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

Research evidence excerpt

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

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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 recovers from the Middle East conflict impact in +91-22-6155 6056

May'26

Navin Killa

Domestic passenger traffic was up 8% MoM in May'26 (up 9% YoY), following a 1% Analyst

MoM decline in Apr'26 (-4% YoY) likely led by summer holidays in India. Early trends of navin.killa@ubs.com

June show a reversal with the first 21 days of June down 8% MoM and flat YoY (refer to +852-2971 7594

Figure 1Avgno.ofdailydomesticpasengersaveragingatc425kinAug'25 and Figure 2.up7%MoM/3%YoY). International passenger traffic witnessed an increase of 7% MoM Heenal Gada

in May'26. That said, on a YoY basis, international continued to be down 10% impacted Associate Analyst

by the ongoing crisis (refer to Figure 3Avgno.ofdailyInt'lpasengersaveragingatc107kinOct'25. and Figure 4Internationalpasengertraficgrowthrates). Early trends of June show a decline heenal.gada@ubs.com

of 3% MoM and 2% YoY vgno.ofdailydomesticpasengersaveragingatc425kinAug'25. +91-22-6155 6076

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 c1pp MoM to 39% in May'26, higher end of its long-term

range of 35-40%. IRCTC and Booking.com witnessed a c1pp decline MoM to

16% and 5% respectively while OYO and Ixigo were up c1pp to 9% and 7%

respectively. Yatra and Cleartrip declined 1pp MoM to1% and 2% respectively.