BSE: 500285
SPICEJET LTD.
Operates scheduled passenger air transport services on domestic and international routes from India with a Boeing 737 and Q-400 fleet, plus a smaller freighter and logistics business. In Q3 FY26 (quarter ended December 2025), air transport services contributed ₹1,364.855 crore of segment revenue, freighter and logistics services ₹42.542 crore, and others ₹0.885 crore. The airline is targeting a fleet of 60 aircraft by October-December 2026 through wet and damp leases and bringing grounded planes back into service, with international network additions including Imphal, Fujairah, Najaf, Bangkok and Sharjah. Capacity (ASKM) grew 56% sequentially in Q3 FY26, and revenue from operations rose 77% sequentially to ₹1,384 crore. The airline reported a net loss of ₹268 crore for Q3 FY26, and the statutory auditor flagged a material going-concern uncertainty citing accumulated losses of ₹89,054 million. Other operating expenses (including fuel, leasing and maintenance) made up 95% of FY25 revenue, with employee costs at 12.4% and depreciation at 12.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Air transport services, Freighter and logistics services, Others. Cyclical, asset-heavy airline
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 5,171 | 6,604 | 8,874 | 7,085 | 5,326 |
| EBITDA (ex other income) | 186 | (995) | (1,006) | (644) | (441) |
| margin % | 3.6 | (15.1) | (11.3) | (9.1) | (8.3) |
| Owners' profit | (1,030) | (1,744) | (1,513) | (423) | 0 |
| EPS, as reported (₹) | (17.14) | (29.01) | (25.14) | (6.39) | 0.59 |
| ROE % · ROCE % | 39.5 · (11.9) | 40.2 · (133.9) | 25.9 · 49.3 | 8.1 · (1.6) | (3.2) · (460.4) |
| Debt / equity (x) | (0.27) | (0.25) | (0.20) | (0.22) | (0.46) |
| Cash from operations | 377 | 1,004 | 82 | (596) | (1,689) |
| Capex | (77) | (37) | (16) | (58) | (81) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,738 | 1,708 | 915 | 1,237 | 1,466 | 1,120 | 792 | 1,408 |
| Profit before tax | 127 | 158 | (458) | 20 | 342 | (234) | (621) | (262) |
| Net profit | 127 | 158 | (458) | 20 | 342 | (234) | (621) | (262) |
| EPS (₹) | 1.71 | 2.01 | (5.41) | 0.16 | 2.63 | (1.66) | (4.39) | (1.78) |
Exhibit 3: Segment revenue, FY25
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Air transport services | 5,136 | 96.4 |
| Freighter and logistics services* | 35 | 0.7 |
| Others | 2 | 0.0 |
| Freighter and logistics services | 152 | 2.8 |
| Total, before eliminations | 5,326 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTERGLOBE AVIATION LTD | 1,80,991 | — | 25.90 | 12.3 | (34.3) | (2.0) | 42.1 | 17.5 |
| SPICEJET LTD. ◆ | 1,218 | — | — | 2.1 | 30.5 | 69.5 | (15.5) | (4.5) |
| TAAL TECH LTD. | 259 | 4.6 | 1.06 | 3.1 | 23.1 | 30.3 | 13.5 | 37.9 |
| GLOBAL VEC HELICORP LTD | 170 | — | — | — | 398.5 | (12.0) | — | 13.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| EBITDA margin | (4.5) | 11.3 | 61 of 65 | 6% |
| Revenue growth | 13.8 | 12.8 | 31 of 62 | 51% |
| Profit growth | (1390.9) | 24.3 | 56 of 56 | 0% |
| Market cap | 1218 | 145 | 20 of 78 | 75% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · SpiceJet clarifies DGCA financial review, says monitoring is routine | regulatory legal | high | — | — |
| 22 Sept 2026 · BSE seeks clarification from SpiceJet on news report | regulatory legal | high | — | — |
| 23 Jul 2026 · SpiceJet adds three Airbus A320 aircraft on damp lease | compliance | low | — | — |
| 27 Jun 2026 · Trading window closed from July 1 ahead of Q1 results | compliance | minimal | — | — |
| 6 Jun 2026 · Please see attached Intimation. | general | low | — | — |
| 30 May 2026 · Please see attached Annual Secretarial Compliance Report for financial year ended March 31, 2026. | compliance | minimal | — | — |
| 28 Apr 2026 · Please see attached Intimation. | compliance | minimal | — | — |
| 13 Apr 2026 · The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Authum Investment & Infrastructure Ltd | ownership changes | medium | — | — |
| 27 Mar 2026 · Please see attached Intimation. | compliance | minimal | — | — |
| 2 Mar 2026 · Please find attached Press Release | compliance | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.