Buddha, Yeti and Shree Airlines cross Rs 21.55 bn in annual business as domestic aviation booms

KATHMANDU: Three major domestic airlines – Buddha Air, Yeti Airlines, and Shree Airlines – have collectively generated a massive NPR 21.55 billion in revenue during the fiscal year 2080/81 (2024), confirming their dominance in Nepal’s aviation market with a combined market share of over 93%.

Among the three, Buddha Air remains the market leader, accounting for a turnover of NPR 13.22 billion, followed by Yeti Airlines with NPR 4.25 billion, and Shree Airlines with NPR 4.07 billion in the same period.

Breakdown of Revenues (FY 2080/81 – 2024)                   Airline Revenue
Buddha Air                                                                                         NPR 13.22 billion
Yeti Airlines                                                                                       NPR 4.25 billion
Shree Airlines                                                                                    NPR 4.07 billion
Total                                                                                                       NPR 21.55 billion

Though combined business reached over 21.55 billion last year, data also shows that in the latest fiscal year, these three airlines recorded NPR 14.10 billion, reflecting post-pandemic market corrections and operational fluctuations. Still, they continue to hold a dominant domestic market share at 93%.

Dominance & Performance of Each Airline

Buddha Air

Claims 60% share of Nepal’s domestic aviation.

Founded in 1996; began with an 18-seater aircraft.

Operates daily flights to major cities including Kathmandu, Pokhara, Biratnagar, Bhairahawa, Nepalgunj, and also offers mountain flights and tourist charter services.

Revenue History:

2023: NPR 12.16 billion

2022: NPR 10.09 billion

2021: NPR 3.33 billion

Maintains long-term bank loans of NPR 3.08 billion and USD 18.74 million.

Chairperson: Birendra Basnet

Yeti Airlines

Established in 2002; one of Nepal’s oldest private airlines.

Major shareholders: Asian Life Insurance (46.82%), Lhakpa Sonam Sherpa (25.03%), Chanda Sherpa (20.06%).

Holds approximately 17% domestic market share.

Operates 7 ATR aircraft (6 owned, 1 leased).

Reported NPR 4.11 billion business in the first 9 months of FY 2081/82.

Revenue in 2024: NPR 4.25 billion

2023 crash near Pokhara Airport impacted its market share (down from 21% to 17%).

Total loans: NPR 6.36 billion and USD 27.19 million.

Leadership: Lhakpa Sonam Sherpa (Chairman), Chanda Sherpa (MD), Norbu Chiring Sherpa (Deputy MD), Subash Sapkota (CEO) 

Shree Airlines

Originally started as Air Ananya in 1999; later renamed Shree Airlines.

Major investor: Sudhir Mittal (99.89% ownership).

Holds 16% market share (July 2024).

FY 2081/82 (first 6 months): NPR 2.57 billion turnover.

Revenue in 2024: NPR 4.07 billion

Operates 10 Bombardier aircraft: 3 jets, 7 turboprops (2 leased). Also operates 6 MI-8 helicopters and 2 Airbus helicopters.

Strong presence in Nepalgunj and Dhangadhi; expanding to Pokhara and Surkhet as new aircraft added.

Market Outlook

These three airlines are the backbone of Nepal’s domestic aviation industry, connecting remote regions and boosting tourism and trade. Despite challenges like fuel costs, infrastructure limitations, and weather hazards, their overwhelming market capture reflects rising demand for air travel, especially amid slow road connectivity.

Buddha Air continues to lead the domestic skies with aggressive fleet expansion, high-frequency flights, and diversified services like mountain flights, while Yeti and Shree are rebuilding market share through fleet modernization and route expansion.

With over NPR 21.5 billion annual turnover and nearly 4,000 direct jobs generated across the three companies, Nepal’s aviation sector remains a key pillar of the country’s service economy and internal mobility.