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SpiceJet, once a darling of India’s low-cost carrier (LCC) sector, has weathered turbulent skies over the past decade. From its near-collapse in December 2014—when it grounded its fleet over unpaid fuel bills—to a remarkable recovery in 2017, when it became the world’s best-performing airline stock (up 124% that year per Bloomberg), the airline has a history of defying odds.

At different periods of time, the stock market appears to favor one of two stock types - value stocks or growth stocks. Since the United...