Current Market Performance and Price Movement
On 11 Feb 2026, SpiceJet’s stock price closed at Rs.21.4, down 2.44% on the day, underperforming its sector by 3.45%. The stock is trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling sustained bearish momentum. This contrasts with the broader market, where the Nifty index closed at 25,953.85, up 0.07%, and remains just 1.62% shy of its 52-week high of 26,373.20. The Nifty has also recorded a three-week consecutive rise, gaining 3.61% over this period, supported by strength in large-cap segments and the Nifty Next 50 index.
Long-Term Price and Performance Context
SpiceJet’s 52-week high stands at Rs.56.8, highlighting the steep decline of over 62% from its peak price. Over the past year, the stock has delivered a negative return of 52.16%, a stark contrast to the Sensex’s positive 10.41% gain during the same period. This underperformance extends beyond the last year, with the stock lagging the BSE500 index across one-year, three-month, and three-year timeframes, underscoring persistent challenges in regaining investor confidence.
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Financial Metrics and Fundamental Assessment
SpiceJet’s financial indicators reveal ongoing difficulties. The company reported negative results for the last two consecutive quarters, with Profit Before Tax excluding other income (PBT LESS OI) at Rs. -664.38 crores, representing a sharp 79.1% decline compared to the previous four-quarter average. Net sales for the latest six months stood at Rs.1,912.62 crores, down 27.09%, while the net loss after tax (PAT) for the same period was Rs. -855.14 crores, also deteriorating by 27.09%.
The company’s long-term growth profile remains subdued, with net sales shrinking at an annualised rate of 10.67% over the past five years and operating profit stagnating at 0%. Additionally, SpiceJet carries a high debt burden, reflected in an average debt-to-equity ratio of 0 times, indicating a leveraged capital structure. The company’s book value is negative, signalling weak long-term fundamental strength.
Valuation and Risk Considerations
SpiceJet’s valuation metrics indicate elevated risk levels. The stock is trading at levels considered risky relative to its historical averages. Over the past year, while the stock has lost 52.16% in value, its profits have declined by 4.6%, highlighting a disconnect between earnings performance and market valuation. Furthermore, promoter shareholding includes 47.69% pledged shares, which can exert additional downward pressure on the stock price during market downturns.
Sector and Market Comparison
Within the airline sector, SpiceJet’s performance contrasts with broader market trends. While the Nifty and other market cap segments have shown gains recently, SpiceJet continues to face headwinds. The Nifty’s bullish positioning above its 50-day and 200-day moving averages and the outperformance of large-cap stocks underscore the relative weakness of SpiceJet’s share price movement.
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Mojo Score and Rating Update
Reflecting the company’s deteriorating fundamentals and market performance, SpiceJet’s Mojo Score currently stands at 1.0, categorised as a Strong Sell. This represents a downgrade from its previous Sell rating, effective from 23 Dec 2024. The Market Cap Grade is rated 3, indicating a mid-tier market capitalisation relative to peers. These ratings encapsulate the company’s ongoing challenges and the cautious stance adopted by rating frameworks.
Summary of Key Concerns
In summary, SpiceJet Ltd’s stock has reached a new 52-week low of Rs.21.4 amid a backdrop of declining sales, widening losses, and weak fundamental indicators. The company’s negative book value, high debt levels, and significant promoter share pledging contribute to the risk profile. The stock’s underperformance relative to the broader market and sector benchmarks further highlights the challenges faced by the airline in sustaining growth and profitability.
Market Environment and Broader Context
While SpiceJet’s shares have declined, the broader Indian equity market remains resilient, with the Nifty index maintaining a bullish trend and all market capitalisation segments posting gains. This divergence emphasises the company-specific factors weighing on SpiceJet’s stock price, distinct from general market momentum.
Conclusion
SpiceJet Ltd’s fall to a 52-week low underscores the ongoing pressures within the company’s financial and operational framework. The stock’s current valuation and rating reflect these realities, positioning it as a notable case within the airline sector’s evolving landscape.
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