Aviation hits double-digits passenger growth again, Interglobe cruises with 26% growth

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26 Aug, 2025 12:21

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By Motilal Oswal Research

Broking and research firm Motilal Oswal has come out with a report on the Indian aviation sector wherein it witnessed double-digits passenger growth for the last 35 months. Domestic passenger growth was at 20.2 percent YoY in June 2017 while the domestic load factor was at 86 percent. Interglobe Aviation's (IndiGo) domestic available seat kilometer (ASK)/revenue passenger kilometer (RPK) share was the highest.

Domestic air passengers in India grew 20.2 percent YoY to 9.5 million in June 2017 (v/s +17.6/15.2 percent YoY in May/April 2017). Passenger growth has been in double-digits for the last 35 months. While ASK growth in June was 14 percent YoY (v/s +14.9/13.4 percent YoY in May/April 2017), RPK rose 20.9 percent YoY (v/s +18.1/15.4 percent in May/April 2017). Domestic industry load factor stood at 85.9 percent in June 2017 (v/s 88.9/85.5 percent in May/April 2017), Motilal Oswal said in its report.

IndiGo’s passenger growth was 26.6 percent YoY in June 2017 (v/s 25.6/23.2 percent YoY in May/April 2017). On the other hand, SpiceJet's domestic passenger volumes grew 26.1 percent YoY in June 2017 (v/s 16.6/15.2 percent YoY in May/April 2017). Go Air’s domestic passenger volumes grew 21.3 percent YoY in June 2017 (v/s 23.2/9.4 percent YoY in May/April 2017). Passenger volume growth for other airlines like Jet Airways was 9.9 percent YoY (v/s +8.9/7.2 percent YoY in May/April 2017), Air India 5.5 percent YoY (v/s -0.8/-1.7 percent YoY in May/April 2017). IndiGo’s passenger market share remains highest at 40.1 percent which was in June 2017 (v/s 41.3/41.6 percent in May/April 2017), it added.

The research firm in its report added that Jet Airways' market share remained below 20 percent for the 15th consecutive month at 17.5 percent. Prior to that, it had market share of above 20 percent since July 2014. Air India's market share stood at 12.9 percent (v/s 12.8/12.6 percent in May/April 2017). SpiceJet’s market share stood at 13.4 percent (v/s 12.6/12.9 percent in May/April 2017). GoAir’s market share stood at 8.4 percent which seems to have stabilized in the 8-9 percent range.

IndiGo’s domestic ASK increased 8.7 percent YoY (v/s 16.2/17.1 percent YoY in May/April 2017); its domestic ASK share was the highest at 40.5 percent. SpiceJet’s domestic ASK grew 28.8 percent YoY (v/s 20.8/19.9 percent YoY in May/April 2017). Domestic ASK grew 18.5 percent YoY (v/s 16.2/10.5 percent YoY in May/April 2017) for GoAir, and 10.9 percent YoY (v/s 9.2/4.3 percent YoY in May/April 2017) for Jet Airways.

IndiGo’s RPK grew 22.7 percent YoY (v/s 21.4/18.6 percent YoY in May/April 2017), with the highest market share of 41.4 percent in June 2017. SpiceJet’s domestic RPK grew 30.9 percent YoY (v/s 21.8/20 percent YoY in May/April 2017), with market share of 12.6 percent in June 2017. GoAir’s domestic RPK grew 25.3 percent YoY (v/s 21.9/6.6 percent YoY in May/April 2017), with market share of 8.4 percent in June 2017. Jet’s RPK growth stood at 14.8 percent YoY, followed by Air India (+2.6% YoY).

SpiceJet’s load factor stood at 94.5 percent in June 2017 (v/s 94.3/93.4 percent in May/April 2017); has had 90 percent+ load factor for the last 26 months. IndiGo’s load factor stood at 87.8 percent (v/s 91.1/86.9 percent in May/April 2017). GoAir’s load factor stood at 89.4 percent (v/s 93/84.7 percent in May/April 2017). Jet Airways reported load factor at 81.2 percent (v/s 85.1/82.8 percent in May/April 2017) while Air India reported load factor at 76.8 percent (v/s 80.7/78.4 percent in May/April 2017).