COMPANY INTELLIGENCE PROFILE
SpiceJet Limited
Listed Indian low-cost airline (RoC Delhi, incorporated 1984) that raised Rs 3,000 Cr via QIP in Sept 2024 and posted a FY25 standalone net-profit turnaround, but still carries negative net worth and multiple creditor/insolvency disputes.
SpiceJet is a listed Indian low-cost airline that offers scheduled passenger air transport services domestically and internationally, with additional operations in air cargo through SpiceXpress. Despite reporting a standalone net profit turnaround in FY25 after raising Rs 3,000 Cr in September 2024, the company continues to have negative net worth and faces extensive litigation. CARE Ratings assigned it BB-; Stable in early 2025, although CRISIL rated it as CRISIL D (default).
AI-generated, may contain errors.
Business Overview
- SpiceJet is a low-cost carrier (LCC) providing scheduled passenger air transport services across domestic and select international routes, plus air cargo/logistics (SpiceXpress).
- GST filings describe it as office/sale office and service provision.
- The fleet contracted sharply from ~114 aircraft (FY20) to a low double-digit operating fleet during its liquidity crisis, CARE noted ~17 aircraft by Sept in FY25 window, with the airline attempting fleet expansion after the FY25 fund-raise.
Sector & Classification
Air transport / scheduled passenger air transportation services (aviation, transport & logistics)
Directors & Key Management
Directors — source notes
Confirmed by two agreeing sources (Tofler + TheCompanyCheck): Ajay Singh (Managing Director, DIN 01360684); Ajay Chhotelal Aggarwal (Director, DIN 00001122); Manoj Kumar (Director, DIN 00072634); Anurag Bhargava (Director, DIN 01297542); Shiwani Singh (Director, DIN 05229788); Sonum Gayatri (Director, DIN 10639147). Board composition may have changed since; confirmed as of mid-2026 snapshots.
GST Registrations
Primary GSTIN: 07AACCR1459F1ZI (Delhi, home state), status Active, registered 01-Jul-2017, regular taxpayer (source: knowyourgst individual page + gstzen). PAN: AACCR1459F. Total ~33 GST registrations across states/UTs. Individual state GSTINs share the AACCR1459F PAN root (e.g., 06AACCR1459F1ZK Haryana, 29AACCR1459F1ZC Karnataka).
Financials
SpiceJet Limited reported FY2025 revenue of approximately Rs 5,284-5,326 Cr, a decline of around 25% YoY. Standalone PAT was approximately Rs 580.7 Cr, marking a turnaround from a Rs 409 Cr loss in FY24, aided by QIP and other income. However, consolidated figures showed a PAT of Rs 62 Cr and a negative net worth of Rs 1,943 Cr. A significant divergence between standalone and consolidated PAT figures warrants caution.
AI-generated, may contain errors.
- Sources report standalone vs consolidated figures that differ materially — reported as a conflict.
- FY2025, year ended 31 Mar 2025: Revenue from operations approx Rs 5,284–5,326 Cr, down ~25% YoY from ~Rs 7,050 Cr.
- STANDALONE: PAT approx Rs 580.7 Cr, turnaround from a ~Rs 409 Cr loss in FY24, aided by Rs 3,000 Cr QIP and one-time/other income
- Q4 FY25 standalone PAT ~Rs 325 Cr with EBITDA ~Rs 526 Cr, source: Business Standard, company press release.
- CONSOLIDATED (Screener): Revenue Rs 5,326 Cr, Operating profit -Rs 439 Cr (negative), PAT Rs 62 Cr, Net worth -Rs 1,943 Cr, equity Rs 1,413 Cr + reserves -Rs 3,356 Cr, Borrowings Rs 4,219 Cr.
- Net worth remains NEGATIVE.
- Contingent liabilities ~Rs 648 Cr (Screener).
- Standalone vs consolidated PAT divergence, Rs 580 Cr vs Rs 62 Cr, is flagged as a source conflict — treat with caution.
Funding History
- Rs 3,000 Cr raised via QIP in September 2024, opened 16 Sep, closed 18 Sep 2024; ~48.7 Cr shares issued at Rs 61.60 each
- Oversubscribed, investors included Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, Discovery Global Opportunity Ltd.
- Additional ~Rs 736 Cr from a prior warrant/preferential round.
- Promoter group equity infusion of Rs 500 Cr in FY25, final tranche Rs 294 Cr in Q4 FY25.
- QIP proceeds used to settle statutory/PF dues and fund fleet reactivation, source: Business Standard, BusinessToday.
Loans & Charges
- Specific charge-by-charge register not obtained from an allowed primary source, MCA/Zauba blocked. Consolidated borrowings ~Rs 4,219 Cr (FY25, Screener) and CARE-rated bank facilities indicate secured lending exists
- Itemized charge details "not obtained".
Credit Ratings
- CARE Ratings, press release 28 Jan 2025: CARE BB-
- Stable (long-term) / CARE A4 (short-term) — reflecting improved liquidity after fund-raises and expected operational turnaround. CRISIL: downgraded to CRISIL D (default) per release dated 26 Mar 2024 and classified "Issuer Not Cooperating"
- Update dated 24 Jun 2025 reiterated CRISIL D (INC), which CRISIL notes may not reflect current standing. ICRA: no current 2025 rating obtained. Conflict/divergence between CARE (BB-) and CRISIL (D, INC) is flagged.
Legal & Compliance
- Extensive litigation. (1) Kal Airways/Kalanithi Maran: Delhi High Court, 2025/DHC/4230, 23 May 2025, dismissed Maran/Kal Airways' appeal seeking ~Rs 1,300 Cr damages over Rs 679 Cr warrant/preference-share dispute
- Earlier arbitral award had ordered SpiceJet to refund ~Rs 579 Cr plus interest — long-running. (2) Credit Suisse: ~US$24M dispute since 2015
- Credit Suisse told the Supreme Court (Mar 2024) that SpiceJet cleared all outstanding dues
- SC listed for follow-up to prevent re-default. (3) Multiple NCLT/NCLAT insolvency petitions from lessors/creditors, e.g., Celestial Aviation, and fresh notices. Legal exposure remains a material risk. Sources: jusmundi, Business Standard, 100knots.
Competitive Landscape
- IndiGo / InterGlobe Aviation, market leader, ~60%+ domestic share — very large
- Air India + Air India Express, Tata Group, full-service + LCC — large
- Akasa Air / SNV Aviation, new-entrant LCC — small but growing
- Vistara, Tata-SIA JV, merged into Air India in Nov 2024 — now part of Air India
- Go First / Go Airlines, former LCC peer — grounded/insolvent since 2023
- Alliance Air, regional — small. SpiceJet is a mid/small LCC by current capacity after its fleet contraction.
Frequently Asked Questions
What does the company do?
SpiceJet is a listed Indian low-cost airline providing scheduled passenger air transport services across domestic and select international routes. It also offers air cargo and logistics services through its SpiceXpress division.
What is the company's CIN?
The Corporate Identification Number (CIN) of SpiceJet is L51909DL1984PLC288239.
What is the company's GSTIN?
The primary GSTIN for SpiceJet is 07AACCR1459F1ZI, registered in Delhi, and it is an active regular taxpayer. SpiceJet has approximately 33 GST registrations across different states and Union Territories.
When was the company incorporated?
SpiceJet was incorporated in the year 1984.
What is the registered office address of the company?
The registered office of SpiceJet is reportedly at 505, 5th Floor, Caddie Commercial Tower, Aerocity (DIAL), New Delhi 110037. Note: Different sources list varying addresses, all within New Delhi 110037.
Sources
Registry/identity: Tofler (tofler.in), TheCompanyCheck (thecompanycheck.com). Financials: Screener (screener.in consolidated), Business Standard, SpiceJet corporate press release, MarketScreener. Funding: Business Standard, BusinessToday, anytimeinvest. Ratings: CARE Ratings press release 28-Jan-2025 (careratings.com), Business Standard (CRISIL). GST: knowyourgst.com (individual GSTIN page), gstzen, microvistatech. Legal: jusmundi.com (Delhi HC 2025/DHC/4230), Business Standard, 100knots.com.
Information compiled from public registry and secondary sources. It may be incomplete or dated; verify independently before relying on it.