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

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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 turns weak in Jun'26 after recovery in May'26 +91-22-6155 6056

Domestic passenger traffic was down 9% MoM in Jun'26 (down 1% YoY), following an Navin Killa

8% MoM uptick in May'26 (+9% YoY) which benefitted from the seasonal holidays. Analyst

Overall, domestic passenger traffic was down 3% QoQ / up 1% YoY in Q1FY27. With navin.killa@ubs.com

Q2 being a seasonally weak quarter (post-holidays, monsoons), early trends of July +852-2971 7594

show, unsurprisingly, a further decline with the first 15 days of July down 12% MoM Heenal Gada

and 3% YoY (refer to Figure 1Avgno.ofdailydomesticpasengersaveragingatc425kinAug'25 and Figure 2.up7%MoM/3%YoY). International passenger traffic witnessed a Associate Analyst

decline of 4% MoM and 3% YoY in Jun'26 (refer to Figure 3Avgno.ofdailyInt'lpasengersaveragingatc107kinOct'25. and Figure 4Internationalpasengertraficgrowthrates). Overall, heenal.gada@ubs.com

international passenger traffic was down 13% QoQ / 12% YoY in Q1FY27 (largely due +91-22-6155 6076

to the Middle East conflict). Early trends in July show a decline of 2% MoM and 6% YoY vg

no.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 down c2pp MoM to 37% in Jun'26, at the midpoint of its long-

term range of 35-40%.