SpiceJet’s stock is up 124%, making it the world’s best performing airline stock, Bloomberg reported on Tuesday. The Indian airline has earned a market value of $1.2 billion dollars (approximate Rs 9,000 crore) in 2017. Its stock has gained 800% since the rock-bottom situation it faced in December 2014 over its inability to clear $2.2-million in fuel bills.

At 11.37am, the firm was trading at 124.70, down 3.35 points on the BSE Sensex.

Analysts attributed its rise to the airline chairperson Ajay Singh’s cost-cutting and capacity building measures as well as the prevailing low crude oil rates. Bloomberg data, however, said analysts are not recommending sale of the company’s stocks yet.

SpiceJet’s stock is “greatly undervalued” even at these levels, Singh told Bloomerg on Monday. “Only 3% of Indians fly today, offering a huge room for growth,” he said. “There is no reason for us to sell any stake at this valuation. We think there’s tremendous potential in India’s aviation market.”

Aircraft manufacturers Boeing Co and Airbus SE are eyeing India with great expectations, as the nation was declared the world’s fastest growing aviation market in 2016. The demand, however, has forced Singapore Airlines Ltd and AirAsia Bhd to set up a local units, which are hindered by poor infrastructure and competitive markets. The scenario has led to below-cost fares and taxes that have led to high jet fuel prices.

The firm had announced its decision to order models in the Boeing’s workhorse 737 line worth $4.7 billion on June 19. Singh had also announced the company’s purchase of 50 Bombardier Q400 turboprops worth $1.7 billion.