Stock Performance and Market Context
On 27 Jan 2026, SpiceJet Ltd’s stock price fell by 1.62% during the trading session, closing at Rs.21.9, its lowest level in the past year. This decline extended a two-day losing streak, during which the stock has shed 7.23% in value. The stock’s performance today notably lagged behind the airline sector, underperforming by 3.65%. Furthermore, SpiceJet 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.
In contrast, the broader market showed resilience. The Sensex, after an initial negative opening down by 100.91 points, rebounded to close 0.28% higher at 81,762.05 points. Mega-cap stocks led this recovery, while some sectoral indices such as NIFTY MEDIA and NIFTY REALTY also touched new 52-week lows, indicating selective weakness across segments.
Financial Metrics and Long-Term Trends
SpiceJet Ltd’s financial indicators continue to reflect challenging conditions. The company’s market capitalisation grade stands at 3, while its Mojo Score is a low 1.0, accompanied by a Mojo Grade of Strong Sell, upgraded from Sell on 23 Dec 2024. This grading underscores the company’s weak fundamental position and heightened risk profile.
Over the past year, SpiceJet’s stock has delivered a negative return of 48.62%, starkly contrasting with the Sensex’s positive 8.49% gain over the same period. The stock’s 52-week high was Rs.56.8, highlighting the extent of the decline from its peak.
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Declining Sales and Profitability
The company’s net sales have contracted significantly, with the latest six-month figures showing Rs.1,912.62 crores, representing a decline of 27.09% compared to previous periods. Operating profit has stagnated over the last five years, registering a 0% growth rate, while net sales have decreased at an annual rate of 10.67% during the same timeframe.
Profit before tax excluding other income (PBT LESS OI) for the latest quarter stood at a loss of Rs.664.38 crores, a sharp fall of 79.1% relative to the average of the preceding four quarters. The company has reported negative earnings before interest, taxes, depreciation and amortisation (EBITDA), further emphasising the financial strain.
Net profit after tax (PAT) for the latest six months was a loss of Rs.855.14 crores, mirroring the decline in sales with a 27.09% contraction. These figures reflect a continuation of negative results for two consecutive quarters, underscoring the company’s current earnings challenges.
Balance Sheet and Risk Profile
SpiceJet’s balance sheet reveals a negative book value, indicating that liabilities exceed assets, which contributes to its classification as having weak long-term fundamental strength. The company carries a high debt burden, with an average debt-to-equity ratio of 0 times, signalling reliance on debt financing. This financial structure adds to the riskiness of the stock, especially given the ongoing losses and subdued cash flows.
Over the past year, the company’s profits have declined by 4.6%, compounding the negative returns experienced by shareholders. Additionally, SpiceJet has underperformed the BSE500 index across multiple time horizons, including the last three years, one year, and three months, indicating persistent underperformance relative to a broad market benchmark.
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Sector and Market Comparison
Within the airline sector, SpiceJet’s performance has been notably subdued. While the Sensex has managed to maintain a positive trajectory, supported by mega-cap stocks, SpiceJet’s share price has continued to decline. The stock’s current valuation and financial metrics place it among the weaker performers in the sector.
The broader market environment shows mixed signals, with some sectoral indices also hitting 52-week lows, but the overall market sentiment remains cautiously optimistic. SpiceJet’s persistent underperformance relative to both sector and market benchmarks highlights the challenges it faces in regaining investor confidence.
Summary of Key Financial Indicators
To summarise, SpiceJet Ltd’s key financial and market indicators as of 27 Jan 2026 are:
- New 52-week low price: Rs.21.9
- One-year stock return: -48.62%
- Sensex one-year return: +8.49%
- Net sales (latest six months): Rs.1,912.62 crores, down 27.09%
- PBT LESS OI (latest quarter): Rs.-664.38 crores, down 79.1%
- PAT (latest six months): Rs.-855.14 crores, down 27.09%
- Mojo Score: 1.0 (Strong Sell)
- Debt to equity ratio (average): 0 times
- Trading below all major moving averages
These figures collectively illustrate the stock’s current position at a significant low point, reflecting ongoing financial pressures and market challenges.
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