Singapore Airlines profit dives 57% as Air India losses, missing Vistara gain hit FY26 earnings
SIA reported FY26 net profit of SGD 1.18B, down 57.4% from SGD 2.78B, hit by SGD 846M associate loss tied to its 25.1% Air India stake and absence of last year's SGD 1.10B Vistara merger accounting gain. Tata's Air India faces projected Rs 22,000 crore losses and is cutting 100 international flights, a 27% capacity reduction.
What happened
Singapore Airlines' FY26 net profit fell 57% to SGD 1.18 billion, dragged by Air India's full-year losses and absence of Vistara merger gain. Tata-owned Air
Key facts
- 57.4% profit decline
- SGD 1.184 billion net profit
- SGD 2.778 billion prior year
- SGD 1.098 billion accounting gain
- SGD 846 million associate loss
- SGD 20.552 billion revenue
- 25.1% SIA stake
- Rs 22,000 crore Air India losses
- 100 flights cut
- 27% capacity reduction
Why this matters
The 25.1% Air India stake is now a material earnings liability, raising strategic questions about follow-on capital commitments, governance leverage at Tata, and whether SIA should ring-fence or restructure the associate exposure.