Here is a data-driven look at Spice Jet (SPICEJET), covering financial performance, valuation, and shareholding trends.
Spice Jet Revenue Trend
The numbers weren't encouraging on the revenue front: Spice Jet reported ₹5,326 Cr in FY2025, 21.4% below FY2024 levels.
A 0.2% CAGR over 10 years is underwhelming. In real terms, Spice Jet's revenue has barely grown from ₹5,202 Cr to ₹5,326 Cr.
A ₹5,326 Cr revenue base makes Spice Jet a mid-sized name in the Indian airlines sector.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹5,326 Cr | -21.4% |
| FY2024 | ₹6,777 Cr | -23.6% |
| FY2023 | ₹8,874 Cr | +34.4% |
| FY2022 | ₹6,604 Cr | +7.9% |
| FY2021 | ₹6,119 Cr | — |
View Spice Jet's full 10-year revenue trend with CAGR analysis →
Spice Jet Profitability
Per-share earnings moved to ₹0.59 in FY2025 from ₹-6.39 in FY2024.
Is Spice Jet Undervalued
Using the P/E Ratio methodology, the calculated intrinsic value comes to ₹33.
Spice Jet shares are currently trading at ₹12.42.
Craytheon also calculates intrinsic value using the EPS Growth model. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹33 | 162.1% upside to fair value |
| EPS Growth | Upgrade | Upgrade |
See all valuation models for Spice Jet with detailed assumptions →
Spice Jet Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
In FY2025, the total asset base came in at ₹65.94B, up 1.9% YoY from ₹64.72B.
Other Assets accounts for 76.2% of the total, ahead of Property, Plant & Equipment (16.4%) and Inventories (2.7%).
Capital structure: 18.5% (deficit) equity, 40.2% debt, 41.2% operating liabilities. Over the year, debt is down 21.6% and equity is up 62.7%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 1.73B |
| Receivables | 1.24B |
| Inventories | 1.78B |
| Property, Plant & Equipment | 10.82B |
| Investments | 400,000 |
| Intangibles & Goodwill | 118.37M |
| Other Assets | 50.26B |
| Category | Value |
|---|---|
| Equity | -19.44B |
| Short-term Debt | 24.63B |
| Long-term Debt | 17.56B |
| Trade Payables | 23.88B |
| Other Liabilities | 19.32B |
What Stands Out About Spice Jet
To sum up Spice Jet's financial position: the data paints a clear picture for investors evaluating this airlines stock.
Revenue of ₹5,326 Cr in FY2025, down 21.4% year-over-year.
Long-term revenue has been compounding at 0.2% annually over 10 years.
The company is profitable, with a net margin of 1.2% and net income of ₹61.9 Cr.
The P/E Ratio model implies 162.1% upside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
Unlock Full Analysis
Craytheon's full analysis of Spice Jet goes deeper: three valuation models, growth metrics, and 10 years of financial data.