SpiceJet Shares Crash After Gaining Nearly 5% on Strong Q4 Results 2025; Nuvama Retains ‘Hold’ Rating

Shares of Budget airline SpiceJet Ltd saw a significant boost of nearly 5% during Monday morning's trading session, propelled by the airline's impressive fourth-quarter (Q4) financial performance and positive restructuring developments announced over the weekend.

Spicejet Share Price Today Post Q4 Results Announcement

Reflecting the market's favourable response to these developments, SpiceJet's shares opened at Rs 46 on the Bombay Stock Exchange (BSE) on Monday, nearly 5% higher than the previous closing price of Rs 43.81. Later on 16 June at 11:51 am, SpiceJet Ltd (BOM: 500285) was trading at Rs 43.74. The stock was down Rs 0.07, or 0.16%, for the day.

SpiceJet Q4 Results 2025: SpiceJet Net Profit, Revenue and EBITDA

SpiceJet's Q4 results for the FY 2025 highlighted a remarkable recovery in profitability, reinvigorating market confidence. For the quarter ended March 2025, the airline posted a standalone net profit of Rs 324.87 crore, marking an extraordinary increase of 174% compared to Rs 118.9 crore earned during the same quarter the previous year.

Revenue for the quarter also rose impressively by 17.6% sequentially, reaching Rs 1,942 crore. On a sequential basis, net profit skyrocketed more than twelvefold, reflecting both top-line growth and operational leverage.

SpiceJet achieved a robust passenger load factor of 88.1%, indicating sustained high demand for its services. This strong demand, coupled with increased yields and disciplined cost control, propelled the airline's earnings before interest, taxes, depreciation and amortisation (EBITDA) to soar to Rs 527 crore in Q4, a substantial jump from Rs 209 crore in the previous quarter.

SpiceJet Financial Year 2025 Performance

The company proudly announced that this quarter represents its highest-ever quarterly profit, adding to the momentum of its second consecutive profitable quarter. For the full financial year 2025, SpiceJet recorded a net profit of Rs 48 crore - the company's first annual profit in seven years.

SpiceJet Operational Highlights: Strong Demand, Improved Margins and Cost Efficiencies

In addition to its strong financial results, SpiceJet provided a key update on its ongoing restructuring efforts relating to aircraft leasing commitments. The airline has entered into a term sheet agreement with Carlyle Aviation Management Limited to restructure outstanding lease obligations amounting to approximately $121.18 million as of 31 March 2025.

The proposed restructuring plan involves managing the lease arrears through the issuance or purchase of securities, aimed at easing the company's financial liabilities and enhancing liquidity. This move is expected to provide SpiceJet with greater financial flexibility and support its continued operational turnaround.

Top Brokerage Nuvama's Ratings for Spicejet: Check This Airline Stocks' Target Price

According to Nuvama Institutional Equities, SpiceJet's yield surged to Rs 6.4 per kilometre, marking a 28 percent year-on-year increase. This figure notably outpaced IndiGo's yield of Rs 5.3 per kilometre, which grew by just 2 percent year-on-year.

The Nuvama report highlights that SpiceJet's available seat kilometres (ASKM) fell 29% year-on-year due to more aircraft being grounded (AoG), while Q4 yields jumped 28% driven by a better route mix and strong demand from the 45-day Maha Kumbh festival. Despite raising INR 30 billion through a QIP, fleet expansion remains delayed as the airline continues restructuring its aircraft lease obligations.

Additionally, the outlook for Q1FY26 appears challenging for the sector, with IndiGo's expected weak performance reflecting broader geopolitical uncertainties impacting demand.

"Revival likely to be gradual post-QIP; turnaround a key variable to monitor. In all, we are cutting FY26E/27E EBITDAR by 14%/14% on delayed turnaround; this along with a rollover to FY27E yields a lower TP of INR48; retain 'HOLD'," said Nuvama report.

Disclaimer

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