SpiceJet Ltd
SPICEJETSpiceJet Ltd's balance sheet is under water — net worth is negative, so it owes more than it owns. This is a distressed, high-risk situation — the equity can be wiped by dilution or restructuring before operations recover. Not a value setup.
The sharpest disagreement: profits are rising, but only −17% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.
The price is in a downtrend (81 weeks in) while the P/E sits at the 95th percentile of its own 10-year range. But the balance sheet is under water: net worth is negative, so shareholders sit behind everyone the company owes. What settles it: whether the business can earn its way back to positive equity before dilution or restructuring gets there first.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
SpiceJet Ltd trades at ₹11.3, in a downtrend and 81 weeks into that stage. That is −42.6% against its own 200-day average. It sits at 4% of a 52-week range of ₹10 to ₹38. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (8 weeks and counting).
Today the stock is in a downtrend — week 81 of stage 4, confirmed. At ₹11.3 it trades −42.6% versus its 200-day average and sits at 4% of its 52-week range (₹10–₹38).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved −82% while the NIFTY 500 moved +276% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (8 weeks and counting; last ahead the week of 2026-06-19) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
SpiceJet Ltd trades at 36.9× P/E, at the pricey end of its own range (95th percentile). Its long-run median P/E is 14.8×, measured across 9.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 36.9× is at the pricey end of its own range (95th percentile), against a long-run median of 14.8× measured over 9.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
SpiceJet Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 1 curve, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
The return-on-capital curve is not shown — net worth is negative, so a return on capital is not a meaningful number in any basis. This is a distressed balance sheet, and the stage is read from the growth curves alone.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | −24.8% | −6.9% | −15.5% | +0.3% |
| Share price | −68.3% | −27.1% | −31.5% | −16.4% |
4-Factor Sector Score
40.4/100 — rank 2 of 4 in Air Transport Service · 54% evidence confidence
SpiceJet Ltd scores 40.4 out of 100 against the 4 companies it is compared with in Air Transport Service, ranking 2. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
The four contributions add to the total exactly: 16 + 13.9 + 7.5 + 3 = 40.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
SpiceJet Ltd reported ₹1,408 Cr of revenue in the Dec 25 quarter, +13.8% year on year. Over 10 years it has compounded at 0.3% a year. The last full year, FY25, came in at ₹5,326 Cr. The last four reported quarters add to ₹4,786 Cr.
FY25 revenue came in at ₹5,326 Cr (−24.8% on the year), capping 10 years at 0.3% compound. The latest quarter (Dec 25) printed ₹1,408 Cr, +13.8% year on year.
Pace check: the last four quarters averaged −12.4% growth against the decade's 0.3% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew −14.5% over the last 4 quarters against −20.1%/yr over the last 8 — accelerating.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
SpiceJet Ltd's operating margin is −13.0% in the Dec 25 quarter, +2.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −14.0% to 11.0%. The current quarter sits inside that band.
The latest quarter's operating margin is −13.0%, +2.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −14.0%–11.0%.
Why the margin moved: operating margin went +2.3 pp year on year while gross margin went −1.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
SpiceJet Ltd posted a net loss of ₹262 Cr in the Dec 25 quarter. Full-year FY25 profit was ₹62.0 Cr. That loss is 18.6% of the quarter's revenue. The same quarter a year earlier earned ₹20.0 Cr. 7 of the last 12 reported quarters were loss-making.
Dec 25 profit was ₹−262 Cr, −1,410.0% year on year. On the full year, FY25 printed ₹62.0 Cr (null).
🚨 Why profit moved: revenue contributed +13.8% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit −496.3% vs revenue −12.4%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years −17% of SpiceJet Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹−1,689 Cr of operating cash against ₹62.0 Cr of profit. After ₹188 Cr of capital spending, ₹−1,877 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.
FY25: operating cash of ₹−1,689 Cr against reported profit of ₹62.0 Cr, leaving free cash of ₹−1,877 Cr after ₹188 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −17% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at −17%: the cash cycle held roughly steady between FY20 and FY25 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
SpiceJet Ltd's cash conversion cycle runs 8 days in FY25, down from 9 days in FY20. Capital spending ran ₹−1,033 Cr over the last 3 years. At FY25 sales of ₹5,326 Cr each day of that cycle holds about ₹14.6 Cr, so roughly ₹117 Cr sits inside the business at any moment.
FY25: debtors at 8 days (an asset-light business — no inventory to speak of) — for a full cycle of 8 days, tighter than FY20's 9.
In money terms: at FY25 sales of ₹5,326 Cr, each day of the cycle holds about ₹14.6 Cr — so the 8-day loop keeps roughly ₹117 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹−1,033 Cr over the last 3 fiscal years against ₹2,421 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹10.0 Cr (FY25) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
SpiceJet Ltd earns a ROCE of 29% in FY25. That is up from a trough of −270% in FY20. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 1.2% net margin on 0.81× asset turns.
FY25 ROCE is 29%, recovered from a FY20 trough of −270% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY25): 1.2% net margin × 0.81× asset turns × −3.39× balance-sheet leverage ≈ −3.3% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
SpiceJet Ltd's net worth is negative — it owes more than it owns — so a debt-to-equity ratio is not meaningful here. Operating profit covers the interest bill −2×. Over 5 years borrowings went from ₹1,097 Cr to ₹4,219 Cr. Capital spending ran ₹−1,033 Cr across the last 3 of those years.
FY25: borrowings of ₹4,219 Cr against equity of ₹−1,943 Cr — net worth is NEGATIVE: the company owes more than it owns, so a debt-to-equity ratio is not meaningful (it just goes negative). This is a balance sheet under water. Operating profit covers the interest bill −2×. Over 5 years borrowings went from ₹1,097 Cr to ₹4,219 Cr while capital spending ran ₹−1,033 Cr in just the last 3 — part of the build-out is riding on borrowed money.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Promoters cut 24.1 points of SpiceJet Ltd over 8 quarters, the biggest move on the register. That takes promoters to 24.2% of the company. Domestic institutions moved −3.0 points over the same window, to 2.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: −24.1 points over 8 quarters to 24.2%; Domestic institutions: −3.0 points over 8 quarters to 2.3%; Foreign institutions: +0.3 points over 8 quarters to 2.0%.
🚨 Why the register moved: promoters drove it (−24.1 points), alongside domestic institutions (−3.0 points) — distribution into the market’s bid.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
SpiceJet Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1TAAL Tech LtdTAALTECH | 56.8/100Mixed-positive evidence74% evidence | TURNING | 12.7/35 Revenue 7% · PAT 16.3% · OPM change -1 pp 83% evidence | 19.6/25 ROCE 32.7% · OPM 31% 95% evidence | 7.5/20 P/E 21.7× · PEG — 35% evidence | 17.0/20 RS sector 21.4% · RS bench 23.7% · 1Y 20.9%6 of 8 weeks ahead 70% evidence |
| Exact sum: 12.7 + 19.6 + 7.5 + 17 = 56.8 · Decision use: Price leads the evidence: RS versus the benchmark is 23.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 2SpiceJet Ltdthis pageSPICEJET | 40.4/100Thin evidence · provisional54% evidence | ASLEEP | 16.0/35 Revenue -14.5% · PAT -80% · OPM change 2 pp 53% evidence | 13.9/25 ROCE 29.4% · OPM -13% 57% evidence | 7.5/20 P/E — · PEG — 35% evidence | 3.0/20 RS sector -52.2% · RS bench -50.7% · 1Y -70.5%1 of 10 weeks ahead 70% evidence |
| Exact sum: 16 + 13.9 + 7.5 + 3 = 40.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 3Interglobe Aviation LtdINDIGO | 31.2/100Adverse evidence74% evidence | TURNING | 3.7/35 Revenue 9% · PAT -80% · OPM change -13 pp 100% evidence | 2.9/25 ROCE 5.2% · OPM 13% 100% evidence | 10.0/20 P/E — · PEG — 0% evidence | 14.6/20 RS sector 16.9% · RS bench 0.2% · 1Y -10.9%5 of 10 weeks ahead 70% evidence |
| Exact sum: 3.7 + 2.9 + 10 + 14.6 = 31.2 · Decision use: Price leads the evidence: RS versus the benchmark is 0.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 4Afcom Holdings Ltd544224 | 61.9/100Thin evidence · provisional47% evidence | TURNING | 12.9/35 Revenue — · PAT — · OPM change -9 pp 39% evidence | 22.0/25 ROCE 33.5% · OPM 38% 76% evidence | 10.0/20 P/E 33.3× · PEG — 0% evidence | 17.0/20 RS sector 24.8% · RS bench 52.3% · 1Y 29.6%10 of 11 weeks ahead 70% evidence |
| Exact sum: 12.9 + 22 + 10 + 17 = 61.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is SpiceJet Ltd's share price today?
SpiceJet Ltd trades at ₹11.3, −68.3% over the past year. The company is valued at ₹1,724 Cr. The stock sits at 4% of its 52-week range of ₹10–₹38, −42.6% versus its 200-day average. On the tape, the price is in a downtrend, 81 weeks in. — as of 31 July 2026.
What were SpiceJet Ltd's latest quarterly results?
SpiceJet Ltd reported revenue of ₹1,408 Cr and a net loss of ₹262 Cr for the Dec 25 quarter. Revenue rose 13.8% and profit fell 1,410.0% year on year. Earnings per share were ₹−1.71. The operating margin was −13.0%, 2.0 pp higher than a year earlier. — as of 31 July 2026.
What is SpiceJet Ltd's revenue?
SpiceJet Ltd reported revenue of ₹1,408 Cr in the Dec 25 quarter, +13.8% year on year. For the full FY25 fiscal year, revenue was ₹5,326 Cr (−24.8%). Over the last 10 years revenue compounded at 0.3% a year. — as of 31 July 2026.
What is SpiceJet Ltd's profit?
SpiceJet Ltd earned ₹−262 Cr of net profit in the Dec 25 quarter, −1,410.0% year on year. Full-year FY25 profit was ₹62.0 Cr. The operating margin ran −13.0% in the latest quarter. — as of 31 July 2026.
What is SpiceJet Ltd's market cap?
SpiceJet Ltd's market capitalisation is ₹1,724 Cr at a share price of ₹11.3. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.
What is SpiceJet Ltd's P/E ratio?
SpiceJet Ltd trades at a P/E of 36.9×, at the 95th percentile of its own 10-year range, against a long-run median of 14.8×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.
Does SpiceJet Ltd pay a dividend?
No — SpiceJet Ltd has recorded a dividend payout of 0% of profit in each of its last 12 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 31 July 2026.
Is SpiceJet Ltd overvalued?
On its own history, SpiceJet Ltd looks expensive against its own history: its P/E of 36.9× sits at the 95th percentile of its 10-year range (long-run median 14.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 2026.
Is SpiceJet Ltd growing?
Yes — SpiceJet Ltd is growing: latest-quarter revenue +13.8% year on year, profit −1,410.0%, and the margin +2.0 pp at −13.0%. The earnings engine currently reads: improving — as of 31 July 2026.
How is SpiceJet Ltd performing?
SpiceJet Ltd is in a downtrend, 81 weeks in. Its latest quarter's revenue rose 13.8% and profit fell 1,410.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 8 weeks. This describes what the data did, not a rating. — as of 31 July 2026.
Is SpiceJet Ltd in an uptrend?
No — the price is in a downtrend (week 81 of stage 4), trading −42.6% versus its 200-day average and at 4% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.
Is SpiceJet Ltd beating the market?
Not lately — on a trailing-13-week view SpiceJet Ltd is currently behind the NIFTY 500 (8 weeks and counting; last ahead the week of 2026-06-19), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved −82% against the NIFTY 500's +276% — behind the index over the full window. — as of 31 July 2026.
Will SpiceJet Ltd's share price go up?
This page publishes no price forecast for SpiceJet Ltd. What it measures instead: the share price is ₹11.3, the price is in a downtrend 81 weeks in. Its P/E of 36.9× sits at the 95th percentile of its own 10-year range. Direction is not something this site claims to know. — as of 31 July 2026.
Who owns SpiceJet Ltd?
Promoters hold 24.2% of SpiceJet Ltd, foreign institutions 2.0%, domestic institutions 2.3% and the public 71.6% (latest quarter). The biggest move on the register over the last two years: Promoters cut 24.1 points over 8 quarters. — as of 31 July 2026.
Does SpiceJet Ltd have too much debt?
No — SpiceJet Ltd's debt-to-equity is −2.17, and operating profit covers the interest bill −2×. FY25 borrowings were ₹4,219 Cr against equity of ₹−1,943 Cr. The returns on this page are earned, not borrowed — as of 31 July 2026.
What is SpiceJet Ltd's capex?
SpiceJet Ltd spent ₹−1,033 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY25 alone that was ₹188 Cr, with ₹10.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.
What is SpiceJet Ltd's cash flow?
SpiceJet Ltd generated ₹−1,689 Cr of operating cash flow in FY25 and ₹−1,877 Cr of free cash flow after ₹188 Cr of capital spending. Reported profit that year was ₹62.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 31 July 2026.
Is SpiceJet Ltd's profit real cash?
Not fully — over the last 3 fiscal years, −17% of SpiceJet Ltd's reported profit arrived as operating cash. In FY25, operating cash was ₹−1,689 Cr against reported profit of ₹62.0 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 31 July 2026.
Where is SpiceJet Ltd in its business cycle?
SpiceJet Ltd's FY25 operating margin was −8.0%, against a 12-year band of −14.0%–11.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran −13.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.
What could break the SpiceJet Ltd story?
The sharpest disagreement: profits are rising, but only −17% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.
Is SpiceJet Ltd a stock worth studying right now?
This is not investment advice. The machine read: SpiceJet Ltd's balance sheet is under water — net worth is negative, so it owes more than it owns. This is a distressed, high-risk situation — the equity can be wiped by dilution or restructuring before operations recover. Not a value setup. The sharpest open question: whether the business can earn its way back to positive equity before dilution or restructuring gets there first. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.