Spicejet - Public Comps and Valuation Multiples

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, it also offers charter services.

Founded

1984

HQ

Employees

6.5K+

Website

spicejet.com

Sectors

Airlines

Financials

LTM Revenue $642M

LTM EBITDA $65.5M

EV

$906M

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Spicejet Financials

As of November 2025, Spicejet reported last 12-month revenue of $642M and EBITDA of $65.5M.

In the same period, Spicejet achieved -$55.3M in LTM net income.

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Spicejet P&L

In the most recent fiscal year, Spicejet reported revenue of $564M and EBITDA of $101M.

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

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$642M	XXX	$564M	XXX	XXX	XXX
Gross Profit	n/a	XXX	-$55.6M	XXX	XXX	XXX
Gross Margin	n/a	XXX	-10%	XXX	XXX	XXX
EBITDA	$65.5M	XXX	$101M	XXX	XXX	XXX
EBITDA Margin	10%	XXX	18%	XXX	XXX	XXX
EBIT	-$62.4M	XXX	-$98.6M	XXX	XXX	XXX
EBIT Margin	-10%	XXX	-17%	XXX	XXX	XXX
Net Profit	-$55.3M	XXX	$7.0M	XXX	XXX	XXX
Net Margin	-9%	XXX	1%	XXX	XXX	XXX
Net Debt	XXX	XXX	$94.5M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Spicejet including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $642M. EBITDA for the last twelve months was $65.5M. In the most recent fiscal year, Spicejet achieved $564M in revenue and $101M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$642M	Analyst estimates available to subscribers	$564M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	-$55.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	-9.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$65.5M	Analyst estimates available to subscribers	$101M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	10.2% EBITDA margin	Analyst estimates available to subscribers	18.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$62.4M	Analyst estimates available to subscribers	-$98.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-9.7% EBIT margin	Analyst estimates available to subscribers	-17.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$55.3M	Analyst estimates available to subscribers	$7.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-8.6% net profit margin	Analyst estimates available to subscribers	1.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$94.5M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Spicejet

This financial data table provides comprehensive performance metrics for Spicejet, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Spicejet generated $642M in revenue over the last twelve months.
The company achieved $65.5M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$55.3M.

Fiscal Year Performance

In the most recent fiscal year, Spicejet reported $564M in total revenue.
Fiscal year EBITDA was $101M.
The company maintained a gross profit margin of -9.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 18.0%.
Net profit margin reached 1.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Spicejet. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Spicejet Stock Performance

Spicejet has current market cap of INR 48.3B (or $538M), and EV of INR 81.5B (or $906M).

Market Cap Evolution

Spicejet Stock Data

As of December 5, 2025, Spicejet's stock price is INR 32 (or $0).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$906M	$538M	XXX	XXX	XXX	XXX	$-0.04

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Spicejet Valuation Multiples

Spicejet's trades at 1.5x EV/Revenue multiple, and 9.6x EV/EBITDA.

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Spicejet Financial Valuation Multiples

As of December 5, 2025, Spicejet has market cap of $538M and EV of $906M.

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 -9.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$538M	XXX	$538M	XXX	XXX	XXX
EV (current)	$906M	XXX	$906M	XXX	XXX	XXX
EV/Revenue	1.4x	XXX	1.5x	XXX	XXX	XXX
EV/EBITDA	13.8x	XXX	9.6x	XXX	XXX	XXX
EV/EBIT	-14.5x	XXX	-9.2x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-9.7x	XXX	-82.4x	XXX	XXX	XXX
EV/FCF	-6.3x	XXX	-5.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Spicejet Margins & Growth Rates

Spicejet's last 12 month revenue growth is 24%

Spicejet's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $7K for the same period.

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

Spicejet's rule of X is 71% (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	24%	XXX	15%	XXX	XXX	XXX
EBITDA Margin	10%	XXX	15%	XXX	XXX	XXX
EBITDA Growth	83%	XXX	15%	XXX	XXX	XXX
Rule of 40	40%	XXX	40%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	71%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$7K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	6%	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	8%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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