Strategic Expansion and Market Resilience Drive Buy Rating for MakeMyTripWe note that advertising and promotional spending as a percentage of gross booking (GB) rose for MMYT in 1HFY26 (+49bps YoY) as the company is prioritizing growth over any material improvement in profitability. Still, its adj. EBITDA margins as a percentage of GB are up 14bps over the past four quarters. For Ixigo, advertising and promotional spending as a percentage of gross bookings in 1HF26 increased 26bps to 2.6%, vs 2.4% last year. Yatra, on the other hand, noted it has been focusing on improving margins and higher profitable segments such as the company lifted its full-year adj. EBITDA margin guidance to 35-40% from 30% of revenues for F26. EMT reported increases in advertising and promotion spending as a a percentage of GB in 2Q26 (+13bps QoQ).