SIA's stake in Air India falls by S$334 million over 6 months in 2026

Singapore Airlines' (SIA) share of Air India's losses amounted to S$361.7 million for the six months ended Sep. 30, 2026, according to its interim financial statements released on Nov. 11.

This was S$67.8 million lower than the S$429.5 million recorded during the corresponding period a year earlier.

However, the lower reported loss was not due to an improvement in Air India's underlying performance.

According to The Business Times (BT), SIA chief financial officer Tan JoAnn said at a Nov. 12 post-earnings briefing that the smaller loss was mainly due to the reversal of provisions made in previous years.

She did not disclose the amount reversed.

Value of Air India investment falls to S$800 million

The carrying value of SIA's investment in Air India fell by S$334.7 million over six months, from S$1.13 billion at the end of March 2026 to S$799.9 million as of Sep. 30, according to its interim financial statements.

According to BT, the decline reflected SIA's share of Air India's losses under the equity accounting method.

The investment previously had a carrying value of around S$2 billion at the end of March 2025.

As Mothership previously reported, SIA acquired a 25.1 per cent stake in Air India following its merger with Vistara in November 2024, with Tata Sons holding the remaining 74.9 per cent.

SIA remains optimistic about India's aviation market

Despite the losses, SIA chief executive officer Goh Choon Phong remained optimistic about India's aviation market.

Goh noted that Air India's frequent-flyer programme has around 10 million members, according to BT.

Goh also pointed to efforts by Air India's new chief executive officer, Tewolde Gebremariam, to increase revenue and control costs.

"Tewolde has just joined in September, so a lot of the measures that he is implementing obviously will take time to filter through," he said, according to BT.

SIA and Air India expanded their partnership in October 2026, offering more flight options between Singapore and eight Indian cities.

The changes also allow passengers to book eligible flights operated by either airline through the other's booking channels.