SpiceJet financials and balance sheet

BSE: 500285Transport ServicesSmall Cap

Formerly Modi Luft

₹7.86₹0.31 (3.79%)

Share price at the BSE close on 23 Oct 2026. Previous close ₹8.17.

52-week range of traded prices to 23 Oct 2026

₹7.70Low, 21 Oct 2026₹40.59High, 27 Oct 2025

Market cap: ₹1,200 Cr1,092nd largest listed
P/E: No recent results
P/B: No recent results
Dividend yield: Nonein the last 12 months
Volume, BSE: 42,85,070

9 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.SpiceJet annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹12,375 Cr, year to Mar 2020Back to profit in the year to Mar 2025, ₹62 Cr

Operating and net margin, per cent

Operating margin
Net margin

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

Revenue5,326
Materials and goods−49
Employee costs−659
Other expenses−5,059
Operating profit−441
Depreciation−645
Other income+1,443
One-off items0.0
Finance costs−294
Profit before tax62
Tax0.0
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
9,113
12,178
4,050
4,634
8,273
6,759
5,136
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25
Profit, ₹ crore
−283
−793
−1,138
−1,694
−1,504
−409
58
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25
Freighter and logistics services
Revenue, ₹ crore
181
1,118
1,944
624
325
187
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25
Profit, ₹ crore
−134
131
46
31
−2
10
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25
Others
Revenue, ₹ crore
8
16
37
46
5
1
2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25
Profit, ₹ crore
−20
−9
−23
−19
−40
−13
−6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Revenue of all businesses	9,121	12,375	5,205	6,624	8,902	7,085	5,326
Company revenue, as in its results	9,121	12,375	5,171	6,604	8,874	7,085	5,326
Revenue	9,113	12,178	4,050	4,634	8,273	6,759	5,136
Revenue growth	–	33.6%	−66.7%	14.4%	78.5%	−18.3%	−24.0%
Profit	−283	−793	−1,138	−1,694	−1,504	−409	58
Margin	−3.1%	−6.5%	−28.1%	−36.6%	−18.2%	−6.1%	1.1%
Assets	–	12,349	10,732	9,289	7,668	6,167	6,299
Liabilities	–	13,971	13,319	13,662	13,303	11,288	8,195
Capital employed	–	−1,621	−2,586	−4,373	−5,636	−5,122	−1,895
Revenue	–	181	1,118	1,944	624	325	187
Revenue growth	–	–	518.7%	73.9%	−67.9%	−48.0%	−42.4%
Profit	–	−134	131	46	31	−2	10
Profit growth	–	–	–	−64.8%	−33.0%	–	–
Margin	–	−74.3%	11.7%	2.4%	4.9%	−0.5%	5.4%
Return on capital	–	–	–	91.1%	–	−9.8%	–
Assets	–	554	550	180	65	213	182
Liabilities	–	555	559	129	140	197	203
Capital employed	–	−1	−9	51	−75	16	−20
Revenue	8	16	37	46	5	1	2
Profit	−20	−9	−23	−19	−40	−13	−6
Margin	−238.2%	−57.1%	−61.1%	−40.7%	−836.4%	−984.0%	−269.7%
Return on capital	–	−21.9%	–	–	–	–	–
Assets	–	52	85	86	38	92	113
Liabilities	–	10	95	104	178	206	142
Capital employed	–	41	−9	−18	−140	−113	−29
Revenue	–	–	−34	−20	−28	–	–
Profit	–	–	0	0	0	–	–
Assets	–	–	0	0	0	–	–
Liabilities	–	–	0	0	0	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.SpiceJet quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 30 Jul	Mar 2021Filed 1 Jul	Mar 2022Filed 2 Sep	Mar 2023Filed 14 Aug	Mar 2024Filed 19 Jul	Mar 2025Filed 14 Jun
Revenue from operations	6,191	7,800	9,121	12,375	5,171	6,604	8,874	7,085	5,326
	5,651	7,053	9,118	11,861	4,985	7,521	9,880	7,729	5,767
Materials and goods bought	0	3	14	13	18	40	92	71	49
Employee costs	–	–	1,058	1,529	685	754	880	821	659
Other expenses	–	–	8,045	10,319	4,282	6,727	8,907	6,838	5,059
Operating profit before depreciation	540	747	4	514	186	−917	−1,006	−644	−441
Operating margin	8.7%	9.6%	0.0%	4.2%	3.6%	−13.9%	−11.3%	−9.1%	−8.3%
Materials, % of revenue	–	–	0.2%	0.1%	0.3%	0.6%	1.0%	1.0%	0.9%
Employee costs, % of revenue	–	–	11.6%	12.4%	13.3%	11.4%	9.9%	11.6%	12.4%
Other expenses, % of revenue	–	–	88.2%	83.4%	82.8%	101.9%	100.4%	96.5%	95.0%
Depreciation and amortisation	199	231	256	1,735	1,561	1,293	1,023	753	645
Operating profit after depreciation	342	516	−252	−1,222	−1,375	−2,211	−2,029	−1,397	−1,086
Other income	112	134	145	831	948	1,027	1,023	1,439	1,443
Finance costs	65	92	131	546	603	483	508	465	294
Profit before one-off items and tax	389	557	−239	−937	−1,030	−1,667	−1,513	−424	62
One-off items	39	0	−63	0	0	−77	0	0	0
Profit before tax	427	557	−302	−937	−1,030	−1,744	−1,513	−424	62
Tax	0	0	0	0	0	0	0	0	0
	427	557	−302	−937	−1,030	−1,744	−1,513	−424	62
Belonging to the company's shareholders	427	557	−302	−937	−1,030	−1,744	−1,513	−423	62
Belonging to outside owners of subsidiaries	–	–	–	0	–	–	–	−1	–
Other comprehensive income	–	–	−1	−3	2	3	0	5	−9
Total comprehensive income	–	–	−304	−940	−1,028	−1,741	−1,513	−418	53
Net margin	6.9%	7.1%	−3.3%	−7.6%	−19.9%	−26.4%	−17.1%	−6.0%	1.2%

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.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 30 Jul	Mar 2021Filed 1 Jul	Mar 2022Filed 2 Sep	Mar 2023Filed 14 Aug	Mar 2024Filed 19 Jul	Mar 2025Filed 14 Jun	Sep 2025Half yearFiled 13 Nov
	−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 capital	600	600	601	602	602	783	1,413	1,414
Reserves	−950	−2,180	−3,205	−4,942	−6,452	−6,001	−3,356	−4,215
Belonging to outside owners of subsidiaries	–	0	0	0	0	−1	−2	−2
	975	874	707	1,079	1,186	1,152	889	800
Repayable after a year	557	459	303	313	466	892	682	551
Repayable within a year	418	414	404	766	720	260	207	249
	3,620	6,635	7,787	8,613	9,809	9,099	6,672	7,103
Trade payables	1,048	1,720	1,729	2,613	2,927	3,382	2,388	2,505
Other financial liabilities	162	2,441	3,489	3,015	3,319	2,727	127	174
Other liabilities	1,713	1,583	1,627	1,822	2,843	2,317	3,669	1,371
Provisions	279	476	538	396	0	414	280	301
Tax owed	–	–	–	0	0	0	0	2,502
	1,523	7,901	6,185	5,282	3,812	2,591	1,867	1,571
Other financial liabilities	530	6,798	5,364	4,333	2,844	1,500	1,073	6
Other liabilities	–	15	14	12	10	8	7	911
Provisions	429	628	506	278	150	150	104	104
Trade payables	8	0	–	347	342	41	0	0
Total assets	4,793	12,956	11,368	9,555	7,771	6,472	6,594	5,872
	3,423	10,742	8,765	7,388	5,629	3,962	3,865	3,120
Plant in use, after depreciation	1,613	8,696	7,020	5,565	4,005	1,161	1,072	–
Plant being built	0	0	6	6	20	7	10	–
Intangible assets	13	18	12	4	1	14	12	10
Investments	0	0	0	0	0	0	0	0
Loans given	0	0	486	978	0	1	0	0
Other financial assets	1,135	1,159	497	739	965	304	638	1,034
Deferred tax	35	0	0	95	140	165	123	59
Trade receivables	–	0	–	–	498	0	0	0
Other assets	628	869	744	0	0	2,310	2,010	972
	1,370	2,214	2,602	2,166	2,141	2,510	2,729	2,753
Inventories	141	182	167	151	163	172	178	175
Trade receivables	714	1,548	2,015	253	160	158	124	102
Cash and cash equivalents	67	30	33	11	34	203	39	41
Other bank balances	13	12	2	51	2	11	221	177
Current investments	0	0	0	0	0	0	134	182
Loans given	0	0	36	0	0	0	0	0
Other financial assets	104	216	136	1,259	490	421	407	496
Tax paid in advance	–	–	–	0	0	0	782	798
Other assets	329	226	212	439	1,292	1,544	845	781
Net debt	895	832	671	1,016	1,150	937	495	400

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.

₹ crore	Mar 2021Filed 1 Jul	Mar 2022Filed 2 Sep	Mar 2023Filed 14 Aug	Mar 2024Filed 19 Jul	Mar 2025Filed 14 Jun	Sep 2025Half yearFiled 13 Nov
	377	1,004	82	−596	−1,689	−14
	340	1,068	127	−575	−1,810	59
	−230	1,011	45	−204	−2,716	367
Receivables	−437	−83	−75	−121	116	−33
Inventories	14	16	−12	−9	−6	3
Payables	105	645	624	328	−394	5
Other working capital	87	432	−492	−402	−2,432	392
Tax paid	37	−65	−45	−21	47	−68
Interest paid	0	0	0	0	117	0
Capital spending	77	37	16	58	81	51
Free cash flow	301	967	67	−654	−1,770	−65
	212	−149	550	36	−643	300
Plant and property sold	13	5	6	24	0	0
Interest received	79	−16	80	12	32	11
	−586	−878	−610	730	2,168	−283
Borrowings raised	0	148	263	541	3	0
Borrowings repaid	−8	−171	−258	−48	−266	−89
Interest paid	−199	−54	−50	−96	−135	−64
Lease payments	−380	−801	−628	−425	−655	0
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	817	3,220	0
Net change in cash	4	−23	22	170	−164	3

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.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 30 Jul	Mar 2021Filed 1 Jul	Mar 2022Filed 2 Sep	Mar 2023Filed 14 Aug	Mar 2024Filed 19 Jul	Mar 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)	6,096	7,502	5,860	2,204	4,161	3,272	1,821	4,680	5,683

Ratios

Consolidated, years to March.SpiceJet PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 30 Jul	Mar 2021Filed 1 Jul	Mar 2022Filed 2 Sep	Mar 2023Filed 14 Aug	Mar 2024Filed 19 Jul	Mar 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 pts	1.0 pts	−20.5 pts	−22.1 pts	−9.4 pts
From the net margin	–	–	–	110.9 pts	158.3 pts	16.1 pts	−17.8 pts	−19.3 pts	−9.1 pts
From asset turnover	–	–	–	−52.7 pts	−177.5 pts	31.6 pts	20.2 pts	−0.3 pts	0.3 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 cover	5.3	5.6	–	–	–	–	–	–	–
Receivable days	–	–	29	46	142	14	7	8	8
Inventory days	–	–	3,714	5,229	3,465	1,379	643	889	1,319
Payable days	–	–	27,544	49,522	35,807	23,880	11,554	17,482	17,722
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	–	–	1.90	1.39	0.43	0.63	1.02	0.99	0.82
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	–	–	5.66	1.42	0.74	1.19	2.22	6.10	4.97
Capital spending to depreciation	–	–	–	–	0.05	0.03	0.02	0.08	0.13
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%

Measure	10 years	5 years	3 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	–	0.78	0.94
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.

₹ crore	5 years	3 years	Latest year
Cash from operations	−822	−2,203	−1,689
Cash from investing	6	−57	−643
Cash from financing	824	2,288	2,168
Capital spending	268	154	81
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	4,037	4,037	3,220
Borrowings raised	954	807	3
Borrowings repaid	750	572	266

Accounting checks

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

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	3	3	3	5
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	−24.76	1.91	36.64
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	81.00	88.35	−115.12	−71.29	19.16	3.23
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	37.24	−46.89	−136.48	−123.57	29.25	33.70
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.07	−1.80	20.44	0.94	2.57	1.29
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	–	–	–	–	0.02
Effective tax ratePublished threshold 17.16 per cent	0.00	0.00	–	–	–	–	–	–	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.

Date	Agency	Borrowing rated	Rating	Amount, ₹ Cr
29 Jul 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan RatingsShort-term scale	ACUITE DNA	355
29 Jul 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan RatingsShort-term scale	ACUITE A4NA	28.30
29 Jul 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan RatingsLong-term scale	ACUITE DNA	659.52
29 Jul 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan RatingsLong-term scale	ACUITE CNA	407.18
22 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	CARE DReview, Downgrade	680.89
22 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LCLong and short-term scales	CARE D / CARE DReview, Downgrade	364.02
30 Sep 2025	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A4+Rating Migrated and Withdrawn	220

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.