There are few companies Singaporeans watch as closely as Singapore Airlines (SIA). Its aircraft carry the Singapore flag around the world, its cabin crew have become national icons, and its service standards are often treated as a reflection of Singapore itself. That makes SIA more than just another listed company. When it succeeds, Singaporeans take pride in it. When something goes wrong, everyone pays attention. And by most operating measures, SIA had an exceptional year. It carried more passengers, generated more revenue and earned a higher operating profit than ever before. Yet the mood at this year’s AGM was not entirely celebratory. Again and again, shareholder questions returned to one subject: Air India. Here’s what I took away from the 2026 Singapore Airlines annual general meeting.

1. Net profit fell sharply, but SIA’s underlying business had a record year

At first glance, SIA’s results looked disappointing. Net profit fell 57%,...