SpiceJet shares rebound 10% after hitting new 52-week low; analysts weigh in

Shares of SpiceJet Ltd slipped 2.48 per cent in Wednesday's early trade to touch a fresh 52-week low of Rs 28.67. However, the stock staged a recovery as the session progressed and climbed 9.87 per cent from the one-year low level to hit a day high of Rs 31.50. On a closing basis, it jumped 7.14 per cent. Last check, the scrip was up 3.49 per cent at Rs 30.49. At this level, it has cracked 45.96 per cent on a year-to-date (YTD) basis.

The Gurugram-based budget carrier recently informed exchanges that it has achieved a second credit rating upgrade in a month, signalling the airline's improved credit profile, strengthened liquidity position and sustained focus on financial discipline.

Acuité Ratings & Research has upgraded the airline's long-term credit rating to BB (Stable) from BB- (Stable). The short-term rating has been reaffirmed at A4+.

The Sebi-registered credit rating agency highlighted SpiceJet's ongoing fleet induction plans, successful settlement agreements with key lessors and robust operational roadmap as critical factors behind the upgrade.

Technically, a few analysts suggested that SpiceJet shares may find support in the Rs 28–25 zone in the near term, while resistance is likely around Rs 32–34 level.

Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher (PL), said the stock appears bearish and would need a decisive close above Rs 33–33.50 for the bias to turn positive. He highlighted support at Rs 28.

Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said, "SpiceJet has been in a secular downtrend, placed below all its significant EMAs (exponential moving averages). The historical support of Rs 26–25 is likely to cushion the ongoing fall, while a further dip might disrupt the intermediate outlook. On the higher end, the zone of Rs 37–38 is likely to act as a sturdy hurdle in the near period."

Sebi-registered analyst AR Ramachandran noted, "SpiceJet's stock price is bearish on daily charts with strong resistance at Rs 32. A daily close below the support of Rs 28 could trigger a decline towards Rs 23 in the near term."

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, observed, "Support lies at Rs 27, with resistance at Rs 34. A breakout above Rs 34 could extend the rally towards Rs 40. The stock is expected to trade within the Rs 27–40 range in the short term."

On an EBITDA basis, SpiceJet reported a loss of Rs 18 crore in Q1 FY26 compared to Rs 402 crore profit in Q1 FY25. Passenger Revenue per Available Seat Kilometre (PAX RASK) was at Rs 4.74, while Passenger Load Factor (PLF) remained strong at 86 per cent, underscoring steady customer demand despite operational challenges.

The airline said its net worth improved to Rs 446 crore from a negative Rs 2,398 crore in Q1 FY25, aided by ongoing financial restructuring measures.