Cr.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03