Recent Price Movement and Market Context
On 9 Jan 2026, SpiceJet Ltd’s share price touched Rs.27.66, the lowest level recorded in the past year. This decline comes after a sustained five-day losing streak, during which the stock has fallen by 7.29%. The day’s performance was broadly in line with the airline sector, which has faced headwinds amid fluctuating demand and cost pressures. The stock is currently trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling persistent bearish momentum.
In comparison, the broader market has shown relative resilience. The Sensex opened lower at 84,022.09, down 0.19%, and was trading marginally lower at 84,166.99 by midday, just 2.37% shy of its 52-week high of 86,159.02. Mid-cap stocks led gains with the BSE Mid Cap index rising by 0.2%, highlighting a divergence between SpiceJet’s performance and broader market trends.
Financial Performance and Fundamental Assessment
SpiceJet’s financial metrics continue to reflect challenges. The company’s Mojo Score stands at a low 1.0, with a Mojo Grade of Strong Sell as of 23 Dec 2024, downgraded from Sell. This rating reflects concerns over the company’s weak long-term fundamentals and deteriorating financial health.
Over the past five years, SpiceJet’s net sales have contracted at an annual rate of -10.67%, while operating profit has remained stagnant at 0%. The company’s debt profile is notable, with a high debt burden despite an average debt-to-equity ratio reported at zero, indicating complex capital structure issues. Negative book value further underscores the fragile financial position.
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Profitability and Operational Metrics
The company has reported negative results for the last two consecutive quarters, with the latest quarterly PAT plunging to Rs.-621.29 crore, a decline of 654.5% compared to the previous four-quarter average. Return on Capital Employed (ROCE) for the half-year period stands at a low -18.29%, indicating inefficient capital utilisation.
Inventory turnover ratio, a measure of operational efficiency, is also at a low 24.91 times for the half-year, reflecting slower asset turnover. The company’s EBITDA remains negative, adding to the risk profile and signalling ongoing pressure on earnings before interest, taxes, depreciation, and amortisation.
Stock Performance Relative to Benchmarks
SpiceJet’s one-year stock return is -46.83%, significantly underperforming the Sensex, which has delivered an 8.44% gain over the same period. The stock’s 52-week high was Rs.56.80, highlighting the steep decline to current levels. Over the last three years, the stock has consistently lagged behind the BSE500 index, reflecting persistent underperformance in both short and long-term horizons.
The stock’s day change today was -0.85%, in line with sector trends but continuing a negative momentum that has seen it trade below all major moving averages, a technical indication of sustained weakness.
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Market Capitalisation and Risk Profile
SpiceJet’s market capitalisation grade is rated 3, reflecting a mid-tier valuation relative to peers. However, the company’s negative EBITDA and weak profitability metrics contribute to a riskier valuation profile compared to its historical averages. The stock’s current valuation does not reflect positive earnings momentum, with profits declining by 4.6% over the past year.
Despite the broader market’s modest gains and mid-cap strength, SpiceJet remains under pressure, with its financial and operational indicators signalling ongoing challenges in maintaining growth and profitability.
Summary of Key Financial Indicators
To summarise, SpiceJet Ltd’s key financial and market indicators as of early 2026 are as follows:
- 52-week low price: Rs.27.66
- 52-week high price: Rs.56.80
- One-year stock return: -46.83%
- Mojo Score: 1.0 (Strong Sell)
- Debt to Equity ratio (average): 0 times
- Net Sales growth (5 years): -10.67% CAGR
- Operating profit growth (5 years): 0%
- Quarterly PAT: Rs.-621.29 crore (down 654.5%)
- ROCE (Half Year): -18.29%
- Inventory Turnover Ratio (Half Year): 24.91 times
These figures illustrate the company’s current financial stress and the challenges it faces in reversing its downward trend.
Technical and Market Sentiment Overview
Technically, the stock’s position below all major moving averages indicates a lack of upward momentum. The five-day consecutive decline and the 7.29% loss over this period reinforce the prevailing negative sentiment. While the Sensex remains close to its 52-week high and mid-cap stocks are gaining, SpiceJet’s performance diverges markedly, reflecting sector-specific pressures and company-specific financial concerns.
Conclusion
SpiceJet Ltd’s fall to a 52-week low of Rs.27.66 marks a significant point in its recent market journey. The company’s financial metrics, including negative profitability, declining sales, and weak capital efficiency, underpin the stock’s subdued performance. Despite a broadly stable market environment, SpiceJet continues to face challenges that have led to its current valuation and rating as a Strong Sell by MarketsMOJO. The stock’s underperformance relative to benchmarks and peers highlights the ongoing difficulties in regaining investor confidence and market strength.
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