You can make money by wisely investing and limiting yourself to certain segments. Indigo is a prime example of that. Any attempt to replicate a IT/9W kind of operation (a decent domestic and international operation) is a tough investment intensive venture that requires a lot of cash and doesn't offer a decent return unless you have other businesses (cargo, catering, IT, etc) subsidise the airline business. Add the terrible ups and downs and the fact that you are taking on the government if you compete with AI and its too uncertain to even go there. The Tatas and Ambanis are smart business people.