Ixigo and 2 more Indian travel & tourism stocks just got a "buy" call; here's why analysts are betting big

India's online travel market is set to nearly double from ₹2,079 billion to ₹3,835 billion by 2028, growing at roughly 13% a year, more than double the global industry's pace. That growth is spilling straight into the stock market, with listed travel-tech players riding a wave of rising incomes, better connectivity, and a shift toward AI-powered, personalised trip planning. According to Motilal Oswal Financial Services, several of these companies now look attractively placed for investors watching this shift unfold.

The market insights here are based on research by Motilal Oswal Financial Services

CMP: ₹1,353 | Target Price: ₹1,765 | Upside: +30% | Rating: Buy

TBO Tek doesn't sell trips to travellers, it sells travel infrastructure to over 50,000 agents and agencies worldwide, connecting 750+ airlines and a million-plus hotels. Motilal Oswal expects the company to deliver Revenue, EBIT and profit growth of 29%, 45% and 43% annually through FY26–28, driven by a bigger share of high-margin hotel and ancillary bookings. The brokerage values the stock at 38 times its projected FY28 earnings to arrive at its target price.

CMP: ₹175 | Target Price: ₹217 | Upside: +24% | Rating: Buy
Ixigo commands roughly 60% of India's online train ticketing market and counts 85 million monthly active users, mostly from smaller towns. Motilal Oswal projects revenue, EBITDA and profit to grow 23%, 59% and 51% annually over FY26–28, with margins improving by 400 basis points to 10% by FY28. The brokerage has initiated coverage with a Buy rating, valuing the stock at 55 times its FY28 expected earnings.

CMP: ₹103 | Target Price: ₹125 | Upside: +21% | Rating: Buy

Yatra has repositioned itself as India's largest corporate travel agency, serving 1,300+ large enterprises and 58,000 SMEs. Motilal Oswal forecasts revenue, EBITDA and profit growth of 25%, 34% and 41% annually through FY26–28, with margins expected to reach 9.2% by FY28. Business travel now makes up about 65% of Yatra's bookings, up from just 21% a few years ago — a shift the brokerage expects to continue as the company chases larger corporate accounts.

MakeMyTrip remains India's largest listed online travel name, operating MakeMyTrip, Goibibo and redBus under one roof. It crossed 83 million lifetime transacting users by the end of 2025 and has pushed hard into corporate travel through its Happay acquisition, now serving over 60,000 corporate clients. The company has also expanded internationally, fully acquiring its UAE joint venture and partnering with hospitality brands like Premier Inn — moves that position it as a long-term compounder in the space, even though a specific target price wasn't detailed in this note.

Booking Holdings remains the world's largest online travel company, leaning on AI partnerships with OpenAI, Google, Microsoft and Amazon to sharpen its "Connected Trip" strategy, while its scale in Asia continues to grow alongside Agoda. Europe's HBX Group, meanwhile, plays a role similar to TBO Tek, a behind-the-scenes B2B marketplace connecting 300,000 hotels to 60,000 distribution partners. Neither carries a specific price target in this note, but both illustrate the global tailwinds lifting India's listed travel-tech names too.

India's shift from offline agents to AI-driven travel apps isn't just a consumer story,it's a market one. Motilal Oswal has issued Buy ratings across TBO Tek, Ixigo and Yatra, each offering double-digit upside alongside strong projected earnings growth through FY28. As always, price targets reflect a point-in-time view and travel stocks can be sensitive to demand cycles, so investors should weigh their own risk appetite and consult their financial advisor before acting on these calls.

Source: Motilal Oswal Financial Services. This content is for informational purposes only and is not financial advice.