InCred Equities - SpiceJet Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	88,736	70,068	87,903	116,032
Operating EBITDA (Rsm)	(3,325)	(151)	395	9,220
Net Profit (Rsm)	(15,218)	(6,275)	(5,995)	646
Core EPS (Rs)	(14.0)	(9.8)	(8.8)	0.9
Core EPS Growth	(49.0%)	(30.0%)	(10.2%)	(110.8%)
FD Core P/E (x)	(3.94)	(5.63)	(6.27)	58.16
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	(32.00)	(604.05)	222.61	8.80
P/FCFE (x)	4.74	13.07	8.52	6.88
Net Gearing	(125.3%)	(93.3%)	(76.4%)	(66.9%)
P/BV (x)	(0.57)	(0.63)	(0.57)	(0.58)
ROE	16.6%	10.6%	9.5%	(1.0%)
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	88,736	70,068	87,903	116,032
Gross Profit	41,019	40,327	48,622	66,411
Operating EBITDA	(3,325)	(151)	395	9,220
Depreciation And Amortisation	(10,227)	(8,200)	(8,364)	(9,713)
Operating EBIT	(13,552)	(8,351)	(7,969)	(493)
Financial Income/(Expense)	2,076	2,076	1,974	1,139
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,081
Profit Before Tax (pre-EI)	(8,395)	(6,275)	(5,995)	646
Exceptional Items	(6,823)
Pre-tax Profit	(15,218)	(6,275)	(5,995)	646
Taxation
Exceptional Income - post-tax
Profit After Tax	(15,218)	(6,275)	(5,995)	646
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	(15,218)	(6,275)	(5,995)	646
Recurring Net Profit	(8,395)	(6,275)	(5,995)	646
Fully Diluted Recurring Net Profit	(8,395)	(6,275)	(5,995)	646

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	(3,325)	(151)	395	9,220
Cash Flow from Invt. & Assoc.
Change In Working Capital	11,377	4,991	2,043	8,775
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	2,076	2,076	1,974	1,139
Tax Paid
Cashflow From Operations	10,128	6,916	4,412	19,135
Capex				(13,673)
Disposals Of FAs/subsidiaries	4,075	6,749	0
Acq. Of Subsidiaries/investments	20
Other Investing Cashflow	2,564	329
Cash Flow From Investing	6,659	7,078	0	(13,673)
Debt Raised/(repaid)	(9,812)	(11,291)
Proceeds From Issue Of Shares		4,944
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(7,223)
Cash Flow From Financing	(17,035)	(6,347)
Total Cash Generated	(248)	7,646	4,412	5,461
Free Cashflow To Equity	6,975	2,703	4,412	5,461
Free Cashflow To Firm	21,864	19,071	9,591	11,475

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	5,355	11,566	17,119	23,819
Total Debtors	10,994	10,510	10,548	13,924
Inventories	1,628	1,401	1,758	2,321
Total Other Current Assets	14,297	13,596	15,845	19,896
Total Current Assets	32,273	37,074	45,271	59,960
Fixed Assets	44,850	29,901	21,537	25,497
Total Investments	5	5	5	5
Intangible Assets	10	10	10	10
Total Other Non-Current Assets	1,399	1,070	1,070	1,070
Total Non-current Assets	46,264	30,986	22,622	26,582
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors
Other Current Liabilities	58,353	60,498	66,326	84,328
Total Current Liabilities	58,353	60,498	66,326	84,328
Total Long-term Debt	78,687	67,396	67,396	67,396
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	78,687	67,396	67,396	67,396
Total Provisions
Total Liabilities	137,040	127,894	133,722	151,724
Shareholders Equity	(58,503)	(59,834)	(65,829)	(65,182)
Minority Interests
Total Equity	(58,503)	(59,834)	(65,829)	(65,182)

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	35.3%	(21.0%)	25.5%	32.0%
Operating EBITDA Growth	(50.0%)	(95.5%)	(361.6%)	2,236.0%
Operating EBITDA Margin	(3.7%)	(0.2%)	0.4%	7.9%
Net Cash Per Share (Rs)	(121.85)	(81.61)	(73.49)	(63.70)
BVPS (Rs)	(97.21)	(87.46)	(96.22)	(95.28)
Gross Interest Cover	(2.67)	(1.64)	(1.54)	(0.08)
Effective Tax Rate
Net Dividend Payout Ratio
Accounts Receivables Days	48.02	56.01	43.72	38.49
Inventory Days	11.78	18.59	14.68	15.00
Accounts Payables Days
ROIC (%)	(35.2%)	(56.3%)	198.8%	3.2%
ROCE (%)	(19.5%)	(8.6%)	(17.9%)	352.3%
Return On Average Assets	(12.1%)	(11.4%)	(11.7%)	(0.6%)

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

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Market Data

Source: Bloomberg