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.
Last updated 6 September 2026
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
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Company Identity
Confirmed| Registered name | Spicejet Limited |
|---|---|
| CIN | L51909DL1984PLC288239 |
| PAN | AACCR1459F |
| Status | Active (Listed) — NSE: SPICEJET, BSE: 500285 |
| Listing | Yes — listed on NSE (SPICEJET) and BSE (500285) |
| Incorporated | 09 February 1984 |
| ROC | RoC Delhi |
| Sector (NIC) | Air transport / scheduled passenger air transportation services (aviation, transport & logistics) |
| Registered address |
|
| Authorized capital | Rs 2,000 Cr |
| Paid-up capital | Approx Rs 1,413.4 Cr; paid-up capital ~Rs 1,413–1,526 Cr. partial. |
Business Overview
Confirmed- 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
Directors & DINs
Confirmed| Name | DIN | Role | Appointed |
|---|---|---|---|
| Ajay Singh | 01360684 | Managing Director | - |
| Ajay Chhotelal Aggarwal | 00001122 | Director | - |
| Manoj Kumar | 00072634 | Director | - |
| Anurag Bhargava | 01297542 | Director | - |
| Shiwani Singh | 05229788 | Director | - |
| Sonum Gayatri | 10639147 | Director | - |
GST Registrations
Confirmed| GSTIN | State | PAN | Status |
|---|---|---|---|
| 07AACCR1459F1ZI | Delhi | AACCR1459F (source: knowyourgst, gstzen) | Active |
| 06AACCR1459F1ZK | Haryana | AACCR1459F (source: knowyourgst, gstzen) | - |
| 29AACCR1459F1ZC | Karnataka | AACCR1459F (source: knowyourgst, gstzen) | - |
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
Partial / conflicting- 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. 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
Confirmed- 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
In the News
ConfirmedSpiceJet turns to 20 leased aircraft after 737 MAX fleet exits
Air Data News · 11 days ago
SpiceJet Flight Status (September 2026): Gulf Route Updates
Wego Travel Blog · 12 days ago
SpiceJet leases 20 aircraft to expand winter flight schedule
Aerospace Global News · 12 days ago
‘Extremely disappointing': SpiceJet passengers flag up to 14-hour delays, baggage chaos on Pune-Dubai...
Moneycontrol.com · 12 days ago
SpiceJet Market Share Doubles on Capacity Boost
safariindia.com · 12 days ago
Headlines about Spicejet Limited reported by third-party publications. Recur Club does not author or endorse this coverage. Last checked 10 days ago.
Source: Google News aggregated headlines
Charges / Loans
Partial / conflicting- Specific charge-by-charge register not obtained from an allowed primary source
- Consolidated borrowings ~Rs 4,219 Cr (FY25, Screener) and CARE-rated bank facilities indicate secured lending exists; itemized charge details "not obtained"
Credit Ratings
Confirmed- 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
Confirmed- 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
Competitors
ConfirmedFrequently Asked Questions
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