Crisis-driven growth masks opaque recovery path

Delivered 81% YoY revenue growth, 32% YoY PAT growth despite crisis

OPM 14.9%, NPM 8.9%; company confirms margin expansion in Q1

Overall GTV grew 81% YoY; specific region verification unavailable

No segment breakdown in results; claim unverified but plausible given 81% blended growth

No segment detail provided; cross-sell ₹65 Cr from TBO to Classic confirmed

24% YoY growth in Europe in crisis quarter validates prior 2-year market development spend; positions region as growth engine

Margin expansion demonstrated despite crisis; management says will accelerate as topline normalizes. GP to EBITDA conversion at 26%, expected to improve

Only TBO-to-Classic sales (₹65 Cr) live; reverse flow requires platform migration, now expected early 2027, not Q3 FY27

Like-for-like growth expected only from Oct onward (vs "large base in tough market"); no enterprise-level growth claimed yet from Classic standalone

Management explicitly avoided numeric forward targets due to Middle East unpredictability; only references prior quarter (Q3 FY26) as normalcy baseline

1.3% is a tricky metric because airline GTV has lower take rates than hotel GTV. Right metric is GP to EBITDA conversion at 26%, which should continue improving.

Extremely fluid, changes every hour, can't predict. Treating it as optionality now; if it recovers, will accelerate bottom-line growth further.

Q3 FY26 was the last full normal quarter; we expect to get back to that growth profile when things normalize. 'When is a big when' nobody knows.

Will take some time. Had organic growth in Jan-Feb pre-war at higher rates. If that comes back, and Classic delivers, should remain healthy. Very hard to predict.

Scaled hotel/web travel businesses run 45-60% EBITDA margins. We are not anchoring toward that in short/medium term. AI impact on efficiencies is still uncertain. Middle East future is uncertain.

We will see what best we can do from disclosure perspective. Current split is 50-50 retail vs B2B.

Not a focus area for us. We work mostly with chains/luxury hotels. Long-tail has channel managers/aggregators. This isn't our priority now.

OpenAI/Anthropic haven't created transaction frameworks in their apps, so no easy booking path yet. OTAs are in MCPs but no disclosed meaningful conversions. We're experimenting with MCPs and tools; predictable gains come from CX AI and sales effectiveness.

Management says 'when is a big when.' Jan-Feb pre-war organic growth was higher than 15% CC; no specific FY27 target given.

Historically Q2 > Q1; July is peak travel month in Northern hemisphere; no new shocks assumed.

Platform migration target: CY2026 end. Bidirectional cross-sell (Classic to TBO) can begin only after migration. 'Several quarters away' from meaningful enterprise growth in Classic.

Operating leverage demonstrated in Q1. Management says it will accelerate as topline growth normalizes. No target range given.

Organic SG&A grew 4% CC YoY. May expand slightly in Q2 due to increments + market development, but 'not at pace of top line.'

Classic Q1 margin 3.4% is high seasonality. Full-year 2.5% is fair consensus per management.

VOYA capex in intangibles, minimal spend. CX and sales AI projects are in-house, not impacting P&L yet. No material capex intensity expected.

No specific amount disclosed; described as 'big one' of three-pronged integration strategy but not quantified.

Middle East is 'eye of the crisis.' Management calls recovery timing 'extremely fluid, changes every hour.' Prior high-growth market now at 1% CC. Cascading impact on Europe routing.

Classic integration bulk completion by Q3 FY27. But bidirectional cross-sell (Classic to TBO) revenue uplift not expected until early 2027 (CY2026 end migration). Cross-sell gains 'several quarters away,' not near-term lever.

No formal revenue or margin target for FY27. Management references 'return to Q3 FY26 profile when things normalize' but won't commit to timeline or level. Makes modeling difficult.

Gross margin down ~30bps YoY; management explicitly states they 'fought for business' in Middle East by lowering margins selectively to defend volumes. Repeat in future crises could compress margins further.

Management says 'jury is still out' on AI impact on efficiencies. VOYA is experimental. CX productivity gains not yet reported. AI moat vs competitors unclear.