Date: November 02, 2026

Financial Results (Standalone & Consolidated)

Consolidated Performance for Q2 FY27:

  • GTV: ₹11,695.4 Cr, up 31% YoY (Constant Currency: 25% YoY)
  • Revenue from Operations: ₹865.6 Cr, up 53% YoY (Constant Currency: 45% YoY)
  • Gross Profit: ₹561.1 Cr, up 54% YoY (Constant Currency: 47% YoY)
  • Adjusted EBITDA: ₹152.4 Cr, up 47% YoY (Constant Currency: 37% YoY)
  • Profit Before Tax: ₹91.5 Cr
  • Profit for the Period: ₹76.0 Cr
  • Tax Expense: ₹15.5 Cr

TBO Organic (excluding Classic Vacations) Performance for Q2 FY27:

  • GTV: ₹10,890.4 Cr, up 22% YoY (Constant Currency: 16% YoY)
  • Revenue from Operations: ₹649.6 Cr, up 14% YoY (Constant Currency: 7% YoY)
  • Gross Profit: ₹440.9 Cr, up 21% YoY (Constant Currency: 14% YoY)
  • Adjusted EBITDA: ₹141.4 Cr, up 36% YoY (Constant Currency: 27% YoY)

Half-Year FY27 Performance (Consolidated):

  • GTV: ₹22,849.7 Cr (H1 FY27)
  • Revenue from Operations: ₹1,791.4 Cr
  • Profit Before Tax: ₹194.8 Cr
  • Profit for the Period: ₹159.4 Cr

Key Metrics (Consolidated) - Q2 FY27:

  • Monthly Transacting Buyers: 34,529 (Up 13% YoY)
  • India: 17,963
  • International: 16,567
  • GTV by Source Market:
  • India: ₹4,072.2 Cr (34.8% of total)
  • International: ₹7,623.2 Cr (65.2% of total)
  • GTV by Product:
  • Airlines: ₹3,806.8 Cr (32.5% of total)
  • Hotels and Ancillary: ₹7,888.5 Cr (67.5% of total)
  • Take Rates:
  • Overall: 7.4%
  • Airlines: 2.1%
  • Hotels and Ancillary: 9.4%
  • Gross Profit Margins by Product:
  • Airlines: 1.08%
  • Hotels and Ancillary: 6.08%
  • Overall: 4.80%

Balance Sheet and Cash Flow:

  • Cash and Cash Equivalents (including bank balances, bank deposits and liquid investments): ₹2,060 Cr as on September 30, 2026
  • Debt: Prepaid $10 Mn of term loan during quarter, reducing total outstanding term debt to $60 Mn
  • Foreign Exchange Loss: ₹8.9 Cr for the quarter (includes FX conversion costs, hedging premiums, revaluation movements, and impact of intercompany loans)

Other Operational / Legal / Strategic Disclosures

Exceptional Item:

  • Reported exceptional expense of ₹8.1 Cr ($0.85 million) due to suspected collusion among certain current and former employees of a wholly owned overseas subsidiary and the Holding Company.
  • An external expert has been appointed to conduct a comprehensive investigation.
  • The Group has insurance for such matters and has initiated the process for an insurance claim.

FEMA Matter:

  • Received an order dated October 16, 2026, from the Special Director (Adjudication), Directorate of Enforcement imposing penalties:
  • ₹222.16 Mn on the Company
  • ₹24.68 Mn on each Joint Managing Director
  • The Company is filing an appeal against the order and believes prospects of success are high.
  • No adjustments have been made to the financial results pending the outcome of the appeal.

Geographic Performance Highlights:

  • India: GTV growth of 14.1% YoY with Air business up 14.5% YoY and Hotels + Ancillary business up 12.2% YoY.
  • Europe: 36% YoY GTV growth, representing 36% saliency in overall Hotels and Ancillary GTV.
  • Middle East & Africa: Regional GTV grew 10% YoY on constant currency basis, showing recovery despite geopolitical challenges.
  • North America: Healthy growth in organic TBO business focusing on premium to early luxury segments.
  • Latin America: GTV grew 9% YoY despite volatile macros and currency fluctuations.
  • Asia Pacific: 33% YoY GTV growth, with strong performance in Australia, Indonesia, Hong Kong, and Thailand.

Classic Vacations Performance (Acquisition):

  • Q2 FY27 Performance:
  • GTV: ₹873.7 Cr (on check-in basis)
  • Revenue: ₹216.0 Cr
  • Gross Profit: ₹120.1 Cr
  • Adjusted EBITDA: ₹11.0 Cr (1.3% of GTV)
  • Trailing 12 Months Performance:
  • GTV: $463.6 Mn
  • Revenue: $116.7 Mn
  • Gross Profit: $59.9 Mn
  • Adjusted EBITDA: $11.5 Mn (2.5% of GTV)
  • Integration efforts remain on track with expanded sales team and cost optimization initiatives showing early results.

SG&A Expenses Analysis (Organic Business):

  • SG&A without ESOP Costs: ₹299.5 Cr, up 15.5% YoY (Constant Currency: 8.6% YoY)
  • Employee benefits expense: ₹122.1 Cr, up 16.2% YoY (due to annual merit increase)
  • Other Expenses: ₹177.4 Cr, up 15.0% YoY
  • Business Support Services: ₹44.1 Cr, up 3.5% YoY
  • Hosting & Bandwidth: ₹24.3 Cr, up 2.3% YoY
  • PG Charges: ₹43.4 Cr, up 23.6% YoY
  • Others: ₹65.6 Cr, up 24.2% YoY
  • ESOP Costs: ₹7.4 Cr, up 168.4% YoY

KMP / Board / Auditor Changes

Not Specified

Dividend Declaration or Non-Declaration

Not Specified

Board Meeting Outcomes

Not Specified

Disinvestment / Strategic Actions

Not Specified