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SpiceJet financials: balance sheet, profit and loss, cash flow

BSE: 500285Transport ServicesSmall Cap

SpiceJet Limited · Formerly Modi Luft · Face value ₹10 · Listed Feb 1994
Last close ₹8.07up ₹0.36 (4.67%)

Share price at the BSE close on 27 Oct 2026. Previous close ₹7.71.

27 Oct: open ₹7.71, high ₹8.09, low ₹7.60

52-week range of traded prices to 27 Oct 2026
₹7.47Low, 26 Oct 2026₹40.59High, 27 Oct 2025
Market cap
₹1,232 Cr1,092nd largest listed
P/E
No recent results
P/B
No recent results
Dividend yield
Nonein the last 12 months
Volume, BSE
31,52,321

SpiceJet's financial statements for the 9 years to Mar 2025, consolidated: the company and its subsidiaries together, with the half year to Sep 2025 after them.

9 years at a glance

₹ crore, years to March.SpiceJet annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
6,191427Mar 177,800557Mar 189,121−302975Mar 1912,375−937874Mar 205,171−1,030707Mar 216,604−1,7441,079Mar 228,874−1,5131,186Mar 237,085−4241,152Mar 245,32662889Mar 25
Peak revenue ₹12,375 Cr, year to Mar 2020; lowest ₹5,171 Cr, year to Mar 2021Back to profit in the year to Mar 2025, ₹62 Cr

Operating and net margin, per cent

  • Operating margin
  • Net margin
9.6%−26.4%8.7%9.6%0.0%4.2%3.6%−13.9%−11.3%−9.1%−8.3%6.9%7.1%−3.3%−7.6%−19.9%−26.4%−17.1%−6.0%1.2%Mar 17Mar 19Mar 21Mar 23Mar 25

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 204.3% of operating profit in the first full year.

Results for the year to Mar 2025

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

  1. Revenue5,326
  2. Materials and goods−49
  3. Employee costs−659
  4. Other expenses−5,059
  5. Operating profit−441
  6. Depreciation−645
  7. Other income+1,443
  8. One-off items0.0
  9. Finance costs−294
  10. Profit before tax62
  11. Tax0.0
  12. Net profit62

What the company owns

  • Plant, investments and other assets₹5,899 Cr
  • Cash and bank₹260 Cr
  • Inventory₹178 Cr
  • Current investments₹134 Cr
  • Receivables₹124 Cr

What pays for it: net worth and liabilities

  • Other liabilities₹3,317 Cr
  • Owed to suppliers₹2,388 Cr
  • Borrowings₹889 Cr

SpiceJet business segments, year to Mar 2025

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.SpiceJet segment results by quarter

Revenue by segment

₹5,326 CrTotal
  • Air transport services₹5,136 Cr96.4% of total
  • Freighter and logistics services₹187 Cr3.5% of total
  • Others₹2 Cr0.0% of total

Profit by segment

  • Air transport services₹58.1 Cr85.1% of total
  • Freighter and logistics services₹10.1 Cr14.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

  • Air transport services

    Revenue, ₹ crore
    Profit, ₹ crore

  • Freighter and logistics services

    Revenue, ₹ crore
    Profit, ₹ crore

  • Others

    Revenue, ₹ crore
    Profit, ₹ crore
₹ croreMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Revenue of all businesses9,12112,3755,2056,6248,9027,0855,326
Company revenue, as in its results9,12112,3755,1716,6048,8747,0855,326
Revenue9,11312,1784,0504,6348,2736,7595,136
Revenue growth–33.6%−66.7%14.4%78.5%−18.3%−24.0%
Profit−283−793−1,138−1,694−1,504−40958
Margin−3.1%−6.5%−28.1%−36.6%−18.2%−6.1%1.1%
Assets–12,34910,7329,2897,6686,1676,299
Liabilities–13,97113,31913,66213,30311,2888,195
Capital employed–−1,621−2,586−4,373−5,636−5,122−1,895
Revenue–1811,1181,944624325187
Revenue8163746512
Revenue––−34−20−28––
Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Dec 2025, the latest four quarters added.SpiceJet quarterly results

₹ croreMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Filed 14 AugMar 2024Mar 2025Filed 14 JunDec 2025Twelve months
Revenue from operations6,1917,8009,12112,3755,1716,6048,8747,0855,3264,786
5,6517,0539,11811,8614,9857,5219,8807,7295,7675,412
Materials and goods bought031413184092714945
Employee costs––1,0581,529685754880821659635
Other expenses––8,04510,3194,2826,7278,9076,8385,0594,731
Operating profit before depreciation5407474514186−917−1,006−644−441−625
Operating margin8.7%9.6%0.0%4.2%3.6%−13.9%−11.3%−9.1%−8.3%−13.1%
Materials, % of revenue––0.2%0.1%0.3%0.6%1.0%1.0%0.9%1.0%
Employee costs, % of revenue––11.6%12.4%13.3%11.4%9.9%11.6%12.4%13.3%
Other expenses, % of revenue––88.2%83.4%82.8%101.9%100.4%96.5%95.0%98.8%
Depreciation and amortisation1992312561,7351,5611,2931,023753645658
Operating profit after depreciation342516−252−1,222−1,375−2,211−2,029−1,397−1,086−1,283
Other income1121341458319481,0271,0231,4391,443753
Finance costs6592131546603483508465294226
Profit before one-off items and tax389557−239−937−1,030−1,667−1,513−42462−756
One-off items390−6300−77000−20
Profit before tax427557−302−937−1,030−1,744−1,513−42462−775
Tax0000000000
427557−302−937−1,030−1,744−1,513−42462−775
Other comprehensive income––−1−32305−9−8
Total comprehensive income––−304−940−1,028−1,741−1,513−41853−784
Net margin6.9%7.1%−3.3%−7.6%−19.9%−26.4%−17.1%−6.0%1.2%−16.2%
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to outside owners of subsidiaries is left blank for the year to Mar 2025: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2025, after the latest full year: the balance sheet at its end.

₹ croreMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Filed 14 AugMar 2024Mar 2025Filed 14 JunSep 2025Half year
−350−1,580−2,604−4,340−5,851−5,219−1,944−2,802
−350−1,580−2,604−4,340−5,850−5,217−1,942−2,802
Share capital6006006016026027831,4131,414
Reserves−950−2,180−3,205−4,942−6,452−6,001−3,356−4,215
Belonging to outside owners of subsidiaries–0000−1−2−2
9758747071,0791,1861,152889800
3,6206,6357,7878,6139,8099,0996,6727,103
1,5237,9016,1855,2823,8122,5911,8671,571
Total assets4,79312,95611,3689,5557,7716,4726,5945,872
3,42310,7428,7657,3885,6293,9623,8653,120
1,3702,2142,6022,1662,1412,5102,7292,753
Net debt8958326711,0161,150937495400
Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2025, after the latest full year: the cash flow over its six months.

₹ croreMar 2021Mar 2022Mar 2023Filed 14 AugMar 2024Mar 2025Filed 14 JunSep 2025Half year
3771,00482−596−1,689−14
3401,068127−575−1,81059
−2301,01145−204−2,716367
Receivables−437−83−75−121116−33
Inventories1416−12−9−63
Payables105645624328−3945
Other working capital87432−492−402−2,432392
Tax paid37−65−45−2147−68
Interest paid00001170
Capital spending773716588151
Free cash flow30196767−654−1,770−65
212−14955036−643300
−586−878−6107302,168−283
Dividends paid000000
Shares bought back000000
Shares issued0008173,2200
Net change in cash4−2322170−1643
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Per share

Consolidated, ₹ per share, years to March.

₹ per shareMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Filed 14 AugMar 2024Mar 2025Filed 14 Jun
Earnings per share₹7.13₹9.30−₹5.04−₹15.61−₹17.14−₹29.01−₹25.14−₹6.39₹0.59
Diluted earnings per share₹7.13₹9.29−₹5.04−₹15.61−₹17.14−₹29.01−₹25.14−₹6.39₹0.59
Book value per share––−₹5.84−₹26.34−₹43.34−₹72.12−₹97.21−₹66.60−₹13.74
Shareholder yield––––0.0%0.0%0.0%−17.5%−56.7%
Market cap at the year end (₹ crore)6,0967,5025,8602,2044,1613,2721,8214,6805,683

Ratios

Consolidated, years to March.SpiceJet PE ratio and valuation

RatioMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Filed 14 AugMar 2024Mar 2025Filed 14 Jun
Revenue growth–26.0%16.9%35.7%−58.2%27.7%34.4%−20.2%−24.8%
Operating profit growth–38.2%−99.5%12,839.3%−63.8%––––
Net profit growth–30.4%–––––––
Earnings per share growth–30.4%–––––––
––86.4%97.0%49.2%50.2%29.7%7.6%−1.7%
–––10.6 pts−47.8 pts1.0 pts−20.5 pts−22.1 pts−9.4 pts
From the net margin–––110.9 pts158.3 pts16.1 pts−17.8 pts−19.3 pts−9.1 pts
From asset turnover–––−52.7 pts−177.5 pts31.6 pts20.2 pts−0.3 pts0.3 pts
From borrowing–––−47.5 pts−28.6 pts−46.7 pts−22.9 pts−2.5 pts−0.5 pts
Return on capital employed––−40.4%––––––
Cash conversion––––––––−2,727.7%
Interest cover5.35.6–––––––
Receivable days––294614214788
Inventory days––3,7145,2293,4651,3796438891,319
Payable days––27,54449,52235,80723,88011,55417,48217,722
Cash conversion cycle, days––−23,802−44,248−32,199−22,487−10,905−16,585−16,394
Working capital days––−77−119−340−317−287−337−283
Asset turnover––1.901.390.430.631.020.990.82
Assets per rupee of net worth––−13.70−9.19−5.81−3.01−1.70−1.29−1.83
Sales per rupee of plant––5.661.420.741.192.226.104.97
Capital spending to depreciation––––0.050.030.020.080.13
Plant being built, % of plant in use––0.0%0.0%0.1%0.1%0.5%0.6%0.9%
Interest cover is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2025: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2025: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on capital employed is left blank for the years to Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2025: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2025.

Return on assets, latest year
0.9%
Measure10 years5 years3 years
Revenue growth, yearly rate–−15.5%−6.9%
Return on equity, average–27.0%11.9%
Operating margin, average−1.8%−7.8%−9.6%
Net margin, average−7.2%−13.6%−7.3%
Asset turnover, average–0.780.94
Cash conversion cycle, days, average–−19,714−14,628

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2025.

₹ crore5 years3 yearsLatest year
Cash from operations−822−2,203−1,689
Cash from investing6−57−643
Cash from financing8242,2882,168
Capital spending26815481
Dividends paid000
Shares bought back000
Shares issued for cash4,0374,0373,220
Borrowings raised9548073
Borrowings repaid750572266

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

CheckMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Piotroski score, out of 9Published threshold 3 points out of 9––––53335
Altman Z-scorePublished threshold 1.1––−4.04−3.10−4.36−7.33−10.50−10.13−5.46
Beneish M-scorePublished threshold −1.78––––−1.75−4.46−3.71−1.97−1.33
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets––––−13.32−24.84−24.761.9136.64
Receivables growth less revenue growthOur threshold 0 percentage points–––81.0088.35−115.12−71.2919.163.23
Inventory growth less cost-of-goods growthOur threshold 0 percentage points–––37.24−46.89−136.48−123.5729.2533.70
Other current assets growth less revenue growthOur threshold 5 per cent of revenue–––0.07−1.8020.440.942.571.29
Assets under construction, years of additionsOur threshold 2 years of additions–––0.00––––0.02
Effective tax ratePublished threshold 17.16 per cent0.000.00––––––0.00
Tax charged less tax paid, % of profitOur threshold 10 percentage points––––––––−76.67
A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

DateAgencyBorrowing ratedRatingOutlookAmount, ₹ Cr
29 Jul 2026Acuite Ratings & Research LimitedBank Loan RatingsShort-term scaleACUITE DNA355
29 Jul 2026Acuite Ratings & Research LimitedBank Loan RatingsShort-term scaleACUITE A4NA28.30
29 Jul 2026Acuite Ratings & Research LimitedBank Loan RatingsLong-term scaleACUITE DNA659.52
29 Jul 2026Acuite Ratings & Research LimitedBank Loan RatingsLong-term scaleACUITE CNA407.18
22 Jul 2026CARE Ratings LimitedFund-based - LT-Term LoanLong-term scaleCARE DReview, Downgrade680.89
22 Jul 2026CARE Ratings LimitedNon-fund-based - LT/ ST-BG/LCLong and short-term scalesCARE D / CARE DReview, Downgrade364.02
30 Sep 2025CRISIL Ratings LimitedBank FacilitiesShort-term scaleCrisil A4+Rating Migrated and Withdrawn220
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.