India’s aviation sector recorded robust growth in November 2024, with domestic air passenger traffic surging by 12% YoY. IndiGo emerged as the clear leader, achieving a 15% YoY increase in passenger numbers and an impressive occupancy rate of ~90%, marking its second-best November performance in five years. IndiGo’s market share also hit a record 63.6%, further solidifying its leadership position.
Other players like SpiceJet and Akasa Air saw modest market share gains of 60bps and 20bps, respectively, while Air India’s share dropped to an 11-month low of 27.3%. Jefferies notes that the industry milestone of over 500,000 daily passengers highlights the sector’s growth potential. Additionally, the range-bound movement in ATF prices offers cost stability. Jefferies remains bullish on IndiGo, citing its robust domestic presence and strategic focus on operational efficiency as key growth drivers in the near term.
