A. History and Development of the Company MakeMyTrip Limited (Company No. 24478/5832) is a public company incorporated under the laws of Mauritius with limited liability on April 28, 2000 and holds a Global Business License issued by the Financial Services Commission of Mauritius. Our registered office is located at c/o IQ EQ Corporate Services (Mauritius) Limited, 33, Edith Cavell Street, Port Louis, Republic of Mauritius, 11324 and the telephone number for this office is (230) 212 9800. Our principal executive office is located at 19th Floor, Building No. 5, DLF Cyber City, Gurugram, India, 122002 and the telephone number for this office is (91-124) 439-5000. Our principal website address is www.makemytrip.com. Our other websites include www.goibibo.com; and www.redbus.in. Information contained on, or accessible through, our website or the websites of any of our subsidiaries or affiliates, is not a part of this Annual Report. Our agent for service in the United States is MakeMyTrip Inc., 60 East 42nd Street, 40th Floor, New York, NY 10165. Our Journey Founded by Mr. Deep Kalra, we commenced operations in 2000 with a focus on serving Indians residing in the United States, primarily addressing the demand for air travel between the United States and India. We entered the Indian market with the launch of our MakeMyTrip India website in September 2005. We were one of the earliest online travel agencies in India and have grown alongside the shift of travel discovery and booking from offline channels to digital interfaces. Over the past two decades, we have scaled our business through a combination of organic growth and selective acquisitions, evolving from an air ticketing platform into a travel technology platform offering a wide suite of products and services across hotels and alternative accommodations, holiday packages, tours and attractions, ground transport and other ancillary services. Over time, we have developed our platform to integrate demand, supply and servicing layers within a unified, technology-led ecosystem. Our platform has become a trusted digital interface through which a broadening base of Indian customers research, compare and book travel. Through continued investment in product capabilities, data intelligence and customer experience, we seek to reduce search complexity, improve booking confidence and simplify post-booking interactions at scale. Strategic acquisitions and investments have played a targeted role in our growth. In January 2017, we acquired the ibibo Group, including Goibibo (an online travel platform in India) and redBus (an online bus ticketing platform with operations in India, Colombia, Peru, Singapore and Malaysia) from MIH Internet, an indirect subsidiary of Naspers Limited, pursuant to a transaction agreement dated October 18, 2016 (the “Naspers Transaction Agreement”). The acquisition of Goibibo strengthened our position within the India consumer travel market and contributed to the growth of our complementary business under our MakeMyTrip and redBus brands. The acquisition of redBus represented a significant step in the growth of our bus ticketing business. In July 2018, redBus India acquired Bitla, a SaaS provider in India focused on bus travel technology solutions. The growth in our bus ticketing business has contributed to our ability to cross-sell our ground transportation offerings to customers, as it complements our domestic air ticketing business and facilitates intercity travel in India. We enhanced our intercity ground transportation offerings through our acquisition of a majority interest in Savaari in December 2023. Savaari is engaged in the business of providing car rental services in India. Together with our bus ticketing platform, Savaari broadens our ground transport portfolio, enabling customers to book car rentals alongside bus and rail tickets through a single platform. We further broadened our platform with the launch of myBiz in 2019 to provide corporate travel solutions to enterprises and small and medium-sized businesses (“SMBs”). We acquired a majority interest in Quest2Travel in April 2019 to expand our corporate travel solutions and acquired the remaining interest in Quest2Travel in September 2023. In line with our continued focus to enhance our corporate travel solutions, we acquired a corporate travel and expense management business on a going concern basis, operated through the Happay brand, in February 2025. In September 2022, we increased our equity interest in Simplotel, a SaaS provider providing technology and marketing solutions aimed at helping hotels to drive increased direct bookings on their own platforms, following our initial acquisition of a minority interest in Simplotel in 2014. We now hold a majority equity interest in Simplotel. In March 2026, we acquired a majority stake in Flamingo Transworld, a group holiday packages business with a presence in Gujarat, Maharashtra, Rajasthan and Madhya Pradesh, which offers curated group tours with a regional focus and customized experiences for domestic and international travelers. This acquisition 43 complements our hotels and packages business and broadens our customer offerings in tours and attractions. These initiatives further strengthened our position in hotels and packages by deepening our supply-side hotel technology capabilities and expanding our customer-facing packages offerings. In 2021, we launched TripMoney, our wholly-owned subsidiary, to cater to the financial services needs of domestic and international travelers from India. In April 2022, TripMoney acquired a majority interest in BookMyForex, which offers foreign currency exchange, multi-currency prepaid forex cards and cross-border remittances to Indians traveling abroad. In March 2026, we completed a strategic minority investment in and entered into a partnership with Atlys, a visa processing platform that enables customers to discover, apply for, and manage visas digitally across multiple destinations. We launched our www.makemytrip.ae website in the United Arab Emirates (“UAE”) in 2009 and our UAE flights and hotels desktop and mobile web platform in 2021. Our UAE platform offers flights and hotels booking across both desktop and mobile websites in multiple languages, including Arabic and English, enabling us to cater to a diverse customer base and drive increased adoption across both internet and mobile distribution channels. This expanded our offerings in the UAE market and provides us with a localized platform to serve customers across relevant UAE and India-linked travel corridors. We entered the Singapore market in May 2011 through our initial investment in Luxury Tours, a Singapore-based travel agency which provides hotel reservations, excursion tours and other related services to inbound and outbound travelers in Singapore and the rest of Southeast Asia and became the sole owner of Luxury Tours in fiscal year 2013. We expanded in Southeast Asia in November 2012 through our initial investment in the ITC Group, a hotel aggregator and tour operator focused on Thailand, and became the sole owner of the ITC Group in 2015. In addition, redBus commenced operations in Indonesia, Cambodia and Vietnam in April 2018, March 2024 and April 2024 respectively. Together, these initiatives reflect our disciplined approach to expanding our capabilities across leisure, corporate and ancillary travel categories, while deepening supply integration and strengthening our presence across the connected travel journey. Internal Reorganizations On February 1, 2023, our Goibibo business was transferred from ibibo India to MMT India pursuant to a scheme of arrangement between our wholly-owned subsidiaries, MMT India and ibibo India. Our redBus India business was retained by ibibo India, and ibibo India was subsequently renamed as redBus India. On May 30, 2025, MMT India became the holding company of MMT UAE following the acquisition of all the shares in MMT UAE from ibibo UAE. On February 1, 2026, redBus India was amalgamated into MMT India pursuant to a composite scheme of amalgamation and arrangement between our wholly-owned subsidiaries, MMT India and redBus India. Following these changes, our MakeMyTrip, Goibibo and redBus India businesses are held by MMT India. Additional Information The SEC maintains an internet site, http://www.sec.gov, that contains reports, proxy and information statements, and other information regarding issuers, like us, that file electronically with the SEC. We also maintain a website at www.makemytrip.com, which contains information about our company. The information contained on, or accessible through, our website is not incorporated by reference into this Annual Report. B. Business Overview We are a leading travel service provider in India. Our technology platform enables transactions across a range of travel needs, empowering customers with seamless and integrated experiences. Our comprehensive suite of travel products and services includes air tickets, hotels and alternative accommodations, holiday packages, bus tickets, rail tickets, car hire, tours and attractions and ancillary services. We serve a broad and diverse customer base ranging from individuals to enterprises and SMBs. As of March 31, 2026, 88.9 million lifetime unique transacting customers have transacted on our platform since our inception across our key brands, being MakeMyTrip, Goibibo and redBus. Our customers can discover, compare, plan, book and manage a wide range 44 of travel products and services through our digital-first, omni-channel distribution platform. Our MakeMyTrip, Goibibo and redBus mobile applications are available on Android and iOS. We have an integrated presence across all major travel verticals and offer a comprehensive suite of travel and travel-related products and services, including air tickets, hotels and alternative accommodations, holiday packages, bus tickets, rail tickets, car hire, tours and attractions, travel assurance products and add-on products across air, bus and rail bookings to enhance booking flexibility and customer experience. We offer foreign exchange, multi-currency prepaid forex cards and cross-border remittances through our subsidiary, BookMyForex. In addition, we facilitate access to travel credit and travel insurance products offered by third party providers, as well as visa-processing services through our partnership with Atlys and other third parties. Our integrated offering supports cross-selling across categories, increases customer engagement and drives repeat usage. We had 35.7 million annual unique transacting customers on our platform in fiscal year 2026, which included repeat customers who contributed to our repeat transaction rate of 78.4% in fiscal year 2026. We operate an asset-light marketplace model, connecting travelers with a broad network of suppliers, including airlines, hotels, accommodation providers and ground transport operators. As of March 31, 2026, our platform provided customers with access to all major domestic and international airlines, more than 1.4 million hotels and alternative accommodations globally (including 0.1 million hotels and alternative accommodations with more than 1.6 million rooms in India), more than 200,000 tours and attractions across more than 1,090 cities in 139 countries, more than 8,000 private bus operators globally and 25 State Road Transport Corporations in India, rail tickets on Indian Railways, outstation car hire services in more than 3,000 cities and towns in India, and ancillary travel products and services. Our product and service offerings across customer-facing interfaces, distribution channels and supplier-facing systems are powered by our AI-supported, integrated technology platform that is designed to promote scale, supply aggregation, personalization and customer convenience. Outside India, we have a growing presence in the UAE, where we offer localized travel products and services such as air ticketing and hotels. In addition, redBus has a presence in Latin America (in Peru and Colombia) and Southeast Asia (in Malaysia, Singapore, Indonesia, Cambodia and Vietnam). We also have a presence in Southeast Asia through Luxury Tours and ITC Group and in the United States through MMT USA. In 2026, we launched a Saudi Arabia-focused platform, including our dedicated MakeMyTrip KSA website and mobile application, to expand our presence in Saudi Arabia. Our platform is supported by our strong and established brands, sizeable and engaged customer base, advanced technology and deep execution capabilities. Our MakeMyTrip, Goibibo and redBus brands address distinct customer groups and price points, which has enabled us to build a broad and engaged customer base. Our MakeMyTrip brand has won a number of awards in the past three fiscal years. Awards Brand Year ‘Industry Award for Travel and Tourism’ at the ET Brand Equity Trendies Awards, 2026 held by ET Brand Equity MakeMyTrip 2026 ‘Influencer Marketing Award’ in the small budget campaign category at the ET Brand Equity Trendies Awards, 2026 held by ET Brand Equity MakeMyTrip 2026 ‘Best Health and Well-being Strategy’ award at the NDTV - HR Excellence Awards, 2026 held by NDTV Limited MakeMyTrip 2026 SATTE - Best Travel Partner Program for MyPartner MakeMyTrip 2025 Indian Digital Marketing Awards - Best Benchmark Content for Mahakumbh MakeMyTrip 2025 IAMAI - Best user experience in an application MakeMyTrip 2025 The Economic Times - MICE Travel agency of the year - Domestic Travel MakeMyTrip 2024 LinkedIn - Top Companies 2024 (<5k employees) MakeMyTrip 2024 The Economic Times (Travel and Tourism Awards) - Excellence in use of PR MakeMyTrip 2024 ETCIO Awards - Digital Enterprise of the Industry (Digital Native Category) MakeMyTrip 2024 Avtar – The Power of Diversity – 100 Best Companies for Women MakeMyTrip 2024 The Economic Times – Future Ready Organization MakeMyTrip 2024 45 Our Competitive Strengths Leading Travel Service Provider with Strong and Established Travel Brands We are a leading online travel company in India across air ticketing, hotels and packages and bus ticketing bookings. In fiscal year 2024, 51.1 million flight segments for air ticketing, 31.1 million room nights for hotels and packages and 86.8 million travelled tickets for bus ticketing were booked through our platform. In fiscal year 2025, 58.7 million flight segments for air ticketing, 37.0 million room nights for hotels and packages and 106.5 million travelled tickets for bus ticketing were booked through our platform. In fiscal year 2026, 59.1 million flight segments for air ticketing, 43.5 million room nights for hotels and packages and 141.5 million issued tickets for bus ticketing were booked through our platform. Based on data from the DGCA, we estimate that nearly 3 out of 10 domestic air passengers in India booked their air tickets through our platform during fiscal year 2026. The number of transactions facilitated through our platform reflects our scale across both high-frequency transport and accommodation categories. See “Item 5. Operating and Financial Review and Prospects — A. Operating Results — Key Operating Metrics”. Our ability to aggregate fragmented supply and build scaled digital solutions, particularly for hotels and alternative accommodations and bus ticketing, has brought greater structure, convenience and reliability to parts of the travel ecosystem that have traditionally been less organized and digitally penetrated, and has contributed to our leading position in India. Our brand strength has been developed through our sustained investment in customer experience, technology, service quality and marketing initiatives. Our MakeMyTrip, Goibibo and redBus brands address distinct traveler categories, use cases and price points across the Indian travel ecosystem. MakeMyTrip serves as our primary brand with recognition in air ticketing, hotels and holiday packages, while Goibibo addresses value-seeking and mass-market travelers through an application-led proposition. redBus is an online bus ticketing platform with substantial coverage across routes, operators and markets. Our multi-brand architecture allows us to achieve broad market coverage while preserving distinct brand identities and supporting customer acquisition, retention, engagement and monetization across travel categories. Our brands have received recognition across categories including customer experience, digital capabilities and brand-building. Some recent recognitions include those received from IAMAI for best user experience in an application (2025); awards from The Economic Times for MICE Travel Agency of the Year – Domestic Travel (2024, 2023), Best Online Travel Marketplace – B2C (2023) and Best Domestic Tour Operator (2023) and recognition at The Economic Times Travel and Tourism Awards for excellence in use of public relations (2024). Scalable and Integrated Technology Platform Our ecosystem is anchored on our scalable, integrated technology platform that powers our products and services offerings across our customer-facing interfaces, distribution channels and supplier-facing systems. Our technology platform incorporates an AI-supported approach and is designed to advance four core business objectives: scale, supply aggregation, personalization and customer convenience. Our technology platform separates core functions, including inventory and content, payments, user management and data pipelines, into independent, modular stacks, enabling our B2C, non-B2C and supplier-facing interfaces to scale independently, as illustrated in the diagram below. This decoupled architecture allows us to deploy, update and scale specific components in response to traffic or booking demand, including during peak periods, without disrupting our broader platform. Modular boundaries support access controls, network segmentation and system isolation, limiting interdependence and the potential impact of incidents on critical systems and data. The platform enables faster identification and isolation of issues within specific components, supporting site reliability and performance. Shared security layers, including cloud infrastructure, centralized authentication and AI-enabled fraud detection, are applied across modules to maintain consistent controls. Our technology architecture also enables us to launch new offerings by building on existing components, supporting product expansion while preserving scalability, reliability and security. •Scalability: Our platform is purpose-built to support scale, speed and reliability with unified and modular architecture powering our customer-facing interfaces, enterprise distribution channels and supplier-facing systems through a common layer. It spans across inventory and content management, real-time pricing, payments, user and account management, data pipelines, analytics and multi-language and multi-currency support. Built for high availability, security and performance, this architecture can accommodate increasing traffic, booking intensity and product complexity with limited incremental investment. •Supply Aggregation: Our technology platform also plays a critical role in supply aggregation, particularly in fragmented categories such as hotels and alternative accommodations and bus ticketing, by making it easier 46 for suppliers to connect through direct integrations, Switch, Global Distribution System (“GDS”), channel managers and self-service tools to manage inventory, rates, content and bookings in real time. By lowering integration friction for suppliers and enabling faster onboarding and seamless interoperability across supplier systems, our technology platform helps consolidate a broad range of fragmented offline supply into more discoverable and bookable digital inventory and make it available to individual customers, enterprises and agents. •Personalization: We leverage our data analytics, machine learning and AI capabilities to analyze historical customer preferences, market insights and real-time supply and provide customers with curated, personalized recommendations (particularly in our hotels and packages business), which improves relevance and supports deeper customer engagement across the travel journey. •Customer convenience: We have adopted an AI-supported approach across trip planning, booking assistance, customer servicing and post-booking support. These capabilities are anchored by Myra, our multilingual, agentic trip-planning assistant launched in August 2025. Myra combines foundational plug-and-play and small language models with customer understanding and advanced data-science algorithms. During the quarter ended March 31, 2026, Myra engaged in over 54,000 daily conversations across multiple Indian languages and English, of which more than 60% originated from Tier II and Tier III cities in India. Further, in the quarter ended March 31, 2026, Myra resolved over 55% of post-booking queries in relation to flights and hotels. Over time, we expect these capabilities to deepen repeat usage, support cross-sell into adjacent products and services, increase accessibility, reduce friction across the travel journey and make travel discovery, booking and servicing more intuitive and accessible. We intend to leverage these capabilities to gain insights from voice and text interactions, better understand customer sentiment and service quality trends, and drive continuous improvements in service outcomes. Comprehensive Products and Services Offerings Catering to a Wide Range of Travel Needs We offer a comprehensive suite of travel and travel-related products and services across our platform, enabling customers to discover, compare, plan, book and manage multiple components of their travel needs within a single ecosystem. We have an integrated presence across all major travel verticals. As of March 31, 2026, our platform provided customers with access to all major domestic and international airlines, more than 1.4 million hotels and alternative accommodations globally (including 0.1 million hotels and alternative accommodations in India, with more than 1.6 million rooms in India), more than 200,000 tours and attractions across more than 1,090 cities in 139 countries, more than 8,000 private bus operators globally and 25 State Road Transport Corporations in India, rail tickets on Indian Railways, outstation car hire services in more than 3,000 cities and towns in India, and ancillary travel products and services ranging from travel assurance products, visa-processing and add-on services. Our products and services portfolio enables us to remain relevant across multiple stages of the travel journey and across multiple travel use cases. Customers who use our ecosystem for one travel need can subsequently purchase adjacent products and services through our integrated travel ecosystem. 50.9% of customers who booked hotels through our key brands (MakeMyTrip, Goibibo and redBus) during the last 12 months also booked either flights, holiday packages or ground transportation through our key brands in fiscal year 2026. The breadth and depth of our product and service offerings provides convenience for customers, while supporting higher repeat engagement, stronger cross-sell and attachment and a greater share of customer travel spend over time. 50.6% of customers who booked flights or hotels through our key brands during the last 12 months also booked ancillary services through our key brands in fiscal year 2026. Our Integrated, Digital-First Omni-Channel Distribution Platform Our integrated, digital-first omni-channel distribution platform enables broad customer reach, diversified demand streams, and capital-efficient customer acquisition and growth. We combine direct customer-facing interfaces, assisted channels, B2B2C capabilities, enterprise distribution channels and selective digital partnerships, enabling us to serve customers across the travel discovery, booking and post-booking journey and to accelerate the shift of historically offline travel demand to digital channels. Our MakeMyTrip, Goibibo and redBus mobile applications are available on Android and iOS, with more than 566.7 million downloads as of 47 March 31, 2026. Customer bookings made through our mobile applications contributed to 77.4%, 78.6% and 81.3% of the total number of transactions in fiscal years 2024, 2025 and 2026, respectively. Our mobile applications and websites are complemented by assisted channels, including holiday experts, travel agents and franchisee-owned travel stores, which are particularly relevant for holiday packages, more complex itineraries and customers who prefer more personalized, hands-on assistance. As of March 31, 2026, we had 108 franchisee-owned travel stores and over 56,900 registered travel agents across India. We provide our distribution partners with a range of technology-enabled travel solutions, such as myPartner (our dedicated B2B2C platform for travel agents), as well as through our enterprise channels such as myBiz, Quest2Travel and Happay, which serve enterprises and SMBs across travel booking, approvals, payments and expense management workflows. Our distribution capabilities are also augmented by selective digital partnerships, including Amazon Pay, PhonePe and HDFC SmartBuy, through which customers of these third-party platforms can discover, search and book our products and services, with fulfillment and ticketing handled through our systems. These partnerships embed our products and services within high-engagement third-party ecosystems and extend our customer reach. Customers can also access Myra (our multilingual, agentic trip-planning assistant), self-service tools, automated chat support and 24x7 customer support for booking management, cancellations, refund tracking and post-booking assistance. Our integrated network enables us to align our distribution channels with specific products, use cases and customer journeys through self-serve, assisted, intermediary-led or enterprise-led models, which enhances our brand visibility and accessibility, supports capital-efficient customer acquisition and servicing, broadens our reach across Tier I, Tier II and Tier III cities in India and helps diversify demand across leisure customers and enterprise and SMB customers. Our Customer-Centric Approach Our customer-centric approach is built around delivering convenience, choice and support across the travel lifecycle, from discovery and planning to booking and post-booking services. Customers can research, compare, and book a broad range of travel products and services through our user-friendly websites and mobile applications, which help customers make informed decisions and manage their journeys. Our websites and mobile applications include travel content such as destination information and a large repository of verified traveler reviews for domestic accommodations. In addition, customers can manage and cancel bookings, monitor flight and transport status, track refunds and access promotions. Our multiple customer service channels complement our digital customer interfaces, allowing customers to access support in the way that best suits their needs. Customers can check their booking status, cancel bookings, request e-tickets and track refunds across flights, hotels, buses and rail, supported by dedicated customer support personnel available on a 24-hour, seven-day-a-week basis to provide real-time assistance where required. This combination of self-service capabilities and assisted servicing helps us serve customers across both simple and more complex travel use cases. In addition, to enhance booking flexibility and customer experience, we offer innovative add-on services such as fare protection, cancellation flexibility, date change options, price lock features, and refund or seat guarantee products across air, bus and rail bookings, certain of which may not be available directly from the underlying airline, bus, rail or other travel suppliers. Our platform is designed to provide customers with flexibility at checkout, support payments by customers or third-parties on their behalf and reduce friction in the booking journey. We use data on customer preferences, travel behavior, search intent and price sensitivity generated across our platform to improve search relevance, personalization and post-booking support. Improved customer experience leads to enhanced customer engagement, repeat transactions and attachment rates, driving more customers to our platform. Our customer engagement has continued to deepen over time, reflected by our increasing number of annual unique transacting customers (being 28.0 million, 31.8 million and 35.7 million in fiscal year 2024, 2025 and 2026, respectively). Our repeat transaction rate was 78.4% in fiscal year 2026 and each annual unique transacting customer made an average of 4.2 transactions on our platform in fiscal year 2026. Our MMTBLACK and goTribe loyalty programs had a total of 4.3 million members (comprising 1.9 million for MMTBLACK and 2.4 million members for goTribe) as of March 31, 2026. Our loyalty programs are designed to encourage repeat bookings, support customer retention and reward customer loyalty. Our loyalty program members have access to a range of benefits, including “myCash points” as cashback rewards, discounts, offers 48 and complimentary travel privileges such as seat selection and meals on flights. See “– Marketing and Brand Awareness – Loyalty Programs”. Experienced Board of Directors and Management Team We are led by our board of directors and senior management team, who have significant experience across the travel, technology and consumer internet sectors. Key members of our leadership team, including Deep Kalra (our Chairman and Chief Mentor), Rajesh Magow (our Group Chief Executive Officer) and Mohit Kabra (our Group Chief Operating Officer), have played an important role in the development, scaling and ongoing management of our business across multiple phases of the travel industry cycle. They are supported by our broader leadership team, comprising talented and experienced professionals that oversee and implement our day-to-day operations. We also actively recruit management graduates and engineers from leading institutions in India to fill important management roles in our company. Our Growth Strategies Expand our Customer Base and Strengthen Market Leadership We intend to continue to expand our customer base of individuals, enterprises and SMBs by deepening penetration across our existing businesses, broadening our reach to newer customers across geographies, enhancing our products and services, and increasing customer engagement across the travel lifecycle. The Indian travel market continues to offer a significant long-term opportunity, supported by favorable structural drivers including rising propensity to travel, growing digital adoption and continued migration of travel discovery, booking and payments to online channels. We aim to capture this expanding demand by growing customer acquisition while sustaining strong, high-quality relationships across our platform through our multi-brand portfolio, broad distribution reach and continued focus on customer experience. Our brands allow us to address different travel needs and price points, while our omni-channel distribution model helps us to reach customers through direct digital, assisted and partner-led channels. We plan to expand our customer base in Tier II and Tier III cities in India, among non-resident Indians in overseas markets and across enterprise and SMB customers. To support this expansion, we have enhanced Myra, our AI-powered assistant, to recognize seven Indian languages across our Indian customer-interfaces in addition to English, as of March 31, 2026. In addition, as of March 31, 2026, Myra also recognized both Arabic and English on our UAE platform. These language capabilities have enabled us to serve customers more effectively across regional and international markets. We intend to continue to enhance our portfolio of products and services across leisure and business travel to expand our customer base and market leadership in order to deepen customer engagement throughout the travel lifecycle, drive higher transaction volumes per customer, increase repeat transactions per customer and reinforce our position as a platform that provides a wide range of travel products and services. •Air Ticketing. We plan to maintain our leading position in domestic air ticketing by driving continued migration from offline to online booking channels and to grow our international air ticketing business through expanding our customer-oriented features such as “Zero Cancellation” and “Price Lock” which are not offered by certain airlines. •Hotels and Packages. Our hotels and packages business generally yields higher Adjusted Margin % than our air ticketing and bus ticketing segments. Accordingly, we are focused on expanding our hotels and packages business to increase our revenue contribution from this segment. We plan to expand our range of hotel and alternative accommodation offerings through providing a wider selection of accommodation options and expanding our customer-oriented features such as “Book with Zero Payment” (which allows customers to reserve accommodations without upfront payment until 24 hours prior to check-in). We also intend to grow our holiday packages business through strategic partnerships and acquisitions, as well as by strengthening our relationships with key aggregators from whom we procure inventory for our holiday packages. •Bus Ticketing. We plan to expand our bus ticketing segment through expanding our network of bus routes and enhanced online route discovery, seat selection and boarding-point information to improve customer convenience. •Others. We plan to enhance our tours and attractions offerings, including through providing curated culinary experiences to our customers. We also plan to expand our rail ticketing and car hire offerings. In addition, we plan to increase cross-selling of add-on services and ancillary services (such as foreign exchange, prepaid forex cards, cross border remittances, visa-processing services and travel assurance services, and facilitation 49 of travel credit and travel insurance products offered by us and third party providers) through personalized, data-driven recommendations to customers at various stages of the travel journey. Further Invest in Technology and Enhance our AI Capabilities Our focus is to facilitate an enhanced simpler travel journey for our customers, while also improving the speed, consistency and efficiency of our business operations. We intend to invest in our technology, data and AI capabilities to improve customer experience, increase operating efficiency and support scalable growth. A key part of this strategy is to deepen our AI-supported approach across the travel lifecycle. We intend to continue extending AI-led capabilities across content generation and optimization (including discovery, planning and recommendations), pricing insights, booking assistance, in-trip support and post-booking servicing to enable customers to move more seamlessly from inspiration to planning and booking within our ecosystem. Over time, we expect to further expand conversational and agentic interfaces, deepen vernacular and voice-led experiences, and use AI more extensively to capture high-intent travel queries and convert them into structured, transaction-ready options across flights, hotels, holiday packages and ancillary services. We seek to extend AI capabilities across our internal operations. For example, we plan to increase automation across distribution and supplier workflows so that a larger share of our distribution partners and travel suppliers can independently manage pricing, availability, inventory, content, settlement and booking confirmations. These initiatives are designed to improve fulfillment efficiency, response times and customer experience, reduce manual intervention and variable servicing costs and enhance our distributor and supplier relationships. Continued investment in our technology platform, data infrastructure and AI capabilities will remain an important driver of both product innovation and efficiency. Expand into New Geographic Markets We believe we are well positioned for growth in other overseas markets, particularly those with a significant non-resident Indian population and strong travel corridors with India. In particular, we believe that the UAE is an attractive travel hub from which we can deepen our presence across relevant travel corridors and customer categories in the Gulf Cooperation Council (“GCC”) region. In December 2009, we launched our www.makemytrip.ae website in the UAE. Our UAE platform offers flights and hotels booking across both desktop and mobile websites. Our UAE platform offers multilingual capabilities, including Arabic and English, enabling us to cater to a diverse customer base and drive increased adoption across both internet and mobile distribution channels. This expanded our offerings in the UAE market and provides us with a localized platform to serve customers across relevant UAE- and India-linked travel corridors. Our approach to international expansion is intended to remain focused and asset-light. We plan to leverage our unified technology platform, localized customer experience, targeted brand-building and selective partnerships to tailor our products and services to local demand conditions while maintaining operating leverage. In the UAE, this includes continuing to localize content, search, merchandising, language, payments and supply, while leveraging our common product and technology foundation. In 2026, we launched a Saudi Arabia-focused platform, including our dedicated MakeMyTrip KSA website and mobile application, to expand our presence in Saudi Arabia. We expect this approach to support efficient scaling and strengthen our ability to serve both Indian customers and local users across these markets. Pursue Selective Strategic Partnerships and Acquisitions We plan to pursue selective strategic partnerships, investments and acquisitions as part of our long-term platform strategy to expand the breadth and depth of our offerings. We seek to complement and strengthen our existing business through strategic acquisitions that enhance our current offerings. For example, in March 2026, we acquired a majority stake in Flamingo Transworld, a group holiday packages business offering curated domestic and international group tours across several Indian states. This acquisition complements our hotels and packages business, and broadens our customer offerings in tours and attractions. In addition, we plan to pursue acquisitions and partnerships that expand our platform into new areas of business, expand our customer offerings, improve our technology stack, enhance our distribution capabilities and strengthen our international presence, enabling us to serve a wider range of customer needs and capture adjacent travel categories. 50 We plan to continue to actively evaluate strategic partnerships, investments and acquisitions in a disciplined manner, based on strategic value, integration potential and expected returns. We plan to leverage our technology platform to integrate our new acquisitions and partnerships in a cost-effective manner. We expect strategic partnerships, investments and acquisitions to remain an important tool for capability building, category expansion and selective international growth. Our Products and Services We offer a comprehensive selection of travel and travel-related products and services catering to the travel needs of residents in India as well as non-resident Indians and others traveling to India from the United States, Southeast Asia, the intra-GCC countries and elsewhere. Our products and services include air tickets, hotels and alternative accommodations, holiday packages, bus tickets, rail tickets, car hire, tours and attractions, travel assurance products and add-on products across air, bus and rail bookings to enhance booking flexibility and customer experience. We offer foreign exchange, prepaid forex cards, cross-border remittances and related financial services through our subsidiary, BookMyForex. In addition, we facilitate access to travel credit and travel insurance products provided by third parties, as well as visa-processing services through our partnership with Atlys and other third parties. Air Ticketing Our air ticketing business, offered under our MakeMyTrip and Goibibo brands, is focused primarily on domestic travel within India, outbound international travel from India and, increasingly, inbound travel to India. We provided our customers with access to air tickets from all major domestic and international airlines. Based on data from the DGCA, we estimate that nearly 3 out of 10 domestic air passengers in India booked their air tickets through our platform during fiscal year 2026. The following table sets forth the number of flight segments (being a flight between two cities, including flights booked as part of a longer itinerary or a package, reported net of cancellations) booked through our platform for the years indicated. Number of Flight Segments Fiscal Year March 31, 2024 2025 2026 Indian domestic air travel 42.1 million 46.8 million 45.9 million Outbound (outside India) air travel 9.0 million 11.9 million 13.2 million Air Ticketing - Flight Segments 51.1 million 58.7 million 59.1 million Customers can evaluate a broad range of potential fare and airline combinations through our user-friendly websites and mobile applications. Customers can search, filter and sort flights by travel dates, destinations, passenger count, stops, class of travel, timings, routes, airlines and fare categories. We have also introduced features and add-on services on our website and mobile applications, including “Zero Cancellation”, as well as preferred seat selection, meal booking and checked baggage, to provide customers with greater flexibility and convenience. Customers in the UAE can book air tickets for travel within GCC and outbound international flights through our localized customer-facing interfaces. Hotels and Packages We operate our hotels and packages business under our MakeMyTrip and Goibibo brands. The following table sets forth the number of room nights booked through our platform for the years indicated. Fiscal Year March 31, 2024 2025 2026 Hotels and Packages – Room Nights(1) 31.1 million 37.0 million 43.5 million Standalone Hotels – Room Nights(2) 30.2 million 36.0 million 42.5 million Notes: 51 (1)“Hotels and Packages – Room nights” refers to the number of room nights booked on a standalone basis and as part of a package that includes elements of travel and accommodation services booked through our online and offline channels. “Room nights” refers to the total number of hotel rooms occupied by a customer or group, multiplied by the number of nights/days that such customer or group occupies those rooms, and is presented net of cancellations. (2)“Standalone Hotels – Room nights” refers to room nights booked through our online and offline channels on a standalone basis (excluding room nights booked as part of a package that includes elements of travel and accommodation services). Hotels and Alternative Accommodations Our customers can book a range of hotels and alternative accommodations in India and internationally through our platform. As of March 31, 2026, we had more than 1.4 million hotels and alternative accommodations globally (including 0.1 million hotels and alternative accommodations with more than 1.6 million rooms in India) available to customers for booking through our platform. Customers can also book alternative accommodations, including villas, apartments, hostels, homestays and cottages through our platform. Our alternative accommodations offerings include dedicated channels to sell hostel rooms on our Goibibo mobile application and options to search and book pet-friendly stays on our MakeMyTrip mobile application. To enhance the customer booking experience, we offer a “Book with Zero Payment” option, which allows customers to book hotels and alternative accommodations in India and internationally without making any upfront payment, providing convenience and flexibility as customers are only required to make payment 24 hours before their check-in date. On the supply side, our platform enables direct communication between customers and hosts for select alternative accommodation properties, and allows new hosts to onboard directly through our MakeMyTrip mobile application. With respect to our websites and mobile applications, the focus of our technological improvement and sales efforts is on consolidating multiple supply sources and identifying the best rates possible for our customers. On our www.makemytrip.com and www.goibibo.com websites and through our mobile applications, customers may search and filter hotels by destination, check-in and check-out dates, star rating, hotel chain, location, accommodation type, amenities and other preferences. Our “View Map” feature, which integrates third-party navigation application into our customer interfaces, offers customers the ability to compare hotel locations on an interactive neighborhood map. Our customer-facing interfaces provide an enhanced user experience for researching and booking hotels on desktop and mobile devices. Holiday Packages We offer pre-packaged vacations, which include elements of travel and accommodation services, to enable our customers to enjoy greater savings and convenience. Our packages are designed by our in-house product specialists and cater to both individual and group travelers, as well as domestic and international customers. Our packages also include various travel services such as facilitating access to third-party travel insurance and related travel assurance and other products, visa-related products and services, airport transfer and sightseeing. •Domestic and International Packages. We offer a variety of curated packages, customized independent vacations, customized group tours and pre-designed escorted tours to cater to the varying budgets and preferences of our customers. These include escorted tours, honeymoon specials and weekend getaways, as well as themed vacations, such as beach, adventure, family, pilgrimage, romantic, shopping, cruise and culture. In March 2026, we acquired a majority stake in Flamingo Transworld, a group holiday packages business with a presence in Gujarat, Maharashtra, Rajasthan and Madhya Pradesh, which offers curated group tours and customized experiences for domestic and international travelers. •Meetings, Incentives, Conferences and Exhibitions (MICE). We offer services to enterprises and SMBs with planning meetings, incentive travel, conferences, offsites, group travel, trips or other events. Our MICE team assists such customers in planning and booking travel arrangements for large groups of travelers to domestic and international destinations. Bus Ticketing We own and operate our bus ticketing business primarily through our redBus brand. redBus is a leading bus ticketing platform in India and has a presence in Latin America (in Peru and Colombia) and Southeast Asia (in Malaysia, Singapore, Indonesia, Cambodia and Vietnam). 52 The following table sets forth the number of tickets issued to customers for bus journeys, net of cancellations. Fiscal Year March 31, 2024(1) 2025(1) 2026 India 76.7 million 94.1 million 125.5 million Outside India 10.1 million 12.4 million 16.0 million Total 86.8 million 106.5 million 141.5 million Note: (1) Prior to the quarter ended March 31, 2025, we reported “Travelled tickets” which was the total number of bus journeys undertaken by our customers for the relevant period. As of March 31, 2026, we provided our customers in India with access to more than 90,000 services and approximately 3.5 million daily seats from more than 6,800 private bus operators and 25 State Road Transport Corporations in India. We also provide access to more than 12,100 services across Peru and Colombia and 34,000 services across Southeast Asia. Customers can search for bus tickets based on their preferred travel dates and routes. Customers are able to select seats, choose from the available boarding points in the relevant city on the routes and obtain information on the location of the chosen boarding point. Our mobile applications and localized websites also enable our customers to find their destinations easily by using colloquial names. We have made significant improvements to our online bus booking platform, such as providing more flexible search options, incorporating the YourBus vehicle tracking tool and allowing our users to write reviews and upload bus images, which helps our customers make informed booking decisions. We have also made our customer-facing interfaces available in Hindi, Tamil, Telugu and Kannada in India, as well as in local languages in international markets, as part of our localization efforts. redBus sells bus tickets in India, Southeast Asia and Latin America through SeatSeller, an agent platform. In addition, redBus sells bus tickets through more than 150 application programming interface (“API”) partners as of March 31, 2026. Our redBus transaction database is highly scalable to cater to our growing transaction needs. redBus has launched a variety of initiatives aimed at improving customer experience. In India, we launched a feature that allows female users to search for buses that are highly rated by female users and female solo travelers. In fiscal year 2025, to further promote cross-selling across our products, we introduced a hotel booking feature on our redBus mobile application in India, powered by our MakeMyTrip platform. Customers also have the flexibility to update their contact information and modify boarding and drop-off points after booking their bus tickets. Other Products and Services Rail Tickets We sell railway tickets in India on our MakeMyTrip, Goibibo, redBus and redRail websites and/or mobile applications through “direct connect” access to Indian Railways’ passenger reservation system online, allowing customers to reserve and purchase Indian Railways tickets on a real-time basis, as well as through our redBus platform (which also includes our redRail mobile application). Our platform enables customers to search, compare and book rail tickets across routes, travel classes and fare options on a real-time basis through a localized and user-friendly booking experience. Car Hire We provide car hire services, including intercity and outstation cabs and airport transfers, through our platform, with coverage across multiple cities in India. Our car hire products and services include offerings under the Savaari brand, enabling customers to book ground transportation for intercity travel and airport connectivity. As of March 31, 2026, we offered outstation car hire services in more than 3,000 cities and towns in India and transfers to and from 150 airports across India. 53 Tours and Attractions We enable customers to discover and book local tours, attractions and experiences as part of their travel itinerary through a curated marketplace. As of March 31, 2026, we offered over 200,000 tours and attractions across more than 1,090 cities in 139 countries on our platform, with a focus on international experiences. This complements our core travel bookings by integrating experiences into end-to-end trip planning and enhancing customer choice and convenience. Ancillary Products and Services We offer add-on products across air, bus and rail bookings to enhance booking flexibility and customer experience. For flights, we offer “Zero Cancellation” for full refunds up to 24 hours before departure, “Free Date Change” for domestic itinerary changes up to two hours before departure, and “Price Lock” to secure a fare for later booking. “Free Cancellation” allows eligible bus customers to obtain full refunds up to a few hours before departure and “Trip/Seat Guarantee” covers last-minute cancellations or unconfirmed seats for eligible rail customers. We offer foreign exchange, prepaid forex cards, cross-border remittances, visa-processing and travel assurance services. We also facilitate access to travel credit and travel insurance products from third-party providers. Our Distribution Channels Our broad distribution network comprises our mobile applications, our websites, our enterprise and SMB channels, third-party digital platforms, franchisee-owned travel stores, travel agents’ network, and holiday experts, providing us with multiple channels to access Indians traveling domestically or overseas, as well as non-resident Indians and other inbound travelers to India. We utilize a variety of technology-enhanced distribution channels to target the growing shift from offline to online booking channels. While our customers can book standard flights and hotel packages on our websites and our mobile applications, most packages within or outside India are sold through holiday experts and franchisee-owned travel stores. For MICE and other customized packages not available for online purchase, customers can submit inquiries for follow-up by our sales representatives on both our websites and mobile applications. Mobile Applications Our MakeMyTrip, Goibibo and redBus mobile applications, available on Android and iOS, operate as our key digital distribution channels. An increasing proportion of customers have shifted towards using our mobile applications instead of our desktop websites as a result of the increased use of smartphones and mobile devices in India. As of March 31, 2026, our MakeMyTrip, Goibibo and redBus mobile applications have been downloaded more than 566.7 million times on iOS and Android. Through these applications, and without prior registration, customers can search, book and pay for Indian domestic and international air tickets, hotels and packages, bus and rail tickets, car hire bookings and attractions and activity bookings using flexible payment options, with tickets and booking confirmations delivered through email and WhatsApp. Our mobile applications also support ongoing customer engagement through push notifications for offers and service updates, post-booking self-service features, refund tracking, e-ticket requests, location-based discovery and access to new deals, helping us maintain direct customer touchpoints beyond the initial transaction. Websites Our owned websites include www.makemytrip.com, www.goibibo.com and www.redbus.in for customers in India and www.makemytrip.ae for our UAE platform. Our website content and interfaces are tailored to relevant customer segments and markets. For example, on www.makemytrip.com, we have localized popular hotel webpages with information, while our UAE platform offers Arabic and English capabilities to support customers accessing our products across web and mobile channels. Through our websites, customers can compare pricing and availability, complete bookings, purchase ancillary services and self-manage itineraries, cancellations, refunds and travel documents. Website bookings also 54 do not require prior registration. Instead, customers provide basic contact details before payment and receive confirmations by email and WhatsApp. Enterprise and SMB Channels Our myBiz, Quest2Travel and Happay channels serve as key distribution channels through which we deliver our air ticketing, hotels and packages, and bus ticketing services exclusively to enterprise and SMB customers. These channels enable enterprises to access our core travel inventory and services through our integrated platform tailored to their business travel requirements, while providing centralized payment, approval and expense management functionality. The myBiz channel, launched in 2019, provides enterprises and SMBs with access to our travel services through an integrated booking platform that incorporates policy controls, approval workflows and expense management tools. This channel integrates with enterprise human resource management and resource planning systems, enabling seamless access to our travel inventory within established corporate frameworks. The acquisition of Quest2Travel in April 2019 expanded our enterprise distribution capabilities, enabling us to deliver customized travel solutions to large enterprises across India. This was further enhanced by our wholly-owned subsidiary, Hotelcloud Services Private Limited (“Hotelcloud”), incorporated in 2023, which provides unified accommodation services and solutions for enterprise and SMB customers. In 2025, we integrated Happay into our portfolio, expanding our enterprise and SMB offering to include access to both travel and expense management solutions. Third-Party Digital Platforms We have partnered with various digital platforms such as Amazon Pay, PhonePe and HDFC SmartBuy, through which customers can discover, search and book our products and services on third-party platforms, with fulfillment and ticketing handled through our platform. Franchisee-Owned Travel Stores As of March 31, 2026, we had 108 franchisee-owned travel stores operated across India, which primarily sell packages under our MakeMyTrip brand. These agreements are on a non-exclusive basis and the franchisee has a limited, revocable license to use our platform for a term of five years. Travel Agents’ Network Travel agents can access our myPartner platform, which enables them to sell our full suite of online travel products and services to customers. This platform uses a similar interface as our external customer-facing websites, while offering additional features which are customized for use by travel agents. Travel agents can book hotels and air tickets on our platform, which offers customization, personalization and travel booking convenience for their customers. These travel agents earn commissions from us in the form of incentives, discounts and/or cashbacks. Furthermore, our travel agents’ network allows us to expand our footprint in India and distribution network in a cost-effective manner. As of March 31, 2026, our myPartner platform had over 56,900 registered travel agents in India. Call Centers and Holiday Experts To achieve cost-efficiency and scalability, we utilize in-house teams, automated chat bots and various outsourced call centers in India to provide sales support. Our customer support representatives also receive up-to-date training on our new products and services. For customers seeking curated travel experiences, a team of specialized holiday experts offers expert guidance and engages closely with customers in crafting and booking holiday packages tailored to their preferences, travel goals and budgets. As of March 31, 2026, we had more than 2,000 holiday experts. Our Technology and Infrastructure We deploy AI across various parts of our business, including customer service (such as voice-based agents and automated chat bots), search and personalization, to improve efficiency, user experience and monetization. 55 We leverage AI, built on a large corpus of travel-intent data generated by our customers, to power searches and bookings, personalized recommendations, itinerary planning and post-booking support. Our AI capabilities include Myra, our multilingual, agentic trip-planning assistant built on advanced generative AI technologies, which enables customers to interact with our platform in a more intuitive and conversational manner and provides curated booking selections for flights, accommodation and holiday packages. These AI capabilities are supported by our advanced technology platform which focuses on reliability, security and scalability, and which has been designed to handle high transaction volumes across all our websites on shared infrastructure. Our technology platform can be scaled to meet our needs in a cost-efficient manner through the use of virtual machines, cloud platforms and other infrastructure. Our technology stack is also modular and can be easily modified for multiple lines of business. Fully Integrated Technology Platform Our technology platform integrates sales, customer service and fulfillment operations, and underpins all aspects of our sales operations, facilitating a seamless, intuitive booking experience for customers and enabling them to search, compare and book travel products and services on a real-time basis through our centralized digital booking systems. Our MakeMyTrip, Goibibo and redBus booking engines are designed to link to our suppliers’ systems through direct connects, including through our GDS service providers or Switch, delivering real-time availability and pricing information. Our platform’s search capabilities employ scalable search and routing logic, enabling comprehensive results to be returned in a cost-effective and time-efficient manner. In addition to conventional search functionality, our AI-powered agentic interface, Myra, provides customers with curated booking selections for flights, accommodation and holiday packages through conversational interactions via both voice and text in seven Indian languages and English, streamlining the booking process and delivering personalized travel recommendations. Our in-house analytical tools, together with third-party software, enable us to analyze customer behavior and to deliver targeted marketing based on customers’ search histories. Our technology platform also incorporates proprietary capabilities that enhance travel discovery and booking. Our How2Go feature uses our patented method and system for predicting the most suitable route-mode travel in a multi-modal transit network, enabling customers to evaluate integrated travel options across flights, cabs, buses and trains for single- or multi-stop journeys, together with indicative pricing and booking options across relevant segments. In addition, our flight search systems use proprietary probabilistic cache invalidation technology, for which a patent application has been filed, to refresh cached fare and availability information based on updated fares, supplier constraints, search patterns and cache efficiency requirements. Our customer relationship management (“CRM”) systems are designed to analyze customer needs, generate reports identifying areas of opportunity or weakness, and monitor the performance of our sales and customer service representatives and outsourced call center sales force on a round-the-clock basis. Our enterprise resource planning application is integrated with our middle-office systems and enables our agents to create and amend bookings and attend to customer inquiries raised through our CRM systems. Our systems enable us to monitor the number of waiting calls and the real-time activity status of call center agents and to limit aborted calls on our hotlines resulting from excessive waiting times. Our in-house quality team monitors call center transactions on a continuous basis with the aim of ensuring consistently high service standards. Our systems incorporate end-to-end automation across our fulfillment operations, including automated ticketing, monitoring of airline schedule changes, real-time customer alerts and auto-cancellation of reservations made through GDSs or airlines’ central reservations systems. We maintain a secured, anonymized customer database through our CRM system, which documents the entire transaction lifecycle from initial customer requirement through to service delivery or refund, in accordance with our business process management methodology. We continually seek further opportunities to automate our processes in order to increase productivity and enhance the scalability of our operations. Our Technology Infrastructure We operate our technology platform through external and internal data centers in India located in Mumbai, Bengaluru and Gurugram. Our external data centers utilize hyperscalers in the Mumbai region and are supplemented by third-party cloud computing and AI services. Our internal data center runs independently and serves all the data needs of our internal operations. Our platform is hosted on hyperscalers across multiple availability zones, providing a high degree of reliability, security and scalability with redundancy protection, including during peak traffic periods. 56 Our site-availability infrastructure is monitored 24 hours a day, seven days a week by our internal teams using a home-grown monitoring platform that has been refined over several years. Security monitoring is primarily managed by our internal teams, who continuously monitor for cyber threats and potential breaches. All our servers installed at our data centers and at our offices are also secured with firewalls and supported by industry-leading security tools and practices. Our technology architecture is modeled on a microservice framework, enabling us to rapidly modify APIs and scale individual components independently, with limited additional capital investment. System health, performance and security are monitored in real time, which tracks crucial metrics across our platform and facilitates troubleshooting. Our information security management system is ISO/IEC 27001:2022 certified ensuring the protection of information assets through comprehensive controls and processes across all relevant business units and functions. To support business continuity, data is backed up at regular intervals throughout the day. Our core technology platform is capable of accommodating increased traffic volumes and product complexity with limited additional investment, and we have the ability to scale any of our applications up or down in response to traffic demands through the use of virtual machines and cloud infrastructure. Security We are committed to protecting the security of our customers’ information. Our information security team works with third party providers to implement and maintain measures designed to prevent unauthorized access to our systems. These measures include information security policies and procedures, security monitoring software, encryption policies, access policies, password policies, physical access restrictions and the detection and monitoring of fraud from internal staff. Additionally, our fraud detection system utilizes transaction patterns and other data sources with the aim of proactive, real-time prevention of fraudulent transactions. We depend on encryption and authentication technology to effect the secure transmission of our customers’ personal information and data over the internet. Such information transmitted through our systems is protected using secure protocols and AES 256 encryption, covering data both in transit and at rest. Our information security team oversees regular internal and external audits conducted every six months. Our Company complies with the Payment Card Industry Data Security Standard (“PCI-DSS”). PCI-DSS requirements were developed by the Payment Card Industry Security Standards Council, which includes major credit card and financial services companies. Compliance with PCI-DSS helps to enhance the security of payment account information. We have implemented a layered information security model that is focused on the protection of all aspects of our operations. Our strategic approach incorporates multiple layers of controls, follows a defense-in-depth methodology and involves proactive analysis and testing during early stages of the model development process. We have implemented various internal policies, processes and controls, encompassing preventive, detective and corrective measures. To enhance security, our critical operations are isolated through network segmentation and access controls, which creates an additional layer of protection by preventing potential breaches from easily spreading across systems and networks. We have also implemented measures aimed at restricting privilege escalation and exploitation, comprehensive data discovery, classification and protection. We regularly conduct a range of programs to assess and enhance the effectiveness of our security measures. These programs encompass bug bounty initiatives, red teaming exercises, breach and attack simulation exercises, phishing campaigns and various awareness programs for both employees and customers. In addition, we strive to align our compliance program with relevant guidelines and regulations, including through certifications and audits. Our India payment page is compliant with the Reserve Bank of India guidelines on storage of payment system data, including backups. Further, our Company is compliant with applicable tokenization requirements of the Reserve Bank of India. Data Privacy We have established a comprehensive data protection policy that demonstrates our commitment to safeguarding personal information and complying with applicable laws. To protect personal data from unauthorized access, loss or alteration, we implement security measures that involve utilizing strong passwords, encryption, firewalls, and secure data storage systems. In addition, we 57 regularly conduct privacy audits and assessments to assess our data privacy practices, identify vulnerabilities and determine areas for improvement. In addition, we provide regular training to our employees on data privacy best practices, with an emphasis on confidentiality, data protection measures, and the recognition and reporting of potential data breaches or security incidents. Our Customer Service Our customer-focused approach is centered on providing a favorable user experience on our websites and mobile applications as well as customer service prior to, during and after travel. Our websites and mobile applications are designed to provide a user-friendly experience and integrate valuable travel information, such as flight status information, user-generated travel reviews and destination guides, to help customers research and make travel decisions. We also monitor feedback from our customers using our CRM system and review and upgrade the features of our websites from time to time. The key channels through which we deliver customer support and communicate with our customers are as follows: •Web-based Support. We offer 24/7 self-service web support through free online accounts, enabling customers to manage travel bookings, cancellations, refund tracking and product inquiries. Our dedicated support flows, supplier accountability and data science capabilities help resolve customer issues promptly and provide personalized flight, hotel and holiday package recommendations. Myra, our generative AI-powered interface, is available on our website and further supports conversational trip planning and booking assistance. •Mobile Service. In addition to being able to make different types of travel bookings on their mobile devices, customers can view their booking details, cancel bookings, request e-tickets, track refund status, check flight status, search for new deals and use location-based services to find nearby places of interest. These services are available through all our mobile applications. •Call Centers. We provide customer assistance through our call centers, automated chat bots and in-house escalation services, which are available 24 hours a day, seven days a week. We primarily outsource our customer service call center operations in India, with personnel trained by our outsourcing service providers and us. Our systems enable us to monitor call center activity and transaction quality in real time, and our representatives receive formal and periodic training on our services, products and local markets. We enter into non-exclusive arrangements with call center providers for call center services which may be terminated on a short notice. However, under some agreements, we are liable to pay a termination charge to terminate the agreement for our convenience prior to the expiry of the term of the agreement. •Franchisee-owned Travel Stores. Customers may also visit our franchisee-owned travel stores in India and obtain assistance from sales and customer service representatives. As of March 31, 2026, we had 108 franchisee-owned travel stores in India. •E-mail. Customers may also e-mail any inquiries or complaints to us, which we endeavor to address expeditiously. We have a fulfillment process that we mainly outsource, which minimizes any travel disruption for our customers, with a team of personnel responsible for confirming and rechecking customers’ hotel bookings prior to the date of travel. Our Suppliers Our dedicated supplier relationship team aims to maintain and enhance our existing relationships with travel suppliers, and develop new relationships with travel suppliers. In addition, they negotiate agreements or arrangements with suppliers for access to travel inventory for our products and services, monitor supplier-sponsored promotions and focus on supplier relationship management. We regularly provide customer feedback and preferences to our suppliers, which we obtain primarily through our CRM system, user-generated content on our websites and mobile applications as well as through our call centers. 58 Airlines We have access to real-time inventory of major airlines operating in, from and to India through GDSs, via “direct connects” to the airlines’ booking systems, through IATA’s New Distribution Capability or through other third-party suppliers. Most of these airlines offer us fares that match those offered by the airlines on their own websites as well as on other online travel websites. The fares paid by travelers who book air tickets through us include a convenience fee in addition to the fares charged by airlines. We have entered into commission and incentive arrangements with India-based airlines, as well as major international airlines that service India, where we receive commissions from airline suppliers for tickets booked by travelers through our distribution channels and incentive payments from airline suppliers on the basis of performance targets agreed with the relevant airline. Similarly, we earn fees or incentives from our GDS service providers based on the volume of sales completed by us through the GDS. In addition, we also receive payments from airlines from their own online promotions on our platform. Hotels and Alternative Accommodations We onboard hotel and alternative accommodation partners through a structured quality control and verification process. We monitor the performance of our hotel and alternative accommodation providers and our customer experience on a continuing basis through customer ratings and reviews captured on our platform and other channels, supporting the maintenance of acceptable quality standards across our hotel and alternative accommodation offerings. Our hotel supply team is responsible for negotiating agreements or arrangements with independent hotels, hotel chains and hotel service providers and securing competitive rates, promotions and access to inventory for listing on our websites as well as for holiday packages. We obtain access to room inventory from our suppliers through three methods, being “direct allocation”, “direct connects” and for most hotels outside India, through contracts with OTAs and aggregators outside India: •Direct allocation – substantially all of our hotels in India allocate rooms directly to us either by managing their room inventory on an extranet provided by us, or through channel managers, or supported by us via telephone. We do not assume any inventory risk for such “direct allocation”, as unsold rooms are released to the hotels within an agreed period of time. •Direct connect – for a small proportion of our hotels in India, our booking systems are integrated with the central reservations systems of hotels through switch connects and reservations made are confirmed on a real-time basis. Through our ongoing efforts to improve and automate our extranet functions, our hotel suppliers are now able to perform most of the necessary functions for executing transactions through our system without our direct involvement. •Third party contracts – inventory for most hotels outside India is obtained through contracts with other OTAs and aggregators outside India. Our alternative accommodation offerings include villas, apartments, hostels, homestays and cottages. Our alternative accommodation offerings also include home stays and budget rooms in India through Goibibo and MakeMyTrip. We do not assume any inventory risk with respect to alternative accommodations in India as their inventory is allocated to us directly or through channel managers. Inventory for alternative accommodation outside India is obtained through direct allocation, direct connect and contracts with other OTAs and aggregators outside India. Our supplier extranet for MakeMyTrip and Goibibo operates on a common technology platform for our domestic and self-contracted international alternative accommodation properties both on our websites and mobile applications. It includes features such as management of inventory, rates, promotions and analytical capabilities. We have also introduced a calendar sync option, which allows alternative accommodation providers to update inventory by synchronizing their calendars. Buses We have agreements with several major bus operators in India, including government bus operators (some of which are operators of multiple routes), aggregators and other intermediaries. Outside India, we have agreements with bus operators, aggregators and other intermediaries in Peru, Colombia and Southeast Asia. Our bus ticket inventory is obtained through two primary channels, being real-time inventory from bus operators and inventory from aggregators and other intermediaries, both of which are directly connected to our redBus platform. 59 redBus also provides bus ticketing API to multiple e-commerce websites, which aims to significantly increase the distribution reach for bus operators. Our “redPro” platform allows bus operators to update service information, create customer campaigns, respond to customer feedback and analyze customer demand. Bus operators also have the option to subscribe for additional programs, being “Revmax” (which aims to maximize yields for bus operators through the use of automated dynamic pricing), “Rise” (which aims to help low rated bus operators improve their online share). We also offer our “Primo” subscription-based program for highly rated small and medium sized bus operators which aims to help them build customer loyalty. In July 2018, redBus acquired Bitla, a SaaS provider in India focused on bus travel technology solutions. Bitla offers software, cloud and mobile-based solutions and bus ticket inventory management tools to help bus operators expand their business. These technology solutions are used by domestic and international bus operators, bus GDSs, online ticketing portals and cargo and logistics companies. Bitla maintains an online bus ticketing ecosystem and manages bus ticket inventory for bus operators in India. Others Our agreement with Indian Railway Catering and Tourism Corporation (“IRCTC”) allows us to act as a principal service provider on a non-exclusive basis for booking of reserved e-tickets for travel in trains of Indian Railways through the IRCTC web service. IRCTC has granted us access to web services application programming interfaces which enable our platform to interact with the Indian Railways’ passenger reservation system through IRCTC’s e-ticketing application, as a result of which users are able to search for, reserve and purchase Indian Railways e-tickets through our website and mobile application. For our car hire offerings, we work with third-party providers that make their inventory available on our platform, allowing customers to search, compare and book car hire options across routes, vehicle categories and fare options. We collaborate with global and local tourist attraction operators (such as theme parks and museums), travel companies and supply-side aggregators to provide customers with a wide range of tours and attractions through our platform. In addition, we facilitate access to travel credit and travel insurance products offered by third parties, as well as visa-processing services through our partnership with Atlys and other third parties. Marketing and Brand Awareness Marketing Initiatives We have consistently invested in building our brand and expanding our reach to travelers in India as well as overseas, through mass media campaigns and digital outreach, search engine optimization and social media marketing. Our marketing programs and initiatives include broad-based campaigns, promotional or seasonal offers, and brand campaigns with leading celebrities as our brand ambassadors to drive awareness and consideration across all our target customer groups. These efforts have resulted in strong brand recognition. We seek to increase our brand awareness through online and offline marketing initiatives to drive potential customers to our websites and mobile applications. Our marketing initiatives are aligned with our objective of driving the shift from offline to online, especially in the hotels and packages and ground transport businesses, and reaching the underpenetrated and fragmented Indian online hotels segment. As part of our marketing efforts, we continue to scale up our existing strategic partnerships with major banks and credit card providers in India, which provides us with access to their extensive customer base. Towards this end, we also have a MakeMyTrip-ICICI Bank co-branded credit card. Our marketing efforts also include strategic partnerships with tourism boards, airports, airlines, attractions and theme parks in Saudi Arabia, Abu Dhabi, Dubai, Singapore, Australia, Thailand and other countries, which aim to drive destination awareness and increase customer engagement. We also work with Indian state tourism boards to promote state-run hotel packages on our platform. Our brand-building campaigns in the UAE are aimed at strengthening our market presence and enhancing awareness among non-Indian users. 60 In 2025, we launched the MMT Global platform, including website and mobile applications, to cater to the growing Indian diaspora across key international markets, including the United Kingdom and the Middle East. Our MMT Global platform enables customers to book cross-border travel between their country of residence and India through localized content, pricing and payment options in local currencies. Loyalty Programs We offer a number of loyalty programs that are aimed at promoting repeat bookings, driving customer retention and rewarding loyal customers. Our “MMTBLACK” loyalty program is offered to select premium customers, who are entitled to earn “myCash points” as cashback rewards based on the amount they spend on our MakeMyTrip platform, which can be used to obtain discounts on future bookings. Additionally, members are entitled to tier-based loyalty benefits such as discounts on hotels, in-flight meals, holiday gift cards, and access to additional offers during sale campaigns. Similarly, Goibibo’s “goTribe” loyalty program offers members a range of tier-based loyalty benefits including additional discounts and cash backs, rewards on travel bookings and complimentary privileges such as early check-in, late check-out, free meals and room upgrades on hotels and complimentary seat selection for flights. Our MMTBLACK and goTribe loyalty programs had a total of 4.3 million members (comprising 1.9 million for MMTBLACK and 2.4 million members for goTribe) as of March 31, 2026. Our MMTBLACK and goTribe loyalty programs are designed to encourage repeat bookings, support customer retention and reward customer loyalty. Our loyalty program members have access to a range of benefits, including myCash points, discounts, offers and complimentary travel privileges such as seat selection and meals on flights. Sustainability We aim to have a positive impact on people and the planet through our sustainability initiatives. By sustainability, we mean the long-term health of our business, which includes consideration of planet, people and governance factors. Our Founder, Group Chairman and Chief Mentor oversees our sustainability initiatives. Our focus on climate action, community empowerment, and sustainable tourism are part of the meaningful steps taken by us to create long-term impact. Through MakeMyTrip Foundation (“MMT Foundation”), a charitable trust set up through a registered trust deed signed by MMT India, we aim to make travel more sustainable and inclusive and to support communities, protect natural ecosystems and promote responsible tourism across India. MMT India’s corporate social responsibility policy complies with the requirements of the Companies Act, 2013 and the Companies (Corporate Social Responsibility) Rules, 2014 as required by the Government of India. Planet We continue to prioritize environmental responsibility in our operations. As part of this focus, our principal executive office in Gurugram, India, is located in a LEED (Leadership in Energy and Environmental Design) certified building. Beyond our own operations, the MMT Foundation supports environmental conservation and restoration initiatives in collaboration with local communities and nonprofit organizations. These initiatives include planting saplings and rejuvenating natural springs in Uttarakhand, India between 2024 and 2027, and planting mangroves in the coastal region of Gujarat, India as part of a mangrove restoration and conservation initiative between 2023 and 2026. Through its collaborative efforts with local communities, MMT Foundation has planted approximately 2.8 million saplings across several states in India as of March 31, 2026. MMT Foundation also aims to address plastic pollution and promote public awareness concerning responsible waste management practices through waste collection, clean-up activities, sanitation support and community engagement programs in tourist destinations. These efforts include waste management initiatives in Sahastradhara and Kempty Falls in Uttarakhand, India, Dal Lake in Srinagar, India, Goa and Neil Island in the Andaman, and Nicobar Islands. Through these initiatives, MMT Foundation has supported activities such as cleaning lake channels, installing waste bins on beaches, establishing sanitation facilities, installing drinking water dispensers and spreading awareness among local communities and tourists. MMT Foundation’s environmental initiatives also support community-based tourism and sustainable livelihoods. It works with local residents to facilitate the establishment of homestays and eco-cafes, provides training on cooking, tour guiding, and waste collection and segregation, and supports rural tourism in Uttarakhand, 61 India, where local residents operate and manage community-led homestays and cafes. Where appropriate and practicable, we encourage local residents to list homestay properties on our platform, with the aim of contributing to the local economy and promoting sustainable livelihoods. Over 38,800 homestays were available to customers for booking through our platform as of March 31, 2026, and we intend to continue expanding the options available in this category. People We are an “Equal Opportunity Policy” and accordingly we aim to create a workplace that provides equal opportunities and fair treatment for all our employees. We seek to treat all our employees fairly and prohibit discrimination. We have implemented a policy that emphasizes our commitment to providing equal opportunities, regardless of their age, color, disability, origin, nationality, religion, race, gender or sexual orientation. We have also adopted a formal anti-sexual harassment policy that provides guidance to our employees and outlines procedures for preventing and reporting sexual harassment incidents at our workplaces. We seek to empower employees by providing them with opportunities for growth and development. Where feasible, we provide financial support to employees who aim to develop new skills and obtain additional professional qualifications that are relevant to their scope of employment. Governance We seek to uphold high standards of corporate governance and have implemented policies that seek to facilitate ethical conduct, transparency and accountability. Our code of business conduct and ethics outlines our expectations for our directors, officers and employees in relation to a range of matters, including disclosure of conflicts of interest, fair dealing with employees, customers and suppliers and reporting any known or suspected violations of our code of business conduct and ethics. Our whistleblower policy seeks to protect confidential reporting of employee and third-party concerns regarding improper practices or accounting misconduct. Our global anti-corruption compliance policy outlines the measures we have implemented to comply with applicable anti-corruption and anti-bribery laws. We also regularly engage with our stakeholders to seek their input and feedback on certain aspects of our business. Competition The online travel aggregator industry in India is contested by multiple business models, including integrated platforms, specialist players, direct supplier channels and emerging discovery interfaces. Heightened competitive intensity across these models may affect customer acquisition costs, pricing discipline, share of wallet and monetization, and sustained investment by any participant in pricing, loyalty or product differentiation may adversely affect margins and operating economics. Certain of our travel suppliers have also been steadily focusing on increasing online demand on their own websites and reducing their dependence on third-party distributors like us. Suppliers who sell on their own websites could offer advantages such as their own bonus miles or loyalty points, which could make their offerings more attractive to customers than offerings like ours. We compete based on a number of factors, including, among other things, brand recognition, depth and breadth of travel offerings, price competitiveness and customer support and satisfaction. We believe that we are well-positioned to compete effectively on the basis of these factors. However, some of our current or future competitors may have longer operating histories, greater brand recognition, larger customer and supplier bases, or greater financial, technical or marketing resources than we do. See “Item 3. Key Information — D. Risk Factors — Risks Related to Our Business and Our Industry — The travel industry in India and worldwide is highly competitive. We face competition from other online travel companies, travel suppliers’ own direct channels, meta-search platforms and AI-enabled travel services, and we may not be able to effectively compete in the future.” Intellectual Property We have registered the domain names www.makemytrip.com, www.makemytrip.ae, www.makemytrip.com.sg, www.goibibo.com, and www.redbus.in, and have full legal rights over all these domain names for the period for which such domain names are registered. 62 We primarily conduct our business under the “MakeMyTrip”, “Goibibo” and “redBus” brand names and logos. Our key logos are also registered trademarks in India, including “MakeMyTrip”, “MMTBLACK”, “MyBiz”, “go-mmt”, “GoStays”, “Goibibo”, “Ibibo”, “MAKEMY”, “MYTRIP”, “goTribe”, “GoCash”, “redbus”, “redRail” and “Primo”. We have also registered of the trademarks “MakeMyTrip”, “Goibibo” and “redBus” in other countries where we operate and have trademark applications pending in a number of countries. We have also been granted patents, and have patent applications pending, under the Patents Act, 1970 in India for certain aspects of our technological systems. We protect our logo, brand name, domain names and, to a more limited extent, our content by relying on copyrights, patents, trademarks, trade secret laws and confidentiality agreements. See “Item 3. Key Information — D. Risk Factors — Risks Related to Our Business and Our Industry — Failure to protect our intellectual property rights could adversely affect our business and our brand”. Employees As of March 31, 2026, we had 5,507 employees. The following tables show a breakdown of our employees as of the end of our past three fiscal years by function and location. Number of Employees as of March 31, Division/Function 2024 2025 2026 Management 14 14 14 Product development 268 303 418 Sales and marketing 1,306 2,006 2,059 Technology development and technology support 1,564 1,649 1,584 Others (including administration, finance and accounting, legal and human resources) 1,425 1,150 1,432 Total 4,577 5,122 5,507 Number of Employees as of March 31, Location 2024 2025 2026 India 4,289 4,840 5,221 United States 2 2 3 Singapore 68 70 66 Malaysia 27 33 36 Thailand 82 82 85 United Arab Emirates 15 16 10 Colombia 9 8 8 Peru 53 35 36 Indonesia 25 22 22 Vietnam 6 7 8 Cambodia 1 6 9 Saudi Arabia — 1 3 Total 4,577 5,122 5,507 As of the date of this Annual Report, none of our employees are represented by a labor union. In addition to our full-time employees, we also engage temporary employees from time to time based on the needs of our businesses for various functions, including administration and technology-related projects. As of March 31, 2026, we engaged 645 temporary and contract employees. Insurance We maintain and annually renew insurance for losses arising from fire, burglary and terrorist activities for our corporate office at Gurugram and other offices in India. We have a liability policy to insure our directors and officers from various liabilities arising out of the general performance of their duties. We have purchased insurance for fire, earthquake and burglary for office equipment, and have also obtained cyber and crime insurance for our operations. We have also obtained medical insurance, term life insurance and accidental insurance for our employees. 63 Regulations We are subject to various laws and regulations in India arising from our operations in India. One of our recently acquired subsidiaries, BookMyForex, is licensed with the Reserve Bank of India as a full-fledged money changer and can offer currency exchange services in India. Our operations in India currently do not benefit from tax holidays under any applicable laws or regulations. Data Protection The Digital Personal Data Protection Act, 2023 (“Data Protection Act”) received the assent of the President of India on August 11, 2023 and the provisions of the Data Protection Act came into effect and notified in the official gazette on November 13, 2025. The Data Protection Act classifies any person who alone or in conjunction with other persons determines the means and purposes of processing personal data as data fiduciaries, and requires data fiduciaries to implement a host of compliances in relation to providing notice as prescribed and obtaining consent, notifying personal data breaches, ensuring the accuracy, completeness, and consistency of the personal data being processed, enabling data principals (i.e., the individuals to whom the personal data relates) to exercise their rights, and implementing technical and organizational measures to ensure effective observance of the provisions of the Data Protection Act and the rules made thereunder. It also provides individuals with rights to access, correct, and request deletion of their data. Additionally, the Data Protection Act prescribes additional obligations for certain data fiduciaries or a class of data fiduciaries called significant data fiduciaries (“SDF”), that may be notified by the Central Government on the basis an assessment of factors that include the volume and sensitivity of personal data processed, risk to the rights of data principal etc. These SDFs will be required to fulfil certain additional obligations under the Data Protection Act including appointment of a data protection officer appointing an independent data auditor, and undertaking periodic data protection impact assessments inter alia. The Data Protection Act also recognizes data processors, which are entities that process personal data on behalf of the data fiduciaries, and while the law does not provide obligations directly on data processors, data fiduciaries may contractually pass down relevant obligations on data processors. The Data Protection Act also recognizes consent manager, who is a person registered with the Data Protection Board of India (“DPB”), and acts as a single point of contact to enable a data principal to give, manage, review and withdraw their consent through an accessible, transparent and interoperable platform. Every consent manager shall be registered with the DPB in such manner and subject to such technical, operational, financial and other conditions as may be prescribed. The consent manager shall also be accountable to the data principal and shall act on their behalf in such manner and subject to such obligations as may be prescribed. Lastly, the Central Government will also establish the DPB, whose functions include: (i) monitoring compliance and imposing penalties; (ii) directing data fiduciaries to take any urgent remedial or mitigation measures in the event of personal data breach and impose penalty; (iii) hearing grievances made by data principals; and (iv) inquiring into the breach of any condition of registration of a consent manager on receipt of such intimation of breach and impose penalty as provided in the Data Protection Act. The MeitY has notified and published the accompanying Digital Personal Data Protection Rules, 2025 (“Data Protection Rules”) on November 13, 2025. The Data Protection Rules facilitate the implementation of the Data Protection Act. It aims to strengthen the legal framework for the protection of digital personal data by providing necessary details and an actionable framework. The Data Protection Rules apply to all entities that process digital personal data and is applicable to the Company and its Subsidiaries. It focuses on the principles of data protection, such as transparency, accountability, and the necessity of obtaining specific and informed consent from data subjects. The Data Protection Rules lays down various implementation aspects inter alia the notice by the data fiduciary to the individuals, registration and obligations of consent manager, applicability of reasonable security safeguards, intimation of personal data breach, providing details about availing of the rights by the individuals, processing of personal data of child or of person with disability, setting up the DPB, appointment and service conditions of the chairperson and other members of the Board, functioning of Board as digital office, procedure to appeal to appellate tribunal. The rules regulating the functioning of the DPB, appointment and remuneration of the chairperson and other members, terms and conditions for the officers and employees of the DPB have come into force with effect from the date of publication of the Data Protection Rules while the other provisions under the Data Protection Rules are being gradually enforced, with timelines for implementation set by the Government of India. Consumer Protection The Consumer Protection Act is designed to safeguard consumer interests and ensure timely redressal of grievances arising from deficiencies in services and unfair trade practices. The Consumer Protection Act expressly includes buyers engaging in online transactions as consumers thereby subjecting ecommerce platforms to various obligations aimed at protecting consumer rights in digital commerce. The Consumer Protection (E-Commerce) Rules, 2020 (“Consumer Protection Rules”) rules apply to: (a) good/services purchased or sold through digital or electronic network, including digital products; (b) all models of e-commerce, including marketplace and inventory 64 models of e- commerce entities; (c) all e-commerce retailing; and (d) forms of unfair trade practices across all e- commerce models. It specifies the duties of ecommerce entities, specific duties and liabilities of the marketplace e-commerce entities. The Consumer Protection Rules further requires the ecommerce entities to appoint grievance officer and provide for a consumer grievance redressal mechanism. Any contravention of these rules attracts penal action under the provisions of Consumer Protection Act. The Central Consumer Protection Authority, a regulatory authority established under the Consumer Protection Act, has issued guidelines to prevent and regulate certain “dark pattern” practices, and is applicable to all platforms systematically offering goods and services in India, advertisers and sellers. These practices include false urgency, basket sneaking, confirm shaming, forced action, subscription trap, interface interference and others. Such requirements may further evolve and be subject to varying interpretation and may cause us to incur increased compliance costs and make changes to our products, practices or other aspects of our business, and any failure to comply may adversely affect our business. Foreign Investments India regulates ownership of Indian companies by foreigners. Foreign investment in securities issued by Indian companies and exchange controls are generally regulated by the FEMA. These regulations and restrictions may apply to acquisitions by us or our affiliates, including MMT India and affiliates which are not resident in India, of shares in Indian companies or the provision of funding by us or any other entity to Indian companies within our group. For example, under the Government of India’s consolidated FDI Policy, and the FEMA, additional requirements are applicable to foreign investments in India, including requirements with respect to downstream investments by Indian companies owned or controlled by foreign entities, and the transfer of ownership or control of Indian companies in sectors with caps on foreign investment from resident Indian persons or entities to foreigners, as well as such transactions between foreigners. These requirements include restrictions on pricing, valuation of shares and sources of funding for such investments and may in certain cases require prior notice to or approval from the Government of India. In addition, pursuant to amendments in 2020 to the FDI Policy and the FEMA rules, prior government approval will be required for any non-debt investment into India by non-resident entities from countries that share a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country, as well as for any transfer of any such proposed or existing non-debt investment, directly or indirectly, that would result in ownership by any such non-resident entity or beneficial owner. The list of land border countries includes Afghanistan, Bangladesh, Bhutan, the People’s Republic of China, Myanmar, Nepal and Pakistan. This approval requirement applies to investments in all sectors, including those that previously did not require such approval. Pursuant to further amendments in 2026 to the FDI Policy and the FEMA, the term “beneficial owner” has been defined and the requirement for prior approval has been limited to investments or transfers pursuant to which a citizen of a land border country or an entity incorporated or registered in a land border country holds or would hold, directly or indirectly, individually or cumulatively, independently or collectively, more than 10% of the shares, capital or profits of the investor entity incorporated or registered in a country other than a land border country, or exercises control over such investor entity, or exercises ultimate effective control over the investee entity in India. If we are deemed to be a non-resident entity or an entity with a beneficial owner restricted by these amendments, we will require prior government approval for investments in non-debt instruments in our direct and indirect Indian subsidiaries and group entities, including MMT India, as well as for any such proposed investments or acquisitions by us or our affiliates, including MMT India and affiliates which are not resident in India. Investments in our ordinary shares, including upon conversion of our Class B Shares or our 2028 Notes and 2030 Notes, and our Class B Shares would be deemed to be non-debt investments into our Indian subsidiaries, including MMT India. Accordingly, under the current FDI Policy and the FEMA rules, any proposed holder of our ordinary shares or our Class B Shares that is a non-resident entity from a country that shares a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country would need to have obtained prior government approval in India, and any holder or beneficial owner of our 2028 Notes and 2030 Notes that is a non-resident entity from a country that shares a land border with India or where the beneficial owner of such an investment is situated in or is a citizen of any such country will not be able to convert such notes into ordinary shares without such approval. The Government of India has made and may continue to make revisions to the FDI Policy and the FEMA rules, which may impose additional requirements with respect to any holder’s ability to acquire our ordinary shares, including upon conversion of our Class B Shares or our 2028 Notes and 2030 Notes, and/or requirements for acquisition of our ordinary shares or Class B Shares upon a transfer thereof. Further, under FEMA, we are generally restricted from lending to or borrowing from our Indian subsidiaries, and our Indian subsidiaries are generally restricted from lending or borrowing in foreign currencies, except to the extent permitted by the Reserve Bank of India under applicable laws and regulations and subject to the prescribed conditions. We are also required to complete FEMA filings with respect to past investments in order to make further investments in India. Under the FEMA, the Reserve Bank of India has the power to impose monetary penalties up to three times the value of a FEMA contravention where quantifiable, or up to two lakh rupees where the amount is not quantifiable, and where the contravention is a continuing one, further penalty which may extend to five thousand rupees for every day after the first day during which the contravention continues and confiscate the shares at issue. 65 In addition, the Government of India has made and may continue to make revisions to the FDI Policy on e-commerce in India, including in relation to business model, inventory, pricing and permitted services. Such changes may require us to make changes to our business in order to comply with Indian law. Competition The Competition Act regulates practices that have or likely to have an appreciable adverse effect on competition in India. The Competition Act is an act to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers and to ensure freedom of trade in India. The Competition Act deals with prohibition of (i) certain agreements such as anti-competitive agreements and (ii) abuse of dominant position and regulation of combinations. No enterprise or group shall abuse its dominant position in various circumstances as mentioned under the Competition Act. The prima facie duty of the CCI is to eliminate practices having adverse effect on competition, promote and sustain competition, protect interests of consumers and ensure freedom of trade. The CCI shall issue notice to show cause to the parties calling upon them to respond within 15 days in case it is of the opinion that there has been an appreciable adverse effect on competition in India. In case a person fails to comply with the directions of the CCI and Director General (as appointed under Section 16(1) of the Competition Act), he shall be punishable with penalty as defined under the Competition Act. The Competition (Amendment) Act, 2023 brings in numerous changes to the Competition Act aiming to strengthen the regulation and foster a business-friendly environment. The full impact of each of these regulations on the operations and plans of the Company is uncertain. Information Technology Act, 2000 The IT Act provides legal recognition to electronic records, electronic/digital signatures and contracts formed through electronic means, establishes a framework for e-governance, and creates offences, remedies and enforcement mechanisms to address cybercrime and safeguard information security. The IT Act applies across India and extraterritorially to offences involving computer resources located in India, while excluding certain instruments and transactions listed in the first schedule of the IT Act (such as negotiable instruments other than cheques, a demand promissory note, or bill of exchange issued in favour of or endorsed by an entity regulated by Reserve Bank of India, National Housing Bank, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India and Pension Fund Regulatory and Development Authority, powers of attorney, trusts and wills. The compliance responsibilities extend to intermediaries and body corporates handling sensitive personal data, including due-diligence obligations, interception, monitoring and blocking directions, separate intermediary due-diligence and grievance-redressal norms are prescribed by rules issued under the IT Act. The penalties include compensation for unauthorized access/damage and for failure to protect sensitive personal data, imprisonment and fines for computer-related offences (e.g., identity theft, cheating by personation, privacy violations), and unauthorized access to protected systems, corporate and officer liability, confiscation. The IT Security Rules addresses the processing of personal information (“PI”) and certain sensitive categories of PI called sensitive personal data or information (“SPDI”). The rules enlists directions for the disclosure, collection and transfer of sensitive personal data by a body corporate or any person acting on behalf of a body corporate. The IT Security Rules require every such body corporate or person who either on its own or on behalf of the body corporate receives, stores or handles PI and/or SPI to provide a privacy policy for handling of or dealing in personal information including SPDI and ensure that the same are available for view by such providers of information who has provided such information under lawful contract. While collecting information directly from the person concerned, the body corporate or any person on its behalf shall take such steps as are, in the circumstances, reasonable to ensure that the person concerned has knowledge of: (a) the fact that the information is being collected; (b) the purpose for which the information is being collected; (c) the intended recipients of the information; and (d) the name and address of the agency that is collecting the information and the agency that will retain the information. Such privacy policy must be published on its website. The IT Security Rules further require that all such personal data be used solely for the purposes for which it was collected and any third-party disclosure of such data is made with the prior consent of the information provider, unless contractually agreed upon between them or where such disclosure is necessary for compliance of a legal obligation mandated by law. Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 The IT Intermediary and Digital Media Rules were notified under the IT Act, in supersession of the Information Technology (Intermediary Guidelines) Rules, 2011. The IT Intermediary and Digital Media Rules prescribe a framework for the regulation of content published online. They lay down the due diligence obligations of the intermediaries, require intermediaries to prominently publish rules and regulations, privacy policy and user agreement and require intermediaries to inform their users, of these details, at least once a year. In terms of the IT Intermediary and Digital Media Rules intermediaries are obligated to establish a grievance redressal mechanism and publish on contact details of the grievance officer on their website, mobile based application or both, as the 66 case may be. It further requires intermediaries receiving, storing, transmitting or providing any service with respect to electronic messages to not knowingly host, publish, transmit, select or modify any information prohibited under the IT Intermediary and Digital Media Rules. Dividend Payments Dividends other than in cash are not permitted under Indian law. The declaration and payment of any dividends in the future will be recommended by the board of directors of MMT India and approved by the shareholders of MMT India at their discretion and would depend on a number of factors, including the financial condition, results of operations, capital requirements and surplus, contractual obligations, applicable Indian legal restrictions, the provisions of the articles of association, the terms of the credit facilities and other financing arrangements of MMT India at the time a dividend is considered and other factors considered relevant by the board of directors of MMT India. MMT India may also from time to time pay interim dividends. MMT India is required to withhold tax on any dividends paid by them at 20% (plus applicable surcharge and cess) under Indian domestic tax law or at beneficial rates available under the respective double taxation avoidance agreements, subject to the satisfaction of certain conditions. Under Indian law, a company declares dividends upon a recommendation by its board of directors and approval by a majority of the shareholders at the annual general meeting of shareholders held within six months of the end of each fiscal year. However, while final dividends can be paid out by a company only after such dividends have been recommended by the board of directors and approved by shareholders, interim dividends can be paid out with only a recommendation by the board of directors. The shareholders have the right to decrease but not to increase any dividend amount recommended by the board of directors. Under Indian law, shares of a company belonging to the same class must receive equal dividend treatment. MMT India may, before the declaration of any dividend in any financial year, transfer such percentage of profits for that financial year as MMT India may consider appropriate to the reserves of MMT India. Under Indian law, a company is permitted to declare or pay dividends for any fiscal year out of profits for that year or out of profits for any previous financial year (calculated to include any dividend distribution tax) after providing for depreciation in the manner prescribed. However, no company is permitted to declare dividends unless carried over previous losses and depreciation not provided for in the previous year or years are set off against profits of the company for the current year. 67 If profits for a particular year are insufficient to declare dividends (including interim dividends), the dividends for that year may be declared and paid out from accumulated profits transferred to the free reserves if the following conditions are fulfilled: •the rate of dividend to be declared shall not exceed the average of the rates at which dividends were declared in the three years immediately preceding that year (except where no dividends have been declared in each of the preceding three years); •the total amount to be drawn from the accumulated profits earned in previous years shall not exceed an amount equal to one-tenth of the sum of the company’s paid-up share capital and free reserves (based on the latest audited financial statements available), and the amount so drawn shall first be utilized to set off the losses incurred in the financial year in which dividend is declared before any dividend in respect of equity shares is declared; and •the balance of the reserves after such withdrawal shall not fall below 15.0% of the company’s paid-up share capital (based on the latest audited financial statements available). C. Organizational Structure The following diagram illustrates our corporate structure and the place of formation and ownership interest of each of our key operating subsidiaries, as of the date of this Annual Report. Notes: (1)MakeMyTrip Limited and ibibo Group respectively hold 63.6% and 36.4% of the issued shares in MMT India. The operating subsidiaries of MMT India are Bitla, Quest2Travel, Hotelcloud, Savaari, MMT UAE, Flamingo Transworld and Flamingo Travels. In March 2026, MMT India became the holding company of Flamingo Transworld following the acquisition of a majority equity interest in Flamingo Transworld. Consequently, Flamingo Travels, being a wholly-owned subsidiary of Flamingo Transworld, also became an indirect subsidiary of MMT India. Further, MMT India acquired 100% of the equity interest in MMT UAE from ibibo UAE in May 2025. MMT UAE incorporated MakeMyTrip Travel (Thailand) Co., Ltd. as a wholly-owned subsidiary in February 2026. (2)The operating subsidiaries of ibibo Group include ibibo Singapore and other insignificant subsidiaries. redBus India, which was formerly a key operating subsidiary of ibibo Group, merged into MMT India pursuant to the NCLT order dated December 19, 2025. In connection with such merger, Bitla (which was formerly a wholly-owned subsidiary of redBus India, became a wholly-owned subsidiary of MMT India. Certain wholly-owned subsidiaries that operate our redBus businesses outside India continue to be held by ibibo Group. (3)The ITC Group consists of ITC Bangkok and other insignificant subsidiaries. (4)The key operating subsidiary of TripMoney is BookMyForex. D. Property, Plants and Equipment Our principal executive office is located in Gurugram, India, which serves as the principal place of business for our MakeMyTrip and Goibibo operations. Our principal executive office covers approximately 170,212 square feet and is under lease. In addition, we lease approximately 55,780 square feet of office space in Bengaluru for our MakeMyTrip and Goibibo operations. Our redBus business is operated from managed serviced facilities leased by us in Bengaluru, India. 68