Looking ahead, Higher oil prices and weakening of rupee remain important variables to keep overall travel inflation in control. We remain cautious about the near-term environment while staying positive about structural drivers for long-term growth in the sector. We will continue to navigate the near-term challenging environment by tapping into growth opportunities in our non-air ticketing segments while calibrating our marketing investments in line with market conditions.

Aug 3, 2026 / CEO / receipt, needs a key / Rajesh Magow, CEO | earnings call 2026-08-03 | transcript 5460eea3-c65f-4358-9e00-b974b985eca8 | chars 7377-7853 | segment 7

This was a quarter in which External events continue to influence where and how customers travel. The quarter began with the continuing impact of the West Asia conflict. In the initial phase, the impact was broad-based, flight operations were disrupted, and customers became more cautious about international travel, particularly on westbound routes. As flight operations gradually resumed, the nature of the challenge also evolved. Higher fuel cost and ATF prices translated into elevated airfares, affecting westbound international travel as well as price-sensitive domestic air demand to an extent. Higher ATF cost also affected the profitability of airlines, leading to short-term capacity cuts. However, as we moved into the peak summer holiday period, we saw seasonality began to support the underlying resilient travel intent for leisure travel, whereas Essential travel and business travel largely continued as uninterrupted except for long-haul westbound business travel. International leisure travel saw some shift from westbound to east and far east destinations and domestic leisure travel was a combination of popular leisure destinations and nearby short-distance getaways by road.

Aug 3, 2026 / CEO / receipt, needs a key / Rajesh Magow, CEO | earnings call 2026-08-03 | transcript 5460eea3-c65f-4358-9e00-b974b985eca8 | chars 1965-3160 | segment 2

We continue to curate pilgrimage plus leisure itineraries, short duration holidays and drive down breaks These formats are increasingly becoming popular for customers looking for convenient, affordable and experience-led travel closer to home.

Aug 3, 2026 / CEO / receipt, needs a key / Rajesh Magow, CEO | earnings call 2026-08-03 | transcript 5460eea3-c65f-4358-9e00-b974b985eca8 | chars 3956-4199 | segment 4

Now, given that they have more global, you know, sort of business model or a playbook versus very India and original playbook, if I may call it, because we've also gone to the Middle East now, you know, our strategy to drive hotel business and consumer behavior is on the, you know, sort of promise to the consumer is very, very, different than any of the global player will do. And also the investments on the ground on the supply side are very, very different. So, you know, we built our moat, all aspects of the business are very focused on Indian travelers and Indian market and now Middle East, rather than any of the other global player who would be competing, you know, in 20 other markets and having a global sort of platform.

Jul 22, 2025 / CEO / receipt, needs a key / Rajesh Magow, CEO | earnings call 2025-07-22 | transcript 8fc68d3d-83aa-4dab-9dfa-a6ad4a500b77 | chars 51938-52672 | segment 52

So they would definitely have more strength on, you know, bringing customers from the foreign countries to India, which is like inbound travel. And they're also given a GDPR compliance platform now. at least for people of Indian origin, we've started to get traction because that was going to be our first strategic initiative to attract inbound travel into India.

Jul 22, 2025 / CEO / receipt, needs a key / Rajesh Magow, CEO | earnings call 2025-07-22 | transcript 8fc68d3d-83aa-4dab-9dfa-a6ad4a500b77 | chars 52673-53037 | segment 53

We do believe that if the market is able to hold on to the projected numbers of double digit growth overall, this I'm talking about travel and tourism markets and some of the reports have spoken about anywhere between 10 to 13% growth. And we, like in the past, we should be able to grow higher than the overall travel and towards the market growth rate by 1.5x or there about.

May 15, 2024 / CEO / receipt, needs a key / Rajesh Magow, CEO | earnings call 2024-05-15 | transcript b8a96097-9ba4-4439-b76b-b4fa92137db2 | chars 27754-28131 | segment 27

So that is something that we were trying to say that there is good potential opportunity of growth there. And our ambition there is clearly see our overall vision is for the Indian travelers, whether traveling within India or traveling outside of India. We would like to provide all kinds of travel services and the travel related services and that's really our focus has been and we continue to sort of keep driving that.

May 15, 2024 / CEO / receipt, needs a key / Rajesh Magow, CEO | earnings call 2024-05-15 | transcript b8a96097-9ba4-4439-b76b-b4fa92137db2 | chars 36269-36691 | segment 35