Date: July 29, 2026

Financial Results (Standalone & Consolidated)

Consolidated Performance (TBO Organic + Classic Vacations):

  • Revenue from operations: ₹925.8 Cr, up 81% YoY (Constant Currency: 72% YoY)
  • Gross Profit: ₹552.4 Cr, up 66% YoY (Constant Currency: 57% YoY)
  • Adjusted EBITDA: ₹149.9 Cr, up 77% YoY (Constant Currency: 67% YoY)
  • Adjusted EBITDA Margin: 16.2% of revenue
  • Profit before tax: ₹103.3 Cr
  • Tax expense: ₹19.9 Cr
  • Finance costs: ₹14.6 Cr
  • Depreciation and amortization: ₹33.0 Cr
  • Net foreign exchange loss: ₹5.5 Cr (after netting off ₹1.2 Cr unrealized gains)

TBO Organic Performance (Without Classic Vacations):

  • Revenue from operations: ₹595.0 Cr, up 16% YoY (Constant Currency: 8% YoY)
  • Gross Profit: ₹385.1 Cr, up 16% YoY (Constant Currency: 7% YoY)
  • Adjusted EBITDA: ₹106.0 Cr, up 25% YoY (Constant Currency: 16% YoY)
  • Adjusted EBITDA Margin: 17.8% of revenue (up from 15.4% in Q4 FY26)
  • SG&A without ESOP Costs: ₹279.1 Cr, up 12% YoY

Classic Vacations Performance:

  • GTV: ₹1,300 Cr (on check-in basis)
  • Revenue: ₹330.8 Cr
  • Gross Profit: ₹167.3 Cr
  • Adjusted EBITDA: ₹43.9 Cr
  • Implied Take Rate: 25.4%
  • Gross Profit/GTV: 12.9%
  • Adjusted EBITDA/GTV: 3.4%

Key Operational Metrics:

  • Monthly Transacting Buyers: 33,736, up 14% YoY
  • India: 18,322
  • International: 15,414, up 39% YoY
  • Gross Transaction Value (GTV): ₹11,154.3 Cr, up 37% YoY (Constant Currency: 30% YoY)
  • Organic GTV: ₹9,918.4 Cr, up 22% YoY (Constant Currency: 15% YoY)
  • India GTV: ₹3,999.8 Cr, up 11.4% YoY
  • International GTV: ₹7,154.5 Cr
  • GTV by Product:
  • Airlines: ₹3,576.6 Cr (32.1% of total)
  • Hotels and ancillary: ₹7,577.7 Cr (67.9% of total)
  • Take Rates:
  • Consolidated: 8.3%
  • Airlines: 2.3%
  • Hotels and ancillary: 10.6%
  • Gross Profit Margins by Product:
  • Airlines: 1.25%
  • Hotels and ancillary: 6.21%
  • Total: 4.95%

Geographic Performance:

  • India: GTV growth of 11.4% YoY
  • Airlines business grew 14.7% YoY
  • Hotels + Ancillary business contracted 2% YoY due to geopolitical headwinds
  • Europe: 37% YoY GTV growth (CC: 24%)
  • Middle East & Africa: Flat GTV (CC: +1%)
  • North America: Strong seasonal quarter
  • Latin America: 20% YoY GTV growth (CC: 9%)
  • Asia Pacific: 56% YoY GTV growth (CC: 41%)

Balance Sheet and Cash Flow:

  • Cash and Cash Equivalents (including bank balances, deposits, liquid investments): ₹1,984 Cr as of June 30, 2026
  • Increased by ₹392 Cr from March 31, 2026
  • Includes ₹65 Cr from drawdown of Working Capital facility in Jumbonline
  • Working capital release contributed to cash generation exceeding Adjusted EBITDA

Cost Structure Analysis:

  • Employee benefits expense: ₹112.8 Cr, up 17.4% YoY
  • Business Support Services: ₹42.6 Cr, up 6.0% YoY
  • Hosting & Bandwidth: ₹21.1 Cr, down 13.7% YoY
  • Payment Gateway charges: ₹42.0 Cr, up 19.8% YoY
  • Other expenses: ₹60.6 Cr, up 14.6% YoY
  • ESOP Costs: ₹6.0 Cr, down 12.0% YoY
  • In constant currency terms, organic SG&A grew only 4% YoY

Management Commentary:

  • The quarter demonstrated operating leverage with Gross Profit growth (16%) outpacing SG&A growth (12%)
  • Middle East geopolitical disruptions affected business mix and margins, but showed recovery through the quarter
  • Technology investments in AI and automation are driving efficiency improvements
  • Classic Vacations integration on track, expected to be completed by end of Q3 FY27
  • Platform resilience demonstrated through geographic diversification and supply breadth

KMP / Board / Auditor Changes:

Not Specified

Dividend Declaration or Non-Declaration:

Not Specified

Board Meeting Outcomes:

Not Specified

Disinvestment / Strategic Actions:

Not Specified

Other Operational / Legal / Strategic Disclosures:

Not Specified