Can Adani, or anyone else, beat the math?

Synopsis India is flying more than it ever has. Aircraft still end their lives rotting on the Indian tarmac. The gap between those two facts is the whole story of the airline business. And it does not care who owns the airline. There have been news reports that suggested the Adani Group might be entering the airline business. The group has officially denied it. So we will not get into whether they will or will not. The question we ask is more fundamental. But let’s rewind a bit. On November 14, 2025, Air India removed a Boeing 737 from a…