India is on track to surpass both China and the United States to become the world’s third-largest air passenger market by 2030, according to the International Air Transport Association (IATA).
The country’s domestic air passenger traffic grew by 1.89 percent YoY, reaching nearly 1.4 crore passengers in May 2025, as per the data from Directorate General of Civil Aviation (DGCA).
The subdued growth rate was largely due to the four-day military standoff between India and Pakistan, which impacted flight operations across several regions. During that period, operations at 32 airports—mostly in frontier zones—were disrupted for about a week in May, leading to delayed or canceled flights and lower passenger numbers.
Following are few aviation companies with updated market share as of May 2025:
InterGlobe Aviation Limited
With a market cap of Rs. 2.18 lakh crores, the stock moved up by nearly 1.5 percent on BSE, rising to Rs. 5,690 on Wednesday. IndiGo continues to hold a commanding lead in the Indian aviation market, with its market share marginally to 64.6 percent in May. The airline carried an impressive 90.8 lakh passengers during the month, maintaining its stronghold as the country’s largest carrier. In terms of operational efficiency, IndiGo topped the charts for on-time performance (OTP) with an 84 percent accuracy, outperforming its competitors.
The disruption in flight services affected the passenger load factor —the percentage of available seats on an aircraft that are occupied by passengers — of all airlines. IndiGo’s PLF dropped to 85.1 percent from 86.9 percent.
However, flight disruptions in May—largely due to geopolitical tensions—had a noticeable impact on passenger load factor (PLF) across the industry. IndiGo’s PLF, which measures available seats on an aircraft that are occupied by passengers, slipped slightly to 85.1 percent, down from 86.9 percent in the previous month.
On the financial front, Indigo reported a significant growth in its revenue from operations, showing a year-on-year rise of around 24 percent from Rs. 17,825 crores in Q4 FY24 to Rs. 22,152 crores in Q4 FY25. Similarly, its net profit increased by 62 percent YoY, from Rs. 1,895 crores to Rs. 3,068 crores.
SpiceJet Limited
With a market cap of Rs. 5,369 crores, the stock moved up by nearly 2 percent on BSE, rising to Rs. 42.5 on Wednesday. In May 2025, SpiceJet flew 3.40 lakh passengers during the month under review, SpiceJet’s share in the total domestic passenger traffic was 2.4 percent, down from 2.6 percent. SpiceJet’s PLF logged a decline to 84 percent from 86 percent.
In May 2025, SpiceJet flew around 3.4 lakh domestic passengers, capturing a 2.4 percent market share, slightly down from 2.6 percent. Its passenger load factor also dipped to 84 percent, compared to 86 percent in the previous month.
SpiceJet was among the carriers that received a higher volume of customer complaints, with Alliance Air and Fly Big leading in grievances, followed by SpiceJet. The industry collectively received 958 passenger complaints in May.
Financially, SpiceJet reported a decline in its revenue from operations, showing a year-on-year fall of around 16 percent from Rs. 1,738 crores in Q4 FY24 to Rs. 1,466 crores in Q4 FY25. in contrast, its net profit increased by around 169 percent YoY, from Rs. 127 crores to Rs. 342 crores.
Unlisted Airlines: Air India and Akasa Air
In May 2025, Air India flew 37.22 lakh passengers, accounting for a 26.5 percent share of the domestic market, a slight dip from 27.2 percent in the previous month. The airline’s passenger load factor (PLF) also declined to 80.2 percent, down from 83.3 percent.
When it came to on-time performance, Air India ranked just behind IndiGo, achieving a respectable on-time performance (OTP) of 79.7 percent across six major airports: Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, and Kolkata.
Meanwhile, Akasa Air flew 7.48 lakh passengers in May, slightly improving its market share to 5.3 percent, up from 5 percent in April. Akasa also stood out in terms of efficiency, posting the highest PLF among all carriers at 91.4 percent.
Written by Shivani Singh
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