Skift Take
While the depreciating rupee pressured costs and outbound demand, it was a cascade of geopolitical and operational shocks that truly tested Indian travel companies.
India entered 2025 with serious travel momentum. Stadiums sold out for Coldplay concerts, and the once-in-144-year festival Mahakumbh Mela sparked a surge in religious tourism. In its 45-day run, Mahakumbh was visited by over 660 million devotees.
The early gains were short-lived. India’s travel industry has had to navigate a cluster of disruptions: geopolitical conflict, aviation safety concerns, airspace restrictions, and operational failures.
By the April-June quarter, the tone from India's biggest travel companies had shifted.
MakeMyTrip Group CEO Rajesh Magow described the period as one shaped by “exceptional external events.”
“Domestic demand was impacted due to the unfortunate incident in Pahalgam, leading to geographical escalations in the month of May, and the tragic crash of a passenger airplane in June,” Magow said during MakeMyTrip's July earnings call.
IHCL CEO Puneet Chhatwal echoed that. While the Taj
