[Management View]
Revenue for Q1 FY2026 was $268.8 million, up 7.8% YoY in constant currency. Profit increased by 22.6% to $25.8 million. Adjusted operating profit grew 21% YoY to $47.3 million. Key strategic priorities include expanding international travel services, leveraging generative AI for customer experience, and operational efficiency.

[Outlook]
Management expects adjusted operating margin to remain in the 1.8% to 2% range as a percentage of gross bookings for the full year. There are no immediate plans for an India IPO, but it remains a midterm opportunity. Continued investment in generative AI is expected to enhance customer experience and operational efficiency.

[Financial Performance]
Revenue grew by 7.8% YoY in constant currency. Profit increased by 22.6% YoY. Adjusted operating profit grew 21% YoY. International air ticketing revenue grew by over 27% YoY, and international hotels revenue increased by over 45% YoY. Domestic air market share was maintained at 30.8%.

[Q&A Highlights]
Question 1: Given the 16% growth in revenue for Q1, are you still aiming for 20% growth for the full year?
Answer: Despite macro events, adjusted margin growth stands at close to 18.8%, indicating that we are still on target for high teens to 20% growth for the year.

Question 2: Are you seeing an improvement in consumer sentiment as we head out of Q1?
Answer: We have started seeing sentiment improving, with daily flow numbers recovering in June. This disruption is temporary and does not change the structural shift in consumer behavior towards spending more on travel.

Question 3: Is there any update on a potential IPO in India?
Answer: The India IPO remains a midterm opportunity linked to future capital deployment needs. Currently, we have $800 million in cash and cash equivalents, so unless we find a significant reason to deploy funds, the India plan remains midterm.

Question 4: Do you think the international segment can continue to deliver 30% plus growth?
Answer: Yes, due to underpenetrated online market, adding supply, and overall country growth. International travel growth is driven by rising income, better air connectivity, and simplified visa processes.

Question 5: Can you highlight the general competition landscape, particularly from airline direct?
Answer: We maintain a strong leading market share of over 30% in domestic air. Competition dynamics remain largely unchanged, and we focus on ensuring long-term growth and market share.

Question 6: How should one look at your margin guidance given the growth headwinds?
Answer: We aim to settle in the 1.8% to 2% range on a full-year basis, with tactical moves based on market behavior.

Question 7: Was there any kind of drop in the average room nights rate booked in the quarter?
Answer: There was no significant drop in ADRs, only a small 1-2 percentage points decrease in certain segments.

Question 8: What proportion of activity is MICE related, and was it a growth tailwind?
Answer: Overall corporate and MICE segments have been growing well, contributing to healthy growth.

Question 9: What is the growth potential for ancillary services outside of ground transportation?
Answer: We continue to roll out new ancillary services, which will drive growth. We expect this segment to grow faster, possibly in the 30s, in the years to come.

Question 10: Can you clarify any key changes in Board composition?
Answer: Trip.com's nominees have reduced from 5 to 2. We have added independent directors and constituted a Nomination Committee.

Question 11: How should one look at your margin guidance given the growth headwinds?
Answer: We aim to settle in the 1.8% to 2% range on a full-year basis, with tactical moves based on market behavior.

Question 12: How should we think about ESOP charges and ETR on a go-forward basis?
Answer: ESOP costs will remain within the $35 million to $40 million range for the full fiscal year. ETR will see full reversal in line with profitability.

Question 13: Which segment do you expect to recover faster, hotels and packages or air business?
Answer: Hotels have done better, and we expect all segments to rise, with packages taking longer to recover post any macro disruption.

Question 14: Can you give some color on market share in hotels and buses?
Answer: We continue to lead in the hotel segment, competing with international players. In the bus segment, we maintain a robust growth rate, indicating a disproportionate share of the market.

Question 15: How do you see AI-led search and bookings for travel as an opportunity or threat?
Answer: We see AI as an opportunity to lead innovation and enhance consumer experience. We are investing significantly in generative AI to leverage our massive data repository.

[Sentiment Analysis]
Analysts and management maintained a positive tone, focusing on recovery and long-term growth prospects despite short-term disruptions.

[Quarterly Comparison]
| Metric | Q1 FY2026 | Q1 FY2025 | YoY Change |
|---------------------------------|-----------|-----------|------------|
| Revenue | $268.8M | $254.5M | +7.8% |
| Profit | $25.8M | $21M | +22.6% |
| Adjusted Operating Profit | $47.3M | $39.1M | +21% |
| Domestic Air Market Share | 30.8% | 30.6% | +0.2% |
| International Air Ticketing Rev | +27% | N/A | N/A |
| International Hotels Revenue | +45% | N/A | N/A |

[Risks and Concerns]
Macro disruptions impacted domestic demand. Temporary disruptions in air supply due to safety checks. Potential geopolitical events affecting travel sentiment.

[Final Takeaway]
MakeMyTrip demonstrated resilience in Q1 FY2026 despite macro challenges, with strong growth in international segments and strategic investments in AI. Management remains optimistic about long-term growth prospects, supported by rising disposable income and infrastructure upgrades. The company continues to focus on enhancing customer experience and operational efficiency through generative AI, while maintaining a diversified portfolio to mitigate risks.