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Spicejet Valuation Multiples

Discover revenue and EBITDA valuation multiples for Spicejet and similar public comparables like Bangkok Airways, Asia Aviation, and Aegean Airlines.

Spicejet Overview

About Spicejet

Spicejet Ltd is an India based airline company. It offers both domestic as well as international air travel services. The operating segments of the company are Airline Transport and Freighter and Logistics Services. Its primary revenue source is derived from passenger air travel with ancillary sources comprising Spice max, insurance, preferred seating, Spice vacations, lounge, visa, cab, cargo and onboard merchandise. In addition, the company also offers charter services.


Founded

1984

HQ

India
Employees

7.1K+

Website

spicejet.com

Sectors

Airlines

Financials

LTM Revenue $698M

LTM EBITDA $85.1M

EV

$1000M

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Spicejet Financials

Spicejet has a last 12-month revenue (LTM) of $698M and a last 12-month EBITDA of $85.1M.

In the most recent fiscal year, Spicejet achieved revenue of $794M and an EBITDA of $77.5M.

Spicejet expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Spicejet P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $698M XXX $794M XXX XXX XXX
Gross Profit $698M XXX -$45.5M XXX XXX XXX
Gross Margin 100% XXX -6% XXX XXX XXX
EBITDA $85.1M XXX $77.5M XXX XXX XXX
EBITDA Margin 12% XXX 10% XXX XXX XXX
EBIT -$81.2M XXX -$102M XXX XXX XXX
EBIT Margin -12% XXX -13% XXX XXX XXX
Net Profit -$50.6M XXX -$49.5M XXX XXX XXX
Net Margin -7% XXX -6% XXX XXX XXX
Net Debt XXX XXX $111M XXX XXX XXX

Financial data powered by Morningstar, Inc.

Spicejet Stock Performance

As of May 30, 2025, Spicejet's stock price is INR 45 (or $1).

Spicejet has current market cap of INR 63.6B (or $744M), and EV of INR 85.4B (or $1000M).

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Spicejet Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$1000M $744M XXX XXX XXX XXX $-0.03

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Spicejet Valuation Multiples

As of May 30, 2025, Spicejet has market cap of $744M and EV of $1000M.

Spicejet's trades at 1.2x EV/Revenue multiple, and 18.0x EV/EBITDA.

Equity research analysts estimate Spicejet's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Spicejet has a P/E ratio of -14.7x.

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Spicejet Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $744M XXX $744M XXX XXX XXX
EV (current) $1000M XXX $1000M XXX XXX XXX
EV/Revenue 1.4x XXX 1.2x XXX XXX XXX
EV/EBITDA 11.7x XXX 18.0x XXX XXX XXX
EV/EBIT -12.3x XXX -8.9x XXX XXX XXX
EV/Gross Profit 1.4x XXX n/a XXX XXX XXX
P/E -14.7x XXX -9.1x XXX XXX XXX
EV/FCF 27.8x XXX -18.2x XXX XXX XXX

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Spicejet Margins & Growth Rates

Spicejet's last 12 month revenue growth is 29%

Spicejet's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $8K for the same period.

Spicejet's rule of 40 is 36% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Spicejet's rule of X is 85% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Spicejet Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 29% XXX 9% XXX XXX XXX
EBITDA Margin 12% XXX 7% XXX XXX XXX
EBITDA Growth 96% XXX 93% XXX XXX XXX
Rule of 40 36% XXX 36% XXX XXX XXX
Bessemer Rule of X XXX XXX 85% XXX XXX XXX
Revenue per Employee XXX XXX $0.1M XXX XXX XXX
Opex per Employee XXX XXX $8K XXX XXX XXX
S&M Expenses to Revenue XXX XXX 5% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 7% XXX XXX XXX

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Spicejet Public Comps

See public comps and valuation multiples for Airlines comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
flyExclusive XXX XXX XXX XXX XXX XXX
Qantas Airways XXX XXX XXX XXX XXX XXX
Aegean Airlines XXX XXX XXX XXX XXX XXX
Asia Aviation XXX XXX XXX XXX XXX XXX
Bangkok Airways XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Spicejet M&A and Investment Activity

Spicejet acquired  XXX companies to date.

Last acquisition by Spicejet was  XXXXXXXX, XXXXX XXXXX XXXXXX . Spicejet acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Spicejet

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Spicejet

When was Spicejet founded? Spicejet was founded in 1984.
Where is Spicejet headquartered? Spicejet is headquartered in India.
How many employees does Spicejet have? As of today, Spicejet has 7.1K+ employees.
Is Spicejet publicy listed? Yes, Spicejet is a public company listed on BOM.
What is the stock symbol of Spicejet? Spicejet trades under 500285 ticker.
When did Spicejet go public? Spicejet went public in 2000.
Who are competitors of Spicejet? Similar companies to Spicejet include e.g. flyExclusive, Qantas Airways, Aegean Airlines, Asia Aviation.
What is the current market cap of Spicejet? Spicejet's current market cap is $744M
What is the current revenue of Spicejet? Spicejet's last 12 months revenue is $698M.
What is the current revenue growth of Spicejet? Spicejet revenue growth (NTM/LTM) is 29%.
What is the current EV/Revenue multiple of Spicejet? Current revenue multiple of Spicejet is 1.4x.
Is Spicejet profitable? Yes, Spicejet is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Spicejet? Spicejet's last 12 months EBITDA is $85.1M.
What is Spicejet's EBITDA margin? Spicejet's last 12 months EBITDA margin is 12%.
What is the current EV/EBITDA multiple of Spicejet? Current EBITDA multiple of Spicejet is 11.7x.
What is the current FCF of Spicejet? Spicejet's last 12 months FCF is $36.0M.
What is Spicejet's FCF margin? Spicejet's last 12 months FCF margin is 5%.
What is the current EV/FCF multiple of Spicejet? Current FCF multiple of Spicejet is 27.8x.

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