Consolidated Revenue Growth
Revenue from operations grew 10% year-on-year to INR 2,577 million (≈$29M) for Q3 FY2026.
Air Ticketing: Strong Bookings, Volume and Margins
Air gross bookings rose 22% year-on-year to INR 16,931 million (≈$188M). Air passenger volume was ~1,491,000, up ~13% year-on-year. Air adjusted margins rose ~40% year-on-year to INR 1,195 million (adjusted margin percentage improved from 6.2% to 7.1%). Take rates improved from 6.2% to 7.1%, reflecting stronger B2C demand.
Hotels & Packages Growth and Margin Expansion
Hotel room nights increased 22% year-on-year to 508,000. Gross bookings in Hotels & Packages grew 20% year-on-year to INR 4,306 million (≈$47M). Adjusted margins expanded ~15% year-on-year to INR 502 million. Gross margins improved from 9.7% to 10.2% year-on-year.
Corporate Travel Momentum and New Clients
Onboarded 40 new corporate clients in the quarter, adding an annual billing potential of INR 2.2 billion. B2B remains a large portion of mix (quarterly B2B:B2C ≈ 60:40 vs 9-month average 65:35) and online penetration in corporate travel is ~23%, indicating significant runway.
Product & Sales Traction — Expense Management and GTM Sharpening
Early traction for the expense management solution: 8 customers onboarded. Management has restructured go-to-market into three pillars (elite large-enterprise sales, SME digital/inside sales, and key-account farming) and increased product/tech hiring to accelerate differentiated offerings (AI-enabled self-booking and predictive procurement).
Liquidity and Financial Position
Cash and cash equivalents plus term deposits stood at INR 2,042 million (≈$23M) as of December 31, 2025. Management emphasized government budget tailwinds for travel (e.g., TCS on overseas tour packages = 2%) and supportive infrastructure initiatives.