Le Travenues Technology Ltd Management Discussions

Economy

Global economy

In CY 2026, the global economy recorded growth of 3.3% while Emerging Market and Developing Economies (EMDEs) continued to maintain stable momentum. Growth across several EMDEs was supported by stronger net exports and higher investment activity. Advanced economies expanded by 1.9%, while global inflation stood at 4.1%. During the year, global trade policies increasingly reflected geopolitical and security priorities over efficiency considerations and established multilateral frameworks. Additionally, the outbreak of war in the Middle East created further pressure on global economic activity. The resulting closure of the Strait of Hormuz, along with significant damage to critical production facilities, led to an energy crisis of unprecedented scale. Inflation is expected to rise to 4.4% in CY 2026 and thereafter resume its downward trajectory in the following year. However, risks arising from increasing geopolitical tensions and potential disruptions in global trade continue to persist. In this environment, timely and coordinated policy actions by governments will remain critical to address the evolving macroeconomic challenges in the period ahead.

Global GDP

(in %)

	CY 2025	CY 2026*
Global GDP	3.5	3.3
Advanced Economies	1.9	1.7
Emerging Market and Developing Economies	4.5	3.8

*IMF April 2026 Database

Indian economy

Despite multiple global headwinds, rising uncertainty in global trade and the imposition of high penal tariffs, the Government of India responded with calibrated policy measures and viewed these challenges as an opportunity to strengthen the domestic economy. Key measures included GST rationalisation, faster deregulation and simplification of compliance requirements across sectors. The Government also continued to introduce timely policy interventions to strengthen domestic growth drivers, diversify exports, improve resilience against global shocks and manage external sector risks.

In FY 2026, the Indian economy recorded real GDP growth of 7.7%, reflecting strong underlying momentum in economic activity. Growth was supported by robust consumption and investment trends, aided by favourable financial conditions, supportive policy measures and ongoing structural reforms. The resilience in demand was equally visible on the supply side of the economy. Manufacturing activity witnessed improvement during the year, while the services sector continued to remain a major contributor to overall economic growth.

Indias manufacturing sector is gradually undergoing transformation, supported by policy direction and industrial expansion. The Production Linked Incentive (PLI) scheme remains central to this transition. With an incentive outlay of 1.97 lakh crore and approvals across 14 strategic sectors, the scheme has evolved beyond being only a financial support mechanism. On the external financing front, gross Foreign Direct Investment (FDI) recorded strong growth, while net FDI also improved during the year. India continued to remain an attractive destination for greenfield FDI projects.

Going forward, India is expected to maintain its growth momentum, with GDP projected to grow by 6.6%. The Union Budget 2026-27 introduced the framework of Kartavyas, with a strong emphasis on accelerating economic growth. FY 2027 is expected to witness a phase of economic adjustment as businesses and households adapt to evolving conditions, while demand and investment activity continue to strengthen. Further, the Governments continued focus on expanding domestic manufacturing across strategic and frontier sectors is expected to support Indias long-term growth trajectory. On the demand side, private consumption in FY 2026-27 is expected to remain supported by discretionary spending. Rural demand is expected to stay resilient, while urban consumption is likely to strengthen further, supported by the positive impact of GST rationalisation and sustained momentum in the services sector.

Industry

Travel & Tourism Industry

Global Industry

The global travel and tourism sector continued to demonstrate steady growth during the year. The industry was supported by increasing investments in transportation infrastructure, ongoing digital transformation and the expanding middle-class traveller base. Growing cultural and leisure aspirations of travellers across the world also contributed to market growth. Leisure travel continued to lead the market, driven by its broader and more experience-oriented nature. At the same time, business travel remained an essential component of international networking and economic activity. The segment is also witnessing structural changes, including the growing adoption of bleisure travel and experiential travel. Educational tourism continued to emerge as an important contributor to the market, combining learning and travel while generating both economic and cultural benefits. At the regional level, Europe remained the largest market, supported by a strong concentration of globally recognised destinations and well-established tourism infrastructure.

The global travel and tourism industry continued to remain dynamic, facilitating the movement of people for recreational, commercial, educational and medical purposes. The sector plays an important role in connecting travellers with cultural, recreational and natural destinations, thereby contributing significantly to global economic development. During the reporting year, industry participants continued to offer attractive tourism services and customised travel solutions for corporates, supporting overall market growth.

The global travel and tourism market is projected to grow at a CAGR of 8.0% between 2025 and 2035 and is expected to reach US$16,310.1 bn by CY 2035.¹ Overall, the global travel and tourism industry remains diverse, adaptable and continuously evolving. The increasing adoption of digital tools and platforms is improving convenience, enabling personalised services and enhancing travel experiences across regions and customer segments. Urban development, eco-tourism initiatives and heritage restoration are also becoming important focus areas for countries seeking to strengthen cultural and experiential tourism offerings. In addition, the medical tourism segment is expected to dominate the market during the forecast period, supported by the rising prevalence of chronic diseases globally.

Indian Industry

Indias tourism sector continues to represent a strong growth opportunity, supported by the countrys rich cultural heritage and diverse natural attractions. The sector witnessed significant growth in 2025, driven by rising disposable incomes, a growing middle-class base, increasing technology adoption and evolving traveller preferences. Tourism has emerged as a key pillar of the Indian economy, with strong potential for employment generation, foreign exchange earnings and balanced regional development. The sector also has a significant multiplier effect across hospitality, transportation, handicrafts and allied industries, making it an important driver of economic growth.

With its cultural diversity, heritage assets and wide range of destinations, India is increasingly becoming a preferred destination in the global tourism landscape. Beyond its economic contribution, the sector also plays an important role in improving quality of life through large-scale employment generation.

While international tourist arrivals continue to remain strong, the sector is expected to contribute to rising employment. India ranks 8th globally in terms of tourism economy size, contributing USD 231.6 billion and improving from its earlier 10th position.² The sector contributes 5.22% to Indias GDP on a total impact basis, with a direct contribution of 2.72%. It also supports 13.04% of total employment, including 5.82% through direct employment, highlighting its importance in livelihood creation and inclusive economic development.³

Going forward, Indias domestic tourism market is expected to become an even larger contributor to overall sector growth. At the same time, continued focus on attracting foreign tourists is expected to support foreign exchange earnings. By 2027, India is projected to become the fifth-largest outbound tourism market, improving from the tenth position in 2019. Further, by 2030, the sector is expected to generate nearly $30.5 billion in foreign exchange earnings and attract around 25 million foreign tourist arrivals. With continued policy support, sustained investments and increasing focus on both domestic and international tourism, Indias tourism sector is expected to continue contributing meaningfully to economic growth, employment generation and cultural exchange.

Online Travel Agent Market

Global

Online Travel Agencies (OTAs) continued to play a critical role in the hospitality industry by serving as both marketing and distribution platforms. They enabled hotels to connect with a large base of travellers who increasingly preferred digital booking channels. OTAs offered convenience, wider choice, competitive pricing and secure payment systems, making them important partners for hotels despite the associated commission costs. The global hospitality industry continued its transition towards online booking channels, with OTAs accounting for a significant share of digital travel reservations. Travellers increasingly relied on digital platforms for trip discovery, booking and travel management. Mobile-first interfaces continued to gain preference over desktop platforms. By 2025, mobile platforms accounted for a significant share of transactional traffic, supported by features such as biometric logins, offline itinerary access and real-time travel alerts.

The Asia-Pacific region emerged as a leading market for app-based travel bookings. Transportation continued to account for the highest booking volumes, while the accommodation segment witnessed rapid growth due to the increasing popularity of alternative stays, which also supported inventory expansion and improved margins. These trends continued to shape the strategies adopted by players in the online travel agency market, alongside investments in app infrastructure and embedded payment solutions.

The growing adoption of mobile usage transformed the travel ecosystem and encouraged travel companies to prioritise mobile-first customer experiences. Rising disposable income among the expanding middle-class population also enabled a larger number of consumers to undertake leisure travel that was previously less accessible. This trend increased demand for online bookings across flights, accommodations and experiential travel offerings, thereby supporting revenue growth for travel platforms globally. More than 63% of digitally active travellers compared prices across at least two platforms before confirming bookings, highlighting the importance of OTAs for B2B partners. Promotional campaigns influenced nearly 27% of international trips, while around 22% of travellers booked experiences only after evaluating at least five OTA offerings.

The United States remained a key market for OTA adoption, with nearly 89% of leisure travellers using digital platforms for travel bookings. The OTA industry continued to evolve rapidly, supported by technological advancements and changing consumer preferences. Travellers increasingly preferred convenience and personalised travel experiences, prompting online platforms to enhance customised itinerary offerings and integrated travel solutions. Growth during the period was supported by rising digital tourism engagement, increasing preference for flexible booking options, higher dependence on online travel ecosystems and growing demand for convenience-led travel planning. Key industry trends included the increasing adoption of online travel booking platforms, growing use of internet-based travel services and rising reliance on virtual travel assistance solutions.

The OTA market is expected to witness strong growth as digitalisation, convenience and changing consumer travel behaviour continue to reshape the global tourism landscape. To remain competitive, OTAs are expanding value-added offerings such as book-now-pay-later options, loyalty programmes and bundled travel packages. Emerging technologies, including voice search, virtual assistants and augmented reality-enabled virtual property tours, are expected to further enhance user experience. The global OTA industry is projected to increase from USD 561.30 billion in CY 2026 to USD 761.33 billion by CY 2031, growing at a CAGR of 6.29%. Leading online booking platforms are increasingly adopting advanced technology systems to improve efficiency and meet evolving traveller expectations. As travellers continue to seek convenience and personalised experiences, online platforms are expected to further strengthen integrated travel solutions and customised service offerings, thereby supporting the continued growth of online travel services globally.

Indian Industry

The Indian online travel market witnessed strong growth in recent years, with market size increasing to USD 23.34 billion in 2025. Growth was supported by broad-based recovery across air travel, hotels and bus services, along with increasing demand for curated holiday packages among middle-income households. Travellers increasingly preferred immersive travel experiences rather than focusing only on transportation and accommodation. The adoption of digital payments, coupled with rising internet penetration and mobile usage, reduced friction in the booking process and improved conversion of online searches into confirmed bookings across flights, railways, buses, hotels and holiday packages. Improved regional air connectivity under the UDAN scheme also expanded access to newer routes. This enabled OTAs and supplier-direct platforms to promote these destinations through targeted campaigns, resulting in increased use of digital travel channels beyond major metropolitan cities.

2025, supported by a well-established mix of heritage, spiritual and urban tourism destinations. Strong air, rail and highway connectivity also enabled seamless online-to-offline travel experiences. West India is expected to witness strong growth, with the market projected to expand at a CAGR of 13.35% through 2031, supported by the growth of corporate hubs and coastal tourism destinations that continue to diversify travel offerings.

The Indian online travel market continued to feature large integrated OTAs alongside strong supplier-direct channels across air, rail and hotel segments. The competitive landscape remained shaped by product depth, loyalty programmes and service reliability. Leading OTAs continued to report growth in gross bookings across air, hotel and bus categories, while investments in AI-enabled assistants and app enhancements helped improve customer engagement and lower transaction servicing costs.

The India online travel market is projected to grow from USD 23.34 billion in 2025 to USD 25.38 billion in 2026 and further reach USD 38.58 billion by 2031, registering a CAGR of 8.74% during the 2026-2031 period. The growth outlook is expected to remain supported by continued expansion across air, hotel and bus bookings, increasing demand for curated travel experiences and technology-led improvements in convenience and service quality. Going forward, the market is expected to remain highly competitive, led by integrated OTAs and supplier-direct platforms. Increased adoption of AI-driven solutions, app enhancements and targeted promotional strategies is expected to further strengthen customer engagement and optimise servicing efficiency.¹°

Indias Aviation Industry

Indias aviation sector has emerged as one of the fastest-growing segments of the economy. Its contribution extends beyond air transportation services to sectors such as tourism, trade, logistics, manufacturing and employment generation. Given the countrys geographical scale and cultural diversity, air connectivity has become an important driver of economic integration and national development. The sector plays a significant role in supporting business expansion, attracting investments and improving access to markets and capital. It also facilitates knowledge exchange and innovation across industries. The economic impact of aviation extends well beyond airlines and airports. Investments in the sector generate a strong multiplier effect, with every rupee spent contributing more than three times its value in economic activity. The sector also supports employment generation across interconnected industries. In FY 2026, the aviation sector supported more than 7.7 million indirect jobs, along with nearly 369,000 direct jobs across aviation-related operations. India has already established itself as the worlds third-largest domestic aviation market and continues to witness rapid expansion.¹¹ The number of operational airports increased significantly, reflecting the Governments sustained focus on infrastructure development and regional connectivity. Air travel has also evolved into a mode of mass mobility across the country. During the reporting year, commercial aviation accounted for 85.12% of the Indian aviation market. Growth was driven by aggressive expansion by both full-service and low-cost carriers through larger fleet additions and higher route frequencies. This expansion also resulted in a significant increase in passenger traffic across domestic and international routes. Indias aviation industry currently stands at an important phase marked by both opportunities and operational challenges. Rising passenger traffic, airport modernisation, expansion in regional aviation and increasing industrial ambitions continue to reshape the sector. At the same time, volatility in fuel prices, taxation-related issues, supply-chain disruptions and growing safety expectations continue to test the resilience of airlines and other aviation stakeholders.

The next decade is expected to determine whether India remains primarily a fast-growing aviation market or evolves into a comprehensive aviation ecosystem with capabilities across aircraft manufacturing, maintenance, repair and overhaul (MRO), technology development and stronger regulatory governance. Industry estimates indicate that the Indian aviation market, valued at USD 16.53 billion in 2026, is projected to grow to USD 28.96 billion by 2031, registering a CAGR of 11.86%.¹² The Governments long-term vision for the aviation sector is aligned with Indias centenary year of independence in 2047. Under this vision, the number of airports across the country is expected to increase to nearly 350-400 by 2047. Passenger traffic is projected to increase almost six-fold by 2040 and reach nearly 1.1 billion passengers annually. Similarly, Indias commercial airline fleet is expected to expand significantly from nearly 400 aircraft in 2014 to around 2,359 aircraft by March 2040.¹³

The domestic industry continues to face near-term operational pressures. One of the key concerns for Indian airlines remains volatility in crude oil prices, particularly in the context of geopolitical tensions in West Asia. Fluctuations in aviation turbine fuel (ATF) prices continue to directly impact airline profitability, ticket pricing and route sustainability. In response, the Government has adopted a balanced and calibrated approach instead of direct market intervention. Policy measures are increasingly focused on long-term structural improvements, including better fuel efficiency, fleet modernisation, adoption of Sustainable Aviation Fuel (SAF) and rationalisation of state-level taxes on ATF. While certain support measures have been extended for domestic operations, international routes continue to remain largely market-driven.

2025

Going forward, Indias aviation strategy is expected to gradually shift from dependence on external supply chains towards building a more diversified and self-reliant aviation ecosystem. This transition could create substantial opportunities across domestic manufacturing, component production, technology partnerships and maintenance services. Overall, Indias aviation sector remains well-positioned for long-term transformation and growth. Strong passenger demand, ongoing infrastructure expansion, fleet modernisation and continued policy support are expected to strengthen the sector further. India is steadily progressing towards its ambition of becoming a major global aviation hub capable of handling nearly one billion passengers annually by 2047.

India Aviation Market

Market Size in USD Billion

	2025	2026	2031
Market Size	USD 14.78 B	USD 16.53 B	USD 28.96 B
CAGR		11.86%

Source: Mordor Intelligence

Rising Incomes

Increasing disposable incomes across India have enabled a larger section of the population to access air travel. This trend continues to support demand across both domestic and international travel segments. It has also contributed to the expansion of airlines and ancillary aviation services.

Burgeoning Middle Class

The expanding middle-class population increasingly values convenience and time efficiency, making air travel a preferred mode of transportation. This demographic shift continues to drive higher passenger traffic and supports the expansion of airline networks across regions.

Economic Growth

Indias sustained economic growth continues to support overall travel demand across business and leisure segments. Strong economic activity has led to higher corporate travel requirements and increased tourism-related passenger movement.

Expansion of International Routes

The expansion of international airline networks has created new growth and revenue opportunities for the aviation sector. Improved global connectivity is attracting foreign travellers and facilitating international trade. This trend is also strengthening Indias position within the global aviation ecosystem.

Demand for Production Linked Incentive (PLI) Framework

Industry participants continue to advocate for the introduction of a Production Linked Incentive (PLI) framework for the aviation sector. Such initiatives are expected to support domestic manufacturing across aircraft components, avionics, engines, maintenance, repair and overhaul (MRO) services and aerospace systems. The framework could also help reduce import dependence and strengthen self-reliance within the sector.

E-commerce Penetration Driving Express Air-Cargo Volumes

Rapid growth in e-commerce activity has significantly increased demand for express air-cargo services. The requirement for faster and time-sensitive deliveries has expanded air-cargo operations, creating additional revenue opportunities while strengthening the aviation logistics ecosystem.

Government Initiatives¹4

Bharatiya Vayuyan Adhiniyam, 2024

To modernise the regulatory framework governing aviation in India, the Bharatiya Vayuyan Adhiniyam, 2024 was passed by Parliament and became effective from 1 January 2025. The legislation replaces the colonial-era Aircraft Act, 1934 and aims to simplify licensing procedures, remove regulatory redundancies and introduce appeal provisions. The Act also supports indigenous manufacturing under the Make in India and Atmanirbhar Bharat initiatives, while aligning domestic aviation regulations with international standards, including the Chicago Convention and ICAO guidelines.

Digi Yatra

As part of efforts to improve passenger experience, the Digi Yatra initiative has been implemented across 24 airports in India. The platform enables seamless and contactless travel, enhancing both convenience and security for passengers. More than 80 lakh users have adopted the platform, collectively completing over 4 crore journeys.

Driving Green Energy Adoption at Airports

The Ministry continues to promote sustainability and green energy adoption across the aviation sector. Currently, nearly 80 airports operate entirely on green energy, with plans to transition more than 100 airports in the coming years. Bengaluru Airport has achieved Carbon Level 5 accreditation, while Delhi, Mumbai and Hyderabad airports have attained Level 4+ accreditation and achieved carbon neutrality.

RCS-UDAN Connecting India

The Regional Connectivity Scheme (RCS) - UDAN, launched in October 2016, completed its ninth year of operations during the year under review. The scheme has operationalised 619 routes and connected 88 airports across the country. It continues to promote affordable air travel while supporting balanced regional connectivity and economic development.

UDAN (Ude Desh ka Aam Nagrik)

Launched on 21 October 2016, the UDAN scheme has played an important role in strengthening regional air connectivity across India. Over the years, the initiative has evolved from a pilot programme into a nationally significant connectivity scheme, making air travel more accessible to citizens across the country.

Indian Railway Industry

Indian Railways continues to remain the backbone of Indias economy, serving as a critical link for trade routes while supporting the growth of industrial and manufacturing sectors. Beyond transportation and logistics, Indian Railways is also among the worlds largest employers, directly and indirectly supporting the livelihoods of millions of people across a vast economic ecosystem. With more than 7 billion passengers and nearly 1.6 billion tonnes of freight transported annually across approximately 68,000 kilometres of track, Indian Railways remains the fourth-largest rail network globally. The sector continues to remain deeply integrated into the countrys social and economic framework.¹5

Over the years, Indian Railways has undergone significant transformation through rapid expansion and modernisation. Large-scale investments in electrification, station redevelopment, semi-high-speed rail services, metro expansion and railway infrastructure development have reshaped the sector at an unprecedented pace. Indian Railways is currently executing some of the most ambitious infrastructure projects undertaken in the 21st century, aimed at improving logistics efficiency, strengthening national integration and expanding the countrys modern railway network.

A key structural reform that accelerated growth in the sector was the merger of the Railway Budget with the General Budget. This reform improved budgetary support and enabled continuous decision-making and faster project approvals throughout the year. As a result, infrastructure development across the railway sector has gained significant momentum. Track construction as well as electrification activities have increased substantially in recent years, representing one of the fastest railway electrification programmes globally. The transition towards LHB (Linke-Hofmann-Busch) coaches has also advanced significantly. These stainless-steel coaches provide improved safety standards, higher speed capabilities and enhanced passenger comfort. Passenger connectivity has further strengthened through the introduction of advanced train services across the country. Vande Bharat train services are currently operational, while 60 Amrit Bharat services continue to cater to affordable long-distance travel requirements. Indian Railways is expected to play an important role in Indias journey towards Viksit Bharat. The sector has also reported positive growth in cumulative freight performance during the current financial year. Freight revenue increased to 1,60,987 crore compared to 1,58,539.86 crore in the corresponding period of the previous year, reflecting a growth of 1.54%. With continued investments in railway infrastructure and freight operations, Indian Railways remains focused on strengthening its role as the backbone of the countrys logistics ecosystem while continuing to support Indias long-term economic growth.¹6

Track Expansion and Renewal

Indian Railways commissioned more than 900 kilometres of new railway tracks during 2025 and also undertook extensive renewal of existing lines. These measures are aimed at improving passenger safety, increasing travel speed and enhancing overall travel comfort.

LHB Coach Production

More than 42,600 LHB coaches have been manufactured to date, including 4,224 coaches produced during FY 2025-26 up to November 2025. These coaches offer improved safety, lower maintenance requirements and higher operational efficiency.

Bairabi-Sairang Line, Mizoram

The 51-kilometre Bairabi-Sairang broad-gauge railway line was inaugurated in September 2025, connecting Aizawl to the national railway network. The project includes 45 tunnels, 55 major bridges and 88 minor bridges, representing a significant infrastructure achievement in the North-Eastern region.

Electrification of Railway Network

Approximately 99.2% of the Broad Gauge railway network has been electrified, placing India ahead of countries such as the United Kingdom, Russia and China in railway electrification progress. In addition, 14 railway zones and 25 states have achieved 100% electrification.

Faster, Safer and Affordable Travel

Indian Railways currently operates 164 Vande Bharat train services across the country. Amrit Bharat train services continue to provide high-quality and affordable travel solutions, while the Namo Bharat Rapid Rail network is strengthening short- and medium-distance connectivity across high-density travel corridors.

Indias Road Infrastructure

Indias roads and highways sector has emerged as a key pillar of the countrys infrastructure development strategy. The sector plays an important role in supporting economic growth, regional integration, trade facilitation and national connectivity. Over the years, the industry has undergone a significant transformation, driven by sustained government investments, policy reforms, technological advancement and increasing focus on high-quality infrastructure development. India currently has the worlds second-largest road network, spanning more than 6.34 million kilometres. The network includes nearly 146,204 kilometres of National Highways and around 179,535 kilometres of State Highways. Together, these networks form the backbone of the countrys transportation infrastructure. The expansion and modernisation of road infrastructure have become central to Indias broader economic objectives. Improved connectivity between urban and rural regions, enhanced logistics efficiency and support for industrial and commercial activity continue to drive investments in the sector.

Government expenditure on road infrastructure has increased significantly in recent years. Higher public investment has accelerated the pace of highway construction and enabled the execution of large-scale infrastructure projects across the country. Highway construction speed increased from nearly 11.6 kilometres per day in 2013-14 to approximately 34 kilometres per day in 2025, reflecting improvements in administrative efficiency and project execution capabilities. The Government has also introduced several policy measures to encourage private sector participation and attract long-term investments into the roads and highways sector. Financing mechanisms such as the Toll-Operate-Transfer (TOT) model and the Hybrid Annuity Model (HAM) have been implemented to improve project viability and facilitate mobilisation of private capital.¹8

Technology is increasingly becoming an integral part of Indias road infrastructure strategy. Adoption of advanced digital project management systems, geospatial technologies and intelligent monitoring tools has improved operational efficiency, transparency and project delivery timelines. At the same time, sustainability has emerged as a major focus area, with increasing emphasis on green construction practices, environmentally sustainable materials and energy-efficient infrastructure development.

India is also positioning itself among the leading developing economies in adopting advanced technologies for road construction and management. Emerging technologies such as Artificial Intelligence (AI), machine learning (ML), drones, Automatic Number Plate Recognition (ANPR) cameras and advanced digital systems are expected to transform construction, operations and maintenance activities, tolling infrastructure and passenger safety management. AI-enabled infrastructure solutions are expected to improve quality control, optimise resource utilisation, reduce project delays and strengthen predictive maintenance capabilities. In addition, innovations such as 3D road printing technologies and advanced concrete compositions are expected to reduce construction costs while minimising environmental impact. These developments reflect the sectors gradual transition towards smarter, safer and more sustainable infrastructure systems.

Supported by strong policy initiatives, rising infrastructure demand and the scale of planned development projects, Indias road sector is expected to attract substantial domestic and international investments over the coming years. The countrys continued focus on quality infrastructure, cost efficiency, technology integration and pan-India connectivity has positioned its road network among the fastest-growing infrastructure ecosystems globally. With sustained investments and continued technological progress, Indias roads and highways sector remains well positioned to emerge as one of the worlds leading infrastructure ecosystems in the coming decades. The sector is expected to continue supporting economic competitiveness, regional development and long-term national growth.

PM GatiShakti National Master Plan

Launched on 13 October 2021, the PM GatiShakti National Master Plan aims to strengthen multimodal infrastructure connectivity across Indias major economic zones. The initiative integrates seven infrastructure sectors through a dynamic GIS-based platform and involves planned investments of 100 lakh crore.

Bharatmala Pariyojana

The Bharatmala Pariyojana, approved by the Government of India, covers approximately 34,800 kilometres with an estimated investment of 5.35 lakh crore. The programme focuses on the development of economic corridors, expressways, feeder routes and national highways aimed at improving national connectivity and reducing logistics costs across the country.

Indian Hospitality Industry

Despite multiple headwinds during the reporting year, including geopolitical tensions and operational disruptions in the aviation sector, the Indian hospitality industry continued to maintain strong growth momentum. Growth across the domestic market was supported by weddings and social events, MICE activities, concerts, sporting events, religious tourism and increasing leisure travel to Tier-2 and Tier-3 destinations. The diversification of demand drivers has also helped reduce the sectors exposure to cyclical disruptions. From a regional perspective, North India emerged as the largest contributor to industry growth, primarily driven by spiritual tourism. South India, meanwhile, witnessed strong momentum in leisure and wellness tourism. The industry continues to remain moderately fragmented, with several domestic and international players operating across accommodation, food & beverage, travel services and leisure segments. Leading hospitality players are increasingly investing in digital innovation to improve competitiveness, streamline operations and enhance customer experience. These investments are enabling personalised guest engagement, faster response times and improved customer satisfaction levels. As a result, hotels are witnessing higher front-office efficiency and better resource management capabilities.

One of the key trends shaping the hospitality industry is the rapid adoption of digital technologies and contactless solutions aimed at improving guest convenience and operational efficiency. Hotels across segments are increasingly integrating mobile-based check-ins and check-outs, digital room keys, contactless payment solutions and AI-enabled customer service tools. In addition, the use of data analytics and automation is helping hospitality providers better understand customer preferences and deliver customised experiences. India is currently witnessing one of the most active hotel development cycles in recent years, with the hospitality industry reaching an important growth inflection point. As confidence strengthens among travellers, investors, brands and policymakers, the sector is gradually transitioning towards a more mature and globally competitive growth phase. International hospitality brands are increasingly viewing India not merely as a future opportunity, but as a core growth market.

The Indian hospitality market is projected to expand steadily, with industry size expected to grow at a CAGR of 14.76% during 2026 to 2031 and reach USD 55.67 billion by 2031. While established business centres such as Mumbai, New Delhi and Bengaluru continue to lead in overall room revenue generation, emerging leisure destinations including Rishikesh, Udaipur and Varanasi are witnessing strong growth in room revenue per key. This trend reflects the increasing attractiveness and profitability of niche tourism markets within the evolving post-pandemic hospitality landscape. Going forward, continued investments in infrastructure, technology adoption and branding initiatives are expected to further improve service quality across the sector. Supported by diversified demand drivers, strong investment inflows and structural growth catalysts, India remains well positioned to emerge as a significant global hospitality market.

KEY METRICS FOR THE INDIAN HOSPITALITY INDUSTRY, FY2024 & FY2027

Metric	FY2024	FY2027	CAGR Growth / Change
Industry Size/Revenue	INR 820 billion	INR 1,106 billion*	10.50%
Room Inventory	1.88 lakhs	2.41 lakhs	8.60%
Average Daily Rate (ADR)	INR 7,500	INR 8,900	5.90%
Revenue Per Available Room (RevPAR)	5,439	6,497*	6.10%
Occupancy Rate	68%	73%	5%

Source: Axis Securities, Sector Report, Hotel Industry, August 2024 and Hotelivate, 2024, Indian Hospitality, Trends and Opportunities *As calculated and estimated by Rubix Data Sciences

Key Growth Drivers

Economic Growth

Sustained economic growth in India continues to support higher domestic and international travel activity. This has increased demand across hotels, resorts and hospitality services while creating expansion opportunities across multiple segments of the industry.

Rise in Income Levels

Growing disposable incomes among middle- and upper-income groups have led to higher spending on both leisure and business travel. This trend continues to support demand for premium as well as mid-scale hospitality offerings.

Government Support

Government policy initiatives, tourism promotion campaigns and infrastructure investments continue to strengthen the hospitality sector. These measures are also facilitating greater investment opportunities and smoother market expansion for industry participants.

Digital Transformation

The increasing adoption of digital platforms, online booking systems and mobile applications has enhanced customer convenience and improved operational efficiency across the hospitality sector. Digital integration has also enabled hospitality providers to expand their market reach and strengthen customer engagement.

Concert Economy

The growing popularity of live entertainment events, concerts and music festivals has increased short-term demand for accommodation and dining services. This trend is creating additional revenue opportunities for hotels, resorts and related hospitality businesses.

Company Overview

Le Travenues Technology Limited (ixigo), founded in Fiscal 2007, has evolved from a travel utility platform into one of Indias fastest-growing Online Travel Agencies (OTA). The Companys vision is to become the most customer-centric travel platform by delivering the best user experience. Catering to the unique needs of the Next Billion Users (NBU) across the country, ixigo has built a multi-brand, multi-platform ecosystem that enables Indian travellers to seamlessly plan, book and manage journeys across trains, flights, buses and hotels. The Company has continued to strengthen its focus on brand and performance marketing across its portfolio, thereby establishing a strong foundation for organic growth. It is leveraging Artificial Intelligence (AI), machine learning and data science capabilities to deliver innovative and user-centric solutions through its websites and mobile applications. ixigo operates leading platforms including ixigo Trains, ixigo Flights, Confirmtkt and AbhiBus, offering a comprehensive suite of services such as ticket booking, real-time travel information, personalised recommendations and various value-added offerings.

In FY 2026, the Company delivered strong growth and improved profitability, while also demonstrating the resilience of its platform, the advantages of its diversified multimodal strategy and the strength of investments made in its AI-driven customer experience stack. The Company also remained aligned with its customer-first philosophy during one of the most disruptive periods for the flight industry. Its approach during this period was multi-pronged, focusing on reducing customer anxiety through timely and transparent updates, enabling affected users to quickly receive refunds or reboot stranded customers through alternate modes of transport, and ensuring operational resilience at scale. The Company also continued to invest organically within its AI stack. AI capabilities are now deeply embedded across its products and operations, spanning planning and discovery, production, pricing, discounting, customer support, operations and supply-side efficiency.

Rail travel continued to remain central to ixigos business model, supported by Indias extensive railway network and the large base of rail travellers across the country. Through the ixigo Trains and Confirmtkt applications, the Company provides a comprehensive set of services, including ticket booking, PNR status checks, real-time train tracking, seat availability alerts and confirmation probability predictions.

The train segment reported revenue of INR 5,112.57 million during the year, reflecting a year-on-year growth of 11.90%. Contribution margin stood at INR 1,555.13 million, representing an increase of 1.82% in comparison to previous year. The segment contributed 32.79% to the Groups total contribution margin during the year. The Companys leadership in the train segment continued to be supported by sustained product innovation, AI-driven complexity management capabilities and a strong peace of mind value proposition designed specifically for train travellers. On the railway policy front, Indian Railways introduced several passenger-centric measures from July onwards. These included mandatory Aadhaar verification and linking during peak booking periods such as the advance reservation period and tatkal bookings, with the objective of reducing misuse and fraudulent activities. While these changes initially resulted in some friction for users, the Company implemented the required system updates in coordination with IRCTC in a timely manner. Following this, the user experience generally normalised after the first booking cycle.

During the year, the Company also expanded its urban mobility offerings by adding Mumbai Metro, in addition to Delhi Metro, for QR-based metro ticketing services. The platform witnessed encouraging adoption trends across these offerings.

The Company also took a significant step in our international expansion with the acquisition of a 60% stake in , Spains second-largest train OTA. Our first major international acquisition, the investment marks ixigos entry into Europe and brings together Trenes strong customer base, local rail operator integrations and market expertise with ixigos AI-led product innovation and technology capabilities. The acquisition creates an opportunity to accelerate product development and AI-led reinvention while expanding our ability to solve complex rail travel use cases at scale.

During the reporting year, the flight segment operated in a relatively challenging environment due to operational disruptions faced by a leading airline operator, including booking-related issues and cancellations. Despite these headwinds, the flight business continued to outperform the overall market. Flights Gross Transaction Value (GTV) grew by 32.99%, while flight revenue increased by 54.18% year-on-year. The Company strengthened its flight ecosystem by expanding inventory offerings. It also launched airport cab services, enabling customers to book taxis directly through the app for airport pick-up and drop-off services. In addition, the Company introduced Armed Forces fares, providing eligible personnel access to preferential airline pricing with discounts of up to 25% compared to standard fares. A key highlight during the year was the continued strong momentum in the international flights segment. International Flights GTV increased substantially year-on-year. The Flights segment contributed 40.20% of total GTV of the Company during the year. Demand remained particularly strong from Tier 2 and Tier 3 cities, supported by improved connectivity to Southeast Asia and the Middle East through both direct routes and efficient one-stop connections.

across more than 100,000 routes, access real-time tracking, compare amenities and benefit from delay prediction features.

Value-added services such as Abhi Assured provide guarantees for refunds and compensation in case of service-related issues, thereby strengthening customer trust and loyalty. In FY 2026, the segment recorded total revenue of INR 2,979.95 million, reflecting a growth of 51.32% compared to the previous financial year. Passenger segment volumes grew by 44.26% year-on-year to 26.66 million. Gross Transaction Value (GTV) rose by 45.50% to INR 26,207.47 million. The Companys strategy for the bus segment continues to prioritise growth over margins in the short to medium term, with sustained investments in penetration, brand recall and product innovation. Over time, the bus category has witnessed increasing innovation for both customers and operators, supported by the Companys focused approach in this segment. Additional features include Abhi Assured, which offers service guarantees and full refunds for delays or cancellations, the Pink Seat feature for women travellers preferring adjacent seating with other women, Bus Insights that provides details such as bus model, licence plate number and vehicle age at the time of booking, and a 360-degree Walk-through feature that allows users to preview seat and sleeper berth layouts before travel.

Others (Hotel Bookings and Other Services) Bus passenger segment

The Company acquired AbhiBus in 2021, and since then, the bus segment has emerged as one of ixigos strongest growth engines. The AbhiBus platform enables users to book tickets

The recently launched hotel business remains a strategic priority for ixigo, supporting the development of a comprehensive travel ecosystem. Over time, this segment has gained traction by leveraging cross-selling opportunities across the Companys large user base. Growth in this segment has been driven by rising adoption of bundled travel services, increasing awareness of travel protection benefits and ixigos ability to personalise offerings through its AI-driven recommendation engine. During the reporting year, the Company implemented several product enhancements in the hotels segment, including AI-based hotel summaries and improved ranking algorithms. These technology integrations have enabled the Company to onboard direct hotel supply without deploying a large on-ground team. In addition, ixigo expanded its offerings by adding budget hotel chains and initial listings of independent hotels that align with its core user segments.

Company launched ixigo Airport Cabs across major airports in India, with a curated network of partners across 100+ cities. The service focused on reliable, cost effective transfers, with on-time pick-ups and zero last-minute cancellations, extending our first- and last-mile travel offering.

Opportunities and Threats

Opportunity

The travel surge in Northeast India, supported by government-led investments and improved regional air connectivity, provides ixigo with a significant opportunity to increase bookings and capture rising domestic travel demand ixigos AI capabilities and technology stack enable personalised recommendations, dynamic pricing, and efficient operations. This creates a competitive advantage by enhancing user experience, increasing bookings, and supporting growth across the travel market.

ixigos customer-first approach enables timely support, real-time travel updates, and smooth rebooking solutions. This strengthens customer trust, improves loyalty, and enhances overall satisfaction, thereby reinforcing its position in the industry.

Increasing smartphone penetration and affordable internet access are expanding ixigos reach. This supports seamless mobile bookings, real-time travel updates, and higher user engagement, driving increased adoption and revenue growth in Indias digital travel ecosystem.

Rising demand for flexible, end-to-end travel planning enables ixigo to provide integrated services across flights, trains, buses, and personalised itineraries. This improves customer convenience, strengthens loyalty, and supports retention of its market position.

Wider adoption of UPI, digital ticketing, and mobile-based booking systems enables ixigo to offer seamless, secure, and convenient payment experiences. This contributes to higher transaction volumes and strengthens the overall digital travel ecosystem.

ixigos partnerships with banks, fintech companies, and service providers improve payment flexibility, enable exclusive offers, and expand service capabilities. This enhances customer engagement, strengthens loyalty, and increases booking volumes across the platform.

Threats

Ongoing geopolitical conflicts in the Middle East have resulted in cautious travel behaviour among Indian travellers, softer demand, and higher airfares. This may adversely impact ixigos international bookings and overall revenue growth.

Intense competition in the online travel agency industry from established players and emerging platforms continues to exert pressure on pricing, customer retention, and market share. This increases the need for continuous innovation and differentiation.

Cybersecurity risks remain a key concern in an increasingly digital travel ecosystem. Such risks can potentially compromise customer data, disrupt operations, weaken trust, and expose the company to financial and regulatory risks.

Performance in FY 2026

Operational Performance

During FY 2026, the Company strengthened its supply-side capabilities through a significant expansion of its international coverage. It enhanced global distribution reach through partnerships with Amadeus and Travelport, enabling access to leading full-service carriers. In parallel, 26 airlines were onboarded on NDC pipes, including major carriers across the Middle East, Southeast Asia and Europe. This expanded inventory access and improved customer choice across international travel segments. To manage the increase in customer interactions during peak periods, the Company strengthened its customer support operations through proactive intervention and higher adoption of AI-led solutions. AI handled nearly 90% of all voice calls in December, with more than 150,000 calls managed end-to-end through AI during the period, emerging as a key operational milestone for the year. Despite customer contact volumes across voice and chat channels more than doubling during the period, resolution timelines were maintained within internal benchmarks. Customer satisfaction metrics also remained stable throughout the year, reflecting the resilience and scalability of the operational framework. In addition, the Ready Go platform for bus operators provided enhanced real-time insights and greater operational control. The Company also maintained a strong focus on customer safety. Bus safety reports now cover over 40,000 buses, with regular validation of permits, insurance, registration certificates and fitness documents. A diversified business model and customer-first mindset helped the Company to deliver resilient growth amidst challenges that the business environment. In FY 2026, the ixigo Group achieved 34.32% revenue growth and 27.62% adjusted EBITDA growth Y-o-Y.

2026, driven by strong growth across train, flight, and bus bookings. Operating leverage supported an 18.95% rise in Profit before tax (ex share of loss of an associate and exceptional items) to INR 1,025.58 million, though profit after tax increased by 18.64% to INR 714.81 million compared to previous year. The Company maintained positive cash flows.

S. No. Particulars	FY26	FY25	Growth (%)
I Income
II Revenue from operations	12,280.39	9,142.46	34.32%
III Other income	473.07	180.20	162.52%
IV Total income (I + II)	12,753.46	9,322.66	36.80%
IV Expenses
Employee benefits expense	2,200.44	1,636.17	34.49%
Finance costs	27.34	23.30	17.34%
Depreciation and amortization expense	148.23	103.38	43.38%
Other expenses	9,351.87	6,697.65	39.63%
Total expenses	11,727.88	8,460.50	38.62%
V Profit / (loss) before share of loss of an associate, exceptional items and tax (III-IV)	1,025.58	862.16	18.95%
VI Share of loss of associate, net of tax	(112.22)	(90.97)	23.36%
VII Profit / (loss) before exceptional items and tax (V+VI)	913.36	771.19	18.44%
VIII Exceptional items	(27.96)	46.04	(160.73%)
IX Profit / (loss) before tax (VII+VIII)	885.40	817.23	8.34%
X Tax expense / (credit)
Current tax	226.84	40.09	465.83%
Deferred tax charge / (credit)	(56.25)	174.62	(132.21%)
Total tax expense / (credit)	170.59	214.71	(20.55%)
XI Profit / (loss) for the year (IX-X)	714.81	602.52	18.64%
XII Other comprehensive income
Items that will not be reclassified to statement of profit and loss
(a) Re-measurement gains / (loss) on defined benefit plans	(16.75)	(11.24)	49.02%
Income tax effect relating to items that will not be reclassified to profit and loss	3.82	2.91	31.27%
(b) Share of other comprehensive income / (loss) of associate	0.57	0.01	5600.00%
Income tax effect relating to items that will not be reclassified to profit and loss	(0.14)	-	NA
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations	0.38	-	NA
Other comprehensive income / (loss) for the year, net of tax	(12.12)	(8.32)	45.67%
XIII Total comprehensive income for the year, net of tax (XI+XI)	702.69	594.20	18.26%

Total Income

Total income grew by 36.80% year-on-year to INR 12,753.46 million in FY 2026, supported by a 34.32% increase in revenue from operations. Other income increased by 162.52% from INR 180.20 million in FY 2025 to INR 473.07 million in FY 2026, primarily due to higher interest income on bank deposits and gain on fair value changes and sale of mutual funds.

Particulars	FY26	FY25	Growth (%)
Income
Revenue from operations	12,280.39	9,142.46	34.32%
Other income	473.07	180.20	162.52%
Total income	12,753.46	9,322.66	36.80%

Revenue from Operations

Along with 34.32% growth in the revenue from operations, during the reporting year, the discount was INR 4,022.74 million whereas, in the previous financial year it was INR 2,770.71 million.

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Management Discussion and Analysis

Reconciliation of Gross and Net Revenue from Operations
Particulars	FY26	FY25	Growth (%)
Gross revenue from operations	16,303.13	11,913.17	36.85%
Less: Discount	(4,022.74)	(2,770.71)	45.19%
Revenue from operations	12,280.39	9,142.46	34.32%

Break-up of Revenue from Operations

Revenue from contracts with customers primarily includes Ticketing Revenue, Advertisement revenue and Other Operating Revenue.

Particulars	FY26	FY25	Growth (%)
Ticketing revenue	11,292.48	8,487.95	33.04%
Advertisement revenue	653.28	424.02	54.07%
Other Operating Revenue	334.63	230.49	45.18%
Total revenue from contracts with customers	12,280.39	9,142.46	34.32%

Revenue from operations grew 34.32% year-on-year in FY 2026, driven by a 33.04% rise in ticketing revenue, 54.07% increase in Advertisement revenue and 45.18% increase in other operating revenue.

Breakup of Revenue by Segment

Particulars	FY26	FY25	Growth (%)
Segment Revenue
Flight	3,906.78	2,533.93	54.18%
Train	5,112.57	4,569.02	11.90%
Bus	2,979.95	1,969.24	51.32%
Other	281.09	70.27	300.01%

Flight revenue grew by 54.18% driven by higher gross transaction value and improved take rates, resulting in an increased contribution to total revenue to INR 3,906.78 million. Train revenue, while maintaining its position as the largest contributor, recorded 11.90% growth of revenue. Bus revenue rose by 51.32% with its revenue increasing from INR 1,969.24 million in FY 2025 to INR 2,979.95 million in the reporting year aided by a rise in passenger volumes and service coverage.

Other Income

Other income increased from INR 180.20 million in FY 2025 to INR 473.07 million in FY 2026.

Expenses

Expenses comprise employee benefits expense, finance costs, depreciation and amortization expenses and other expenses. Total expenses increased by 38.62% from INR 8,460.50 million in FY 2025 to INR 11,727.88 million in FY 2026.

Employee Benefits Expense

Employee benefits expense comprises salaries, wages and bonuses, contributions to the provident and other funds, gratuity expense, employee stock option scheme expense, and staff welfare expenses. Employee benefits expense increased by 34.49% from INR 1,636.17 million in FY 2025 to INR 2,200.44 million in FY 2026.

Finance Costs

Finance costs comprise interest on borrowings and interest on lease liabilities. Finance costs increased from INR 23.30 million in FY 2025 to INR 27.34 million in FY 2026.

Depreciation and Amortization Expenses

Depreciation and amortization expenses comprise depreciation on property, plant and equipment; depreciation on right of use; and amortization of intangible assets. Depreciation and amortisation expense increased by 43.38% from INR 103.38 million in FY 2025 to INR 148.23 million in FY 2026.

Other Expenses

Other expenses comprising, distribution costs, partner support cost, customer refunds/cancellation costs, advertising and sales promotion, payment gateway charges, outsourcing cost, technology-related costs and other overheads, increased from INR 6,697.65 million in FY 2025 to INR 9,351.87 million in FY 2026.

Particulars	FY26	FY25	Growth (%)	Reason of Change
Customer refunds / cancellation costs	2,606.14	1,811.30	43.88%	Customer refunds/cancellation costs increased primarily on account of increased volume of Value added services wherein the cost of refund/modification is borne by the Company
Advertising and sales promotion	3,244.61	2,190.40	48.13%	Advertising and sales promotion expenses increased significantly due to intensified branding activities aimed at enhancing market presence and boosting customer awareness.
Partner support cost	1,427.64	1,023.17	39.53%	Partner support costs increased primarily due to a rise in train bookings and new offerings in Trains LOB.
Payment gateway charges	704.98	580.14	21.52%	Payment gateway charges increased due to an overall rise in the Gross Transaction Value, leading to higher transaction volumes processed through payment gateways.
Distribution cost	391.45	297.67	31.50%	Distribution costs increased as a result of higher transactions with distribution partners, reflecting expanded reach and distribution network activity.
Outsourcing cost	182.01	132.26	37.62%	Outsourcing costs increased due to the outsourcing of first-level customer support and the engagement of additional external resources to support the higher scale of operations.
Other Overheads	795.04	662.71	19.97%	Due to overall scaling of business operations.
Total other expenses	9,351.87	6,697.65	39.63%

Share of loss of an associate

The share of loss from an associate was INR (90.97) million in FY 2025 and in FY 2026 it was INR (112.22) million.

EBITDA and Adjusted EBITDA

Adjusted EBITDA experienced a robust year-on-year growth of approximately 27.62% rising from INR 947.72 million in FY 2025 to INR 1,209.47 million in FY 2026. Simultaneously, EBITDA surged by roughly 21.47% increasing from INR 988.84 million in FY 2025 to INR 1,201.15 million in FY 2026.

Exceptional Items

Exceptional items decreased by 160.73% dropping from income INR 46.04 million in FY 2025 to expense INR (27.96) million in FY 2026.

Tax Expenses / (income)

Total tax expense decreased from INR 214.71 million in FY 2025 to INR 170.59 million in FY 2026.

Profit after Tax

Profit after tax increased from INR 602.52 million in FY 2025 to INR 714.81 million in FY 2026 can be attributed to several key factors, particularly concerning one-off items:-

FY 2026 One-offs

The share of loss from Freshbus and Squad As A Service, S. L., as associates, increased to INR (112.22) million, impacting overall profitability. Additional expense included INR 27.96 million in exceptional items related to new Labour code.

FY 2025 One-offs

The share of loss from Freshbus, as an associate, increased to INR (90.97) million, impacting overall profitability. A revaluation gain of INR 57.71 million on Freshbus due to their fundraising partially offset some losses. Additional expenses included INR 11.67 million related to share issue costs associated with the Companys initial public offer.

Financial Performance

During FY 2026, the Company delivered strong financial performance across key operating and financial parameters. Revenue from operations increased by 34.32% and stood at INR 12,280.39 million. The growth reflects the Companys ability to sustain business momentum despite a challenging economic environment. The Company also reported a significant

improvement in profitability, supported by disciplined cost management and operational efficiencies. EBITDA rose by 21.47% to INR 1,201.15 million in FY 2026. Adjusted EBITDA increased by 27.62% and reached INR 1,209.47 million. These results highlight the Companys focus on efficient execution and scalable growth initiatives. A key milestone during the year was the successful completion of its Preferential issue of INR 12,955.63 million of 4,62,70,092 fully paid-up equity shares at an issue price of INR 280 per Equity Share (including a premium of INR 279 per Equity Share). The proceeds are expected to support future growth initiatives, expand service offerings, inorganic growth and drive investments in technology. This capital infusion is aligned with the Companys strategic objectives and is expected to contribute to long-term shareholder value creation.

Further, the Company incorporated IXIGO PTE. LTD., a wholly owned subsidiary, in Singapore on December 18, 2025.

Furthermore, the Company also took a significant step in our international expansion with the acquisition of a 60% stake in Trenes.com, Spains second-largest train OTA. Our first major international acquisition, the investment marks ixigos entry into Europe and brings together Trenes strong customer base, local rail operator integrations and market expertise with ixigos AI-led product innovation and technology capabilities. The acquisition creates an opportunity to accelerate product development and AI-led reinvention while expanding our ability to solve complex rail travel use cases at scale.

Alongside the acquisition of Trenes, we acquired a 45.02% stake in Squad As A Service, S.L. (Sqaas), a Spain-based AI technology company. As a result, Sqaas became an associate Company of ixigo. Sqaas develops technology-driven solutions, with a focus on AI-powered software and related services.

During the year, the Company acquired an additional 11% equity stake in Zoop from its existing shareholders (founders). Consequent to this acquisition, the Companys shareholding in Zoop has increased from 51% to 62% as at March 31, 2026.

Human Resource

The Companys workforce plays a critical role in driving growth and supporting the achievement of its objectives. Recognising the contribution of its employees, the Company ensures a safe, inclusive and supportive work environment. Its talent management strategy is aligned with long-term growth priorities and core organisational objectives. The organisation promotes a work culture defined by empathy, ingenuity, ownership, resilience and excellence. ixigo has a mix of experienced industry professionals and young talent, all focused on delivering strong customer experience and sustaining its position as one of Indias leading online travel agencies. Key initiatives undertaken by the Company during FY 2026 to strengthen its workforce include focused capability building programmes, enhanced learning and development interventions, strengthened leadership development initiatives, and structured employee engagement activities aimed at improving retention, productivity and overall organisational alignment.

Technology

ixigo is a technology-led organisation focused on enabling Indian travellers to plan, book and manage their journeys with ease. The Company continues to develop an inclusive travel ecosystem designed for underserved and next-generation internet users, particularly in Tier II and Tier III towns. Technology is integrated across the entire customer journey, from discovery and planning to pricing, customer support, operations and supply-side efficiency, enabling a seamless and personalised travel experience at scale. The Company consistently leverages advanced technology and data-driven capabilities to address customer pain points, improve decision-making and maintain operational efficiency while ensuring a lean cost structure. During periods of large-scale disruption, ixigo executed a coordinated response by combining the speed and scale of its technology platforms with the empathy and judgment of its customer support teams. Extended support operations during peak disruption periods enabled the Company to sustain strong customer satisfaction levels despite a sharp increase in customer volumes.

Integration of AI to serve the customers better

In the later part of the reporting year, widespread flight disruptions by a leading airline in India resulted in a significant increase in customer queries. Customer support reach-outs doubled, while usage of Flight Tracker Pro increased fivefold. In response, ixigo acted swiftly to support affected travellers and maintain a seamless customer experience during the disruption. The Company became the first OTA to proactively process full refunds for impacted bookings, including convenience fees and ixigo Assured fees. Customers were kept informed through timely updates, faster refunds, and assistance with alternate travel arrangements. TARA, ixigos voice and chat support platform, supported customers in managing cancellations, refunds, and rebooking-related queries. During this period, it handled over 150,000 calls end-to-end.

Outlook

The Company remains optimistic about long-term growth opportunities across both domestic and international travel segments. New outbound destinations such as Vietnam, Japan, South Korea, Oman, Kenya and Indonesia are witnessing strong traction on the platform. At the same time, early signs of organic inbound travel are also emerging, particularly from the Middle East and Southeast Asia. The expansion of the Governments e-tourist visa scheme to 211 countries is expected to further support growth in inbound travel. The Company is also encouraged by the Governments plans to enhance rail infrastructure capacity, including the proposed doubling of originating train capacity across 48 major cities by 2030 and the rollout of initiatives such as Vande Bharat Sleeper and Amrit Bharat Express. Spiritual tourism continues to remain a strong secular trend. Destinations such as Varanasi, Tirupati, Prayagraj, Ayodhya and Shirdi are witnessing sustained growth, particularly among Gen Z travellers using bus and train travel options. Going forward, the Company will continue to allocate capital towards high-impact opportunities aligned with its long-term strategy across AI, travel technology and talent acquisition.

Risks and Concerns

The Company operates in a dynamic and highly competitive environment while serving diverse industry segments. This broad operational footprint exposes the business to a wide range of risks arising from both internal operations and external factors. To manage these uncertainties effectively, the Company has implemented a comprehensive and integrated risk management framework embedded within its strategic decision-making and business planning processes. This framework enables timely identification, assessment and mitigation of material risks across all functions and business units. Through scenario planning, real-time monitoring and cross-functional collaboration, the Company remains agile in responding to an evolving risk landscape. This proactive approach strengthens business continuity, enhances organisational resilience and supports sustained leadership in the global marketplace

Internal Control Systems

The Company has a robust internal audit system in place, which is regularly monitored and updated to safeguard assets, ensure compliance with regulations, and promptly address any issues. The audit committee diligently reviews internal audit reports, takes corrective action as required and maintains open communication with the auditors to ensure the effectiveness of internal control systems. This robust internal audit framework ensures that the Company operates with integrity, transparency and accountability while mitigating risks and safeguarding the interests of stakeholders.

Cautionary statement

This statement made in this section describes the Companys objectives, projections, expectations and estimations which may be forward looking statements within the meaning of applicable securities laws and regulations. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised by the Company. Actual result could differ materially from those expressed in the statement or implied due to the influence of external factors which are beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements on the basis of any subsequent developments.