Indian Aviation Outlook
Report FY2022

In these highly uncertain times, companies with exposure to Indian aviation need access to trusted, reliable and accurate research and insights. The annual CAPA Advisory India Aviation Outlook Report has become established as the indispensable guide for companies with exposure to Indian aviation.


  • It is widely recognised as the most accurate barometer of the sector, delivering timely and in-depth analysis, leveraging the experience and IP of the region’s leading aviation advisory and research practice.
  • The India Aviation Outlook Report FY2022 will provide an in-depth review of FY2021, covering underlying drivers of industry issues – including those beyond COVID – and present our strategic outlook and forecasts for FY2022, taking into account the impact of both the first and the second wave.
  • Now more than ever, in these times of unprecedented uncertainty, insightful research and an accurate guide to strategic developments is essential.
  • Research and data are in CAPA Advisory’s DNA. We are proud of our positive 18-year track record of addressing critical issues and solving problems for the industry through applied and consultative research.
The India Aviation Outlook Report will provide comprehensive, strategic coverage of the industry, and present traffic and financial forecasts for the year ahead.





  • Strategy: review of strategic plans of all Indian airlines;
  • Financial and operating analysis: data for every carrier e.g. traffic; load factors; market shares; fares; unit revenues and costs; utilisation; P&L and balance sheet analysis;
  • International operations: assessment of post-COVID traffic recovery, network strategies and market access; prospects for the resumption of services by the 20 largest foreign carriers;
  • Traffic forecasts: passenger and cargo projections for FY2022, domestic and international, both airline and airport-wise;
  • Financial forecasts: industry P&L projections for LCCs and FSCs (consolidated) and airports;
  • Tourism: prospects for inbound, outbound and domestic (by air);
  • Fleets: induction plans, deferrals, retirements, expected new orders;
  • Funding: capital raising plans and IPOs;
  • Risk assessments: for each Indian carrier;
  • Policy & regulation: expected reforms which could impact aviation;
  • Airport analysis: traffic, operating and financial data for the AAI and private airport operators;
  • Privatisation: prospects for the privatisation of Air India as well as AAI airports;
  • Ancillary sectors: outlook for cargo, ground handling and maintenance;
  • Economy: state of the economy and prospects for recovery;
  • Health: key findings from our COVID infection progression model;
  • Market sentiment: CAPA India’s exclusive CEO poll.
The report will address the following critical strategic issues for the sector in FY2022, and will present likely outcomes and implications:
  • Consolidation: What are the prospects for consolidation amongst airlines, airport operators, ground handlers and MROs and how will this impact the supply-side?
  • Competition: How is the competitive landscape expected to evolve in the airline and airport sectors?
  • Capital: Will airlines be able to recapitalise to the level required, and in a timely manner?
  • Costs: How successful will airline and airport cost restructuring efforts be and what will be the long-term impact? Will LCCs continue to expand their share of domestic and international traffic?
  • Demand: How quickly will different passenger segments recover e.g. corporates, SMEs/MSEs, institutional, MICE, leisure and VFR? And how will this play out in the domestic, inbound and outbound markets?
  • Regional: What impact will COVID have on the UDAN scheme and its key operators?
  • Pricing: How long will domestic fares continue to be regulated and what will be the likely impact on yields once price caps and floors are removed?
  • Bilaterals: How long can air bubble agreements continue? Will a new bilateral policy framework emerge and how is this likely to influence and be influenced by geo-politics and bilateral relations?
  • Air India Privatisation: Will Air India’s privatisation proceed successfully? What is Plan B if it does not?
  • Airport privatisation: Will the privatisation of AAI airports continue and how much interest is there likely to be? What are the implications of the AAI’s decision to sell its stake in four PPP airports?
  • Airport non-aero Revenue: What are the key trends in retail, duty free, F&B and other non-aero revenue post-COVID?
  • Ground handling: How well will ground handlers be able to ride out the expected slow recovery of international traffic?
  • Aircraft leasing: What are the prospects for and challenges associated with Rupee-denominated aircraft leasing through the GIFT City initiative.
  • Freight: Is the strong performance of air cargo an aberration or will it sustain for the long term?
  • MROs: With recent fiscal concessions, Indian MROs should be able to compete with ASEAN providers. Will this attract investment and M&A in the sector and increased in-country activity.

Order details

Order your copy of the CAPA Advisory India Aviation Outlook FY2022

Release date: June 2021
Format:  Hard copy only
Standard rate: USD4,999 + GST*
Early bird rate: USD3,999 + GST*

* Early bird rates available until 31 May 2021

* Price includes shipping; GST not applicable for orders from outside India; orders from within India will be subject to 18% GST and will be invoiced in INR converted at the prevailing exchange rate.

To place your order, email Karishma Sharma on marketing@capaindia.com