InCred Equities - SpiceJet Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	70,853	53,257	68,302	92,208
Operating EBITDA (Rsm)	(5,418)	(3,248)	1,921	11,999
Net Profit (Rsm)	(4,184)	621	(7,187)	2,891
Core EPS (Rs)	(4.6)	0.6	(5.1)	2.0
Core EPS Growth	(66.3%)	(112.2%)	(999.4%)	(140.2%)
FD Core P/E (x)	(7.19)	59.04	(6.56)	16.32
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	(13.65)	(23.86)	40.82	5.05
P/FCFE (x)	7.82	(1.08)	5.31	2.80
Net Gearing	(97.4%)	(217.2%)	(122.4%)	(62.1%)
P/BV (x)	(0.50)	(2.43)	(1.77)	(1.99)
ROE	5.8%	(1.7%)	31.2%	(11.5%)
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	70,853	53,257	68,302	92,208
Gross Profit	40,984	32,741	41,076	55,452
Operating EBITDA	(5,418)	(3,248)	1,921	11,999
Depreciation And Amortisation	(7,531)	(6,448)	(6,448)	(6,448)
Operating EBIT	(12,949)	(9,696)	(4,527)	5,551
Financial Income/(Expense)	(4,370)	(2,660)	(2,660)	(2,660)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	14,102	12,977
Profit Before Tax (pre-EI)	(3,217)	621	(7,187)	2,891
Exceptional Items	(967)
Pre-tax Profit	(4,184)	621	(7,187)	2,891
Taxation
Exceptional Income - post-tax
Profit After Tax	(4,184)	621	(7,187)	2,891
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	(4,184)	621	(7,187)	2,891
Recurring Net Profit	(3,217)	621	(7,187)	2,891
Fully Diluted Recurring Net Profit	(3,217)	621	(7,187)	2,891

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	(5,418)	(3,248)	1,921	11,999
Cash Flow from Invt. & Assoc.
Change In Working Capital	(714)	(29,313)	9,627	7,483
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(4,370)	(2,660)	(2,660)	(2,660)
Tax Paid
Cashflow From Operations	(10,502)	(35,221)	8,888	16,821
Capex		(1,732)
Disposals Of FAs/subsidiaries	20,273
Acq. Of Subsidiaries/investments	0	(1,336)
Other Investing Cashflow	12,888	13,396
Cash Flow From Investing	33,161	10,327
Debt Raised/(repaid)	(19,703)	(9,005)
Proceeds From Issue Of Shares	4,940	30,000
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(6,105)	2,140
Cash Flow From Financing	(20,868)	23,135
Total Cash Generated	1,791	(1,758)	8,888	16,821
Free Cashflow To Equity	2,956	(33,898)	8,888	16,821
Free Cashflow To Firm	27,314	(21,948)	11,833	19,766

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	2,964	2,601	12,212	30,062
Total Debtors	10,094	9,055	9,562	12,909
Inventories	1,720	1,778	2,049	2,766
Total Other Current Assets	21,271	27,913	25,376	27,863
Total Current Assets	36,049	41,347	49,200	73,599
Fixed Assets	26,876	22,305	15,857	9,409
Total Investments	5	1,341	1,341	1,341
Intangible Assets	145
Total Other Non-Current Assets	1,647	1,228	1,228	1,228
Total Non-current Assets	28,673	24,874	18,426	11,978
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	63,120	40,864	49,456	64,516
Total Current Liabilities	63,120	40,864	49,456	64,516
Total Long-term Debt	53,787	44,782	44,782	44,782
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	53,787	44,782	44,782	44,782
Total Provisions
Total Liabilities	116,907	85,646	94,237	109,298
Shareholders Equity	(52,186)	(19,424)	(26,611)	(23,720)
Minority Interests
Total Equity	(52,186)	(19,424)	(26,611)	(23,720)

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	(20.2%)	(24.8%)	28.2%	35.0%
Operating EBITDA Growth	62.9%	(40.1%)	(159.1%)	524.6%
Operating EBITDA Margin	(7.6%)	(6.1%)	2.8%	13.0%
Net Cash Per Share (Rs)	(64.87)	(29.84)	(23.04)	(10.41)
BVPS (Rs)	(66.61)	(13.74)	(18.83)	(16.78)
Gross Interest Cover	(2.78)	(3.29)	(1.54)	1.88
Effective Tax Rate
Net Dividend Payout Ratio
Accounts Receivables Days	54.32	65.62	49.74	44.48
Inventory Days	20.46	31.12	25.65	23.91
Accounts Payables Days
ROIC (%)	(98.6%)	708.9%	(21.1%)	120.2%
ROCE (%)	(152.7%)	(69.8%)	(19.5%)	29.7%
Return On Average Assets	1.6%	5.0%	(6.8%)	7.2%

(91) 22 4161 1546 rajarshi.maitra@incredresearch.com

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Market Data

Source: Bloomberg