Economy Overview
Global Economy
The global economy continued to grow at a steady pace of around 3.4% in both 2024 and 2025, supported by strong investment in technology, particularly artificial intelligence (Al). However, the global economic environment remained uncertain due to rising trade protectionism, higher U.S. tariffs, and and ongoing geopolitical tensions. Tensions in West Asia, including the rising Israel-lran conflict and U.S. military involvement, continued to undermine investor confidence and increase global economic uncertainty in 2026. The situation further deteriorated when I ran restricted access to the Strait of Hormuz, a critical route for global oil shipments, heightening concerns over energy security, trade flows, andfinancial market
sta bility. At thesame time, ongoing volatility in fuel prices and elevated energy costs remained a major challenge for the travel industry, shaping demand patterns across aviation and tourism.
The US economy grew in 2025, supported by strong tech investment and favourable financial conditions, even though inflation remained high and the labour market slowed. In the Euro Area, growth improved to 1.4% in 2025 from 0.9% in 2024, as the region continued recovering from earlier energy shocks and tight monetary policies. Growth in advanced economies improved slightlyfrom 1.8% in 2024 to 1.9% in 2025, supported by resilient economic activity. In contrast, growth inemerging and developing economies moderated marginally from 4.5% to 4.4%, reflecting the impact of global uncertainties, trade disruptions, and slower external demand.
© IMF, April 2026 Report, *E = Estimate
Global economic activity in 2025 was also supported by rising investment in artificial intelligence (Al), digital infrastructure, and clean energy transition initiatives, which continued to drive innovation, productivity improvements, and long-term capital expenditure across major economies. According to the International Monetary Fund (IMF), global growth is expected to moderate to around 3.1% in 2026 and 3.2% in 2027. Inflation is projected to increase from 4.1% in 2025 to 4.4% in 2026, then ease to 3.7% in 2027. Emerging and developing economies, especially those dependenton commodity imports, are likely to face higher pressure from rising energy prices, supply chain disruptions, and global uncertainties. Despite these challenges, continued investments in Al and coordinated policy measures are expected to support medium-term economic stability and growth.
© https://www.imf.org/en/publications/weo/
issues/2026/04/14/world-economic-outlook-april-2026
Indian Economy
India remains one of the worlds fastest-growing major economies and is well-positioned to maintain its growth momentum. Indias economy remained resilient in 2025, with GDP growth improving from 7.1% in 2024 to 7.6% in 2025, according to the IM Fs April 2026 report. The growth was d riven by strong domestic demand, continued policy reforms, and a gradual recovery in both private and government investment, despite a challenging global environment marked by trade disruptions and geopolitical tensions. However, ongoing trade agreements with the European Union and the United States, together with strengthening economic ties with the Middle East and other strategic regions, enhanced cross-border trade, and business opportunities while improving resilience against external pressures. At the same time, government initiatives such as GST rationalisation and simplified compliance procedures continued to improve the ease of doing business.
© IMF April 2026 Report, E= Estimated
The growth was also driven by higher consumption and increased investment activity, particularly in the second half of the year. The manufacturing sector showed improved performance, while the services and industrial sectors also contributed steadily to overall growth. Segments such as trade, hotels, transport, and communication witnessed strong growth, supported by rising consumer demand and increased service activity. During FY 2025-26, the RBI supported growth by cutting the repo rate by 150 basis points as inflation eased and later kept it unchanged at 5.25% in April 2026 to balance economic growth with macroeconomic and financial stability. Inflation is expected to increase from 3.4% in FY 2025-26 to around 4.6% in FY 2026-27, indicating a gradual rise in price levels.
The outlook for the Indian economy remains positive, supported by strong domestic consumption, rising incomes, rapid urbanization, and evolving lifestyle preferences. The economy is expected to grow at 6.5% in the coming years, according to the IMF, as ongoing geopolitical tensions in West Asia may pose risks, including higher energy prices, inflationary pressures, and global uncertainty. Despite these external headwinds, Indias strong domestic fundamentals are expected to continue supporting growth. India continues to strengthen its growth trajectory, supported by strong domestic consumption, government capital spending, and robust service sectors.
its ability to attract large-scale Al investments. At the same time, infrastructure growth, a better business environment, and strong consumer demand are expected to support new opportunities and sustain economic growth despite external challenges. Indias per capita income is also projected to rise from USD 2,675 in 2025 to USD 3,075 by 2027. Tourism and hospitality are increasingly being prioritised as key sectors, given their potential to drive growth, jobs and overall quality of life as India moves toward its 2047 development vision Reflecting this momentum, the trade, hotel, transport, communication, and services sector, which encompasses the hospitality and tourism industry, recorded strong Gross Value Added (GVA) growth of 11.0% in FY 2025-26, compared with 6.7% in FY 2024-25, highlighting the sectors strengthening contribution to the countrys services-led growth.
- https://www.imf.org/en/publications/weo/ issues/2076/04/14/world-economic-outlook-april-2026
- https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/ PR36179ED854C2504530A4E69A95E76CF144.PDF
- https://static.pib.gov.in/WriteReadData/specificdocs/ documents/2026/apr/doc2026413845701.pdf
- https://www.worldometers.info/gdp/gdp-per-capita/7s ource=iinf&reeion=worldwide&vear=2027&metric=no minal
- https://www.pib.gov.in/PressReleasePage.
Industry Overview
Global Travel, Tourism, and Aviation Industry
The global travel and tourism industry maintained its growth momentum in 2025, driven by strong international travel demand, improved connectivity and increasing consumer spending on experiences. The sector contributed a record USD 11.6 Trillion to the global economy, representing 9.8% of the global GDP, highlighting its role in economic growth, employment and global mobility.
The services sector is likely to remain a key driver of exports, backed by global demand for Indias strengths in IT, financial services, and professional services. Growth is further supported by structural advantages such as a young workforce, improved education, and wider digital access. At the same time, rising incomes and increasing consumer spending are strengthening Indias domestic growth story. According to Deloitte India and the Retailers Association of India (RAI), Indias private consumption has more than doubled from USD 1 Trillion in 2013 to USD 2.1 Trillion in 2024, growing at a CAGR of 7.2% and outpacing major economies such as the United States, China and Germany. Looking ahead, Indias GDP is projected to reach USD 7.3 Trillion by 2030, with private consumption expected to contribute around 60% of the economy, reinforcing the countrys position as one of the worlds fastest-growing consumer markets.
Moreover, major events like the India Al Impact Summit 2026 highlight Indias rising global role in technology and
The global aviation industry continued to expand, supported by rising disposable incomes, increasing tourism, enhanced air connectivity, and growing global trade. The industry is projected to grow from approximately USD 609.1 Billion in 2025 to USD 815.7 Billion by 2034, reflecting sustained longterm demand for air travel and cargo services. Passenger travel remains the largest revenue contributor, accounting for nearly 86% of industry revenue, while air cargo continues to gain momentum, driven by the growth of e-commerce and increasing demand for high-value goods transportation.
The commercial aviation market is expected to grow from USD 214.4 Billion in 2025 to USD 293.6 Billion by 2030, at a CAGR of 6.5%, supported by higher passenger traffic, airport expansion, and greater demand for value-added travel services. Growth is expected to be particularly strong across the Middle East and South-East Asia, driven by rising international travel, expanding aviation infrastructure,favorable tourism policies, and increasing investments in airports and hospitality. These
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structural trends present significant opportunities for travel aggregators and airport service providers as travel activity continues to expand across key global markets.
Asia-Pacific remained the fastest-growing aviation region, driven by rising international travel, improving connectivity, and expanding airline capacity. Passenger traffic growth in the region was estimated at 8.0% in 2025 and is expected to remain strong at 7.3% in 2026. The regions growth is supported by increasing tourism activity, particularly across
Southeast Asia, along with growing cross-border travel and expanding aviation networks. The Middle East continued to strengthen its role as a key global aviation hub, supported by strong international transit traffic, airline network expansion and its strategic geographic position. Passenger traffic in the region grew by 6.0% in 2025 and by 6.1% in 2026, reflecting continued momentum in international travel demand.
Global air travel demand continues to grow steadily, supporting a strong operating environment for travel aggregators and benefit platforms. Global Revenue Passenger Kilometres (RPK) are projected to rise from 9,039 billion in 2024 to 9,971 billion in 2026, while global passenger volumes are expected to exceed 5.2 billion by 2026. Aircraft departures are projected at around 40.3 million, with load factors remaining high at 83.7%-83.8%. This sustained increase in traffic and aircraft utilization is expanding the broader travel ecosystem, including airport services, lounges, transfers, and ancillary experiences, while also strengthening opportunities for air travel aggregators to deepen partnerships with airlines, banks, card networks, and ecosystem players as demand rises for seamless, personalized and integrated travel and lifestyle services.
The Middle East travel, tourism, and aviation industry continues to show strong structural growth, supported by expanding hub infrastructure, robust long-haul connectivity, and rising passenger demand. The Middle East passenger market is expected to grow faster than the global average. It is projected to reach about 240 million passengers in 2026, representing a growth of 6.1%. This growth is driven by strong aviation ecosystems in GCC countries such as the UAE, Qatar, and Saudi Arabia, which continue to invest in world-class airports, connectivity hubs, and integrated travel infrastructure that supports tourism, business travel and transit flows. However,
development across the Middle East and North Africa remains uneven due to structural challenges, including USD 1.2 Billion in blocked airline funds globally, of which USD 515 Million is in the region, as well as geopolitical instability in countries such as Yemen, Syria, Iraq, and Lebanon, which disrupts airspace access and operations. In addition, infrastructure gaps and limited investment capacity in lower-income markets continue to create disparities in aviation development across the region.
The Southeast Asia tourism market is expanding rapidly, growing from USD 35.52 Billion in 2025 to USD 39.52 Billion in 2026 and projected to reach USD 67.41 Billion by 2031. This growth is driven by rising domestic and international travel, strong demand for leisure tourism, and increasing popularity of digital travel services and Meetings, Incentives, Conferences, and Exhibitions (MICE) activities. Key drivers include visa liberalisation, low-cost carrier expansion, and rising middle- class incomes, which are strengthening regional connectivity and boosting travel demand across countries like Thailand, Vietnam, Indonesia, and Malaysia.
The Iran conflict has mainly led to weaker demand and lower traveller confidence for Middle East routes. Customers have been booking air tickets closer to travel dates, while cancellations, rescheduling, and refund requests have been rising due to airspace disruptions and reduced flight reliability.
For travel aggregators, this increased operational burden comes through higher volumes of itinerary changes, alternate routing, fare adjustments, and customer support activity. It is also likely to shift demand toward alternative, more stable leisure destinations. Overall, this reduces conversion rates and increases post-booking friction, making it essential for platforms to enhance disruption alerts, offer flexible fare structures, and strengthen rebooking and cancellation support to sustain customer trust and revenue stability.
Outlook
The global aviation industry is expected to grow at a steady but moderating pace in 2026, with passenger traffic rising by about 4.9%. Asia-Pacific will remain the main growth driver, led by China, India, and Vietnam. However, capacity constraints such as aircraft shortages and labour limitations will continue to restrict supply and keep load factors high. Despite ongoing cost pressures from labor, maintenance, and inflation, airlines are expected to remain profitable due to strong ancillary revenues and high fleet utilization. Overall, the sector remains structurally strong, with supply constraints continuing to support pricing and profitability.
Indian Travel, Tourism, and Aviation Industry
Indias travel and tourism industry is emerging as a major growth engine for the economy, supported by risi ng domestic demand, improving connectivity, and steady recovery in both leisure and business travel. Indias tourism sector recorded strong growth between 2014 and 2025, with 181.25 million international arrivals and 93.35 million foreign tourist arrivals. Government initiatives are supporting the development of tourism destinations and infrastructure across India. The Swadesh Darshan scheme, launched in 2014, supported 76 tourism projects worth over IN R 5,000 Crore, with 75 projects completed by June 2026. The Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD) scheme focused on improving pilgrimage and spiritual destinations, with 54 projects worth over INR 1,700 Crore developed as of June 2026. In addition, the Special Assistance to States for
Capital Investment (SASCI) scheme, introduced in FY 202425, approved 40 tourism projects across 23 states with an investment of INR 3,295.76 Crore, further strengthening tourism infrastructure and experiences. These efforts have helped India emerge as a major tourism market, contributing USD 231.6 Billion to the economy and ranking 8 th among the worlds top tourism economies.
The Indian aviation market is growing steadily, supported by rising air travel demand, expanding airport infrastructure, fleet upgrades, and supportive government policies. The market is expected to rise from USD 14.78 Billion in 2025 to USD 16.53 Billion in 2026 and further reach USD 28.96 Billion by 2031, growing at a CAGR of 11.86% during 2026-2031. This growth is being driven by strong underlying demand, broader private-sector participation and ongoing efforts to improve connectivity across the country.
Indian Aviation Market Size (in USD Billion)
| Particulars | Value |
| Study Period | 2025-2031 |
| Market Size (2025) | USD 14.78 Billion |
| Market Size (2026) | USD 16.53 Billion |
| Market Size (2031) | USD 28.96 Billion |
| CAGR (2025-2031) | 11.86% |
Source: Mordor Intelligence
Airline capacity has broadly kept pace with passenger growth, supported by fleet expansion, and network optimization. Domestic flights account for about 68% of total seat capacity, while international routes make up the remaining 32%. Low- cost carriers continue to dominate the market, while airlines regularly adjust routes and frequencies to improve efficiency and load factors.
Airport infrastructure has expanded significantly over the past decade, strengthening Indias aviation backbone. The number of operational airports has increased from 74 in 2014 to 164 in 2025 and is expected to cross 350 by 2047. Domestic air passenger traffic continues to show stable growth, supported by better regional connectivity and rising travel needs. Passenger traffic is expected to increase to around 1.1 billion by 2040, implying a CAGR of about 12.2% over 15 years from 2026 to 2040.
This growth presents significant opportunities for travel aggregators to deliver seamless travel experiences through digital platforms, integrated mobility solutions, personalized offerings, and broader access to air travel in emerging markets. Delhi remains Indias busiest aviation market, with 3.8 million seats, accounting for around 20% of the countrys total capacity as of June 2026. Maharashtra ranks second, with 3.7 million seats and a 19% share of the Indian market.
Outlook
Indias tourism outlook is expected to benefit from the Union Budget FY 2026-27, which focuses on strengthening tourism infrastructure and destination development. Key priorities include developing major tourist destinations, strengthening the Buddhist tourism circuit by enhancing infrastructure and connectivity across key pilgrimage destinations such as Bodh Gaya, Sarnath, Kushinagar, Rajgir, Nalanda, and Sravasti, while also establishing medical tourism hubs. The Budget also emphasizes digital tourism infrastructure, including a proposed allocation of INR 5,000 Crore per City Economic Region over five years to support regional growth. The outlook for the Indian aviation market also remains positive, supported by rising incomes, growing tourism, stronger international connectivity, and continued infrastructure development. The sector is expected to benefit from large aircraft orders, expansion of airport capacity and deeper penetration into Tier- 2 and Tier-3 cities, which will further broaden the demand base.
Over the medium to long term, growth will be driven by sustained investment in new airports, airline fleet expansion, railway modernization, highway expansion, and continued policy support aimed at improving connectivity, strengthening transportation infrastructure, and boosting domestic manufacturing. However, near-term challenges such as volatile fuel prices, currency fluctuations, and infrastructure gaps at smaller airports may affect profitability. Despite these headwinds, the sector remains well-positioned for steady a nd long-term growth.
Global Airport Lounge Market
The global airport lounge market is experiencing strong growth, driven by rising air travel, increasing demand for premium travel, digital access solutions, and the growing adoption of lifestyle-oriented airport experiences. The market is evolving beyond traditional lounge access, with travellers increasingly seeking convenience, wellness, and productivity spaces, as well as personalized services. The global airport lounge market is estimated at USD 6.6 Billion in 2026 and is projected to reach USD 20.5 Billion by 2035, representing a CAGR of 13.5% during 2026-2035. The market is being supported by the growing adoption of card-based lounge access programs, which enable travellers to access lounges through premium credit and debit cards, loyalty programs, and travel memberships. In addition to traditional pay-per-use models, lounge access is increasingly integrated into banking partnerships, corporate travel programs, and digital travel platforms, expanding accessibility among frequent travellers. The rising penetration of premium cards, increasing air passenger traffic, and growing preference for enhanced travel experiences are expected to drive further adoption of airport lounge services globally.
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@ Global Market Statistics
From a regional perspective, North America accounts for approximately 36% of global airport lounge participation, followed by Asia-Pacific at 29%, Europe at 28%, and the Middle East & Africa at around 7%. The United States remains a key market, supported by high domestic air traffic, premium airline memberships and strong adoption of co-branded credit card lounge programs.
@ Global Market Statistics
Airport lounges have become an integral part of the travel experience, particularly for premium and frequent travellers. In 2025, around 57% of international business-class travellers used airport lounges for premium seating, dining facilities, and digital workspaces. Business travellers accounted for approximately 58% of lounge demand, while leisure travellers contributed the remaining 42%.
Usage patterns are also expanding beyond traditional lounge benefits. Walk-in and pay-per-use access accounted for nearly 33% of global lounge utilisation and around 29% in the United States, indicating growing acceptance among travellers without airline status or premium memberships. Lounge facilities are evolving beyond traditional waiting areas into spaces designed for work, relaxation, and wellness. Modern lounges increasingly offer business amenities such as workspaces and connectivity, which account for around 31% of services, while spa and wellness offerings contribute around 22%. In addition, features such as sleeping pods and private rest areas are becoming key elements of premium lounge experiences, catering to travellers seeking comfort and convenience.
Lounge adoption among frequent and premium travellers continues to grow, supported by airline loyalty programs, premium banking partnerships, and benefit platforms that improve accessibility. In 2025, around 61% of frequent domestic business travellers in the United States accessed lounges through airline memberships and financial service partnerships. Premium travel benefits continue to be a major driver of lounge adoption, with around 44% of lounge memberships in 2025 linked to airline frequent-flyer programmes and premium banking partnerships. These partnerships have positioned lounge access as an important value-added benefit for airlines, banks, and card networks seeking to improve customer engagement and loyalty.
Among leisure travellers, about 48% accessed lounges through walk-in programs, premium credit cards, and airline loyalty benefits, highlighting the growing importance of flexible access options beyond traditional membership models.
Technology is further supporting wider adoption by improving convenience and accessibility. Approximately 46% of airport lounges globally implemented digital check-in and contactless access solutions by 2025. In North America, around 48% of lounges integrated mobile check-in and automated verification systems, while nearly 37% of Asia-Pacific lounges adopted AI-enabled occupant monitoring and mobile access solutions to improve customer experience and operational efficiency.
Airport lounge networks are expanding globally, supported by airport modernization, international travel growth, and increasing demand for premium passenger experiences. Approximately 57% of newly modernized international airports in Asia-Pacific expanded lounge infrastructure in 2025 to support higher transit traffic and premium demand. Operators are increasingly investing in technology and experience-led facilities, with around 46% of lounges adopting contactless access systems, 34% expanding wellness-focused infrastructure, 29% introducing sleeping pods, and nearly 25% adopting AI-supported customer analytics.
The global lounge market continues to have a mix of airline- affiliated and independent operators, with approximately 53% of airport lounge operations managed by airline-affiliated providers. Independent networks and aggregators are increasingly creating broader multi-airport access platforms by partnering with airlines, financial institutions, and travel ecosystem players.
As lounges continue to expand into wellness, productivity, and lifestyle services, benefit platforms have the opportunity to move beyond basic lounge access and create integrated travel experiences that combine lounges with wellness, dining, and other premium services. This evolution can support stronger customer engagement, improved monetization, and long-term ecosystem growth.
@ https://www.globalmarketstatistics.com/market-reports/ airport-lounges-market-17757
Airport Infrastructure and Railway Lounge Market in India
Indias outbound travel market is witnessing strong growth, driven by rising disposable incomes, increasing international travel aspirations, and improved connectivity. This growth is being supported by continued investment in Indias airport infrastructure. Ca pex investments in the sector a re expected to remain high, with more than INR 1,00,000 Crore of investment anticipated over the next 4-5 years across new Greenfield airports, brownfield expansions, and capacity expansion at airports under the Airports Authority of India (AAI). In parallel, AAI is looking to develop approximately 50 additional airports over the next four years, further expanding the countrys aviation network. The expansion of global air routes, growing middle-class population, and increasing preference for premium travel experiences are expected to support sustained demand for travel-related hospitality services. As airport capacity expands and connectivity improves across a wider set of cities, better access to major aviation hubs and newer destinations can support outbound travel from a broader passenger base. As outbound travel continues to gain momentum, opportunities across airport and transit hospitality segments are likely to expand, supported by evolving traveller expectations, and greater adoption of premium services.
In comparison, the railway lounge market is expanding rapidly from an early-stage base, supported by the modernization and redevelopment of railway stations, expansion of premium passenger services, and increasing demand for enhanced travel experiences. Railway lounges are emerging as premium amenities within stations, offering comfortable waiting spaces with facilities such as Wi-Fi connectivity, buffet services, dedicated seating areas, and washrooms, similar to airport lounges. Ten11 Hospitality operates premium Lounges at key railway stations, including Chennai, Mumbai Central, and Vadodara, offering enhanced transit hospitality experiences for travellers. The introduction and planned expansion of executive lounges across key railway stations highlights the growing adoption of elevated transit experiences and the gradual development of a broader railway lounge ecosystem in India.
The growth in railway passenger traffic provides a strong foundation for expanding railway lounge services. Indian Railways carried 741 crore passengers in FY 2025-26, up from 716 crore in FY 2024-25, representing a growth of 3.54%. Rising passenger volumes, particularly at major stations, create greater opportunities for paid waiting services and premium passenger amenities. In addition, as of October
2025, plans are underway to develop 76 passenger holding areas across various railway stations in the country before
2026. These facilities will follow a modular design approach and be developed based on local requirements, creating additional infrastructure to manage passenger movement and improve travel convenience.
The modernization of railway stations is a key driver supporting the growth of railway lounges. The Amrit Bharat Station Scheme has been introduced for the long-term redevelopment of railway stations, under which 1,337 stations have been identified for upgradation nationwide. These stations are being redeveloped with improved passenger facilities, better circulation areas, and upgraded infrastructure. As stations evolve into modern mobility hubs, the availability of premium services such as lounges, dining facilities, and passenger convenience solutions is expected to increase. This transformation supports the long-term growth potential of the railway lounge market.
Railway stations are increasingly being developed as integrated urban mobility hubs rather than only transit points. This shift aligns with broader infrastructure modernization efforts under smart city and redevelopment programs, where improved passenger experience, commercial facilities, and organized service offerings are becoming key focus areas. The development of premium waiting spaces and passenger services complements this transition by creating a more convenient and enhanced travel experience, particularly at high-footfall urban stations.
Railway lounge volume in India are still in their early stages, but are gradually gaining traction through bank-sponsored programs, walk-ins, and DreamFolks Club membership, supported by increasing awareness and adoption of premium rail travel experiences. Unlike traditional waiting areas, railway lounges are positioned as premium services that offer added comfort and convenience to passengers. As passenger traffic increases and more stations undergo redevelopment, transaction volumes are expected to grow initially across major railway hubs and gradually expand to additional locations. The combination of rising footfall, improved infrastructure, and increasing demand for premium travel experiences provides a favorable environment for the growth of railway lounge services.
Global Card and Digital Payments Industry
The global card industry continues to expand steadily, supported by the broader shift toward digital and cashless payments across both developed and emerging markets. Credit, debit, and prepaid cards remain important for travel spending due to their convenience, security, and wide acceptance across retail, hospitality, and online travel channels.
The global cards market is valued at around USD 352.1 Billion in 2025 and is expected to reach USD 377.3 Billion in 2026, growing at 7.2% and is projected to rise to nearly USD 513.2 Billion by 2030. Growth is being driven by digital banking expansion, e-commerce growth, rising use of contactless and virtual cards, and deeper integration with digital wallets and embedded payment systems, which is making card-based travel services more seamless.
Globally, non-cash transactions are expected to increase from around 1,685 billion in 2024 to 3,540 billion by 2029, implying a CAGR of about 16%. This expansion is consistent across region 1,685 billion in 2024 to 3,540 billion by 2029, implying a CAGR of about 16%. This expansion is consistent across regions, supported by e-commerce growth, mobile payments, and real-time payment infrastructure.
Regionally, Asia-Pacific (APAC) leads the global B2B and B2C payments market with a transaction volume of 2,006.9 billion, driven by the rapid adoption of mobile payments, digital wallets,and real-time payment solutions across the region. Europe stands at 692.3 billion, reflecting steady growth in a mature market, while North America reaches 373.4 billion due to high digital penetration. Latin America grows strongly to 383.1 billion, supported by e-commerce and financial inclusion, while MEA remains smaller at 84.5 billion but continues steady expansion.
The global payment landscape is undergoing a significant transformation. Cards accounted for around 52% of non-cash payments in 2024, but their share is expected to reduce to 47% by 2029 as digital wallets, account-to-account payments, and other emerging payment solutions gain wider adoption. Instant payments and e-money wallets are the fastest-growing segment, with their share rising from 21% to 32% over the same period. Credit transfers remain stable at 18%, while direct debits hold 4%. Cheques continue to decline sharply, reaching around 1% by 2029 as digital alternatives replace legacy payment systems.
Indian Card and Digital Payments Industry
Indias credit card market was valued at approximately USD 20.1 Billion in 2025 and is projected to reach USD 38.3 Billion by 2034, growing at a CAGR of about 7.4% during 2026-2034. Growth is supported by rising digital payments, e-commerce expansion, financial inclusion and regulatory support.
Indias payments ecosystem is now a multi-rail structure comprising UPI, cards, QR payments, wallets, and Point of Sale (PoS) terminals, enabled by high smartphone penetration and affordable internet access. While cash remains relevant in rural and semi-urban areas, digital adoption continues to accelerate, even as cybersecurity risks rise with transaction volumes. Digital payment transaction value stood at INR 299.9 Trillion in FY 2024-25 and is projected to reach INR 907.3 Trillion by FY 2029-30, reflecting strong growth in digital adoption. During the same period, transaction volumes are expected to rise from 206.1 billion to 617.3 billion, highlighting the continued shift towards digital payments.
Digital Payments Transactions - Volume (in Million) and Value (in INR Billion)
Credit card usage increased in FY 2024-25, with 4.8 billion transactions worth INR 21 Trillion. Adoption is expected to strengthen further in FY 2025-26 and reach around 13 billion transactions by FY 2029-30, with value rising to INR 54 Trillion, growing at a CAGR of 20.9%.
@ PwC analysis
Debit card usage is undergoing a structural decline as consumers increasingly shift toward UPI, credit cards and other digital payment options. Debit card transaction volumes declined from 2,286 million in FY 2023-24 to 1,614 million in FY 2024-25 and are expected to further reduce to 702 million by FY 2029-30. Transaction value is also expected to decline, though at a slower pace, from INR 5,924 Billion in FY 2023-24 to INR 4,962 Billion in FY 2024-25 and INR 3,636 Billion by FY 2029-30. The relatively slower decline in transaction value compared with transaction volume indicates that debit card usage is becoming more concentrated toward higher-value transactions, even as its share in the overall digital payments ecosystem continues to decline.
m PwC analysis
Indias move to UPI-led payments has made transactions faster, simpler, and more accessible, enabling instant QR-based payments and reducing dependence on cash. This improves checkout efficiency with real-time settlements, lower failure rates, and broader merchant inclusion. Features such as recurring payments and credit-on-UPI further enhance flexibility, making travel payments more seamless and
Global Hospitality Industry
The global travel and tourism industry continued to grow in 2025, contributing USD 11.6 Trillion to the global economy, equivalent to 9.8% of global GDP. This includes the direct, indirect and induced economic impact of the sector. The industry expanded by 4.1% year on year, outperforming overall global economic growth of 2.8% by nearly 50%. Growth was driven by both domestic and international travel. Domestic visitor spending increased by 3.7% over 2024 to reach USD 5.63 Trillion, while international visitor spending rose by 3.2% year on year to USD 2.02 Trillion.
International visitor spending showed broad-based growth across most regions in 2025, although performance varied. Europe remained the largest market with spending of USD 835 Billion, while the Asia-Pacific region recorded the strongest year on year growth at 8.3%. The Middle East continued to outperform globally, with spending 26.8% above 2019 levels, followed by the Caribbean at 21.5% and Central & South America at 8.6%. Africa also exceeded pre-pandemic levels, with spending 4.0% higher than in 2019. In contrast, North America was the only region to record a decline, with international visitor spending falling 3.3% year on year and remaining 17.8% below 2019 levels
Outlook
Looking ahead to 2026, the outlook for the global hospitality industry remains positive, with global tourism expected to grow by 3%-4% (Y-O-Y). This growth is likely to be supported by major global events such as the FIFA World Cup 2026 and the Milano Cortina 2026 Winter Olympics, which are expected to drive higher international travel. However, ongoing geopolitical tensions, elevated travel costs, and broader economic uncertainty may pose headwinds to growth. At the same time, travellers are becoming more value-conscious and this increasing focus on value for money is expected to shape travel demand patterns going forward.
Indian Hospitality Industry
The Indian hospitality sector delivered a broadly strong performance in 2025. International tourist arrivals were 20.09 million in 2025, down 2.4% from 20.57 million in 2024, while 2024 arrivals were 14.8% higher than the pre-pandemic 17.91 million in 2019.
At the same time, the domestic hospitality market remained resilient and continued to strengthen. Overall hospitality industry occupancy improved to 64%, up by 1.1 percentage points, supported by steady demand from business, leisure, and social travel segments. Average Daily Rate (ADR) rose to INR 8,624, up 8.6% over 2024, driving Revenue per Available Room (RevPAR) to INR 5,522, up 10.8%, highlighting improved pricing power across the sector. On the supply side, growth remained healthy, with branded hotel inventory increasing to around 1,33,000 rooms and total hotel inventory reaching 2,16,000 rooms, up 7.7% (Y-O-Y). The hotel development pipeline remains strong, with around 1,44,000 rooms under
development and an additional 39,000 rooms planned, indicating continued expansion in the hospitality sector. Overall, the sector is expected to maintain its positive growth momentum, supported by rising travel demand and strong contributions from the MICE (Meetings, Incentives, Conferences, and Exhibitions) and weddings segments.
Growth was not restricted to traditional business and leisure hubs but also expanded into emerging economic centres, including Global Capability Centres (GCCs), data center clusters, and other new-economy locations.
GCCs have become an important driver of hotel demand, as they generate consistent business travel, long-stay corporate stays, training visits, client meetings, and relocation-related demand. With global companies expanding their GCC presence in cities like Bengaluru, Hyderabad, Pune, and Delhi NCR, they are helping to create a stable, year-round base of corporate demand, particularly for mid-scale to upper-upscale hotels, while also improving weekday occupancy levels.
In 2025, Indias key hotel markets witnessed a clear gap between supply additions and demand absorption, reflecting strong demand for premium hospitality experiences. This trend supports opportunities for Dreamfolks to expand its hospitality-related offerings, including hotel room upgrades, buffet dining, and other curated lifestyle experiences through its partner network.
Mumbai and Bengaluru saw significant new supply, adding 5,300 and 4,700 rooms, respectively, outpacing demand growth in both cities. Even so, both markets continued to perform well, with healthy occupancy levels of 77.1% in Mumbai and 66.8% in Bengaluru, supported by strong underlying demand from corporate travel, international tourists and large-scale events. Demand for hotels in Chennai remains strong, but the existing supply needs to expand to keep pace with the growing demand.
@ Horwath HTL February 2026 Report
The hospitality industry has a higher concentration of rooms in the luxury and upper-upscale segments than in the overall market mix in most cities. Transient refers to individual travellers booking rooms separately, such as business or leisure guests. Group refers to bulk bookings made by organized groups, such as corporate events, weddings, or tour groups. In most markets, this segment accounts for more than 20% of total room inventory, except in Mumbai, where its share is lower. In contrast, cities like Goa and Jaipur have a much stronger premium mix, where luxury and upper-upscale segments account for around 45% and 55% of total room inventory, respectively.
Looking ahead, from 2026 to 2030, the hospitality industry is expected to see a clear acceleration in new supply, especially in high-growth markets. Bengaluru is likely to lead the expansion by a significant margin, with around 11,400 new rooms in the pipeline. Delhi-National Capital Region (NCR) follows with approximately 9,300 new rooms, reflecting strong confidence in sustained demand from corporate travel, the technology sector, and the MICE segment.
The Indian hospitality sector is witnessing growing demand for curated hotel-linked experiences, including room upgrades, buffet dining, wellness, and other premium hospitality services, supported by rising leisure travel, weddings, MICE activity, and an increasing preference for premium stays. These trends are creating opportunities for value-added hospitality benefits and enhancing demand for our Companys lifestyle offerings. According to the Horwath HTL India Hotel Market Review 2025 report, wellness has emerged as a significant opportunity, with growing potential for specialised offerings beyond traditional spa services. Leisure destinations such as Udaipur, Jaipur, Goa, Agra, Jodhpur, and hill markets continue to present strong opportunities for experiential products, while emerging markets across the North East, Odisha, and other developing destinations offer further growth potential. Hotels are increasingly focusing on curated dining experiences, wellness programmes, local experiences, and event-led offerings to improve customer engagement, increase revenue opportunities, and strengthen premium positioning. However, successful execution will depend on maintaining quality, managing supply-demand balance, developing skilled talent, and creating differentiated experiences that align with local market potential.
Premium Travel, Lifestyle, and Wellness Services Market
The premium lifestyle management market is witnessing strong growth as affluent consumers increasingly seek personalised services, exclusive experiences, and convenience-driven solutions. The global market is projected to reach around USD 35 Billion by 2033, growing at a CAGR of 8.5% between 2025 and 2033. Personal concierge and travel planning are among the largest segments, valued at approximately USD 12 Billion and USD 8 Billion, respectively, while corporate adoption is also increasing as businesses focus on employee experience and productivity. North America currently leads the market, while Asia Pacific and the Middle East are expected to see faster growth due to rising wealth, premium consumption, and demand for curated lifestyle offerings.
This growth creates an opportunity to move beyond traditional travel bookings and develop complete premium travel experiences. These can combine stays, curated experiences, wellness, dining, mobility, and exclusive access services. In India, luxury spending is increasingly shifting from owning products to creating memorable experiences. The experiential luxury segment, including fine dining, luxury holidays, events, and lifestyle experiences, was estimated at INR 24,830 Crore in 2025 and continues to grow rapidly. Rising demand for private villas, destination weddings, wellness retreats and curated experiences reflects, a growing preference for memorable and personalised journeys.
Wellness is emerging as a major growth driver in premium travel, supported by rising interest in self-care, preventive health, and holistic experiences. The global spa, wellness, and beauty services market is valued at around USD 239 Billion in 2025 and is expected to expand further, driven by personalised treatments, wellness retreats, and integrated health experiences. In India, wellness tourism is becoming an important part of the medical value travel ecosystem, combining modern healthcare with Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy (AYUSH)-based experiences to offer high-quality treatment and preventive wellness solutions. Indias medical tourism market is projected to expand from USD 8.7 Billion in 2025 to USD 16.2 Billion by 2030, reflecting a CAGR of approximately 13.3% during the period. The sectors growth is supported by rising international patient inflows, with 5,07,244 medical tourist arrivals recorded in 2025. For travel aggregators, this creates opportunities to offer complete wellness journeys integrating treatments, accommodation, transfers, and curated local experiences.
Lifestyle experiences such as premium cafes, dining, and social spaces are also becoming important components of travel. Indias branded coffee shop market grew 12.7% in 2025 to reach 5,339 outlets, reflecting rising cafe culture and demand for premium social experiences, Travel platforms can integrate cafe trails, local dining experiences and lifestyle recommendations into city itineraries, particularly for younger and affluent travellers seeking authentic experiences.
Road travel is another emerging opportunity as Indias expanding expressway network transforms highways into experience-led travel corridors. Highway dining is evolving from traditional roadside stops into organised food, hospitality, and leisure destinations. The highway food services segment is estimated at around USD 10 Billion and growing at approximately 15% CAGR, creating opportunities for aggregators to bundle road-trip itineraries with curated dining stops, premium rest areas, and local experiences.
The rise of private members-only clubs further highlights the growing demand for exclusivity and personalised experiences among affluent consumers. Indias private club market is estimated at INR 5.76 Billion in 2024 and is expected to reach INR 9.41 Billion by 2027, growing at a CAGR of 17.8%. With over 25 clubs operating across India, these spaces offer travel platforms opportunities to provide premium access to networking events, luxury dining, wellness facilities, and exclusive city experiences.
Overall, the premium travel ecosystem is moving toward experience aggregation, where consumers increasingly value convenience, exclusivity, and personalised journeys. The premium travel ecosystem is evolving into a broader lifestyle experience, combining travel with wellness, dining, leisure, mobility, and exclusive access-based services to deliver more personalised and experience-driven journeys.
Company Overview
Dreamfolks Services Limited (hereafter referred to as DreamFolks or our Company) is Indias leading travel and lifestyle experiences company, offering a comprehensive portfolio of services including access to Global Airport and Railway Lounges, Meet & Assist Services, Private Club Membership, Spa And Wellness, and other curated lifestyle experiences. Through our proprietary technology platform, our Company enables banks, card networks, airlines, online travel agencies (OTAs) and enterprises to create customised travel and lifestyle programmes for their customers. Listed on both the BSE and NSE since September 2022, DreamFolks has established a global footprint spanning over 6,000+ travel and lifestyle touchpoints across 100+ countries.
Over time, our Company has evolved from being a lounge- access aggregator into a comprehensive travel and lifestyle platform, offering a wider range of services that enhance the overall customer journey beyond airport experiences. While airport and railway lounge access remains a core offering, our Company has expanded into additional categories of premium experiences. This shift reflects a move toward a more diversified and technology-enabled business model.
In FY 2025-26, we continued this transition by strengthening our position in global lounge services and broadening our portfolio. The year also saw a structural change in the domestic credit card ecosystem, where unlimited lounge access shifted toward spend-based and personalised benefit structures. Alongside this transition and short-term geopolitical disruptions, we focused on strengthening our technology capabilities, improving product innovation, and repositioning ourselves as a more resilient global travel and lifestyle platform.
Strategic Framework
Five-Pillar Strategy
1. Expanding Our Global Footprint
As part of our global expansion strategy, we a re focused on strengthening our presence across international markets by expa nding our network of travel and lifestyle touchpoints. We continue to build strategic partnerships with global lounge operators, travel ecosystem participants, banks, payment networks, and enterprise clients to broaden our geographic reach and enhance our service portfolio. Leveraging our asset-light, technology- driven business model, we aim to scale efficiently, improve consumer accessibility and establish DreamFolks as a leading global travel and lifestyle experience platform.
2. Diversify into Lifestyle Services
We are expanding beyond airport lounges by building a wider lifestyle services ecosystem that includes wellness, dining, hotel benefits, transfers, and other travel & lifestyle experiences. Through these offerings, we aim to boost customer value, create new revenue opportunities, and provide differentiated benefits to our partners and consumers.
3. Deepen Client and Direct Consumer Engagement We continue to strengthen relationships with card networks, issuers, enterprises, and consumers through deeper integrations, personalised experiences, and augmented digital engagement. By expanding our offerings and strengthening platforms such as DreamFolks Club, we aim to enhance customer loyalty, drive higher utilisation of our services, and create greater value across our ecosystem.
4. Strengthen Technology-Led Platform Delivery Technology is at the core of our operating model and growth strategy. We are continuously investing in our digital platform to enable seamless access management, real-time visibility, partner integrations, and personalized customer experiences. By leveraging data, analytics, and automation, we aim to improve operational efficiency and deliver scalable solutions across multiple categories.
5. Driving Growth Through Strategic Partnerships We continue to pursue strategic partnerships and selective acquisitions to strengthen our capabilities, expand our market presence, and accelerate growth. By identifying opportunities that enhance our distribution, technology, and service offerings, we aim to build a stronger ecosystem while maintaining a scalable and efficient business model.
Services Portfolio
Over the years, we have expanded our offerings well beyond lounge access. Today, our services are grouped into two broad categories: Travel Services and Lifestyle Services, enabling us to support customers at every stage of their travel, leisure, and daily lives. As Indias leading travel and lifestyle experiences company, DreamFolks provides access to a wide range of services, including access to global airport lounges and railway lounges, meet & assist services, airport transfers, travel SIM, airport food and beverage, spa and wellness, beauty and grooming, highway dining, private club memberships, golf games and lessons, and other curated lifestyle experiences.
During FY 2025-26, we acquired Tenll Hospitality LLP (now known as Tenll Hospitality Private Limited, referred to as Tenll Hospitality or Tenll) in I ndia to strengthen our capabilities in premium hospitality and lifestyle experiences, further enhancing our consumer value proposition and service portfolio. We are also in the process of acquiring easy to travel (ETT), Dubai, which will expand our international client relationships, particularly in the Middle East, deepen partnerships with financial institutions and travel ecosystem players, and support our global growth strategy.
Duringtheyear, we expanded our lifestyle services portfolio by going live with several leading clients. We also partnered with a leading app-based cab aggregator to offer seamless airport transfer services, enhancing convenience across the customers travel journey. To strengthen our international reach, we expanded our network by more than 300 global airport lounges this year, surpassing 1,000 lounges worldwide, and rolled out our global lounge access programme across multiple forex and credit card platforms. We continue to strengthen our offerings, driven by innovation, strategic partnerships, and technology-led solutions. We create seamless, personalised, and value-added experiences for travellers and consumers across multiple touchpoints in travel, leisure, and lifestyle, which are listed as follows:
Travel Services
- Airport Lounge Access: Access to a global network of 1,000+ premium airport lounges, enabling travellers to enjoy a relaxed and comfortable pre-flight experience with consistent premium amenities across major airports worldwide.
- Railway Lounges: Access to premium railway lounges at major Indian stations to boost comfort for rail travellers.
- Meet & Assist: Personalised meet-and-assist services at 400+airports globally, covering check-in, security clearance, baggage handling, and lounge access, with optional porter, buggy, and personalised assistance services to enhance the traveller experience.
- Airport Transfers: Reliable pick-up and drop services at 150+ airports in India and overseas for safe, convenient ground travel.
- Travel SIM: Instant international eSIM connectivity for travel lers to stay con nected across desti nations.
- Visa At Your Doorstep and Related Services: End-to-end facilitation for Visa application process
Lifestyle Services
- Golf Games and Lessons: Access to a wide network of golf courses, golf academies, and simulator facilities across India and global locations, offering golfing experiences, coaching sessions, skill development, and year-round practice opportunities.
- Spa, Beauty, and Wellness Services: Airport and city-based spa, beauty, and wellness treatments delivered through leading salon and healthcare partners.
- Private Club Membership: Access to 3,300+ exclusive private clubs
- Coffee: Access to complimentary beverages at premium cafes across 200 locations in 140 malls in 50 cities for convenient coffee experiences.
- Highway Dining: Curated dining options at key highway locations to improve long-distance road travel comfort and convenience.
- Complimentary Dining/Buffets at premium hotels: Curated hotel dining and buffet experiences.
- Hotel Room Upgrade: Complimentary or discounted room upgrades at partner hotels, offering travellers enhanced comfort and premium amenities during their stay.
- Gifting, Healthcare, and Other Services: Curated gifting, health check-ups, valet parking, pay-and-use amenities, and other lifestyle benefits for added convenience.
DreamFolks Club 2.0
DreamFolks Club 2.0 represents our evolution from a traditional airport lounge access platform into a premium B2C lifestyle membership ecosystem. While we have historically operated through a B2B-led ecosystem by partnering with banks, fintechs, corporates, and other institutions, this membership platform enables us to engage directly with end users, understand their preferences, and create a more personalised experience. Through this platform, we are bringing together travel, hospitality, entertainment, and lifestyle experiences under a single membership, enabling consumers to access a curated range of benefits on a single digital platform.
Creating a Unified Travel and Lifestyle Experience
We have designed DreamFolks Club 2.0 as a comprehensive travel and lifestyle proposition that combines aspirational services bundled under one membership with everyday benefits. While airport lounge access remains a core offering, we have expanded the platform to include premium experiences such as railway lounges, private club memberships, golf services, dining benefits, wellness services, entertainment offerings, and other lifestyle privileges.
A key feature of our offering is access to exclusive private clubs and premium experiences through our global partner network. Through this ecosystem, we provide access to over 3,300 global lifestyle touchpoints, including premium clubs and curated experiences, subject to partner availability and company validation.
We aim to provide greater convenience and value to customers by bringing multiple services together under one membership. Our offering combines premium experiences that augment the memberships aspirational appeal with frequent-use benefits that encourage regular engagement beyond travel-related occasions.
Premium Membership Proposition and Customer Segmentation
We have adopted a tiered membership approach to cater to diverse customer segments, including frequent travellers, affluent consumers, and experience-focused users. Each membership tier provides access to a curated set of benefits, with higher tiers offering enhanced privileges and premium experiences.
Through this one-time purchase model, we are expanding our consumer offerings, strengthening customer engagement, and creating an additional revenue stream. The platform also enables us to gain deeper insights into customer behaviour and to continuously boost our offerings in response to evolving preferences.
Membership Tiers and Pricing
The DreamFolks Club membership portfolio is designed to cater to distinct traveller segments, ranging from frequent business travellers to occasional leisure travellers. The premium Black and Orange memberships target high-frequency flyers seeking comprehensive lifestyle, wellness, and airport privileges, while the White membership is positioned for value-conscious travellers lookingfor essential travel benefits at an accessible price point. The tiered pricing strategy enables DreamFolks to address diverse customer needs while encouraging upgrades to higher-value memberships.
- Unlimited access* to 3,300+ private clubs
- 12 golf lessons and games at select courses across India
- Unlimited complimentary coffees at leading cafes
- 8 global lounge visits across 1,000+ lounges and 12 other benefits
- Unlimited access* to 3,000+ private clubs
- 6 golf lessons and games at select courses across India
- 16 complimentary coffees in 90+ leading cafes
- 6 global lounge visits across 1,000+ lounges and 11 other benefits
- 4 visits to 2,900+ private clubs
- 2 golf lessons and games at select courses across India
- 4 complimentary coffees in 90+ leading cafes
- 4 railway lounge visits a nd 7 other benefits
Black Tier benefits worth INR 5 Lakh Orange Tier benefits worth INR 3 Lakh White Tier benefits worth INR 65,000
*Each club can be accessed once per month.
Building a Diversified Lifestyle Membership Ecosystem
We enable members to access a wider range of services across travel, hospitality, and lifestyle categories by leveraging our established partner ecosystem. Through DreamFolks Club 2.0, we are strengthening our position as an integrated travel and lifestyle experience platform. As consumer expectations continue to evolve towards convenience, exclusive experiences, and bundled services, we believe this membership ecosystem provides an opportunity to deepen engagement, increase customer lifetime value, and create sustainable growth opportunities.
Strategic Acquisitions and Expansion
Acquisition of easy to travel (ETT), Dubai:
In December 2025, we announced the acquisition of a 60.24% stake in easy to travel (ETT), a Dubai-based, technology- enabled global airport ancillary distribution platform. The acquisition marks a key milestone in our global growth strategy and supports our vision of building a seamless, technology- driven platform for travel and lifestyle experiences.
The acquisition strengthens our presence in international markets, particularly in the Middle East and Southeast Asia, by expanding our client relationships, enhancing strategic partnerships, and providing access to new business opportunities across the travel and financial services ecosystem. ETTs strategic base in Dubai provides us with access to a global aviation hub and enhances our ability to expand our services across international markets.
ETT expands our global network with access to services across 100+ countries, 500+ airports, and more than 1,200 service touchpoints. Its offerings include airport lounge access, fast- track services, meet-and-assist, buggy transfers, delay care solutions, and global eSIM services.
ETT brings established relationships across the global travel ecosystem, including online travel agencies, global distribution systems, airlines, banks, fintechs, travel agencies, and marketplaces. These partnerships refine our ability to distribute premium travel services and create new opportunities for customer engagement.
The acquisition provides an opportunity to combine ETTs technology capabilities with our existing proprietary platform. ETTs Application Programming Interface (API)-led distribution model, mobile solutions, and white-label tools strengthen our ability to connect with partners, improve scalability, and deliver services efficiently.
Acquisition of Ten11 Hospitality
We acquired Ten11 Hospitality in November 2025 by investing up to INR 11.46 Crores to acquire a 50.01% partnership stake from the existing partners. After completion of the transaction, Ten11 Hospitality LLP became a subsidiary of our Company. Through this acquisition, we have entered the railway lounge infrastructure space for the first time and have expanded our model from an asset-light aggregation approach to a hybrid structure that includes direct ownership and operational control of select assets.
Post-acquisition, we currently operate railway lounges in Chennai, Mumbai, and Vadodara, also coming up with another lounge in Lucknow soon. While the network is still in its early stages, this marks an important step in building our physical presence in the railway lounge segment. This acquisition gives us greater control over service delivery and customer experience. By owning and operating these lounges directly, we can maintain more uniform processes and deliver a more consistent premium experience for our customers than relying solely on third-party partners.
The railway lounge opportunity is closely linked to ongoing railway station modernisation in India and the growing demand for premium travel experiences. As infrastructure upgrades continue and passenger expectations evolve, we believe the addressable market for railway lounge services will continue to expand. Overall, Ten11 Hospitality adds a meaningful infrastructure layer to our platform strategy. While the business is still at an early stage of scale, it strengthens our long-term positioning in the railway lounge segment and supports our transition into a broader travel and lifestyle experience platform.
Operational Review
1. Touchpoints and Geographic Expansion
We expanded our global footprint during the year, adding more than 320 airport outlets across key locations, including Southeast Asia and the Middle East. In India, we strengthened our railway lounge operations footprint with lounges in Chennai, Mumbai, and Vadodara, while also progressing towards the launch of a new lounge in Lucknow. Internationally, we expanded our global lounge coverage and partner integrations across multiple regions, strengthening our cross-border travel ecosystem. We have a presence across more than 100 countries and operate through a network of over 6,000 touchpoints globally, enabling wide access to travel and lifestyle services.
2. Global Lounge Network Expansion
Our global lounge business remained a key driver of growth in FY 2025-26. We recorded strong growth in international lounge transactions, driven by increasing adoption from banking and card partners. The expansion of our network to 1,000+ lounge and outlet touchpoints globally reflects our continued ability to scale across geographies and deepen engagement with global financial and travel partners. Our global lounge transactions grew by approximately 140% (Y-O-Y), supported by stronger international travel demand and deeper penetration across partner programmes.
3. Growth in Lifestyle Services
We significantly expanded our lifestyle services portfolio during the year. Our offerings now include spa and wellness services, private clubs membership, hotel room upgrades, airport transfers, OTT subscriptions, movie benefits, dining experiences, and curated lifestyle experiences. This expansion has helped us increase engagement beyond travel moments and strengthen user stickiness across our platform.
4. Railway Lounge Transactions
Railway lounges emerged as an important growth area for us during FY 2025-26. We expanded our presence to key locations, including Chennai, Mumbai, and Vadodara and continued progress towards additional launches, such as Lucknow. The acquisition of Ten11 Hospitality also provided us with direct ownership and operational control, enabling us to be more efficient and ensure consistency of execution in this segment.
5. Golf, Club, Highway Dining, and Wellness Network
We provide access to more than 79 golf courses in India and over 950 facilities worldwide, supporting leisure activities, networking opportunities, and professional coaching. During the year, we expanded our presence across golf, private clubs, highway dining, cafe partnerships, and wellness services. These additions have helped us move beyond travel-linked usage and build a more continuous lifestyle engagement model, increasing the frequency of interactions on our platform.
6. Enterprise and Travel Agents, Division
Our enterprise and travel agent business continued to play a key role in distribution and partner engagement. We strengthened relationships across banks, airlines, OTAs, and enterprise clients, while also expanding our presence in international markets such as Southeast Asia and the Middle East. This has helped us diversify our revenue base and deepen our global reach.
7. Client Additions and Account Expansion
The client growth was driven largely by expansion within existing relationships rather than by new additions. We onboarded multiple clients across Southeast Asia, strengthening our presence in key international markets. We deepened engagement with banking and enterprise partners by expanding the range of services offered through our platform. During FY 2025-26, we launched our Coffee service and went live with a major banking client, strengthening our engagement across lifestyle- led offerings. We also went live with multiple major clients for global lounges and other services, including a new client for DreamFolks Club 2.0, further expanding platform adoption.
8. Technology-led Platform Development
Technology remained a core part of our operations in FY 2025-26. We strengthened our digital platform to support seamless onboarding, service fulfilment, and real-time access across partners, while also advancing initiatives such as DreamFolks Club 2.0 and integrated digital entitlement systems to improve scalability and standardisation across our ecosystem. Our mobile application continued to serve as the primary interface for membership management, benefit discovery, and service access. Digital membership identification and QR-based solutions enabled a smooth experience across partner locations. The platform also facilitated direct consumer engagement, helping us capture usage insights and improve personalisation, thereby strengthening customer relationships and supporting a connected consumer ecosystem.
Key Business Opportunities and Their Strategic Imperatives
- Rising Travel Demand and Favourable Industry Environment
The travel industry is experiencing robust structural growth, driven by rising domestic and international travel, higher spending on experiences, and growing demand for convenience-led services. This expansion is opening opportunities across travel, lifestyle, and ancillary segments. We are well-positioned to benefit from our established travel services ecosystem, strong partner network, and integrated platform, which enable seamless access to travel and lifestyle benefits.
- Growth in Outbound Travel from India
Rising disposable incomes, a growing affluent population, and increasing aspirations for international travel are driving outbound travel from India. Travellers are seeking premium experiences, personalised services, and greater convenience throughout their journey. We leverage our global partner network to provide customers access to premium travel and lifestyle services across destinations, enabling us to capture the growing demand for international travel experiences.
- Credit Card Evolution Driving Demand
The expansion of credit cards and changing customer expectations are driving demand for lifestyle-led benefits beyond payments, including lounges, dining, wellness, and premium experiences. We enable financial institutions to strengthen their card propositions by delivering differentiated travel and lifestyle benefits that improve customer engagement and loyalty. During the year, our Company also supported the rollout of an innovative programme addressing evolving issuer and customer requirements, including boarding pass-based travel and lifestyle benefits access demonstrating our ability to develop customised, technology-enabled solutions.
- Global Lounge Expansion, Especially in the Middle East and Southeast Asia
Growing air travel and rising preference for premium airport experiences are supporting the expansion of airport lounges globally, particularly across key aviation hubs in the Middle East and Southeast Asia. Our established lounge access ecosystem and global partner network enable us to deliver seamless, premium airport experiences for travellers across multiple locations.
- Railway Lounge Growth and Premium Rail Passenger Opportunity
Improving rail infrastructure and rising demand for comfortable passenger experiences are creating new opportunities beyond airports. We are leveraging our access-based service model and expertise in the travel ecosystem to extend premium experiences into emerging mobility segments. Our recent acquisition of Ten11 Hospitality is also expected to expand our reach in the railway lounge industry.
- Golf as a Corporate Engagement and Premium Lifestyle Benefit
Golf is emerging as a high-value lifestyle segment, driven by corporate networking, client engagement, and affluent leisure travel. We have been integrating golf and other premium experiences into our lifestyle benefits ecosystem through partnerships with clubs, hospitality providers, and experience platforms, helping us strengthen premium customer engagement, enhance cardholder loyalty, and differentiate our offerings for high-value segments seeking curated, experience-led benefits.
- Growth in Airport Ancillary Services, Including Meet & Assist and Airport Transfers
Travellers, particularly those flying premium and international routes, are increasingly seeking convenience services that simplify airport journeys. We are expanding beyond lounge access by building a broader airport services ecosystem that enables customers to access multiple travel assistance services through an integrated platform.
- Spa, Wellness, and Lifestyle Consumption
Rising focus on wellness, self-care, and experiential spending is driving demand for spas, beauty services, wellness retreats, and lifestyle services. We can leverage our platform and partner network to offer curated wellness and lifestyle benefits, expanding our value proposition beyond traditional travel services.
- Private Club Membership
The growth of affluent consumers is driving demand for exclusive clubs, premium memberships, networking spaces, and curated experiences. We connect customers with premium lifestyle partners and offer differentiated experiences for high-value segments.
- Highway Dining
Expansion of highways, growth in road tourism, and changing consumer preferences are creating demand for organised dining, premium stops, and convenient roadside experiences. We can extend our ecosystem into road travel by partnering with dining, mobility, and hospitality providers to create seamless travel experiences.
- Scaling B2C Memberships
Consumers are increasingly adopting membership-based models for premium access, convenience, and lifestyle benefits. We can leverage our customer ecosystem and partnerships to develop scalable membership offerings that drive deeper engagement and recurring value. Corporations and travel partners are seeking integrated solutions to simplify business travel and enhance customer experiences. Our enterprise relationships and travel ecosystem capabilities position us to provide customised solutions for corporate clients, travel partners, and businesses.
- Technology and Platform Transformation
Digital platforms are reshaping how customers discover, access, and manage travel and lifestyle services. We continue to strengthen our technology capabilities to improve customer experience, enable seamless access, and support scalable growth across service categories. We are upgrading our core technology platform to become more agile and enterprise-ready, enabling seamless integration of new products such as DreamFolks Club, dynamic data-driven travel and lifestyle solutions, and boarding-pass-based benefits.
- Credit Card Ecosystem Evolution
The ongoing shift by banks towards spend-based access models and differentiated lifestyle benefits is creating new opportunities for customer engagement and value creation. As issuers increasingly use travel and lifestyle privileges to attract and retain premium customers, we are well positioned to expand our portfolio of travel and lifestyle services, strengthen partnerships with banks and payment networks, and enhance customer engagement through a broader range of redemption avenues.
- Expansion of Non-Banking Revenue Streams
Banks and NBFCs are increasingly exploring new revenue opportunities beyond traditional models by offering travel, lifestyle, and experience-based services. We are well positioned to diversify our revenue streams by expanding into adjacent categories and building a broader ecosystem centred on premium customer experiences. Partnerships and strategic collaborations are becoming important growth drivers as businesses expand into new categories and capabilities. Our strong market position, partner network, and platform capabilities provide a strong foundation for expanding into emerging travel and lifestyle opportunities.
Threats
- Rapidly Changing Consumer Preferences
The travel and lifestyle services industry is highly sensitive to shifts in consumer behaviour, with preferences evolving quickly towards more personalised, seamless, and experience-led offerings. Any lag in adapting to these changes can impact relevance and customer retention.
- Technological Disruption and Evolving Digital Trends
Rapid advancements in digital platforms, artificial intelligence, and mobile-first ecosystems are continuously reshaping how travel services are accessed and delivered. Failure to keep pace with technological change may impact competitiveness and platform efficiency.
- Intense Competition in Travel and Lifestyle Services
The sector is witnessing increasing competition from both traditional players and new-age digital platforms offering integrated travel, mobility, and lifestyle solutions. This heightened competition can exert pressure on pricing, margins, and customer acquisition.
- Regulatory and Compliance Challenges
The business operates across multiple jurisdictions and interfaces with banking, aviation, and travel ecosystems, each governed by evolving regulatory frameworks. Changes in compliance requirements, data protection laws, or industry regulations may increase operational complexity and costs.
- Supply Chain and Partner Network Disruptions
The business depends on a wide network of airport operators, lounge providers, mobility partners, and service vendors. Any disruption to partner operations, infrastructure constraints, or service delays can affect service continuity and customer experience.
- Historical Volume Dependence on Top Card Programmes
High reliance on a few marquee banking partners poses a significant concentration risk, where any future reduction in lounge benefits or strategic shifts by these top card issuers could severely disrupt transaction volumes.
- Geopolitical Headwinds
Escalating or prolonged international conflicts could disrupt global travel corridors, putting sustained pressure on high-margin international passenger volumes and global network revenue.
- Global Inflationary Pressures
Rising global inflation could depress consumer discretionary travel spending while escalating operational costs, making it difficult to expand the global footprint without eroding profit margins.
- B2C Brand-Building Risk
Expanding beyond the traditional B2B model into the direct-to-consumer space carries substantial execution risk, potentially leading to high customer acquisition costs and significant marketing cash burn without guaranteed adoption.
Profitability Trajectory
Over FY 2025-26,, our revenue from operations stood at INR 6,581 Million compared with INR 12,919 Million in FY 2024-25. The decline was primarily driven by a structural reset in the domestic airport lounge business as the industry shifted towards spend-linked and usage-based access models.
Adjusted EBITDA margin was impacted from reduced operating leverage following the structural reset in domestic lounge volumes. The moderation reflects lower operating leverage in the domestic lounge business, along with continued investments in technology, service capabilities, and new growth areas, including global lounges, rail lounges and platform expansion. Despite near-term pressure, we maintained financial discipline and an asset-light operating model, positioning the business for improved operating leverage as newer revenue streams scale up.
Profit After Tax (PAT) for FY 2025-26 stood at INR 143 Million compared with INR 697 Million in FY 2024-25. The decline in profitability was driven by lower revenues from the domestic lounge segment and continued investments in building a more diversified and scalable platform. We maintained a strong balance sheet and disciplined cost approach throughout the year, which supports our ability to invest in long-term growth initiatives while navigating the ongoing business transition.
Capital Efficiency
In FY 2025-26, we continued to focus on maintaining capital efficiency and profitability while investing in growth initiatives and expanding our service portfolio. Our Return on Equity (RoE) stood at 4.6%, compared with 25.7% in FY 2024-25, while Return on Capital Employed (RoCE) stood at 6.6%, compared with 32.0% in FY 2024-25. These metrics reflect our ability to generate value for shareholders and efficiently deploy capital to support long-term growth.
One of our key priorities during FY 2025-26 was investing in our people and capabilities to support the expansion of our service portfolio. Employee benefit expenses stood at INR 403 Million, compared with INR 394 Million in FY 2024-25, reflecting investments in talent, service expansion, and business growth initiatives. Employee costs stood at approximately 6.1% of total revenue, compared with 3.0% in FY 2024-25, demonstrating our continued focus on operational efficiency.
| Key Ratios (Based on Standalone Financials) | |||||
| Ratio | Numerator | Denominator | As at March 31, 2026 | As at March 31, 2025 | Explanation for change in the ratio by more than 25% as Change compared to the previous year |
| (a) Current Ratio | Current Assets | Current Liabilities | 7.51 | 2.56 | 192.92% Increase is substantially due to decrease in trade payables and other liabilities. |
| (b) Debt-Equity Ratio | Borrowings | Shareholders Equity | 0 | 0 | No significant debt. |
| Ratio | Numerator | Denominator | As at March 31, 2026 | As at March 31, 2025 | Change | Explanation for change in the ratio by more than 25% as compared to the previous year |
| (c) Interest Coverage Ratio | Earnings Before Interest and Tax | Finance Cost for the Year | 8.9 | 27.28 | (67.38%) | The decrease in Interest Coverage Ratio is mainly due to reduced profitability of the Company during the year. |
| (d) Return on Equity Ratio | Net Profit After Tax | Average Shareholders Equity | 4.55% | 25.67% | (82.27%) | Decrease is mainly due to reduced profitability of the Company during the year. |
| (e) Trade Receivables Turnover Ratio | Revenue | Average Trade Receivables | 3.07 | 4.62 | (33.52%) | Decrease is due to reduction in the debtors and decline in the revenue during the current year. |
| (f) Trade Payables Turnover Ratio | Cost of Services | Average Trade Payables | 5.84 | 6.98 | (16.29%) | Not applicable |
| (g) Operating Profit Margin % | Earnings Before Interest and Tax | Revenue | 3.21% | 7.57% | (57.56%) | The decrease is primarily driven by a reduction in revenue, which has consequently impacted the overall profitability during the year. |
| (h) Net Profit Margin % | Net Profit After Tax | Revenue | 2.17% | 5.39% | (59.74%) | The decrease is primarily driven by a reduction in revenue, which has consequently impacted the overall profitability during the year. |
| (i) Return on Capital Employed | Earnings Before Interest and Tax | Capital Employed, i.e., Shareholders Equity Plus Non-Current Liabilities | 6.56% | 31.97% | (79.47%) | Decrease is mainly due to reduced profitability of the Company during the year. |
Business Outlook
We are entering a phase of consolidation and transformation as we adapt to the changing dynamics of the domestic airport lounge segment and build a more diversified business model. Our strategy is focused on aligning with the evolving travel and payments ecosystem in India by strengthening usage- based benefits, expanding our global and railway lounge presence, and growing our broader travel and lifestyle offerings. Our immediate priorities remain stabilising the core business, improving our service mix, and creating a stronger foundation for sustainable growth. Our Company remains focused on monitoring the evolving competitive landscape and macroeconomic environment, while continuing to align our strategy and capital allocation with changing market dynamics.
Going forward, growth will be supported by international lounge expansion, airport-agnostic opportunities in India, and deeper partnerships with global card issuers and travel ecosystem players. We are enhancing our platform capabilities, expanding our service portfolio, and creating more opportunities to engage customers across multiple travel and lifestyle touchpoints.
Our acquisitions of Ten11 and ETT further strengthen our capabilities by expanding our presence in railway lounges and international client uptake. With a strong balance sheet and disciplined capital allocation approach, we will continue to invest in strategic growth areas, including global expansion, technology capabilities, and new lifestyle offerings. Over the medium term, we expect growth to be driven by increasing contributions from international markets, railway lounge opportunities linked to Indias infrastructure growth, and premium experiences such as wellness, golf, and curated lifestyle services. These initiatives will support our transition towards a technology-led, membership-focused platform through DreamFolks Club 2.0
| Risk Management and Mitigation | |||
| Risk Category | Type of Risk Exposure | Key Factors | Mitigation Measures |
| Operational Risks | Dependence on Card Networks and Financial Institutions | Business depends significantly on banks and card networks. | We are diversifying partnerships across multiple banks, fintech companies, financial institutions, and enterprise clients to reduce concentration risk. |
| Contract Retention and Negotiation | Non-renewal or unfavourable renegotiation of key contracts may impact performance. | We maintain strong contract governance through regular contract reviews and proactive renewal discussions, while diversifying our strategic partnerships and identifying alternative partners, where required, to mitigate dependency risks and ensure business continuity. | |
| Dependence on Travel and Lifestyle Service Providers | Operations rely on third-party service providers. | We partner with multiple service providers across locations to ensure continuity and service reliability. | |
| Exposure to the Air T ravel Industry | Demand is linked to air travel volumes and may be impacted during travel slowdowns. | We are expanding into railway lounges and other lifestyle services like spa, golf, private club membership, etc. to reduce dependence on aviation alone. | |
| Global Travel Ancillary Aggregators | Multi-geography operations complexity. | Phased rollout of geography, hire regional operations leads, investing in multilingual support, and a centralised operations platform. | |
| Talent and People | Attrition of key employees. | Retention plans, ESOPs, succession planning, leadership pipeline. | |
| Railway Lounge Operators | Labour and workforce management risks. | Outsource non-core staffing via managed service providers, maintain compliance with local labour laws, build training modules. | |
| External Factors | Changes in geopolitical situations, regulations, or airline operations can influence demand patterns. | We continuously monitor external developments and adjust our business strategy accordingly. | |
| Risk Category | Type of Risk Exposure | Key Factors | Mitigation Measures |
| Market Risks | Market Saturation | Any legacy service market may slow as penetration increases. | We are expanding globally and strengthening our wide range of travel and lifestyle offerings. |
| Regulatory Uncertainty | Changes in aviation, banking or financial regulations may impact our Companys operations by altering compliance requirements, licensing conditions, payment processing norms, customer due diligence obligations or other regulatory frameworks. Such changes may require modifications to business processes, technology systems, contractual arrangements, and operational practices, potentially resulting in higher compliance costs, implementation delays or changes in service delivery. | We remain closely engaged with regulators and ensure full compliance at all times. | |
| Client Concentration Risk | Revenue dependence on a limited number of large clients. | We are actively diversifying our client base across industries and geographies. | |
| Strategic Risks | Execution of Strategic Initiatives | Delays or gaps in execution may impact growth plans. | We track execution closely and recalibrate plans based on performance feedback. |
| Stakeholder Engagement | Weak alignment with stakeholders may impact affect operational efficiency, collaboration, and timely execution. | We maintain consistent communication with clients, vendor partners, and internal teams. | |
| Cybersecurity Risks | IT System Disruptions | System downtime may disrupt operations and customer experience. | We invest in robust IT infrastructure and regularly test disaster recovery systems. |
| Cyberattacks and Data Breaches | Security incidents may lead to data loss and reputational risk. | We use an advanced cybersecurity tool (SIEM), employee training and real-time monitoring solutions, data leakage prevention (Purview), and cyber insurance coverage. | |
| Protection of Proprietary Data | Risk of unauthorised access to sensitive business information. | We implement encryption, strict access controls, and regular security audits. | |
| Cross-Border Data | Cross-border data privacy & and personally identifiable information (PII) compliance | Engage privacy counsel, implement data residency controls, conduct DPIAs before each market launch. | |
| Financial Risks | Client Payment Delays or Defaults | Delays in customer payments may impact cash flow. | We maintain strict credit assessment and strong collection processes. |
| Credit Risk from Receivables | Rising receivables may create financial pressure. | We actively monitor receivables and diversify customer exposure. | |
| Foreign Exchange Fluctuations | Currency volatility may affect international earnings. | We use hedging strategies for high volume currencies and continuously monitor forex exposure. | |
| Legal and Compliance Risk | Regulatory or legal issues may impact operations. | We maintain strong compliance systems and adequate provisions. |
Internal Control Systems and Their Adequacy
We have established a comprehensive internal control framework that is aligned with the scale and complexity of our operations. This reflects our commitment to ethical practices, strong governance, and disciplined execution.
Our internal control systems, including Internal Controls over Financial Reporting (ICFR) as envisaged under Section 134(5)(e) of the Companies Act, 2013, are designed to support strategic objectives, enhance operational efficiency, and ensure compliance with applicable laws and regulations. These controls provide reasonable assurance regarding the orderly and efficient conduct of business, safeguarding of assets, prevention and detection of fraud and errors, accuracy and completeness of accounting records, and the timely preparation of reliable financial information.
Our Company uses integrated enterprise applications to support finance, operations, compliance, and reporting functions. These systems strengthen process standardisation, enhance data integrity, improve monitoring capabilities, and facilitate timely decision-making across the organisation.
We carry out regular monitoring and reviews to ensure these controls remain effective and relevant in a changing business environment. These assessments provide reasonable assurance on the accuracy of accounting records, adherence to internal policies, and proper authorisation of transactions.
The oversight of the internal control environment is carried out by the Audit Committee of the Board. The Committee reviews the annual audit plan, examines key audit findings, and ensures timely corrective actions are implemented to strengthen the control framework.
Our internal audit function plays a key role in this process. It follows a structured, risk-based approach to evaluate business processes and internal controls. The Internal Auditor reports independently to the Audit Committee, which reviews observations and tracks implementation of corrective actions to further strengthen governance and assurance systems.
Human Resources
At Dream Folks, our people are not just enablers; they are the foundation of our platforms agility, innovation, and premium service delivery. FY 2025-26 marked a pivotal year in our human capital strategy, as we made significant investments in workforce expansion and aligned talent priorities with our long term vision to become a leading access-as-a-service platform across travel and lifestyle domains.
With a lean yet high-impact team of 115 professionals, we strengthened our organisational capabilities to support the onboardingof over 30 new enterprise clients and the rollout of six new service categories beyond lounges. This included expanding teams across sales, client onboarding, product integration, and partner management to ensure our enterprise business vertical has the depth and responsiveness required to scale.
We also made a deliberate effort to establish internal capabilities in line with our expanding platform scope, moving beyond airport lounges into areas such as highway dining, coffee at malls, and access to members-only recreational facilities. This strategic strengthening of our workforce enables us to support a broader, more diversified service ecosystem with greater efficiency and consistency.
Women represented 18% of the workforce as at March 31, 2026, underscoring our Companys commitment to diversity and inclusive hiring practices. Employee attrition stood at 9.7% during FY 2025-26, while continued investments in employee engagement, capability development, and career advancement initiatives supported talent retention and longterm organisational growth.
Learning and Development
Continuous learning is an integral part of our culture. We regularly conduct skill enhancement programmes and training initiatives to ensure our workforce remains future-ready and aligned with the evolving needs of our business. Our focus on automation and operational efficiency is complemented by a team that is adaptable, quality-driven, and technologically empowered. Our Company delivered 1,359 training hours during FY 2025-26, underscoring our emphasis on employee upskilling, functional capability enhancement, and leadership development.
We go beyond regulatory requirements to maintain high standards of health, safety, and hygiene across all our office locations. We ensure clean and well-maintained workplaces through proper sanitation practices, effective waste management systems, and regular safety audits. We also foster a supportive and open work environment by encouraging employee engagement, stress management initiatives, and access to counselling support.
To further support our employees, we provide comprehensive health and accident insurance coverage to ensure financial security and timely access to healthcare.
Information Technology
At DreamFolks, technology plays a central role in strengthening our business model and supporting scalable operations. Our cloud-based technology platform forms the foundation of our service delivery and client integration capabilities, enabling us to remain agile, efficient, and responsive to changing market requirements.
We are continually undergoing a major transformation of our technology infrastructure, adopting a modern cloud- based platform designed to support scalable growth, faster innovation, and real-time collaboration. Our Companys operational support system has evolved into a strategic business asset that enables more personalised and intuitive customer experiences. Our adaptable in-house technology infrastructure positions us well to support our growing enterprise client base and to expand our offerings beyond lounge services.
Our omnichannel technology ecosystem enables seamless access to services across multiple platforms, including the DreamFolks app, partner applications, credit and debit cards, issuer platforms, self-check-in kiosks, and web portals. This integrated approach helps deliver a smooth customer experience while enabling efficient connectivity across banks, card networks, airlines, and enterprise partners.
Our advanced technology platform also helps clients deliver more personalised, data-driven customer experiences. Its flexible and modular structure allows us to provide customised solutions based on the specific needs of different customer segments and business objectives. The platform also provides real-time visibility into service usage, enabling partners to track performance, analyse customer behaviour, and design targeted reward programmes for high-value users.
Our Companys information securityframework is aligned with globally recognised standards, including PCI DSS Version 4.0, ISO/IEC 27001:2022, and SOC requirements, demonstrating our commitment to data security, privacy, and operational resilience. Adedicated IT security team continuously monitors systems, conducts regular risk assessments, and implements proactive measures to protect against evolving cyber threats in an increasingly digital environment.
Investor Relations
We remain committed to maintaining transparent, timely, and consistent communication with our investor community. Our investor engagement practices align with global standards and focus on building long-term trust and credibility with stakeholders.
We have a dedicated Investor Relations (IR) team that acts as a link between our Company and our investors. The team regularly engages with institutional and retail investors through meetings, updates, and disclosures to provide insights into our financial performance, business developments, and future outlook. Our leadership team includes the Chairperson & Managing Director, Executive Director & Chief Technology Officer, Chief Financial Officer, and the Chief Business Officer. They actively participate in investor interactions, analyst meetings, and media engagements. We ensure equal and timely access to important information through disclosures to stock exchanges and regular updates on our website.
Quarterly financial results are supported by investor presentations and earnings calls, with recordings and transcripts made available on our Companys website. Key updates, including financial results, regulatory filings, corporate presentations, and schedules of investor and analyst interactions, are also published online to maintain transparency and ease of access for all stakeholders.
Cautionary Statement
The Management Discussion and Analysis section contains forward-looking statements relating to our Companys objectives, projections, estimates, and expectations within the meaning of applicable securities laws and regulations. Actual results may differ materially due to various factors, including changes in economic conditions, market demand and supply, government policies, taxation, regulations, and other unforeseen events beyond our Companys control. The financial ratios and performance metrics presented in this section may differ from those disclosed in the Financial Statements, as they are based on the Managements analysis and business performance indicators, whereas the Financial Statement ratios are calculated in accordance with the Guidance Note issued by the I nstitute of Chartered Accountants of I ndia (ICAI). Readers are advised to consider the inherent uncertainties and risks associated with these forward-looking statements while interpreting this section.
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