Nowadays, people plan and book their vacations online from the comfort of their homes. Instead of visiting a travel agent to book tickets, people use online travel aggregators to compare prices and make their bookings.
As a result of this, the online travel market in India has reached approximately $19 billion as of January 2025. And this is expected to reach $31 billion by 2030. With the growth of the Indian tourism sector, online travel service companies can be big beneficiaries.
People can easily book airline tickets, hotels, taxis, train and bus tickets, and even tickets for tourist activities and attractions online through travel service websites. Let us take a look at some top travel services stocks that can benefit from the rising travel industry in India.
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Travel services stocks in India
India’s biggest travel company stocks in terms of their market capitalisation as on 16th April, 2025.
Financials in FY24 and 9MFY25
| Particular (₹ crores) | IRCTC | TBO Tek | Thomas Cook | Le Travenues | Easy Trip | Yatra Online |
| Market Cap. (on 16th Apr, 2025) | 60,832 | 11,726 | 6,781 | 5,840 | 4,384 | 1,324 |
| Sales (FY24) | 4,270 | 1,393 | 7,299 | 656 | 482 | 422 |
| PAT (FY24) | 1,111 | 201 | 271 | 73 | 119 | -5 |
| Sales (9MFY25) | 3,407 | 1,291 | 6,171 | 630 | 315 | 572 |
| PAT (9MFY25) | 957 | 171 | 192 | 44 | 96 | 21 |
| 1-yr return (on 16th Apr, 2025) | -25.77% | Na | -27.4% | Na | -40% | -43% |
| ROE% | 40.4% | 46% | 13.8% | 9.32% | 31.9% | -1% |
| ROCE% | 53.8% | 42.9% | 19.1% | 6.53% | 43.4% | 3.54% |
Indian Railway Catering & Tourism Corporation ltd
IRCTC operates in the catering and tourism sectors. It provides catering services, online railway ticket booking, and tourism services. IRCTC is also involved in the business of packaged drinking water under the – Rail Neer brand.
Based in Delhi, IRCTC is the only company authorised by the government to generate online train tickets and provide drinking water and catering on trains and Indian railway stations.
IRCTC is a public sector undertaking under the Ministry of Railways, and in recent years, it has also ventured into airline ticket and hotel booking space.
| Particulars(₹ crores) | FY21 | FY22 | FY23 | FY24 | 9MFY25 |
| Sales | 777 | 1,879 | 3,541 | 4,270 | 3,407 |
| Operating profit | 188 | 874 | 1,276 | 1,466 | 1,165 |
| Profit before tax | 258 | 885 | 1,354 | 1,496 | 1,286 |
| Profit after tax | 187 | 660 | 1,006 | 1,111 | 957 |
TBO Tek limited
TBO is a global travel distribution company which simplifies travel business for both customers and suppliers. This company connects travel suppliers like hotels and airlines with travel sellers like agencies and tour operators.
This company has over one million travel suppliers in over 100 countries. The company had 28,657 monthly travel buyers in Q3FY25. TBO provides air and hotel reservations, holiday package deals, rail travel and travel insurance.
In the same quarter, the company earned ₹422.2 crores from revenue from operation, out of which ₹95.4 crores were earned domestically and ₹326.8 crores were earned internationally.
| Particulars (₹ crores) | FY21 | FY22 | FY23 | FY24 | 9MFY25 |
| Sales | 142 | 483 | 1,065 | 1,393 | 1,291 |
| Operating profit | -21 | 32 | 189 | 267 | 209 |
| Profit before tax | -30 | 46 | 174 | 227 | 204 |
| Profit after tax | -34 | 34 | 148 | 201 | 171 |
Thomas Cook (India) Limited
Thomas Cook, founded in 1881 and listed in 1995, provides its customers with a broad spectrum of travel and travel-related financial services like corporate and leisure travel, foreign exchange, MICE, travel insurance, visa, passport, etc.
The company has operations in 28 countries in 5 continents. Thomas Cook had a total income from operations of ₹1,623 crore in Q3FY25, and the highest contribution was made by destination management services at 62%.
Under the leisure hospitality (sterling resorts) business, the company owns its own 15 resorts and has partnered with 32 resorts, totalling 3,118 rooms.
| Particulars (₹ crores) | FY21 | FY22 | FY23 | FY24 | 9MFY25 |
| Sales | 795 | 1,888 | 5,048 | 7,299 | 6.171 |
| Operating profit | -352 | -187 | 178 | 437 | 377 |
| Profit before tax | -416 | -322 | 27 | 345 | 290 |
| Profit after tax | -295 | -254 | 10 | 271 | 192 |
Le Travenues Technology Limited
Le travenues technology provides hotel, airline, and other travel booking services from its brands – Ixigo, Confirmtkt, and Abhibus. The company boasts 86.59 million active users as of Q3FY25. In the same period, the company has hotels and travel services listed from over 2,400 towns and cities in India.
In Q3FY25, the platforms of the company had a gross transaction value of ₹4,036 crores. The company offers AI-powered travel services like AI trip planners, alternate travel recommendations, AI-driven travel assistants and automatic trip management. The company has also developed its chatbot TARA to understand local Indian languages and do voice interactions.
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| Particulars (₹ crores) | FY21 | FY22 | FY23 | FY24 | 9MFY25 |
| Sales | 136 | 380 | 501 | 656 | 630 |
| Operating profit | 3 | -12 | 29 | 38 | 50 |
| Profit before tax | 3 | -18 | 21 | 61 | 57 |
| Profit after tax | 8 | -21 | 23 | 73 | 44 |
Easy Trip Planners Limited
Ease My Trip platform is the main travel services platform of easy trip planners limited. Established in 2008, the company provides hotel booking, air and train ticket booking, taxi, bus and tourist destination ticket booking services.
In Q3FY25, the ease my trip platform facilitated 2.5 lakh hotel bookings and 3.6 lakh trains, buses and other bookings. The company has over 25 million registered users, and over 60,000 travel agents are associated with ease my trip across the country.
The company has partnered with OLX India to provide an integrated travel services platform.
| Particulars(₹ crores) | FY21 | FY22 | FY23 | FY24 | 9MFY25 |
| Sales | 138 | 233 | 430 | 482 | 315 |
| Operating profit | 76 | 133 | 185 | 220 | 117 |
| Profit before tax | 85 | 145 | 197 | 160 | 129 |
| Profit after tax | 62 | 107 | 147 | 119 | 96 |
Yatra Online Limited
Yatra Online, established in 2006, is one of India’s leading travel services companies with a strong presence in both B2B and B2C segments. The company serves over 1,200 large corporate customers and more than 400,000 SMEs as the nation’s biggest provider of corporate travel services.
Yatra’s revenue from operations in Q3 FY25 reached ₹235 crores, marking a 111% YoY growth. This was achieved due to their scalable tech platform and strong brand name. Furthermore, the acquisition of Globe All India Services bolstered Yatra’s MICE offerings.
Bookings worth ₹1,799 crores were conducted through the Yatra platform in Q3FY25.
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| Particulars(₹ crores) | FY21 | FY22 | FY23 | FY24 | 9MFY25 |
| Sales | 125 | 198 | 380 | 422 | 572 |
| Operating profit | -23 | -9 | 37 | 15 | 28 |
| Profit before tax | -112 | -29 | 12 | -1 | 21 |
| Profit after tax | -119 | -31 | 8 | -5 | 21 |
Conclusion
Online travel company stocks can benefit from rising travel and tourism in India and increasing adoption of online booking. Before investing in online travel services stocks, investors should be aware of the fact that the travel sector can display cyclical fluctuations that can create short to medium-term headwinds for these companies.
FAQs
Why is the Indian travel market growing rapidly?
The main drivers of growth in the Indian travel market are the rising incomes of people, infrastructure development in major tourist destinations, and government push. The online travel booking sector is also witnessing increased adoption as these platforms are becoming more user-friendly and transparent.
What possible headwinds can be faced by travel services stocks?
The travel services stocks can face possible headwinds from a slowdown in the travel sector. An economic downturn or recession can lead to less travel and, thus, fewer online bookings. Additionally, online platforms can face margin pressure as these platforms face competition from domestic and foreign players.
Which is the biggest travel service company in the world?
Booking Holdings, commonly known as bookings.com, is a US-based company which is the largest online travel company in the world. The company has a market capitalisation of ₹12 lakh crores as of 16th April 2025, and in 2024, the company generated a revenue of ₹1.9 lakh crores and a net profit of ₹61,270 crores.
What financial metrics to look at while investing in travel company stocks?
While analysing online travel service stocks, investors must watch key metrics such as average monthly users, Gross booking value, number of transacting customers, etc. These metrics help evaluate user engagement, market penetration, platform scalability, and potential for future growth.
Which is the biggest listed online travel booking company in India?
The biggest listed online travel booking company based on market capitalisation is IRCTC, with a market capitalisation of ₹60,832 crores as of 16th April 2025. It holds a monopoly in online railway ticketing and also provides catering, tourism services, and packaged drinking water through its Rail Neer brand.
