Not Kingfisher, whose costs are higher than most in the business.
In the June quarter, Kingfisher's domestic operations had a cost per available seat kilometre (cost/ASKM) of Rs 4.32 versus Rs 3.15 for budget carrier Spicejet but lower than Jet Airways' Rs 4.50 (but then again, Jet Airways has the disadvantage of legacy costs and structures).
If one excludes fuel, Kingfisher's domestic operations had a cost/ASKM of Rs 2.40 versus Rs 1.54 for Spicejet during quarter ended June but lower than Rs 2.57 for Jet Airways.
This hasn't helped its debt burden, of which the airline has Rs 7,544 crore worth.
Losses stand at Rs 6,081 crore.
"The stock markets have long written it off as a basket case. Its net worth has been eroded," said an equity analyst who tracks aviation.
"At the moment Kingfisher is like a black hole that swallows any cash in sight. With all the debts it has piled up, one cannot help wonder if it has crossed the point of no return, even if the loans from the UB Group might be written off in the future. If you read between the lines (reports from his press conference), he is unquestionably gasping for breath. It is unfortunate because many employees and their families will suffer the consequences of a faulty strategy,'' says an industry expert.