Board Meeting Details

The Board of Directors meeting was held on November 14, 2026. It commenced at 06:50 P.M. and concluded at 07:13 P.M., subsequent to Audit Committee deliberations.

Key Board Approvals

1. Unaudited Financial Statements (Standalone and Consolidated) for the quarter and half year ended September 30, 2026, reviewed and recommended by the Audit Committee.

2. Resignation of Mr. Manmeet Ahluwalia from the position of Chief Marketing Officer, effective November 30, 2026. A copy of the resignation letter was attached to the filing.

Financial Results Overview (Consolidated)

Income Statement Highlights (₹ Million)

Quarter Ended September 30, 2026 (Q2 FY27):

  • Total Income: ₹1,680.20
  • Revenue from Operations: ₹1,579.92
  • Other Income: ₹100.28
  • Total Expenses: ₹1,642.15
  • Profit before share of loss of associates: ₹38.05
  • Share of net loss of associates: (₹32.05)
  • Profit before exceptional items and tax: ₹6.00
  • Exceptional Items: Nil (Compared to ₹509.57 in Q2 FY25)
  • Profit before tax: ₹6.00
  • Total Tax Expense: ₹11.65
  • Net Loss after tax for the period: (₹5.65)
  • Net Loss after tax before exceptional items: (₹5.65)
  • Total Comprehensive Income for the period: (₹13.86)

Six Months Ended September 30, 2026 (H1 FY27):

  • Total Income: ₹3,093.03
  • Revenue from Operations: ₹2,926.98
  • Other Income: ₹166.05
  • Total Expenses: ₹3,169.13
  • Loss before share of loss of associates: (₹76.10)
  • Share of net loss of associates: (₹37.65)
  • Loss before exceptional items and tax: (₹113.75)
  • Exceptional Items: Nil (Compared to ₹509.57 in H1 FY25)
  • Loss before tax: (₹113.75)
  • Total Tax Expense: ₹8.78
  • Net Loss after tax for the period: (₹122.53)
  • Net Loss after tax before exceptional items: (₹122.53)
  • Total Comprehensive Income for the period: (₹116.70)

Earnings Per Share (EPS) - Consolidated (₹)

Quarter Ended September 30, 2026:

  • Basic EPS: 0.00
  • Diluted EPS: 0.00
  • Basic EPS before exceptional items: 0.00
  • Diluted EPS before exceptional items: 0.00

Six Months Ended September 30, 2026:

  • Basic EPS: (0.03)
  • Diluted EPS: (0.03)
  • Basic EPS before exceptional items: (0.03)
  • Diluted EPS before exceptional items: (0.03)

Balance Sheet Highlights (Consolidated) as of September 30, 2026 (₹ Million)

  • Total Assets: ₹14,786.89 (vs. ₹12,083.56 on Mar 31, 2026)
  • Non-Current Assets: ₹7,659.41
  • Current Assets: ₹7,127.48
  • Total Equity: ₹10,509.94 (vs. ₹8,149.18 on Mar 31, 2026)
  • Equity attributable to owners: ₹10,396.39
  • Non-Controlling Interests: ₹113.55
  • Total Liabilities: ₹4,276.95 (vs. ₹3,934.38 on Mar 31, 2026)
  • Paid-up Equity Share Capital: ₹3,984.65 (Face value ₹1.00 per share)

Cash Flow Statement (Consolidated) for H1 FY27 (₹ Million)

  • Net Cash from Operating Activities: ₹165.35
  • Net Cash used in Investing Activities: (₹6.31)
  • Net Cash from Financing Activities: ₹115.52
  • Net Increase in Cash & Equivalents: ₹274.56
  • Cash & Equivalents at period end: ₹1,076.73

Segment-wise Performance (Consolidated) - Q2 FY27 (₹ Million)

  • Air Passage: Revenue: ₹563.06; Segment Result: (₹43.52)
  • Hotel Packages: Revenue: ₹920.51; Segment Result: ₹53.15
  • Other Services: Revenue: ₹96.35; Segment Result: (₹20.60)
  • Total Segment Revenue: ₹1,579.92
  • Total Segment Result: (₹10.97)

Standalone Financial Results Overview

Quarter Ended September 30, 2026 (Q2 FY27):

  • Total Income: ₹1,142.14
  • Revenue from Operations: ₹1,011.44
  • Other Income: ₹130.70
  • Total Expenses: ₹1,112.07
  • Profit before exceptional items and tax: ₹30.07
  • Exceptional Items: Nil
  • Profit before tax: ₹30.07
  • Total Tax Credit: (₹8.06)
  • Net Profit after tax for the period: ₹38.13
  • Total Comprehensive Income for the period: ₹28.86

Six Months Ended September 30, 2026 (H1 FY27):

  • Total Income: ₹2,038.10
  • Revenue from Operations: ₹1,823.37
  • Other Income: ₹214.73
  • Total Expenses: ₹2,095.35
  • Loss before exceptional items and tax: (₹57.25)
  • Exceptional Items: Nil
  • Loss before tax: (₹57.25)
  • Total Tax Credit: (₹14.54)
  • Net Loss after tax for the period: (₹42.71)
  • Total Comprehensive Income for the period: (₹29.93)

Earnings Per Share (EPS) - Standalone (₹)

Quarter Ended September 30, 2026:

  • Basic EPS: 0.01
  • Diluted EPS: 0.01

Six Months Ended September 30, 2026:

  • Basic EPS: (0.01)
  • Diluted EPS: (0.01)

Material Contingent Liability - GST Demand Notice

  • The Holding Company received a Show-Cause cum Demand Notice from the Directorate General of Goods and Services Tax Intelligence (DGGI), Mumbai Zonal Unit, during the quarter.
  • The notice imposes a penalty of ₹674.07 million under Section 52 of the Central Goods and Services Tax Act, 2017.
  • The allegation is non-collection of Tax Collected at Source (TCS) for the period from October 2018 to December 2025.
  • The company is contesting the notice. Based on independent legal opinions and judicial precedents, management believes it has a strong case and does not expect any material financial outflow.
  • No provision has been recognized in the financial results for this contingent liability.

Auditor's Review

  • The statutory auditor, Walker Chandiok & Co LLP, conducted a limited review of the financial results.
  • The auditor's report includes an emphasis of matter regarding the GST demand notice, stating their conclusion is not modified in respect of this matter.
  • The auditor relied on review reports of other auditors for 18 subsidiaries and unreviewed financial information for 2 subsidiaries, noting these were not material to the group.

Capital Structure

  • The paid-up equity share capital remained unchanged for the quarter at ₹3,984.65 million, consisting of 3,984.65 million equity shares of face value ₹1.00 each.