SpiceJet shares jump 31% in a month on flight additions; is more steam left?

Shares of SpiceJet Ltd rose 6.28 per cent in Monday's trade to hit a high of Rs 40.59, before trimming gains to trade 1.39 per cent higher at Rs 38.72. At this level, the stock has gained 31.21 per cent over the past month.

The recent upmove follows the airline's announcement of a significant expansion in its flight operations for the Winter Schedule 2025. SpiceJet said it will operate 250 daily flights, up from 125 flights in the Summer Schedule 2025 and 150 flights during the last winter season.

"This represents a 100 per cent increase compared to the Summer 2025 schedule, underscoring SpiceJet's strong growth trajectory and the rising demand for air travel," the airline said in a statement. It added that the increase will take effect once all 19 leased aircraft are inducted into the fleet in the coming weeks. The expanded schedule began rolling out on October 26, 2025, in a phased manner.

Earlier this month, the carrier introduced daily flights to Port Blair in the Andaman and Nicobar Islands and Udaipur. It also launched special non-stop Diwali flights connecting Ayodhya with Delhi, Bengaluru, Ahmedabad and Hyderabad, in line with festive travel demand.

On the financial front, SpiceJet reported an EBITDA loss of Rs 18 crore in Q1 FY26, compared to a profit of Rs 402 crore in the corresponding period last year. Passenger Revenue per Available Seat Kilometre (PAX RASK) stood at Rs 4.74, while the Passenger Load Factor (PLF) remained healthy at 86 per cent, indicating steady demand despite operational challenges. The airline’s net worth improved to Rs 446 crore from a negative Rs 2,398 crore in Q1 FY25, supported by ongoing financial restructuring efforts.

"The company is in a revival mode. Considering this, investors with a high-risk appetite can consider buying the stock," said Kranthi Bathini, Director – Equity Strategy at WealthMills Securities.

From a technical perspective, analysts say the stock faces strong resistance between Rs 40–42, with Rs 36–33 acting as key support zones. One of them suggests waiting for a clear breakout above Rs 41.20 before taking fresh positions.

Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said, "SpiceJet has witnessed a strong resurgence in the last 2-3 trading sessions and is now placed towards 200 DEMA. The recent move, backed by volumes, suggests a potential countertrend, with support placed around Rs 36, followed by Rs 33 subzones. On the higher end, the intermediate resistance could be seen around Rs 42."

Kunal Kamble, Senior Technical Research Analyst at Bonanza, noted that "SpiceJet's primary trend remains negative, indicating continued weakness in the broader structure. The secondary trend is currently facing resistance near Rs 41.20, while the minor trend has started forming Higher Highs (HH) and Higher Lows (HL) -- an early indication of a potential trend reversal. A close above Rs 41.20 would signal a shift in the secondary trend to positive, marking the initial phase of recovery. Increased buying volume between Rs 28.56 and Rs 33.70 highlights a strong accumulation zone, where buyers have previously shown interest. However, the overall trend remains unconfirmed and a sustained move above Rs 41.20 would be necessary to validate a reversal. At current levels, it is advisable to avoid fresh positions and wait for a decisive breakout above the resistance zone for confirmation."

Meanwhile, AR Ramachandran, Sebi-registered analyst, said, "The stock price is bullish but overbought on daily charts with strong resistance at Rs 40.6. A daily close below the support of Rs 38 could trigger a drop towards Rs 32.5 in the near term."

As of September 2025, promoters held a 33.46 per cent stake in the airline.