Travel & Tourism Industry in India

India’s travel and tourism industry brings together travel agencies, tour operators and travel platforms that help people plan and book journeys.

Top travel & tourism companies in India (listed and private)

Frequently asked questions

How large is the travel & tourism industry in India?

784 travel & tourism companies with statutory filings (7 listed, 777 private) reported combined revenue of ₹75,143 crore in FY2025, +15.8% on the same companies, and aggregate EBITDA of ₹11,938 crore. As filed each year, combined revenue was ₹11,187 crore in FY2018, reached ₹75,143 crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 5 listed companies with an exchange price are worth ₹7,124 crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Improving. The aggregate EBITDA margin of travel & tourism companies was 15.9% in FY2025, 4.5 pts above FY2024, the highest in the period. Profit after tax margin was 9.5% (+1.7 pts on FY2024).

Which companies are leading the travel & tourism industry?

By FY2025 revenue the largest travel & tourism companies are Thomas Cook (india) (₹8,140 crore, 7.6% EBITDA margin); Oravel Stays (₹6,253 crore, 17.7% EBITDA margin, private); Delhi Tourism and Transportation Development Corporation (₹2,516 crore, 3.3% EBITDA margin, private); Associated Road Carriers (₹1,816 crore, 7.6% EBITDA margin, private); Alhind Tours and Travels (₹1,772 crore, 1.3% EBITDA margin, private). Among the ten largest, Interglobe Enterprises (217.8%) and Greatship (india ) (49.7%) earn the widest EBITDA margins and Alhind Tours and Travels (1.3%) the thinnest. 21 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Net tone of airfares and fuel costs stories fell from +29 to -25 (-54 pts) over 740 stories, the largest drop of any theme. In buyer searches: Search interest in pilgrimage and special-interest travel queries (medical tourism) was +91% in the 12 months to 2026-09 vs the prior 12, led by “medical tourism” (+91%), followed by travel agencies and operators (-1%); tour packages moved -23%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Coverage of airfares and fuel costs turned more negative (Travel & Tourism in the news). Travel & Tourism margins expanded 11.6 pts since FY2022 (Industry financials). 20 private travel & tourism travel providers pass an IPO-readiness screen (Top travel & tourism companies in India). Pilgrimage and special-interest travel searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 6.4× and median P/E 18.4× across 5 priced travel & tourism companies. (Market capitalisation & valuation).

How are travel & tourism stocks valued?

The median trailing P/E is 18.4× and the median EV/EBITDA 6.4× across 5 priced companies.

What does the travel and tourism industry include?

It includes businesses that arrange journeys, package holidays, tours and related traveller support.

How are companies selected for this page?

The company view focuses on travel agencies, tour operators and travel platforms, while unrelated businesses are screened out.

Research information, not investment advice.