Stock Performance and Market Context
On 18 Feb 2026, SpiceJet Ltd’s stock price touched Rs.16.53, representing a sharp decline from its 52-week high of Rs.56.80. This translates to a year-to-date loss of nearly 60%, starkly contrasting with the Sensex’s positive 10.22% return over the same period. Despite the broader market’s resilience, with the Sensex trading 0.34% higher at 83,734.25 and approaching its own 52-week high, SpiceJet’s shares have continued to languish below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages.
The stock’s day change was recorded at -0.18%, in line with the airline sector’s overall performance. However, this modest daily movement belies the longer-term challenges faced by the company, which have weighed heavily on investor sentiment and valuation metrics.
Our current monthly pick, this Mid Cap from Automobile Two & Three Wheelers, survived rigorous evaluation against dozens of contenders. See why experts are backing this one!
- - Rigorous evaluation cleared
- - Expert-backed selection
- - Mid Cap conviction pick
Financial Metrics and Fundamental Assessment
SpiceJet Ltd’s financial health remains under scrutiny, with its Mojo Score standing at 3.0 and a Mojo Grade of Strong Sell as of 23 Dec 2024, an upgrade from the previous Sell rating. The company’s market capitalisation grade is rated at 3, reflecting its mid-cap status but also signalling caution due to underlying fundamentals.
The company’s long-term growth indicators have been subdued. Net sales have declined at an annualised rate of -4.89% over the past five years, while operating profit has remained stagnant at 0%. This lack of growth is compounded by a negative book value, indicating weak long-term fundamental strength. Additionally, the average debt-to-equity ratio is reported at 0 times, suggesting a high debt burden relative to equity, which adds to financial risk.
Recent quarterly results have been disappointing, with the company reporting negative profits for three consecutive quarters. The latest quarterly PAT stood at a loss of Rs.241.57 crores, a steep fall of 96.1% compared to the previous four-quarter average. Return on Capital Employed (ROCE) for the half-year period was recorded at -18.29%, the lowest in recent history, while the inventory turnover ratio also declined to 24.91 times, signalling operational inefficiencies.
Risk Factors and Valuation Concerns
The stock’s valuation remains under pressure, trading at levels considered risky relative to its historical averages. Over the past year, SpiceJet’s profits have contracted by an alarming 396.7%, reflecting the severity of its financial distress. The stock’s one-year return of -59.92% further underscores its underperformance compared to the broader market and sector benchmarks.
Another notable concern is the high proportion of promoter shares pledged, currently at 47.69%. This elevated level of pledged shares can exert additional downward pressure on the stock price, particularly in volatile or declining markets, as it may lead to forced selling if margin calls arise.
SpiceJet’s performance has been below par not only in the recent year but also over longer time horizons. The stock has underperformed the BSE500 index over the last three years, one year, and three months, highlighting persistent challenges in regaining investor confidence and market share.
Considering SpiceJet Ltd? Wait! SwitchER has found potentially better options in Airline and beyond. Compare this small-cap with top-rated alternatives now!
- - Better options discovered
- - Airline + beyond scope
- - Top-rated alternatives ready
Sector and Market Dynamics
The airline sector, to which SpiceJet belongs, has experienced mixed performance in recent months. While the broader market, led by mega-cap stocks, has shown resilience with the Sensex gaining 0.34% today, SpiceJet’s share price remains subdued. The Sensex is currently trading below its 50-day moving average but maintains a positive technical setup with the 50DMA above the 200DMA, indicating underlying market strength that contrasts with SpiceJet’s weak momentum.
SpiceJet’s trading below all major moving averages signals a lack of short- and medium-term price support, which may reflect investor caution amid the company’s financial and operational difficulties. The stock’s relative underperformance compared to sector peers and the broader market highlights the challenges it faces in regaining footing.
Summary of Key Metrics
To summarise, SpiceJet Ltd’s key financial and market metrics as of 18 Feb 2026 are:
- New 52-week low price: Rs.16.53
- 52-week high price: Rs.56.80
- One-year stock return: -59.92%
- Mojo Score: 3.0 (Strong Sell)
- Debt-to-Equity ratio (average): 0 times
- Negative book value
- Latest quarterly PAT: Rs.-241.57 crores (down 96.1%)
- ROCE (half-year): -18.29%
- Inventory turnover ratio (half-year): 24.91 times
- Promoter shares pledged: 47.69%
These figures collectively illustrate the pressures weighing on SpiceJet’s stock price and underline the factors contributing to its recent 52-week low.
Only Rs. 9,999 - Get MojoOne for 1 Year + 3 Months FREE (60% Off) Start Today
