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.
CIN: L51909DL1984PLC288239Active (Listed) — NSE: SPICEJET, BSE: 500285RoC DelhiConfidence: high
AI OverviewGenerated from public records
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
Company Identity
Confirmed| Registered name | Spicejet Limited |
|---|---|
| CIN | L51909DL1984PLC288239 |
| PAN | AACCR1459F (source: knowyourgst, gstzen) |
| 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 | Reported addresses conflict across sources: (a) 505, 5th Floor, Caddie Commercial Tower, Aerocity (DIAL), New Delhi 110037 (TheCompanyCheck — appears to be the current registered office); (b) Indira Gandhi International Airport, Terminal 1D, South West Delhi, New Delhi 110037 (Tofler); GST principal place of business listed as Domestic Terminal Building, Near Steel Gate Bus Stop, IGI Airport, New Delhi 110037 (knowyourgst). All within New Delhi 110037. |
| Authorized capital | Rs 2,000 Cr (source: Tofler, TheCompanyCheck — agree) |
| Paid-up capital | Approx Rs 1,413.4 Cr (Tofler / Screener equity capital); TheCompanyCheck shows Rs 1,526.1 Cr — figures differ, likely due to timing of QIP/share issuances; 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- 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
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 (source: Business Standard, BusinessToday)
Charges / Loans
Partial / conflicting- 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
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
Confirmed- 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 Spicejet Limited do?
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.
What is the CIN of Spicejet Limited?
The Corporate Identification Number (CIN) of Spicejet Limited is L51909DL1984PLC288239.
Where is Spicejet Limited registered?
Spicejet Limited is registered with RoC Delhi. Registered address: Reported addresses conflict across sources: (a) 505, 5th Floor, Caddie Commercial Tower, Aerocity (DIAL), New Delhi 110037 (TheCompanyCheck — appears to be the current registered office); (b) Indira Gandhi International Airport, Terminal 1D, South West Delhi,…
When was Spicejet Limited incorporated?
Spicejet Limited was incorporated on 09 February 1984.
Looking for business funding?
Recur Club is India's largest AI-native debt platform - working capital, term loans and structured debt from 150+ lending partners, without diluting equity.