Boeing May Crash the Party, but IndiGo Flies Clean

As market participants, conversations around stock market crashes are not unusual. But when a crash results in the loss of lives, perspectives shift, because at the end of the day, life matters more.

June 2025 served as a stark reminder of that, with a major plane crash followed just days later by a terrifying mid-air cabin pressure failure. A quick recap of both incidents is below –

• On June 30, a Japan Airlines Boeing 737 enroute from Shanghai to Tokyo—operated by Spring Japan—experienced a sharp cabin depressurization, plummeting from about 36,000 ft to 10,500 ft in under ten minutes. Oxygen masks dropped, and crew screamed for passengers to secure them, while some travellers wrote farewell letters in fear. The plane safely diverted to Osaka; all 191 occupants survived, and an investigation into the pressurization failure is ongoing.

• Earlier, on June 12 in Ahmedabad, Air India Flight AI 171—a Boeing 787‑8 Dreamliner bound for London—crashed into a medical college hostel mere seconds after take-off from Sardar Vallabhbhai Patel International Airport. Of the 242 aboard, 241 were killed; 19 people on the ground also perished, leaving only one survivor. Investigators are examining a rare dual-engine failure alongside landing gear and flap anomalies.

Not surprisingly, both aircrafts involved were manufactured by Boeing. Over the years, I’ve often been called paranoid for checking the aircraft model before booking a flight—just to avoid flying on a Boeing. But now, I sense a growing acceptance of what once seemed like "craziness."

Of course, opinions mean little without data. So here’s a quick look at the cumulative fatalities in commercial airplane crashes since 2010, sorted by aircraft manufacturer:

Source: Aviation Safety Network Database – limited to commercial airplane crashes with 10 or more fatalities per crash

Details of crashes for Boeing and Airbus –

Source: Aviation Safety Network Database – limited to commercial airplane crashes with 10 or more fatalities per crash

Source: Aviation Safety Network Database – limited to commercial airplane crashes with 10 or more fatalities per crash

Boeing’s past decade is marked by dramatic highs and lows—record revenues in 2018, devastating losses through MAX groundings and COVID, followed by alarming safety and labor setbacks in 2024–25. Under new leadership and strong demand, Boeing is cautiously rebuilding, yet its success hinges on regaining safety integrity, stabilizing production, and restoring financial discipline.

Share price chart of Boeing for the last 10 years reflects the underlying performance issues and safety concerns –

Source: Bloomberg as on 10^th July, 2025 at 1pm IST

While the above tables give a picture of how unsafe Boeing aircrafts have been, it's important to remember—as I mentioned earlier—we are, in fact, market participants. So the more relevant question becomes: what does this mean in the Indian context?

To answer that, here’s a breakdown of the aircraft types currently operated by Indian airlines: 

Source: Company websites

The table above highlights a key detail: most Indian airlines—barring IndiGo—operate a significant number of Boeing aircrafts.

While Rajarshi maintains a bearish stance on IndiGo, primarily due to concerns around profitability and valuation, my peace of mind rests with IndiGo’s all-Airbus fleet.

On a more serious note, IndiGo continues to outperform on several key fronts:

• Availability: IndiGo offers multiple daily flights to nearly every destination in India, making it the go-to choice for domestic travellers

• Pricing: Its tickets are often priced at competitive or discounted levels compared to peers, reinforcing its appeal among price-sensitive flyers

• PLF: Despite a sector-wide decline, IndiGo's PLF rose YoY in both Q3FY25 and Q4FY25—indicating efficient capacity utilization and sustained demand

• Market Share: IndiGo remains India’s leading airline by market share, a direct result of its superior pricing and network coverage

Source: InCred Research

Source: InCred Research

Investors have been quick at recognizing these trends for Indigo – as reflected in the rising share price for Indigo in the last 5 years. Share price chart for Indigo, Spice Jet and Nifty50 for the last 5 years below –

Source: Bloomberg as of 10^th July 2025, 10am IST

Taken together, IndiGo stands out as the most dependable Indian airline—not just operationally, but also from a risk-reward perspective for investors. Its all-Airbus fleet offers greater safety comfort amid rising scrutiny on Boeing, while market leadership, network depth, cost efficiency, and increasing PLF reinforce its competitive moat. IndiGo combines operational scale with balance sheet strength—making it a clear winner in Indian aviation.

PS: A sincere thank you to my colleague, Rahesh Bhayani, for his support in compiling the aviation data referenced above.

Weekend Recommendations by Yours Truly –

Read a Book – “Before the Coffee Gets Cold”

Before the Coffee Gets Cold by Toshikazu Kawaguchi is a quietly powerful novel set in a small Tokyo café where visitors can travel back in time—but only within the café, and only until their coffee cools. Through four deeply emotional stories, the book explores themes of love, loss, forgiveness, and closure. Each character revisits a poignant moment—not to change the past, but to find understanding. With simple yet evocative writing, Kawaguchi reminds us to value our relationships and cherish the present—before the coffee gets cold.

Sip Coffee at Nandan Coffee, Fort

In frame: Salted Caramel Latte (iced) & Brown Butter Cookie Mocha (iced)

I have previously tried their Thai Cold Coffee. Their coffees are light and smooth – worth a try!