India Internet "Frequent Flyer Radar: What are the latest OTA trends in ..."

Research evidence excerpt

India Internet "Frequent Flyer Radar: What are the latest OTA trends in ..."

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India Internet Equities

IndiaFrequent Flyer Radar: What are the latest OTA

trends in India? Internet Services

Aditya Chandrasekar

Analyst

aditya.chandrasekar@ubs.com

Domestic passenger traffic continues to be impacted due to Middle East conflict +91-22-6155 6056

in Apr'26

Navin Killa

Domestic passenger traffic was down 1% MoM in Apr'26 (down 4% YoY), following a Analyst

7% MoM decline in Mar'26 (-1% YoY). Early days of May show a recovery with the first navin.killa@ubs.com

13 days of May up 6% MoM and 7% YoY. Rising fuel costs as a result of the ongoing +852-2971 7594

conflict in the Middle East have led to higher air fares (Figure 12RecentnewsontheIndiantravelmarket), leading to softening of Heenal Gada

domestic demand (refer to Figure 1Avgno.ofdailydomesticpasengersaveragingatc425kinAug'25 and Figure 2.up7%MoM/3%YoY). International passenger traffic, on the Associate Analyst

other hand, witnessed an increase of 9% MoM in Apr'26. That said, on a YoY basis, heenal.gada@ubs.com

international was down 20% significantly impacted by the ongoing crisis (refer to Figure +91-22-6155 6076

3Avgno.ofdailyInt'lpasengersaveragingatc107kinOct'25. and Figure 4Internationalpasengertraficgrowthrates). Early trends of May show a MoM recovery of 10% albeit still a decline of

9% YoYvgno.ofdailydomesticpasengersaveragingatc425kinAug'25.

Competition - MMYT remains dominant in download and MAU share

We leverage UBS Evidence Lab data to analyse competition in the OTA sector in India.

Downloads: UBS Evidence Lab data on app downloads shows MMYT's share of

downloads was up c2pp MoM to 37% in Apr'26, midpoint of its long-term range

of 35-40%.