Recent Price Movement and Market Context
On 24 Feb 2026, SpiceJet Ltd’s stock price fell by 3.41% during the trading session, underperforming the airline sector by 3.25%. This decline extended a losing streak spanning six consecutive trading days, during which the stock has shed 11.32% of its value. The current price of Rs.15.16 stands well below its 52-week high of Rs.56.80, representing a steep fall of approximately 73.3% from that peak.
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 technical positioning highlights the stock’s difficulty in regaining upward traction amid prevailing market conditions.
Broader Market Environment
The broader market has also experienced pressure, with the Sensex opening 242.12 points lower and closing down by 469.90 points at 82,582.64, a decline of 0.85%. Despite this, the Sensex remains within 4.33% of its 52-week high of 86,159.02. The index is trading below its 50-day moving average, although the 50DMA remains above the 200DMA, indicating mixed signals for the overall market trend.
In contrast to SpiceJet’s performance, the Sensex has delivered a positive return of 10.92% over the past year, underscoring the stock’s relative underperformance within the broader market context.
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Financial Performance and Fundamental Metrics
SpiceJet Ltd’s financial indicators reveal ongoing challenges. The company has reported negative results for the last three consecutive quarters, with the latest quarterly PAT (Profit After Tax) at a loss of Rs.241.57 crores, representing a sharp decline of 96.1% compared to the previous four-quarter average. This significant contraction in profitability has contributed to the stock’s weak market sentiment.
The company’s Return on Capital Employed (ROCE) for the half-year period stands at a low of -18.29%, indicating inefficient utilisation of capital resources. Additionally, the inventory turnover ratio for the half-year is recorded at 24.91 times, the lowest in recent periods, reflecting slower asset turnover.
Over the past five years, SpiceJet’s net sales have declined at an annual rate of 4.89%, while operating profit has remained stagnant at 0%, signalling limited growth prospects. The company’s debt profile is notable, with an average Debt to Equity ratio of zero, yet it remains classified as a high-debt company due to other financial obligations and liabilities.
Valuation and Risk Factors
The stock’s valuation metrics indicate elevated risk. Its Mojo Score stands at 3.0, with a Mojo Grade of Strong Sell, upgraded from Sell on 23 Dec 2024. The market capitalisation grade is also low at 3, reflecting the company’s diminished market standing. Over the past year, SpiceJet’s stock has generated a negative return of 67.54%, while profits have contracted by 396.7%, underscoring the severity of its financial deterioration.
Promoter shareholding includes a high proportion of pledged shares, with 47.69% of promoter shares under pledge. This factor often exerts additional downward pressure on the stock price during market declines, as pledged shares may be liquidated to meet margin requirements.
Long-term performance comparisons further highlight the stock’s underperformance. SpiceJet has lagged behind the BSE500 index over the last three years, one year, and three months, reflecting persistent challenges in both near-term and extended timeframes.
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Summary of Key Concerns
SpiceJet Ltd’s stock reaching a 52-week low of Rs.15.16 reflects a confluence of factors including sustained negative earnings, weak capital returns, and a challenging market environment. The company’s negative book value and poor long-term growth metrics contribute to its classification as a high-risk stock within the airline sector.
Despite the broader market’s relative resilience, SpiceJet’s share price continues to face downward pressure, exacerbated by a high percentage of pledged promoter shares and underwhelming financial performance. The stock’s position below all major moving averages further emphasises the prevailing bearish sentiment among market participants.
Investors analysing SpiceJet Ltd should note the comprehensive financial data and market trends that have culminated in this 52-week low, providing a detailed picture of the company’s current standing within the airline industry.
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