The study examines the financial performance of Indian airline companies for a period of five years from 2020 to 2024 using Constant Market Share Analysis. It focuses on the COVID-19 pandemic's effects and fallout. The study shows notable differences in carriers' financial performance, underscoring the value of flexibility and creativity in dealing with disturbances. For industry participants, the report offers helpful suggestions on how to boost financial stability, increase operational effectiveness, and boost competitiveness in a market that is changing quickly.