SpiceJet Ltd Stock Falls to 52-Week Low of Rs.19.7 Amid Continued Downtrend

Recent Price Movement and Market Context

On 13 Feb 2026, SpiceJet Ltd’s stock price fell by 2.55% to close at Rs.19.7, establishing a new 52-week low. This decline extends a three-day losing streak during which the stock has shed over 10.25% in value. The share price currently trades below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling sustained bearish sentiment.

In comparison, the Sensex opened sharply lower by 772.19 points and was trading at 82,859.83, down 0.97% on the day. Despite this, the Sensex remains within 3.98% of its 52-week high of 86,159.02, indicating relative resilience in the broader market. The index is positioned below its 50-day moving average, though the 50DMA remains above the 200DMA, suggesting mixed technical signals for the market overall.

Performance Over the Past Year

SpiceJet Ltd’s one-year performance starkly contrasts with the broader market. The stock has declined by 55.90% over the last 12 months, while the Sensex has gained 8.90% in the same period. The stock’s 52-week high was Rs.56.8, highlighting the extent of the recent price erosion. This underperformance extends beyond the last year, with the stock lagging the BSE500 index over the past three years, one year, and three months.

Fundamental and Financial Overview

SpiceJet Ltd’s financial metrics reveal ongoing challenges. The company holds a negative book value, indicating weak long-term fundamental strength. Over the past five years, net sales have declined at an annualised rate of 10.67%, while operating profit has remained flat, showing no growth. The company’s average debt-to-equity ratio stands at zero, yet it is classified as a high-debt company, reflecting complexities in its capital structure.

Recent quarterly results have been negative for three consecutive quarters. The latest quarterly profit after tax (PAT) was a loss of Rs.241.57 crores, representing a 96.1% decline compared to the previous four-quarter average. Return on capital employed (ROCE) for the half-year period was recorded at -18.29%, the lowest level observed. Inventory turnover ratio for the half-year also hit a low of 24.91 times, signalling inefficiencies in asset utilisation.

Valuation and Risk Factors

The stock is considered risky relative to its historical valuations. Over the past year, profits have fallen by 4.6%, compounding the negative returns of 55.90%. Additionally, 47.69% of promoter shares are pledged, which can exert further downward pressure on the stock price in volatile market conditions. This high level of pledged shares is a notable risk factor for shareholders.

Sector and Industry Positioning

Operating within the airline sector, SpiceJet Ltd faces a competitive environment with fluctuating demand and cost pressures. The sector itself has experienced volatility, but SpiceJet’s performance has lagged behind peers and the broader market indices. The company’s Mojo Score currently stands at 3.0 with a Mojo Grade of Strong Sell, an upgrade from a previous Sell rating on 23 Dec 2024, reflecting deteriorated fundamentals and market sentiment.

Summary of Key Metrics

To summarise, SpiceJet Ltd’s stock is trading at Rs.19.7, its lowest level in 52 weeks, down from a high of Rs.56.8. The stock has underperformed the Sensex by a wide margin over the past year and longer-term periods. Financial indicators such as negative PAT, low ROCE, and declining sales growth highlight ongoing difficulties. The high proportion of pledged promoter shares adds to the stock’s risk profile. The Mojo Grade of Strong Sell reflects these factors and the company’s current market standing.

Market Sentiment and Technical Indicators

Technical analysis confirms the bearish trend, with the share price below all major moving averages. The stock’s underperformance relative to the airline sector and the broader market further emphasises the challenges faced. The Sensex’s own recent weakness contrasts with SpiceJet’s more pronounced decline, underscoring company-specific issues rather than purely sector-wide factors.

Conclusion

SpiceJet Ltd’s fall to a 52-week low of Rs.19.7 reflects a combination of weak financial performance, subdued growth prospects, and elevated risk factors. The stock’s recent price action and fundamental metrics illustrate the pressures facing the company within a competitive and volatile airline sector. While the broader market shows some resilience, SpiceJet’s share price continues to reflect the challenges embedded in its current financial and operational profile.

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