The news report citing the air traffic data highlighted that IndiGo’s market share dropped to 63.6% in November 2025, compared to its 65.6% levels in October 2025.
However, the airline operator witnessed a 6.3% rise in passenger load that IndiGo carried over a month-on-month (MoM) basis to 88.7% in November 2025, compared to its earlier 82.4% in October 2025.
The passenger load is a metric which is used in the aviation industry around the world to measure the total number of people carried in an aircraft. The numbers are also measured via passenger load factor (PLF), which shows the percentage of available seats that a filled by passengers.
Air India market share
Tata Group-owned, full-service carrier, Air India’s market share in the Indian aviation industry rose 1% to hit 26.7% in November 2025, compared to their 25.7% level in October this year, according to the agency report.
Air India’s passenger load factor also witnessed a massive 10.2% hike to 87.5% in November, compared to their earlier 77.3% levels in October 2025, fueled by the rising demand for air travel in India.
SpiceJet market share
Low-cost carrier operator, SpiceJet’s market share also witnessed a 1.1% rise to 3.7% levels in November 2025, compared to its earlier 2.6% levels in October 2025, as per the news portal’s report.
Like Air India and IndiGo, SpiceJet also witnessed a 5.5% rise in its passenger load to 87.7% in November, compared to its earlier 82.2% levels in October 2025, over rising bookings.
Akasa Air loses market share
Mumbai-based airline, Akasa Air, recorded a 50 basis point drop in its market share to 4.7% in November 2025, compared to 5.2% in October 2025, according to the news portal’s report.
The airline was founded in December 2021 by Vinay Dube and Aditya Ghosh, and was backed by late marquee investor Rakesh Jhunjhunwala.
Despite the drop in market share, Akasa Air’s passenger load witnessed a 2.6% rise to 93.8% in November 2025, compared to 91.2% October 2025 levels.
What does ICRA predict?
Indian credit rating agency, ICRA, in its latest December aviation industry update report, mentioned that the Indian aviation industry is expected to report a net loss of ₹17,000 to 18,000 crore ( ₹170-180 billion) in the financial year ending 2025-26.
“ICRA expects the Indian aviation industry to report a net loss of ₹170-180 billion in FY2026, higher than its earlier forecast of ₹95-105 billion,” said the ratings agency.
ICRA cited IndiGo’s elevated losses, from the financial impact of flight cancellations, passenger refunds and higher operating expenses due to the December 2025 disruptions as the reason for their outlook. The agency also said that the domestic air traffic is set to decline in December data due to IndiGo disruptions, which still holds the majority of the Indian aviation market.
Key Takeaways
- IndiGo’s market share dropped 2%, while competitors like Tata Group-owned Air India and SpiceJet witnessed an increase.
- Despite Akasa Air’s 50 bps drop in market share, the airline’s passenger load witnessed a 2.6% rise to 93.8% in November 2025.
- ICRA expects the Indian aviation industry to report a net loss of ₹170-180 billion in FY2026.
