SpiceJet shares crash nearly 45% in a month; analysts remain 'bearish'
SpiceJet: On the earnings front, the airline reported a consolidated net loss of Rs 261.38 crore in the December-ended quarter compared with a net profit of Rs 20.43 crore in the year-ago period.
- Feb 25, 2026,
- Updated Feb 25, 2026 11:22 AM IST
Shares of SpiceJet Ltd plunged 10 per cent in Wednesday's early trade to hit a fresh one-year low of Rs 12.88. At this level, the stock has cracked 44.55 per cent in the past one month and 73.15 per cent over the last one year.
Exchanges have sought clarification from the budget carrier over a news report titled, "Bangladesh bars SpiceJet from using its airspace over dues; airline says working for early resolution". A response from SpiceJet was awaited at the time of publishing this article.
On the earnings front, the airline reported a consolidated net loss of Rs 261.38 crore in the December-ended quarter compared with a net profit of Rs 20.43 crore in the year-ago period. Revenue from operations, however, rose 14 per cent year-on-year (YoY) to Rs 1,345.46 crore in Q3 FY26 from Rs 1,178.76 crore in the corresponding quarter last year.
Separately, SpiceJet recently said it has recorded a sharp improvement in its domestic market position, with market share more than doubling from 1.9 per cent in September 2025 to 4.3 per cent in December 2025.
Despite the operational update, some analysts largely advised caution for the near term, citing further downside risks.
Anshul Jain, Head of Research at Lakshmishree Investments, said, "SpiceJet has been in a prolonged free fall for the past 17 months, with the decline accelerating sharply over the last month. The structure across the daily and weekly timeframes remains decisively bearish, with no meaningful support visible until the Rs 8.8 zone. Selling pressure is broad-based and accompanied by elevated volumes, indicating active liquidation rather than a passive drift. Moving averages are steeply downward-sloping and continue to cap every recovery attempt."
He added, "Momentum indicators remain deeply negative, offering no signs of stabilisation. Given the absence of demand absorption and persistent supply dominance, a relief bounce appears unlikely in the near term. The path of least resistance remains lower, with Rs 8.8 emerging as the next logical downside target unless the structure shows clear signs of repair."
Ravi Singh, Chief Research Officer at Mastertrust, said SpiceJet's stock looked weak on charts and may slip towards the Rs 12 level in the near term, while advising investors to exit the stock.
According to Drumil Vithlani, Technical Analyst at Bonanza, "SpiceJet is witnessing a strong downtrend, with the stock continuously trading below all key moving averages and making lower highs and lower lows on daily charts. The sharp decline indicates persistent selling pressure and a lack of bullish momentum. It has recently broken below the important support zone near Rs 16, which now acts as immediate resistance. Until the stock shows signs of base formation or reclaims the Rs 19–20 zone, fresh long positions should be avoided. Any pullback toward Rs 16–18 may face selling pressure, while sustained weakness could drag the stock toward Rs 12–10 levels in the near term."
Shares of SpiceJet Ltd plunged 10 per cent in Wednesday's early trade to hit a fresh one-year low of Rs 12.88. At this level, the stock has cracked 44.55 per cent in the past one month and 73.15 per cent over the last one year.
Exchanges have sought clarification from the budget carrier over a news report titled, "Bangladesh bars SpiceJet from using its airspace over dues; airline says working for early resolution". A response from SpiceJet was awaited at the time of publishing this article.
On the earnings front, the airline reported a consolidated net loss of Rs 261.38 crore in the December-ended quarter compared with a net profit of Rs 20.43 crore in the year-ago period. Revenue from operations, however, rose 14 per cent year-on-year (YoY) to Rs 1,345.46 crore in Q3 FY26 from Rs 1,178.76 crore in the corresponding quarter last year.
Separately, SpiceJet recently said it has recorded a sharp improvement in its domestic market position, with market share more than doubling from 1.9 per cent in September 2025 to 4.3 per cent in December 2025.
Despite the operational update, some analysts largely advised caution for the near term, citing further downside risks.
Anshul Jain, Head of Research at Lakshmishree Investments, said, "SpiceJet has been in a prolonged free fall for the past 17 months, with the decline accelerating sharply over the last month. The structure across the daily and weekly timeframes remains decisively bearish, with no meaningful support visible until the Rs 8.8 zone. Selling pressure is broad-based and accompanied by elevated volumes, indicating active liquidation rather than a passive drift. Moving averages are steeply downward-sloping and continue to cap every recovery attempt."
He added, "Momentum indicators remain deeply negative, offering no signs of stabilisation. Given the absence of demand absorption and persistent supply dominance, a relief bounce appears unlikely in the near term. The path of least resistance remains lower, with Rs 8.8 emerging as the next logical downside target unless the structure shows clear signs of repair."
Ravi Singh, Chief Research Officer at Mastertrust, said SpiceJet's stock looked weak on charts and may slip towards the Rs 12 level in the near term, while advising investors to exit the stock.
According to Drumil Vithlani, Technical Analyst at Bonanza, "SpiceJet is witnessing a strong downtrend, with the stock continuously trading below all key moving averages and making lower highs and lower lows on daily charts. The sharp decline indicates persistent selling pressure and a lack of bullish momentum. It has recently broken below the important support zone near Rs 16, which now acts as immediate resistance. Until the stock shows signs of base formation or reclaims the Rs 19–20 zone, fresh long positions should be avoided. Any pullback toward Rs 16–18 may face selling pressure, while sustained weakness could drag the stock toward Rs 12–10 levels in the near term."