Spicejet Ltd (SPICEJET) · mywealthgrid

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About

Spicejet operates domestic airline services in India with ₹1,770.28 Cr market cap. Operating performance has been highly volatile, alternating between profitable quarters and significant losses, contributing to a 64.85% stock decline over the past year.

Founded: 2005
Face value: ₹10

Market cap

₹1,419 Cr

P/E

—

P/B

—

Dividend yield

ROE

—

ROCE

—

Debt / equity

—

OPM

-8.3%

EPS (TTM)

₹-3.0

Book value

₹-13.7

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Profitability collapse: last three quarters all losses (Sep 2025: -₹633.8 Cr at -58.12% OPM; Jun 2025: -₹235.08 Cr; Dec 2025: -₹269.27 Cr), signaling structural issues beyond cyclical weakness
Revenue volatility: ₹781–₹1,695 Cr quarterly swings indicate demand/capacity misalignment; verify load factors and booking trends
Shareholder dilution: promoter stake fell from 30.99% (Dec 2025) to 24.19% (Mar 2026); FII and DII holdings also declined; stock at 52-week low ₹11.6
Leverage undisclosed: airlines typically carry high debt; without visible D/E ratio, assess whether debt covenants or refinancing threaten solvency

Generated analysis · source review pending

Growth drivers

Revenue recovery potential: Dec 2025 (₹1,384.31 Cr) rebounded from Sep's ₹781.22 Cr low; sustained recovery requires verification of booking trends and fleet utilization
Demonstrated profitability: Company achieved ₹324.87 Cr profit at 3.63% OPM (Mar 2025) and ₹149.96 Cr at 2.06% OPM (Jun 2024)—repeating this performance at stable revenue would drive shareholder value
Operational margin recovery: Quarterly OPM swings from -58.12% to +3.63% show material cost management variance; verify management's credible plan to stabilize operations

Generated analysis · source review pending

2,421 historical price candles were omitted because the exchange source has not been verified.

₹9.3-3.4%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Profit declined 35.6% a year over the last 5 years
−Revenue shrank over the last 5 years (-7.3% a year)
−Weak interest coverage of 1.2×
−Low promoter holding of 24.2%
−Promoter holding fell 9.3 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

34/100

Business quality: 1
Growth: 0
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

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Blackbuck LimitedBLACKBUCKBLACKBUCK	₹11,038 Cr	₹11,064 Cr	₹713 Cr	₹176 Cr	25.6%	₹169 Cr	24.6%	12.9%	12.1%	-13
Blue Dart Express LimitedBLUEDARTBLUEDART	₹10,657 Cr	₹10,857 Cr	₹6,357 Cr	₹1,016 Cr	15.5%	₹287 Cr	4%	19.1%	14.8%	-17
Shiprocket LimitedSHIPROCKETSHIPROCKET	₹8,730 Cr	₹8,972 Cr	₹2,024 Cr	₹-67 Cr	-3.3%	₹-79 Cr	-3.9%	-3.1%	-5.4%	—
Transport Corporation Of India LimitedTCITCI	₹6,727 Cr	₹6,946 Cr	₹5,026 Cr	₹531 Cr	10.5%	₹460 Cr	9.4%	16.5%	19.5%	40
Tvs Supply Chain Solutions LimitedTVSSCSTVSSCS	₹5,666 Cr	₹6,776 Cr	₹11,746 Cr	₹830 Cr	7.1%	₹65 Cr	1.1%	7.9%	6%	-169
Vrl Logistics LimitedVRLLOGVRLLOG	₹4,986 Cr	₹5,441 Cr	₹3,356 Cr	₹685 Cr	20.2%	₹267 Cr	7.4%	18.8%	21.3%	12

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	5,088	6,191	7,800	5,171	6,604	8,874	7,085	5,326
COGS	—	—	—	18	40	92	71	49
Gross profit	—	—	—	—	—	8,781	—	—
	3,594	4,433	5,557	4,968	7,481	9,787	7,659	5,718
	—	—	—	186	-917	-1,006	-644	-441
OPM %	—	—	—	3.6%	-13.9%	-11.3%	-9.1%	-8.3%
Depreciation	-180	-199	-231	1,561	1,293	1,023	753	645
Interest	-124	-65	-92	603	483	508	465	294
	195	119	88	948	949	1,023	1,439	1,443
Profit before tax	450	427	557	-1,030	-1,744	-1,513	-424	62
Tax	—	—	—	0	0	0	0	0
	450	427	557	-1,030	-1,744	-1,513	-424	62
PAT margin %	8.8%	6.9%	7.1%	-19.9%	-26.4%	-17.1%	-6%	1.2%
EPS (₹)	7.5	7.1	9.3	-17.1	-29	-25.1	-6.4	0.6
EPS adjusted (₹)	—	—	—	-17.1	-29	-25.1	-5.4	0.4
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	600	601	602	602	783	1,413
Reserves	-2,180	-3,205	-4,942	-6,452	-6,001	-3,356
	874	707	1,079	1,186	1,152	889
	13,567	13,265	12,815	12,435	10,537	7,648
Total equity & liabilities	12,861	11,368	9,555	7,771	6,472	6,595
	1,658	7,033	5,569	4,006	1,176	1,084
CWIP	—	6	6	20	7	10
Investments	0	0	0	0	1	134
	11,202	4,329	3,979	3,743	5,289	5,367
Total assets	12,861	11,368	9,555	7,771	6,472	6,595

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2016	Mar 2017	Mar 2018	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	—	—	—	—	—	99%	—	—
EBITDA margin %	—	—	—	3.6%	-13.9%	-11.3%	-9.1%	-8.3%
EBIT margin %	—	—	—	-26.6%	-33.5%	-22.9%	-19.7%	-20.4%
PAT margin %	8.8%	6.9%	7.1%	-19.9%	-26.4%	-17.1%	-6%	1.2%
Working capital
Receivable days	—	—	—	142	14	7	8	8
Inventory days	—	—	—	12	7	643	8	11
Payable days	—	—	—	127	127	11,554	160	151
NWC days	—	—	—	28	-105	-10,904	-143	-131
Leverage
Current ratio	—	—	—	0.33	0.25	0.22	0.28	0.41
Debt to EBITDA	—	—	—	3.8	—	—	—	—
Debt to equity	—	—	—	-0.27	-0.25	-0.2	-0.22	-0.46
Interest coverage	-2.5	-4.3	-3.4	-0.7	-2.5	-2	0.1	1.2
Asset turnover	—	—	—	0.45	0.69	1.14	1.09	0.81
Return ratios
Return on assets %	—	—	—	-9.1%	-18.3%	-19.5%	-6.5%	0.9%
Return on capital employed %	—	—	—	-11.9%	-52.3%	183.4%	-1.6%	-460.4%
Return on equity %	—	—	—	39.5%	40.2%	25.9%	8.1%	-3.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	58.98%	56.53%	55.28%	48.27%	47.66%	29.13%	29.13%	33.46%	33.46%	33.45%	30.99%	24.19%
	0.35%	0.29%	0.33%	1.72%	1.81%	22.87%	15.76%	11.85%	11.79%	7.95%	4%	1.98%
	0.01%	0.01%	0.04%	5.4%	5.15%	8.45%	7.57%	6.92%	6.3%	5.39%	5.26%	2.25%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	40.66%	43.17%	44.35%	44.61%	45.38%	39.55%	47.54%	47.77%	48.45%	53.21%	59.75%	71.58%
No. of shareholders	—	—	—	—	—	—	—	—	—	4,31,336	4,35,391	4,43,166

Promoter holding down 34.79 percentage points since Jun 2023.

55 deals · 23 Nov 2021 – 17 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Apr 2026	MANSI SHARE AND STOCK BROKING PRIVATE LIMITED	Bulk	BSE	Sell	82,88,189	₹14.59	₹12.09 Cr
17 Apr 2026	MANSI SHARE AND STOCK BROKING PRIVATE LIMITED	Bulk	BSE	Buy	17,31,169	₹14.24	₹2.47 Cr
23 Mar 2026	F3 ADVISORS PRIVATE LIMITED	Bulk	BSE	Sell	79,99,000	₹11.06	₹8.85 Cr
26 Feb 2026	NEO APEX SHARE BROKING SERVICES LLP	Bulk	BSE	Sell	83,39,591	₹15.92	₹13.28 Cr
26 Feb 2026	NEO APEX SHARE BROKING SERVICES LLP	Bulk	BSE	Buy	63,39,591	₹15.89	₹10.07 Cr
25 Feb 2026	AUTHUM INVESTMENT & INFRASTRUCTURE LIMITED	Bulk	BSE	Sell	9,72,14,108	₹13.09	₹127.25 Cr
25 Feb 2026	MANSI SHARE AND STOCK BROKING PRIVATE LIMITED	Bulk	BSE	Sell	2,44,96,320	₹13.79	₹33.78 Cr
25 Feb 2026	MANSI SHARE AND STOCK BROKING PRIVATE LIMITED	Bulk	BSE	Buy	2,44,96,320	₹12.99	₹31.82 Cr
25 Feb 2026	SHARE INDIA SECURITIES LIMITED	Bulk	BSE	Buy	2,34,66,020	₹13.27	₹31.14 Cr
25 Feb 2026	SHARE INDIA SECURITIES LIMITED	Bulk	BSE	Sell	2,19,55,020	₹13.23	₹29.05 Cr

1–10 of 55

1 / 6

Mr. Ajay SinghExecutive Director-Chairperson-MD
Mrs. Shiwani SinghNon-Executive - Non Independent Director
Mr. Anurag BhargavaNon-Executive - Independent Director-Shareholder Director
Mr. Ajay Chhotelal AggarwalNon-Executive - Independent Director-Shareholder Director
Mr. Manoj KumarNon-Executive - Independent Director-Shareholder Director
Ms. Sonum Gayatri MalhotraNon-Executive - Independent Director-Shareholder Director
Mr. Joyakesh PodderDeputy Chief Financial Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

0.99%

shareholding pattern, Mar 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3,078	0	0.01%	0%	+3

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

The Exchange has sought clarification from Spicejet Ltd on September 22, 2026, with reference to news appeared in https://www.ndtvprofit.com dated September 22, 2026 quoting "SpiceJet Under ....22 Sept 2026 · Clarification
Please see attached Press Release.23 Jul 2026 · Press Release / Media Release
Please see attached Intimation.27 Jun 2026 · Closure of Trading Window
Please see attached Intimation.6 Jun 2026 · Change in Registered Office Address
Please see attached Annual Secretarial Compliance Report for financial year ended March 31, 2026.30 May 2026 · Reg.24(A)-Annual Secretarial Compliance
Please see attached Intimation.28 Apr 2026 · General
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Authum Investment & Infrastructure Ltd13 Apr 2026 · Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Please see attached Intimation.27 Mar 2026 · Closure of Trading Window
Please find attached Press Release2 Mar 2026 · Press Release / Media Release
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Authum Investment & Infrastructure Ltd27 Feb 2026 · Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Authum Investment & Infrastructure Ltd27 Feb 2026 · Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
Please find attached Press Release20 Feb 2026 · Press Release / Media Release
The Exchange has sought Clarification from Spicejet Ltd with reference to the media report appearing on https://economictimes.indiatimes.com dated February 19, 2026, (Link: https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/bangladesh-bars-spicejet-from-using-its-airspace-over-dues-airline-says-working-for-early-resolution/articleshow/128545569.cms) ....19 Feb 2026 · Clarification
Please find attached press release19 Feb 2026 · Press Release / Media Release
Please find attached updated Investor Presentation13 Feb 2026 · Investor Presentation
Please see attached Intimation.12 Feb 2026 · Monitoring Agency Report
Please see attached Investors Presentation.12 Feb 2026 · Investor Presentation
Please see attached Outcome of Board Meeting held on February 12, 2025.12 Feb 2026 · Outcome of Board Meeting
Spicejet Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 12/02/2026 ,inter alia, to consider and approve Pursuant to Regulation 29(1)(a) of ....9 Feb 2026 · Board Meeting
Please see attached Press Release.30 Jan 2026 · Press Release / Media Release
Please see attached.20 Jan 2026 · Press Release / Media Release
Please see attached Intimation.26 Dec 2025 · Closure of Trading Window
Please find atatched9 Dec 2025 · Press Release / Media Release
Please see attached Intimation.1 Dec 2025 · Analyst / Investor Meet
Please see attached Intimation.21 Nov 2025 · General
The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for SASOF II (J) Aviation Ireland Ltd & Others20 Nov 2025 · Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for SASOF II (J) Aviation Ireland Ltd & PACs20 Nov 2025 · Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
Please see attached Intimation.19 Nov 2025 · General
Please see attached Intimation.19 Nov 2025 · Analyst / Investor Meet
Please see attached Intimation.19 Nov 2025 · General

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

No events on record

Corporate actions, results dates and filings will appear here once ingested.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

2 announcementsExport CSV

22 Sept 2026, 3:55 pmCompany Update

Clarification sought from Spicejet Ltd

Clarification

23 Jul 2026, 4:51 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

Date	Category	Subject	Filing
22 Sept 2026, 3:55 pm	Company Update Clarification	Clarification sought from Spicejet Ltd	—
23 Jul 2026, 4:51 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF

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Ratio	Mar 2016	Mar 2017	Mar 2018	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	—	—	—	—	—	99%	—	—
EBITDA margin %	—	—	—	3.6%	-13.9%	-11.3%	-9.1%	-8.3%
EBIT margin %	—	—	—	-26.6%	-33.5%	-22.9%	-19.7%	-20.4%
PAT margin %	8.8%	6.9%	7.1%	-19.9%	-26.4%	-17.1%	-6%	1.2%
Working capital
Receivable days	—	—	—	142	14	7	8	8
Inventory days	—	—	—	12	7	643	8	11
Payable days	—	—	—	127	127	11,554	160	151
NWC days	—	—	—	28	-105	-10,904	-143	-131
Leverage
Current ratio	—	—	—	0.33	0.25	0.22	0.28	0.41
Debt to EBITDA	—	—	—	3.8	—	—	—	—
Debt to equity	—	—	—	-0.27	-0.25	-0.2	-0.22	-0.46
Interest coverage	-2.5	-4.3	-3.4	-0.7	-2.5	-2	0.1	1.2
Asset turnover	—	—	—	0.45	0.69	1.14	1.09	0.81
Return ratios
Return on assets %	—	—	—	-9.1%	-18.3%	-19.5%	-6.5%	0.9%
Return on capital employed %	—	—	—	-11.9%	-52.3%	183.4%	-1.6%	-460.4%
Return on equity %	—	—	—	39.5%	40.2%	25.9%	8.1%	-3.2%

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	711	496	1,036	456	1,784	377	1,004	82	-596	-1,689
	-275	-492	-825	-144	-166	212	-149	550	36	-643
	-379	-62	-110	-364	-1,660	-586	-878	-610	730	2,168
Net cash flow	58	-58	100	-52	-41	4	-23	22	170	-164
Free cash flow	—	—	—	—	—	301	967	67	-654	-1,770
CFO / Operating profit %	—	—	—	—	—	202.8%	—	—	—	—

Spicejet Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Events

No events on record

Announcements

No events on record

Not in the F&O segment

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Spicejet Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Events

No events on record

Announcements

No events on record

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth