War, weak rupee and 47-60% higher Europe fares squeeze MakeMyTrip, ixigo, Yatra air revenue
Q4FY25 air ticketing softened across India's online travel agents: MakeMyTrip air revenue fell to $58.73M (-2% QoQ, -5% YoY), ixigo dropped 6.5% QoQ to ₹95.7cr, Yatra slipped 1% QoQ. Delhi-London fares jumped to ₹1.15 lakh from ₹72,000, redirecting travellers to Southeast Asia — Cleartrip's Philippines bookings tripled.
India's online travel firms MakeMyTrip, ixigo and Yatra report softer March-quarter air ticketing as West Asia war, weaker rupee and 47-60% higher Europe fares push travellers toward Southeast Asia and domestic trips, with Cleartrip seeing Philippines bookings triple.
Why this matters
Air ticketing weakness contrasts with MakeMyTrip's record FY26 $10.4B gross bookings and 13% adjusted operating profit growth, while CCPA probes excess cancellation fees, adding regulatory pressure.
MakeMyTrip -2% QoQ, ixigo -6.5% QoQ, Yatra -1% QoQ; retail-company theme steady at 1031 signals in 90d.