Key Events This Week
9 Feb: Stock opens at Rs.22.14, marginally down despite Sensex rally
11 Feb: Hits 52-week low of Rs.21.4 amid continued downtrend
12 Feb: New 52-week low of Rs.21.3 as losses deepen
13 Feb: Sharp intraday fall to Rs.18.93, closes at Rs.17.00 (-16.71%)
9 February 2026: Flat Start Amid Market Rally
SpiceJet Ltd opened the week at Rs.22.14, down marginally by 0.09% despite the Sensex rallying 1.04% to close at 37,113.23. The stock’s volume was moderate at 11.67 million shares, indicating subdued investor enthusiasm. This initial weakness foreshadowed the challenging week ahead as the broader market showed strength while SpiceJet’s shares remained under pressure.
11 February 2026: Shares Hit 52-Week Low of Rs.21.4
On 11 February, SpiceJet’s stock declined 2.44% to close at Rs.21.4, marking a fresh 52-week low. This drop occurred despite the Sensex gaining 0.13%, highlighting the stock’s underperformance. The decline was driven by ongoing concerns over the company’s deteriorating financial health, including a 79.1% fall in profit before tax excluding other income and a 27.09% contraction in net sales over the last six months. The stock traded below all key moving averages, signalling sustained bearish momentum.
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12 February 2026: Further Decline to Rs.21.3 Amid Weak Fundamentals
The downward trend continued on 12 February with SpiceJet’s shares slipping another 0.97% to Rs.21.3, setting a new 52-week low. This two-day decline of 3.43% contrasted with the Sensex’s slight fall of 0.56%. The company’s financials remained under scrutiny, with net sales down 27.09% year-on-year and a widening net loss after tax of Rs.-855.14 crores. The stock’s position below all major moving averages reinforced the bearish outlook.
13 February 2026: Sharp Intraday Fall and Quarterly Results Disappoint
On the final trading day of the week, SpiceJet’s shares experienced a severe sell-off, opening with a gap down of 2.99% and hitting an intraday low of Rs.18.93, a 7.25% drop from the previous close. The stock closed at Rs.17.00, down 16.71% on the day, marking a three-day cumulative loss of 14.45%. This decline far outpaced the Sensex’s 1.40% fall and the airline sector’s performance. The company’s latest quarterly results revealed a mixed picture: while net sales rose 22.1% to Rs.1,408.29 crores, profitability deteriorated sharply with a net loss after tax of Rs.241.57 crores, down 96.1% from the previous average. Return on capital employed plunged to -18.29%, and operational efficiency ratios weakened, signalling ongoing challenges.
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Weekly Price Performance: SpiceJet vs Sensex
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-02-09 | Rs.22.14 | -0.09% | 37,113.23 | +1.04% |
| 2026-02-10 | Rs.22.15 | +0.05% | 37,207.34 | +0.25% |
| 2026-02-11 | Rs.21.61 | -2.44% | 37,256.72 | +0.13% |
| 2026-02-12 | Rs.20.41 | -5.55% | 37,049.40 | -0.56% |
| 2026-02-13 | Rs.17.00 | -16.71% | 36,532.48 | -1.40% |
Key Takeaways from the Week
1. Steep Share Price Decline: SpiceJet’s 23.29% weekly drop starkly contrasts with the Sensex’s modest 0.54% fall, highlighting company-specific challenges.
2. Successive 52-Week Lows: The stock hit new lows on three consecutive days, signalling sustained bearish sentiment and technical weakness.
3. Mixed Quarterly Results: While revenue grew 22.1% in Q3 FY26, profitability plunged with a 96.1% decline in net profit after tax, reflecting cost pressures and operational inefficiencies.
4. Negative Returns and Efficiency Metrics: ROCE at -18.29% and declining turnover ratios indicate poor capital utilisation and operational challenges.
5. High Promoter Share Pledging: Nearly 48% of promoter shares are pledged, increasing risk of forced selling and downward price pressure.
6. Technical and Market Positioning: Trading below all major moving averages and underperforming sector peers, the stock faces significant resistance to recovery.
Conclusion
SpiceJet Ltd’s share price performance over the week ending 13 February 2026 reflects a company grappling with deep financial and operational challenges amid a broadly resilient market. The steep 23.29% decline, successive 52-week lows, and disappointing quarterly profitability underscore the difficulties in reversing the downtrend. Despite a modest revenue recovery, the company’s negative returns, poor capital efficiency, and high promoter pledge levels continue to weigh heavily on investor sentiment. The stock’s technical positioning below key moving averages further signals ongoing price pressure. As the airline sector navigates a complex environment, SpiceJet’s current trajectory highlights the need for significant operational and financial restructuring to restore confidence and stability.
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