Financial Health and Sustainability Integration in the Indian Aviation Sector: A Comparative Case Study of Indigo, Spicejet, Jet Airways, and Kingfisher Airlines

Dheeraj S, Dr. Patcha Bhujanga Rao

Abstract: This study conducts a comparative assessment of the financial health and sustainability performance of four major Indian airlines Indigo, SpiceJet, Jet Airways, and Kingfisher Airlines. Employing financial ratio analysis, working-capital evaluation, solvency indicators, and distress-prediction models, the research examines liquidity patterns, profitability trends, leverage behaviour, and long-term sustainability. The findings reveal that strong liquidity management, disciplined leverage, and consistent profitability significantly contribute to financial resilience, as evidenced by IndiGo, while prolonged liquidity deficits, negative equity, and operational inefficiencies were key precursors to distress in the other airlines. The study underscores the importance of governance and sustainability-linked financial practices in strengthening long-term stability within the aviation sector.

Keywords: Financial Health, Indian Aviation Sector, Liquidity Ratios, Solvency Ratios, Sustainability, Distress Prediction, Governance, Airline Performance

How to Cite?: Dheeraj S, Dr. Patcha Bhujanga Rao, "Financial Health and Sustainability Integration in the Indian Aviation Sector: A Comparative Case Study of Indigo, Spicejet, Jet Airways, and Kingfisher Airlines", Volume 14 Issue 11, November 2025, International Journal of Science and Research (IJSR), Pages: 1353-1357, https://www.ijsr.net/getabstract.php?paperid=SR251117222942, DOI: https://dx.doi.org/10.21275/SR251117222942