SpiceJet Key Ratios

The negative PAT margin over the previous years indicated sustained losses, affecting overall profitability, which only turned positive in 202503, suggesting a recovery phase.Asset turnover improved in 202303, indicating better asset utilization, but it declined in subsequent years which raises questions on capacity efficiency.Leverage remains at zero across all examined periods, suggesting no reliance on debt financing, further impacting overall ROE which remains at zero.

Inventory days decreased from 8.79 in 202203 to 6.45 in 202303, indicating improved management of stock, but then increased again in 202403 and 202503, raising concerns about overstocking.Receivable days reduced significantly in 202303 but slightly increased in 202503, showing some improvement but potential collection issues may be returning.Payable days were extremely high in 202203 but dropped to zero in subsequent years, indicating an inability to manage payables or operational disruptions, leading to a problematic cash conversion cycle.

ROE and ROCE are completely absent across all periods, indicating a lack of returns relative to equity and capital invested, signaling serious underlying issues for investors.Conversely, ROA showed a significant drop but turned positive in 202503, suggesting that asset utilization may be improving even if equity returns remain non-existent.Overall, the returns are driven more by asset efficiency as seen with the improving ROA, indicating a possible recovery in operational efficiency, although this is not reflected in equity returns.