A. Operating Results The following discussion of our business, financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this Annual Report. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in “Item 3. Key Information — D. Risk Factors” and elsewhere in this Annual Report. Actual results could differ materially from those contained in any forward-looking statements. In this Annual Report, references to “customers” are to our end customers or travelers and references to “suppliers” are to our travel suppliers. We consider both travelers and travel suppliers to be our customers. 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 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 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, via our TripMoney platform. 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 and higher monetization. We had 35.7 million annual unique transacting customers on our platform, 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. 70 Key Operating Metrics Our operating results are affected by certain key metrics that represent overall transaction activity and subsequent financial performance generated by our travel services and products. The key metrics which are critical in determining the ongoing growth of our business are Gross Bookings, Adjusted Margin and Adjusted Margin %. Gross Bookings represents total value of all travel services and products, net of cancellations, booked by our customers through us and generally includes taxes, fees and other charges. Adjusted Margin represents IFRS revenue after adding back customer inducement costs recorded as a reduction of revenue, and deducting service costs primarily relating to sales to customers where we act as the principal, for the relevant segment. Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings and represents the commissions, fees, incentive payments and other amounts earned in our businesses. We follow Adjusted Margin % trends closely across our various lines of business to gain insight into the profitability of our various businesses. Revenue from our air ticketing business, other than air tickets sold as part of holiday packages, is accounted for on a “net” basis (representing the commissions, incentive payments, fees and incentives and convenience fees we earn) and recognized at the time of issuance of air tickets. We account for our air ticketing revenue in this manner as we typically act as an agent and do not assume any performance obligation after the confirmation of the issuance of tickets. Revenue from our hotels and packages business generally represents the total amount paid by our customers for these products and services. Revenue from air tickets sold as part of packages is included in our hotels and packages revenue. In our hotels and packages business, we earn revenue from: (i) the sale of standalone hotel room nights, for which we generally earn commissions; and (ii) the sale of holiday packages (including air tickets, hotel room nights, car bookings, and tours and attractions sold as part of holiday packages), for which we generally receive the total amount paid by our travelers for these products and services. Income from standalone hotel reservations including commission earned is recognized on a “net” basis as an agent on the date of check-in as the performance obligation is satisfied by us on the date of check-in by the traveler. Our hotels and packages revenue also includes commissions we earn as an agent from other OTAs and aggregators from whom we procure hotel rooms for our travelers for most of the hotels outside India. Income from hotels and packages includes amounts received from hotel suppliers against online promotions of hotel brands on our platform. Income from holiday packages (including air tickets, hotel room nights, car bookings, and tours and attractions sold as part of packages) is accounted for on a “gross” basis (representing the total amount paid by our travelers for these travel products and services) as we control the services before such services are transferred to the traveler. Revenue from bus ticketing includes commissions or fees earned from the sale of bus tickets, including from bus operators. We also earn convenience fees from travelers and receive commissions from aggregators from whom we source inventory for certain bus tickets, when their inventory is booked through our platform. Revenue from bus ticketing is recognized on a “net” basis as an agent. During the quarter ended March 31, 2025, we began recognizing bus ticketing revenue at the time of issuance of bus tickets due to changes in underlying arrangements with our suppliers. Previously, we recognized bus ticketing revenue on the date of the bus journey. Our other revenue primarily comprises: (i) third-party advertising on our platform and brand alliance fees (ii) fees for the booking of car hire services through our subsidiary, Savaari, which are recognized on a “gross” basis, (iii) fees for the booking of rail tickets, car hire from third-party suppliers, tours and attractions and ancillary travel requirements such as facilitating access to third-party travel and other travel assurance products, and (iv) foreign currency exchange and visa related services. As certain parts of our revenue are recognized on a “net” basis when we are acting as an agent and other parts of our revenue are recognized on a “gross” basis when we are acting as the principal, we evaluate our 71 financial performance in each of our reportable segments based on Adjusted Margin, as we believe this reflects the value addition of the travel services that we provide to our customers. The following table sets forth our unit metrics, Adjusted Margin, Gross Bookings, Adjusted Margin % for our air ticketing business, hotels and packages business, bus ticketing business and others business and Annual Unique Transacting Customers during last three fiscal years. Fiscal Year Ended March 31, 2024 2025 2026 (in thousands, except percentages) Unit Metrics Air Ticketing - Flight segments(1) 51,145 58,701 59,057 Hotels and Packages - Room nights(2) 31,111 37,000 43,528 Standalone Hotels - Room nights(3) 30,195 36,039 42,540 Bus Ticketing - Bus tickets(9) 86,815 106,483 141,482 Adjusted Margin(4) Air Ticketing(5) $ 317,669 $ 373,092 $ 407,078 Hotels and Packages 348,880 429,477 476,802 Bus Ticketing 102,125 130,967 163,878 Others 48,751 72,026 94,899 Gross Bookings(6) Air Ticketing(5) $ 4,942,404 $ 5,867,918 $ 5,830,789 Hotels and Packages 1,985,210 2,417,425 2,661,077 Bus Ticketing 1,026,807 1,249,564 1,602,407 Other Transport Services(8) — 268,240 296,569 7,954,421 9,803,147 10,390,842 Adjusted Margin %(7) Air Ticketing(5) 6.4 % 6.4 % 7.0 % Hotels and Packages 17.6 % 17.8 % 17.9 % Bus Ticketing 9.9 % 10.5 % 10.2 % Annual Unique Transacting Customers(10) 28,000 31,800 35,700 Notes: (1)“Flight segments” means a flight between two cities, including flights booked as part of a longer itinerary or a package, and is reported net of cancellations. (2)“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. (3)“Standalone Hotels – Room nights” refers to the number of 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). (4)The key travel services we offer are booking of air tickets, hotels and packages and bus tickets. Revenue from the sale of airline tickets, hotel room nights and bus tickets is recognized as an agent on a “net” commission earned basis, as our company does not assume any performance obligation relating to the service. In our packages business, our company acts as the primary obligor for such packages since our company controls the services before such services are transferred to the traveler and accordingly, the revenue for packages is accounted for on a “gross” basis. Similarly, in our car bookings business we generally recognize revenue on a “gross” basis. We evaluate our financial performance in each of our 72 reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. The presentation of this segment profitability information is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. Our Adjusted Margin may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation. The following table reconciles our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) for the periods indicated: Air Ticketing Hotels and Packages Fiscal Year Ended March 31, Fiscal Year Ended March 31, 2024 2025 2026 2024 2025 2026 (in thousands) Revenue as per IFRS $ 201,246 $ 241,529 $ 239,948 $ 435,542 $ 520,411 $ 533,063 Add: Customer inducement costs recorded as a reduction of revenue 116,423 131,563 167,130 123,695 155,616 184,602 Less: Service cost — — — 210,357 246,550 240,863 Adjusted Margin $ 317,669 $ 373,092 $ 407,078 $ 348,880 $ 429,477 $ 476,802 Bus Ticketing Others Fiscal Year Ended March 31, Fiscal Year Ended March 31, 2024 2025 2026 2024 2025 2026 (in thousands) Revenue as per IFRS $ 92,693 $ 119,361 $ 145,271 $ 53,043 $ 97,035 $ 125,709 Add: Customer inducement costs recorded as a reduction of revenue 9,432 11,606 18,607 440 2,789 2,178 Less: Service cost — — — 4,732 27,798 32,988 Adjusted Margin $ 102,125 $ 130,967 $ 163,878 $ 48,751 $ 72,026 $ 94,899 (5)Excludes flight segments booked as a component of bookings for our Hotels and Packages segment. (6)Gross Bookings represents total value of all travel services and products, net of cancellations, booked by our customers through us and generally includes taxes, fees and other charges. (7)Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings. (8)From April 1, 2024, we added a Gross Bookings category for our other transport services (comprising Car Bookings and Rail Ticketing) as these are emerging transport services. (9)“Bus tickets” means tickets issued to customers for bus journeys, and is reported net of cancellations. 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. (10)“Annual unique transacting customers” refers to the number of unique individual customers who booked travel products and services through our key brands (MakeMyTrip, Goibibo and redBus) in India during the relevant fiscal year, net of cancellations. This excludes enterprise and SMB customers and travel agents. Factors Affecting Our Results of Operations Trends and changes in the Indian economy and travel industry Our financial results are driven by trends and changes in the Indian economy and travel industry, particularly the Indian online travel industry. 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. MakeMyTrip was one of the earliest online travel agents in India and has grown alongside the shift of travel discovery and booking from offline channels to digital interfaces. Our platform has become a trusted digital interface through which a broadening base of Indian customers research, compare and book travel. 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 with convenience and efficiency. Our integrated, digital-first omni-channel distribution platform, including our mobile applications, enables broad customer reach, diversified demand streams, and capital-efficient customer acquisition and growth. 73 We plan to expand our platform to customers beyond metropolitan cities to Tier II and Tier III cities in India. 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. For example, 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 to and from Tier II and Tier III cities in India. Customer growth, engagement and cross-selling on our platform Our growth is driven by our ability to increase transacting customers and deepen engagement through higher transaction frequency and repeat usage, with the aim of deepening participation across the connected travel journey. Our products and services include air tickets, hotels, packages, bus tickets, rail tickets, car hire, and tours and attractions, enabling customers to discover, compare, plan, book and manage multiple components of their travel needs within a single 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. 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. See “Item 4. Information on the Company — B. Business Overview — Our Competitive Strengths — Our Customer-Centric Approach”. 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 engagement, repeat transactions and attachment rates, driving more customers to our platform. Our repeat transaction rate was 78.4% in fiscal year 2026. Each annual unique transacting customer made an average of 4.2 transactions on our platform (net of cancellations) in fiscal year 2026. Our integrated platform drives cross-selling, improved retention and higher customer lifetime value, and has contributed to an increase in our annual unique transacting customers from 31.8 million in fiscal year 2025 to 35.7 million in fiscal year 2026. Our supplier base We operate an asset-light marketplace model that relies on various suppliers of travel products and services. 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 (including 0.1 million 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 in India, Southeast Asia and Latin America, 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 such as travel assurance products, add-on services, foreign exchange, prepaid forex cards, cross-border remittances, visa-processing services and related financial services for travelers. We rely on our broad supplier network to enable us to offer a wide range of travel products and services to customers across geographies and price points. Having strong relationships with travel suppliers supports our platform growth and improves our inventory availability and pricing competitiveness. As demand and transaction volumes on our platform increase, our platform becomes more attractive to airlines, hotels, bus operators and other travel suppliers. Greater supplier participation improves the breadth and depth of inventory, availability and pricing options across travel categories. This gives customers more choice and better value, which improves customer conversion and repeat customer demand, further strengthening our value proposition to suppliers. Changes in business mix and Adjusted Margin % Our air ticketing, hotels and packages and bus ticketing segments have different Adjusted Margin %. Accordingly, changes in revenue contribution from each business segment would have an impact on our Adjusted Margin and profitability. Our hotels and packages business generally yields higher Adjusted Margin % than our air ticketing and bus ticketing segments, reflecting the greater value add and complexity of these services. Accordingly, we are focused on expanding our hotels and packages business to increase our revenue contribution from this segment. 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. Investments in technology and enhancements to our AI capabilities We have invested in our technology platform to support customer engagement, product innovation and evolving business requirements. We deploy AI across various parts of our business, including customer service 74 (such as voice-based agents), and search and personalization, to improve efficiency, user experience and monetization. Myra, our multilingual, agentic trip-planning assistant built on advanced generative AI technologies, 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 through conversational interactions. We also 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. These technology investments have also contributed to our improved operating efficiency. In the last three years, our employee benefits expense has declined as a percentage of total income. This demonstrates the efficacy and scalability of our business model, which enables us to support increasing Gross Bookings without a proportionate increase in employee benefits expense. We expect to continue investing in technology as we enhance the capabilities of our platform, develop new products and features and respond to evolving customer expectations and competitive dynamics. These ongoing infrastructure investments are necessary to maintain system performance and availability as transaction volumes and product complexity increase, and accordingly affect our capital expenditure and operating costs. See “Item 4. Information on the Company — B. Business Overview —Our Growth Strategies — Further invest in technology and enhance our AI capabilities.” Marketing and branding initiatives We invest in marketing and brand awareness initiatives to enhance our brand strength and acquire new customers. The strength of our established MakeMyTrip, Goibibo and redBus brands has been developed through 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. 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. We incur selling expenses associated with search engine marketing, referrals from meta-search and travel research websites. In addition, we incur costs associated with customer inducement and acquisition programs, including cash incentives and select loyalty program incentive promotions, which we offer from time to time on various booking platforms. Such customer inducement costs for acquiring customers and promoting transactions, including upfront cash incentives and select loyalty program costs, when incurred are recorded as a reduction or deferral of revenue. When the incentives offered to the traveler are higher than the income earned from the customers, the excess (i.e., the incentive given to a traveler less income earned from the customers) on an individual transaction basis is classified under marketing and sales promotion expenses. We may also increase our marketing and sales promotion expenses as a result of our expansion into new markets and such expenses may not be offset by increased revenue particularly at the initial commencement of business in these new markets We intend to continue investing in marketing and brand awareness initiatives and customer acquisition programs to improve conversion, strengthen engagement and build long-lasting customer relationships. Seasonality Our business is subject to seasonal variations. We tend to experience higher revenues from our hotels and packages segment in the second and fourth calendar quarters of each year, which coincide with the summer holiday travel season and the year-end holiday travel season for our customers in India and other markets. In our air ticketing segment, we may have higher revenues in a particular quarter arising out of periodically discounted sales of tickets by our suppliers. Our bus ticketing business is less impacted by seasonality. Exchange rate fluctuations The presentation currency of our financial statements is the US dollar. However, the functional currency of our subsidiaries in India is the Indian Rupee. We generate a substantial portion of our revenue in Indian Rupees and substantially all of our costs are borne in Indian Rupees. A majority of our assets and liabilities are also denominated in Indian Rupees. The financial statements of all our subsidiaries are translated to our presentation currency using relevant exchange rates in accordance with IFRS. In particular, the assets and liabilities of our foreign operations are translated to US dollars at exchange rates as of the relevant reporting date, and the income and expenses of our foreign operations are translated to US dollars at the average of the exchange rates applicable during the relevant 75 reporting period. Foreign exchange gains and losses resulting from the settlement of transactions and from the re-measurement of monetary items at exchange rates at the end of each reporting period are recognized in the profit or loss of the period in which they arise. When the US dollar strengthens against the Indian Rupee, our revenue and costs in Indian Rupees converted to US dollars decrease. When the US dollar weakens, our revenue and costs in Indian Rupees converted to US dollars increase. In the past few years, there have been periods of weakness in the Indian Rupee compared to the US dollar. In fiscal year 2026, the average value of the Indian Rupee depreciated 4.5% against the US dollar as compared to the average value of the Indian Rupee in fiscal year 2025. In fiscal year 2025, the average value of the Indian Rupee depreciated 2.1% against the US dollar as compared to the average value of the Indian Rupee in fiscal year 2024. A 10.0% appreciation of the US dollar against the Indian Rupee as of March 31, 2026, assuming all other variables remained constant, would have decreased our profit for fiscal year 2026 by $22.6 million. Similarly, a 10.0% depreciation of the US dollar against the Indian Rupee as of March 31, 2026, assuming all other variables remained constant, would have increased our profit for fiscal year 2026 by $22.6 million. Our Revenue, Service Cost and Expenses Revenue We operate an asset-light marketplace model, connecting travelers with a broad network of suppliers, including airlines, hotels, accommodation providers and bus operators. Our business model requires us to act as either an “agent” or the “principal” for the products and services we sell: •For our air ticketing (other than air tickets sold as part of a package), standalone hotel reservations, bus ticketing, rail ticketing and others businesses (excluding car bookings through our subsidiary, Savaari), we recognize revenue on a “net” basis (i.e., the amount billed to a traveler less the amount paid to a supplier), as the supplier is primarily responsible for providing the underlying travel services and we do not control the service provided by the supplier to the traveler. We facilitate the transaction for a commission. As we do not assume any performance obligation relating to the service, income from the sale of these travel products and services is recognized as an agent on a net commission earned basis. We offer promotional offers and incentives based on competitive dynamics from time to time and in order to encourage a higher number of travelers to utilize our platform. •For our holiday packages (including air tickets, hotel room nights, car bookings, and tours and attractions sold as part of packages) and car bookings through our subsidiary, Savaari, we recognize revenue on a “gross” basis as we act as the principal and control the services before such services are transferred to the traveler. Revenue is accounted for on a “gross” basis and represents the total amount paid by travelers for these travel services and products, while our cost of procuring the relevant services and products for sale to travelers is classified as service cost. See “– Critical Accounting Policies – Revenue Recognition”. Due to these differing approaches in revenue recognition, we evaluate our financial performance using Adjusted Margin, a non-IFRS segment profitability measure that reflects the value addition of the travel services we provide to our travelers. For further information, see “– Certain Key Performance Indicators and Non-IFRS Measures”. Revenue is recognized net of cancellations, refunds, discounts, incentives and taxes. However, when the discounts and other incentives offered to the traveler are higher than the income earned from customers, the excess (i.e., the discount/incentive given to a traveler, less income earned from customers) on an individual transaction basis is classified under marketing and sales promotion expenses. Below is a description of the key components of our revenue. Air Ticketing. In our air ticketing business, our main sources of revenue are: (i) commissions from airline suppliers for tickets booked by travelers through our distribution channels; (ii) incentive payments from airline suppliers on the basis of performance targets agreed with the relevant airline; (iii) fees or incentives from our GDS service providers based on the volume of sales completed by us through the GDS; and (iv) convenience fees we charge our travelers for booking tickets through us. In addition, we also receive amounts from airline suppliers against online promotions on our platform. Revenue from our air ticketing business, other than air tickets sold as part of holiday packages, is accounted for as an agent on a “net” basis. 76 Hotels and Packages. In our hotels and packages business, we earn revenue from: (i) the sale of standalone hotel room nights, for which we generally earn commissions; and (ii) the sale of holiday packages (including air tickets, hotel room nights, car bookings, and tours and attractions sold as part of holiday packages), for which we generally receive the total amount paid by our travelers for these products and services. Income from standalone hotel reservations, including commissions earned and convenience fees, is recognized on a “net” basis as an agent. Our hotels and packages revenue also includes commissions we earn as an agent from other OTAs and aggregators from whom we procure hotel rooms for our travelers for most of the hotels outside India. Income from hotels and packages includes amounts received from hotel suppliers against online promotions of hotel brands on our platform. Income from holiday packages (including air tickets, hotel room nights, car bookings, and tours and attractions sold as part of packages) is accounted for on a “gross” basis (representing the total amount paid by our travelers for these travel products and services) as we control the services before such services are transferred to the traveler. Bus ticketing. In our bus ticketing business, our main sources of revenue are commissions or fees earned from the sale of bus tickets, including from bus operators. We also earn convenience fees from travelers and receive commissions from aggregators from whom we source inventory for certain bus tickets, when their inventory is booked through our platform. Revenue from bus ticketing is recognized on a “net” basis as an agent. Other Revenue. Our other revenue primarily comprises: (i) third-party advertising on our platform and brand alliance fees (ii) fees for the booking of car hire services through our subsidiary, Savaari, which are recognized on a “gross” basis, (iii) fees for the booking of rail tickets, car hire from third-party suppliers, tours and attractions and ancillary travel requirements such as facilitating access to third-party travel and other travel assurance products, and (iv) foreign currency exchange and visa related services. Service Cost Service cost primarily consists of amount paid to hotel and package suppliers for the acquisition of relevant services and products for sale to customers, and includes the procurement cost of airline tickets, hotel rooms and other local services such as sightseeing costs for packages and local transport costs. Service costs also include the costs of providing car bookings through our subsidiary, Savaari. Further, service costs does not include any component of personnel cost, depreciation or other operating costs. Personnel Expenses Personnel expenses primarily consist of wages, salaries and other short-term benefits, employee welfare expenses, contributions to mandatory retirement provident funds as well as other expenses related to the payment of post-employment and other long term benefits, and equity settled share based payment. Marketing and Sales Promotion Expenses Marketing and sales promotion costs comprise internet, television, radio and print media advertisement costs as well as event-driven promotion costs for our products and services. These costs include online video and display advertising on websites, television, print formats and any other media cost such as public relations and sponsorships. These costs also include selling expenses comprising search engine marketing, referrals from meta search and travel research websites. We also incur costs associated with customer inducements and acquisitions programs, including cash incentives and select loyalty program incentive promotions, which we offer from time to time on various booking platforms. Since 2016, the Indian travel industry has seen a significant shift to online transactions driven by significant growth in the smartphones user base. In the past, most of our customers booked travel services using our websites through their desktop or laptop. Keeping in view the changing trend of the platform being used by customers for online search and bookings (i.e., increasingly moving towards mobile site or mobile applications), we created direct engagement programs to attract and retain customers. While internet penetration in India has been increasing steadily, we believe that it still has substantial room for growth. As internet penetration increases, Indian consumers are increasingly using the internet to research and purchase products, including travel. The use of mobile devices in India is expected to continue to grow. With the proliferation of smartphones and tablets, mobile has become a prominent tool for travelers to search, discover and purchase travel services. 77 We have offered these customer inducement and acquisition programs from time to time on our various booking platforms. Below are further details regarding the cash back incentives, upfront cash incentives and e-wallet loyalty programs that we offer: •Cash back incentives: Under this scheme, the end-customers are offered certain predefined cash backs based on the terms offered at the time of sale. We enter into specific agreements with various banks for joint promotional offers pursuant to which the cost of cash back promotional incentive is shared between the bank and us, before rolling out the schemes to the end-customers. On eligible transactions, either an instant cash-back discount is given to the end-customer at the time of payment or cash is credited to the end customer’s credit card or bank account by the bank as per the terms communicated at the time of the transaction. We share details of eligible bookings made under the promotional offer with the respective banks with whom such promotions were offered. The relevant bank reconciles the details shared with transactions recorded on their platform. It is our obligation to pay the end-customer on the basis of a promotional offer for an instant cash-back discount. In the case of instant cash-back discounts, after the completion of the offer period, we send an invoice to the relevant bank to recover the portion of the cost to be borne by the bank. The bank then verifies the invoice with its bookings under the respective promotional offers based on the agreement entered and pays the eligible cash back amount to us. It is the relevant bank’s obligation to pay the end-customer on the basis of a promotional offer for a cash credit to the end customer’s credit card or bank account. In the case of cash back to card offers, after completion of the offer period, the bank sends an invoice to us to recover the portion of the cost to be borne by us. We verify the invoice with our bookings under the respective promotional offers based on the agreement entered with bank and pay the eligible cash back amount to the bank. •Upfront cash incentives: Under this scheme, an upfront e-cash incentive is offered to end-customers at the time of booking on eligible online transactions as part of our customer inducement and retention strategy, primarily in the air ticketing and hotels business. We predetermine the cash incentive to be offered on each sale and the end-customer is required to select from the various promotional offers. Upon such selection, the customer becomes eligible for an upfront cash incentive. The quantum of this incentive is based on the gross value of the transaction in order to induce the end-customer and is not linked to the commission earned by us as an agent from the hotels or airlines or service fee earned from the customers. •E-wallet loyalty program: As part of our loyalty program and to drive repeat behavior, we have created a captive E-wallet program on our websites and mobile applications. Under this program, we give cash back on eligible online transactions to our customers as part of our inducement and retention plan and to effectively promote cross-sales across different business segments. The cash back is given in our customers’ E-wallet account, which can only be used for future bookings with us, subject to certain monetary restrictions and other terms and conditions. We offer E-wallet cash back to customer at the time of sale. We predetermine the cash back to be offered on each sale and the customer is required to select from the various promotional offers. Upon such selection, the customer becomes eligible for the cash back in our E-wallet. Our liability is to honor the promotional offer and credit the amount to the customer’s E-wallet. The amount credited may then be used by the customer in future bookings in accordance with the E-wallet balance utilization terms and conditions, subject to an expiration date. We have established certain loyalty programs, such as MMTBLACK and goTribe, to incentivize our customers to buy additional services in the future. Under such loyalty programs, the rewards awarded to a customer in a sales transaction represent incentives offered to such customers from value derived from the sales transaction. These customer inducement costs are recorded as a reduction of revenue since these customer inducement costs are associated with our programs for acquiring customers and promoting transactions on our platform. While most of these customer inducement costs are recorded as a reduction in revenue, when the discounts and other incentives offered to the customer are higher than the income earned from such customer, the excess (i.e., the discount/incentive given to a traveler less income earned from the customers) on an individual transaction basis is classified under marketing and sales promotion expenses and not recorded as a reduction in revenue. 78 Other Operating Expenses Other operating expenses primarily consist of, among other things, payment gateway and other charges, outsourcing expenses, website hosting charges, technology and maintenance, distribution costs, and legal and professional expenses. Depreciation, Amortization and Impairment Depreciation expense consists primarily of depreciation recorded on property, plant and equipment, such as computers, office equipment, furniture and fixtures, buildings (owned), buildings (right-of-use), leasehold improvements and motor vehicles. Amortization expense consists primarily of amortization recorded on intangible assets including technology-related development expenses, software and other intangible assets including customer relationship and brand/trade mark acquired in a business combination. Impairment expense consists of losses on account of certain intangibles assets no longer being used in business. Finance Income and Costs Finance income comprises interest income on term deposits measured at amortized cost, change in fair value of financial asset measured at fair value through profit or loss and other interest income. Finance costs comprise interest expense on financial liabilities measured at amortized cost, change in carrying value of financial liabilities measured at amortized cost, change in fair value of financial liability measured at fair value through profit or loss, change in fair value of financial asset measured at fair value through profit or loss, foreign exchange losses (net), impairment losses on trade and other receivables, interest expense on lease liabilities and finance and other charges. Interest income and cost is recognized as it accrues in profit or loss, using the effective interest method. The ‘effective interest rate’ is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: •the gross carrying amount of the financial asset; or •the amortised cost of the financial liability. Foreign Currency Translation We report our consolidated financial statements in US dollars, which is the functional and presentation currency of our holding company and certain of our subsidiaries. The functional currency of each of our subsidiaries is the currency in which each subsidiary primarily generates and expends cash. The financial statements of all our subsidiaries with functional currencies other than US dollars are translated to our holding company’s presentation currency using relevant exchange rates in accordance with IFRS. In particular, the assets and liabilities of our foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to US dollars at exchange rates as of the relevant reporting date, and the income and expenses of our foreign operations are translated to US dollars at the average of the exchange rates applicable during the relevant reporting period. Adjustments resulting from the translations of financial statements of our subsidiaries, except for subsidiaries whose functional currency is US dollars, from their functional currency to our presentation currency are accumulated and reported as other comprehensive income, which is a separate component of our shareholders’ equity called “Foreign Currency Translation Reserve” (“FCTR”). However, if the operation is a non-wholly owned subsidiary, then the relevant proportionate share of the foreign currency translation difference is allocated to non-controlling interest and reported in non-controlling interest. When a foreign operation is disposed of, in part or in full, the relevant amount in the FCTR is transferred to profit or loss as part of the profit or loss on disposal. See also “— Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk.” Critical Accounting Policies We believe the following are the critical accounting policies used in the preparation of our consolidated financial statements. For more information on each of these policies, see “Note 3 — Material Accounting Policies” in the notes to our consolidated financial statements included in this Annual Report. 79 Revenue Recognition Information about the Group’s accounting policies relating to revenue from contracts with customers is provided below. The Group provides travel products and services to leisure and corporate travelers in India and abroad. The revenue from rendering these services is recognized in the profit or loss upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services. This is generally the case: 1) during the service period for tours and packages, 2) date of check-in for hotel booking business, 3) on the issuance of the ticket in the case of sale of airline tickets, 4) date of issuance of bus tickets, and 5) date of completion of trip in case of car bookings. The Group considers both the traveler and travel supplier to be its customers. Income from the sale of tickets (airline, bus and rail) including convenience fees, commission and fees earned is recognized as an agent on a net basis when the traveler books the ticket as the performance obligation is satisfied by the Group on issuance of ticket to the traveler. During the quarter ended March 31, 2025, the Group began recognizing bus ticketing revenue at the time of issuance of bus tickets due to changes in underlying arrangements with our suppliers. Previously, the Group recognized bus ticketing revenue on the date of the bus journey. Income from hotel reservations including commission earned and convenience fees is recognized on a net basis as an agent on the date of check-in as the performance obligation is satisfied by the Group on the date of check-in by the traveler. Income from tours and packages, including income on airline tickets sold to the travelers as a part of tours and packages is accounted on “gross” basis as the Group controls the services before such services are transferred to the traveler. Income from hotels and packages also includes amounts received from hotel suppliers against online promotions of hotels brand on our platforms. Income from sale of airline tickets, hotel reservations, bus ticketing and rail ticketing is recorded on net basis (i.e., the amount billed to a traveler less amount paid to a supplier), as the supplier is primarily responsible for providing the underlying travel services and the Group does not control the service provided by the supplier to the traveler. Revenue relating to contracts with travel suppliers which include incentive payments are accounted for as variable consideration when the amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur. Income from other sources of the Group, primarily comprising advertising revenue, fees for facilitating access to its internet-based platforms to travel insurance companies and brand alliance fees are recognized as the services are performed as per the terms of the contracts with respective supplier. We provide loyalty programs under which participating customers earn loyalty points on current transactions that can be redeemed for future qualifying transactions. Under its customer loyalty programs, the Group allocates a portion of the consideration received to loyalty points that are redeemable against any future purchases of the Group’s services. This allocation is based on the relative stand-alone selling prices and considering breakages. The amount allocated to the loyalty program is deferred, and is recognized as revenue when loyalty points are redeemed or expire. Revenue is recognized net of cancellations, refunds, discounts, incentives and taxes. However, when the discount and other incentives offered to the traveler are higher than the income earned from the customers, the excess (i.e., the discount/incentive given to a traveler less income earned from the customers) on an individual transaction basis is classified under marketing and sales promotion expenses. In the event of cancellation of airline tickets, revenue recognized in respect of commissions earned by our company on such tickets is reversed and is netted off from the revenue earned during the fiscal period at the time the cancellation is made by the customers. The revenue from the sale of tours and packages and hotel reservations is recognized during the service period and check-in date respectively. Cancellations, if any, do not impact revenue recognition since revenue is recognized upon the availment of services by the customer. 80 Marketing and Sales Promotion Costs Marketing and sales promotion costs comprise internet, television, radio and print media advertisement costs as well as event driven promotion cost for the Group’s products and services. These costs include online video and display advertising on websites, television, print formats and any other media cost such as public relations and sponsorships. These costs also include selling expenses comprising search engine marketing, referrals from meta search and travel research websites. Additionally, the Group also incurs customer inducement costs for acquiring customers and promoting transactions across various booking platforms such as upfront cash incentives and select loyalty program costs. Such customer inducement costs for acquiring customers and promoting transactions across various booking platforms are recorded as a reduction / deferral of revenue. In addition, when the discount and other incentives offered to the traveler are higher than the income earned from the customers, the excess (i.e., the discount/incentive given to a traveler less income earned from the customers) on an individual transaction basis is classified under marketing and sales promotion expenses. Provisions and Contingent Liabilities A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assumptions of the time value of money and the risks specific to the liability. The unwinding of discount is recognized as finance cost. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. A provision for onerous contract is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract, which is determined based on incremental costs of fulfilling the obligation under the contract and an allocation of other costs directly related to fulfilling the contract. Contingent liabilities are possible obligations that arise from past events and whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events not wholly within the control of the Group. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Business Combinations, Goodwill and Intangible Assets The Group accounts for business combinations using the acquisition method as at the acquisition date, when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a “concentration test” that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The cost of an acquisition is measured at the fair value of the identified assets -acquired, equity instruments issued and liabilities incurred or assumed at the date of acquisition, including contingent liabilities. The cost of acquisition also includes the fair value of contingent consideration and deferred consideration, if any. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. 81 Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. Transaction costs incurred in connection with a business combination are expensed as incurred, except if related to the issue of debt or equity securities. Intangible assets acquired in a business combination are measured at fair value as at the date of acquisition. Following initial recognition, these intangible assets are carried at cost less any accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are amortized on a straight-line basis over their estimated useful lives that reflect the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives are as follows: • Technology related development costs 2-5 years • Software 3-5 years • Customer – related intangible assets (Customer Relationship) 7-10 years • Contract – related intangible assets (Non-Compete) 5-6 years • Marketing – related intangible assets (Brand / Trade Mark) 7-10 years • Others 1-2 years Impairment Non-financial assets The carrying amounts of the Group’s non-financial assets, primarily property, plant and equipment, technology related development cost, advances to suppliers and other intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assumptions of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Subject to an operating segment ceiling test, CGUs to which goodwill has been allocated are aggregated to that level at which impairment testing is performed, which reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to the group of CGUs that are expected to benefit from the synergies of the combination. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. 82 Share-based Payment Transactions Our employees receive remuneration in the form of equity instruments for rendering services over a defined vesting period. The value of equity instruments granted to our employees is measured by reference to the fair value of the instrument at the relevant date of grant. We record an expense for the value of such equity instruments granted and record an increase to our equity. The equity instruments generally vest in tranches over the vesting period. The fair value determined at the grant date is expensed over the vesting period of the respective tranches. We recognize share-based compensation net of an estimated forfeiture rate and expectation of non-market performance conditions to be met, therefore we only recognize compensation cost for those shares expected to vest over the vesting period of the award. In determining the estimated forfeiture rates for share-based awards, we periodically conduct an assessment of the actual number of equity awards that have been forfeited to date as well as those expected to be forfeited in the future. We consider many factors when estimating expected forfeitures, including the type of award, the employee class and historical experience. If our actual forfeiture rate is materially different from our estimate, the share-based compensation costs could be significantly different from what we have recorded in the current period. Income Tax Income tax expense comprises current and deferred tax. Current and deferred tax is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or other comprehensive income, in which case it is recognized in equity or in other comprehensive income. Current Income Tax. As part of the process of preparing our consolidated financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. We are subject to tax assessments, wherever applicable, in these jurisdictions. A tax assessment can involve complex issues, which may only be resolved over extended time periods. Although we have considered all these issues in estimating our income taxes, there could be an unfavorable resolution of such issues that may affect our results of operations. Current income tax for our current and prior periods is measured at the amount expected to be recovered from or paid to the taxation authorities based on the taxable income for that period. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. The amount of income tax we pay is subject to evaluation of assessment proceedings by income tax authorities, which may result in adjustments to our carried forward tax losses. Our estimate of the potential outcome for any uncertain tax issue is highly judgmental. We believe we have adequately provided for any reasonably foreseeable outcome related to these matters. However, our future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved, tax examinations are closed or when statutes of limitation on potential assessments expire. As a result, our effective tax rate may fluctuate significantly. Deferred Income Tax. Deferred tax is recognized on temporary differences, as of the relevant reporting date, between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. We recognize a deferred tax asset only to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences and tax loss carry forwards (including unabsorbed depreciation) can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. We consider many factors when assessing the likelihood of future realization of our deferred tax assets, including our recent earnings experience by jurisdiction, expectations of future taxable income, and the carry forward periods available to us for tax reporting purposes, as well as other relevant factors. Due to inherent complexities arising from the nature of our businesses, future changes in income tax law or variances between our actual and anticipated operating results, we assess the likelihood of future realization of our deferred tax assets based on our judgments and estimates. Therefore, actual income taxes could materially vary from these judgments and estimates. 83 The measurement of deferred tax assets involves judgment regarding the deductibility of costs not yet subject to taxation and estimates regarding sufficient future taxable income to enable utilization of unused tax losses in different tax jurisdictions. All deferred tax assets are subject to review of probable utilization. If, however, unexpected events occur in the future, that would prevent us from realizing all or a portion of our net deferred tax assets, an adjustment would result in a charge to income in the period in which such determination was made. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and at the time of transaction affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences, arising on the initial recognition of the goodwill and differences relating to investments in subsidiaries, associates to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future. Current and deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities which intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities simultaneously. Compound financial instruments Compound financial instruments issued by us comprise the 2028 Notes and 2030 Notes which are denominated in USD that can be converted to ordinary shares at the option of the holder at any point of time till the date of mandatory conversion. The number of shares to be issued is fixed and is subject to certain adjustments in connection with a make-whole fundamental change or any conversion rate adjustments (in each case, as described in the indenture relating to the convertible notes) and does not vary with changes in fair value. The liability component of compound financial instruments is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to financial liability is recognized in profit or loss. In case of any change in estimate related to expectations or timing of repayment, new carrying amount of liability component is recalculated based on re-estimated cash flows discounted at the original effective rate and any difference in the carrying amounts is recognized in profit or loss. Earnings (Loss) Per Share We present basic and diluted earnings (loss) per share (“EPS”) data for our ordinary shares (including Class B Shares). Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders (including Class B Shareholders) of the Company by the weighted average number of ordinary shares (including Class B Shares) outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders (including holders of Class B Shares) and the weighted average number of ordinary shares (including Class B Shares) outstanding after adjusting for the effects of all potential dilutive items. 84 Results of Operations The following table sets forth a summary of our consolidated statement of profit or loss and other comprehensive income, both actual amounts and as a percentage of total revenue, for the periods indicated. Fiscal Year Ended March 31, 2024 2025 2026 Amount % Amount % Amount % (in thousands, except percentages) Revenue $ 782,524 100.0 $ 978,336 100.0 $ 1,043,991 100.0 Other income 770 0.1 317 0.03 2,043 0.2 Service cost (215,089 ) (27.5 ) (274,348 ) (28.0 ) (273,851 ) (26.2 ) Personnel expenses (147,587 ) (18.9 ) (160,065 ) (16.4 ) (158,834 ) (15.2 ) Marketing and sales promotion expenses (123,304 ) (15.8 ) (165,324 ) (16.9 ) (176,268 ) (16.9 ) Other operating expenses (204,833 ) (26.2 ) (231,905 ) (23.7 ) (253,260 ) (24.3 ) Depreciation, amortization and impairment (27,267 ) (3.5 ) (27,122 ) (2.8 ) (27,846 ) (2.7 ) Results from operating activities 65,214 8.2 119,889 12.2 155,975 14.9 Finance income 24,365 3.1 28,256 2.9 27,149 2.6 Finance costs 3,307 0.4 (32,191 ) (3.3 ) (104,756 ) (10.0 ) Share of profit (loss) of equity- accounted investees 52 0.01 (64 ) (0.01 ) (2 ) (0.0 ) Profit (loss) before tax 92,938 11.7 115,890 11.8 78,366 7.5 Income tax benefit (expense) 123,805 15.8 (20,616 ) (2.1 ) (26,696 ) (2.6 ) Profit (loss) for the year 216,743 27.5 95,274 9.7 51,670 4.9 Fiscal Year 2026 Compared to Fiscal Year 2025 Revenue. We generated revenue of $1,044.0 million in the fiscal year 2026, an increase of 6.7% (10.7% in constant currency) over revenue of $978.3 million in the fiscal year 2025, primarily as a result of an increase of 2.4% (6.1% in constant currency) in revenue from our hotels and packages business, an increase of 21.7% (25.6% in constant currency) in revenue from our bus ticketing business, an increase of 29.6% (35.0% in constant currency) in revenue from our others business partially offset by a decrease of 0.7% (an increase of 3.3% in constant currency) in revenue from our air ticketing business, each as further described below. Air Ticketing. Revenue from our air ticketing business decreased by 0.7% (an increase of 3.3% in constant currency) to $239.9 million in the fiscal year 2026, from $241.5 million in the fiscal year 2025. Our Adjusted Margin – Air ticketing increased by 9.1% (13.4% in constant currency) to $407.1 million in the fiscal year 2026, from $373.1 million in the fiscal year 2025. Adjusted Margin – Air ticketing includes customer inducement costs of $167.1 million in the fiscal year 2026 and $131.6 million in the fiscal year 2025, recorded as a reduction of revenue. The increase in revenue (in constant currency) from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to an increase in gross bookings of 3.5% (in constant currency) primarily driven by a 0.7% increase in the number of air ticketing flight segments year over year (excluding flight segments booked as a component of bookings for our Hotels and Packages segment). Further, our Adjusted Margin % – Air ticketing increased to 7.0% in the fiscal year 2026 as compared to 6.4% in the fiscal year 2025. Hotels and Packages. Revenue from our hotels and packages business increased by 2.4% (6.1% in constant currency) to $533.1 million in the fiscal year 2026, from $520.4 million in the fiscal year 2025. Our Adjusted Margin – Hotels and packages increased by 11.0% (15.7% in constant currency) to $476.8 million in the fiscal year 2026 from $429.5 million in the fiscal year 2025. Adjusted Margin – Hotels and packages includes customer inducement costs of $184.6 million in the fiscal year 2026 and $155.6 million in the fiscal year 2025, recorded as a reduction of revenue. The increase in revenue from our hotels and packages business and Adjusted Margin – Hotels and packages was primarily due to an increase in gross bookings by 10.1% (14.8% in constant currency) primarily driven by a 17.6% increase in the number of hotel-room nights in the fiscal year 2026 as compared to the fiscal year 2025. Our Adjusted Margin % – Hotels and packages increased marginally to 17.9% in the fiscal year 2026 as compared to 17.8% in the fiscal year 2025. Bus Ticketing. Revenue from our bus ticketing business increased by 21.7% (25.6% in constant currency) to $145.3 million in the fiscal year 2026, from $119.4 million in the fiscal year 2025. During the quarter ended March 31, 2025, we began recognizing bus ticketing revenue at the time of issuance of bus tickets due to changes in underlying arrangements with our suppliers. Previously, we recognized bus ticketing revenue on the date of the bus journey. Our Adjusted Margin – Bus ticketing increased by 25.1% (29.3% in constant currency) to $163.9 million in the fiscal year 2026 from $131.0 million in the fiscal year 2025. Adjusted Margin – Bus ticketing includes customer inducement costs of $18.6 million in the fiscal year 2026 and $11.6 million in the fiscal year 2025, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was due to an increase in gross bookings by 28.2% (32.9% in constant currency) driven 85 by a 32.9% increase in the number of bus tickets year over year. Our Adjusted Margin % – Bus ticketing decreased to 10.2% in the fiscal year 2026 as compared to 10.5% in the fiscal year 2025. Others. Revenue from our others business increased by 29.6% (35.0% in constant currency) to $125.7 million in the fiscal year 2026, from $97.0 million in the fiscal year 2025. Our Adjusted Margin – Others increased by 31.8% (37.1% in constant currency) to $94.9 million in the fiscal year 2026 from $72.0 million in the fiscal year 2025. Adjusted Margin – Others includes customer inducement costs of $2.2 million in the fiscal year 2026 and $2.8 million in the fiscal year 2025, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was primarily led by growth in our ancillary services and other travel services. Other Income. Other income was $2.0 million in the fiscal year 2026 and $0.3 million in the fiscal year 2025. Service Cost. Service cost decreased by 0.2% to $273.9 million in the fiscal year 2026 from $274.3 million in the fiscal year 2025. Personnel Expenses. Personnel expenses decreased marginally to $158.8 million in the fiscal year 2026 from $160.1 million in the fiscal year 2025, primarily due to the decrease in share-based compensation costs in the fiscal year 2026 as compared to the fiscal year 2025, offset by an annual wage increases effected in the quarter ended June 30, 2025. Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 6.6% to $176.3 million in the fiscal year 2026 from $165.3 million in the fiscal year 2025, primarily due to an increase in variable costs and discretionary expenditures such as expenses on events and brand building initiatives in response to the travel demand in India in the fiscal year 2026 as compared to the fiscal year 2025. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $372.5 million in the fiscal year 2026 and $301.6 million in the fiscal year 2025. The details are as follows: Fiscal year ended March 31, 2025 2026 (in thousands) Marketing and sales promotion expenses $ 165,324 $ 176,268 Customer inducement costs recorded as a reduction of revenue 301,574 372,517 Other Operating Expenses. Other operating expenses increased by 9.2% to $253.3 million in the fiscal year 2026 from $231.9 million in the fiscal year 2025, primarily due to an increase in operating expenses, including distribution costs and website hosting charges linked to an increase in bookings in the fiscal year 2026 as compared to the fiscal year 2025. Depreciation, Amortization and Impairment. Our depreciation, amortization and impairment expenses marginally increased by 2.7% to $27.8 million in the fiscal year 2026 from $27.1 million in the fiscal year 2025. Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $156.0 million in the fiscal year 2026 as compared to a profit of $119.9 million in the fiscal year 2025. Our Adjusted Operating Profit was $188.8 million in the fiscal year 2026 as compared to $167.3 million in the fiscal year 2025. For a description of the components and calculation of “Adjusted Operating Profit (Loss)” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Results from operating activities”, see “— Certain Key Performance Indicators and Non-IFRS Measures” elsewhere in this Annual Report. Net Finance Costs. Our net finance cost was $77.6 million in the fiscal year 2026 as compared to net finance cost of $3.9 million in the fiscal year 2025, primarily due to an increase of $74.4 million in interest expense on financial liabilities measured at amortized cost related to our 2030 Notes and an increase of $27.8 million in foreign exchange losses in the fiscal year 2026 as compared to the fiscal year 2025, which was partially offset by a gain of $30.6 million due to a change in the carrying value of our 2028 Notes, measured at amortized cost, in the fiscal year 2026. Income Tax Expense. Our income tax expense was $26.7 million in the fiscal year 2026 as compared to income tax expense of $20.6 million in the fiscal year 2025, primarily due to an increase in tax expense resulting 86 from an increase in our taxable income, which was partially offset by a reversal of deferred tax liabilities in the fiscal year 2026. Profit for the Year. As a result of the foregoing factors, our profit for the fiscal year 2026 was $51.7 million as compared to $95.3 million in the fiscal year 2025. Our Adjusted Net Profit (Loss) Before Tax was $170.9 million in the fiscal year 2026 as compared to $178.2 million in the fiscal year 2025. For a description of the components and calculation of “Adjusted Net Profit (Loss) Before Tax ” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Profit (loss) for the year”, see “—Certain Key Performance Indicators and Non-IFRS Measures” elsewhere in this Annual Report. Diluted Earnings per Share for the Year. As a result of the foregoing factors, diluted earnings per share was $0.36 in the fiscal year 2026 as compared to $0.83 in the fiscal year 2025. Our Adjusted Diluted Earnings per Share remained the same at $1.56 in the fiscal year 2026 and in the fiscal year 2025. For a description of the components and calculation of “Adjusted Diluted Earnings (Loss) per Share” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Diluted earnings (loss) per share for the year”, see “—Certain Key Performance Indicators and Non-IFRS Measures” elsewhere in this Annual Report. Fiscal Year 2025 Compared to Fiscal Year 2024 Revenue. We generated revenue of $978.3 million in the fiscal year 2025, an increase of 25.0% (27.4% in constant currency) over revenue of $782.5 million in the fiscal year 2024, primarily as a result of an increase of 20.0% (22.4% in constant currency) in revenue from our air ticketing business, an increase of 19.5% (21.8% in constant currency) in revenue from our hotels and packages business, an increase of 28.8% (31.1% in constant currency) in revenue from our bus ticketing business, and an increase of 82.9% (86.7% in constant currency) in revenue from our others business, each as further described below. The increase in revenue was primarily due to the robust travel demand in India for both domestic and international outbound travel in the fiscal year 2025 as compared to the fiscal year 2024. Air Ticketing. Revenue from our air ticketing business increased by 20.0% (22.4% in constant currency) to $241.5 million in the fiscal year 2025, from $201.2 million in the fiscal year 2024. Our Adjusted Margin – Air ticketing increased by 17.4% (19.7% in constant currency) to $373.1 million in the fiscal year 2025, from $317.7 million in the fiscal year 2024. Adjusted Margin – Air ticketing includes customer inducement costs of $131.6 million in the fiscal year 2025 and $116.4 million in the fiscal year 2024, recorded as a reduction of revenue. The increase in revenue from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to an increase in gross bookings of 18.7% (21.3% in constant currency) primarily driven by a 14.8% increase in the number of air ticketing flight segments year over year (excluding flight segments booked as a component of bookings for our Hotels and Packages segment), primarily due to the robust travel demand in India for both domestic and international outbound travel in the fiscal year 2025 as compared to the fiscal year 2024. Further, our Adjusted Margin % – Air ticketing remained at 6.4% in the fiscal year 2025 as compared to 6.4% in the fiscal year 2024. Hotels and Packages. Revenue from our hotels and packages business increased by 19.5% (21.8% in constant currency) to $520.4 million in the fiscal year 2025, from $435.5 million in the fiscal year 2024. Our Adjusted Margin – Hotels and packages increased by 23.1% (25.7% in constant currency) to $429.5 million in the fiscal year 2025 from $348.9 million in the fiscal year 2024. Adjusted Margin – Hotels and packages includes customer inducement costs of $155.6 million in the fiscal year 2025 and $123.7 million in the fiscal year 2024, recorded as a reduction of revenue. The increase in revenue from our hotels and packages business and Adjusted Margin – Hotels and packages was primarily due to an increase in gross bookings by 21.8% (24.3% in constant currency) primarily driven by a 18.9% increase in the number of hotel-room nights in the fiscal year 2025 as compared to the fiscal year 2024, primarily due to the robust travel demand in India for both domestic and international outbound travel in the fiscal year 2025 as compared to the fiscal year 2024. Our Adjusted Margin % – Hotels and packages increased marginally to 17.8% in the fiscal year 2025 as compared to 17.6% in the fiscal year 2024. Bus Ticketing. Revenue from our bus ticketing business increased by 28.8% (31.1% in constant currency) to $119.4 million in the fiscal year 2025, from $92.7 million in the fiscal year 2024. During the quarter ended March 31, 2025, we began recognizing bus ticketing revenue at the time of issuance of bus tickets due to changes in underlying arrangements with our suppliers. Previously, we recognized bus ticketing revenue on the date of the bus journey. Our Adjusted Margin – Bus ticketing increased by 28.2% (30.6% in constant currency) to $131.0 million in the fiscal year 2025 from $102.1 million in the fiscal year 2024. Adjusted Margin – Bus ticketing includes customer inducement costs of $11.6 million in the fiscal year 2025 and $9.4 million in the fiscal year 87 2024, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was due to an increase in gross bookings by 21.7% (24.3% in constant currency) driven by a 22.7% increase in the number of bus tickets year over year, primarily due to the robust travel demand in India in the fiscal year 2025 as compared to the fiscal year 2024. Our Adjusted Margin % – Bus ticketing increased marginally to 10.5% in the fiscal year 2025 as compared to 9.9% in the fiscal year 2024. Others. Revenue from our others business increased by 82.9% (86.7% in constant currency) to $97.0 million in the fiscal year 2025, from $53.0 million in the fiscal year 2024. Our Adjusted Margin – Others increased by 47.7% (50.7% in constant currency) to $72.0 million in the fiscal year 2025 from $48.8 million in the fiscal year 2024. Adjusted Margin – Others includes customer inducement costs of $2.8 million in the fiscal year 2025 and $0.4 million in the fiscal year 2024, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was primarily due to an increase in other travel services and marketing alliances primarily due to the robust travel demand in India in the fiscal year 2025 as compared to the fiscal year 2024. Other Income. Other income was $0.3 million in the fiscal year 2025 and $0.8 million in the fiscal year 2024. Service Cost. Service cost increased by 27.6% to $274.3 million in the fiscal year 2025 from $215.1 million in the fiscal year 2024, primarily due to the robust travel demand particularly in our packages business in India and an increase of $23.1 million in service cost related to our car booking business in the fiscal year 2025 as compared to the fiscal year 2024. Personnel Expenses. Personnel expenses increased by 8.5% to $160.1 million in the fiscal year 2025 from $147.6 million in the fiscal year 2024, primarily due to the annual wage increases effected in the quarter ended June 30, 2024, partially offset by a decrease in share-based compensation costs in the fiscal year 2025 as compared to the fiscal year 2024. Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 34.1% to $165.3 million in the fiscal year 2025 from $123.3 million in the fiscal year 2024, primarily due to an increase in variable costs and discretionary expenditures such as expenses on events and brand building initiatives in response to the robust travel demand in India in the fiscal year 2025 as compared to the fiscal year 2024. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $301.6 million in the fiscal year 2025 and $250.0 million in the fiscal year 2024. The details are as follows: Fiscal year ended March 31, 2024 2025 (in thousands) Marketing and sales promotion expenses $ 123,304 $ 165,324 Customer inducement costs recorded as a reduction of revenue 249,990 301,574 Other Operating Expenses. Other operating expenses increased by 13.2% to $231.9 million in the fiscal year 2025 from $204.8 million in the fiscal year 2024, primarily due to an increase in operating expenses, including distribution costs, payment gateway charges, website hosting charges and outsourcing expenses linked to an increase in bookings in the fiscal year 2025 as compared to the fiscal year 2024, partially offset by $10.0 million impairment provision for non-financial assets recorded and reported in the quarter ended September 30, 2023. Depreciation, Amortization and Impairment. Our depreciation, amortization and impairment expenses marginally decreased by 0.5% to $27.1 million in the fiscal year 2025 from $27.3 million in the fiscal year 2024. Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $119.9 million in the fiscal year 2025 as compared to a profit of $65.2 million in the fiscal year 2024. Our Adjusted Operating Profit was $167.3 million in the fiscal year 2025 as compared to $124.2 million in the fiscal year 2024. For a description of the components and calculation of “Adjusted Operating Profit (Loss)” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Results from operating activities”, see — “Certain Key Performance Indicators and Non-IFRS Measures” elsewhere in this Annual Report. Net Finance Income (Costs). Our net finance cost was $3.9 million in the fiscal year 2025 as compared to net finance income of $27.7 million in the fiscal year 2024, primarily due to a gain of $30.6 million due to the 88 change in carrying value of our 2028 Notes, measured at amortized cost, in the quarter ended March 31, 2024 and an increase in net foreign exchange loss of $5.8 million in the fiscal year 2025, primarily due to an increase in unrealized foreign exchange losses resulting from translations of monetary assets and liabilities from US dollars to Indian Rupees as at March 31, 2025 as compared to March 31, 2024, partially offset by an increase of $3.2 million in interest income on term deposits in the fiscal year 2025 as compared to the fiscal year 2024. Income Tax Benefit (Expense). Our income tax expense was $20.6 million in the fiscal year 2025 as compared to income tax benefit of $123.8 million in the fiscal year 2024. The income tax expense in the fiscal year 2025 was primarily due to a net reversal of deferred tax assets, recognized in the quarter ended March 31, 2024. We recognized deferred tax assets of $126.1 million on tax losses carried forward (including unabsorbed depreciation) and other temporary differences mainly related to share-based payments and employee benefits in the quarter ended March 31, 2024. Profit for the Year. As a result of the foregoing factors, our profit for the fiscal year 2025 was $95.3 million as compared to $216.7 million in the fiscal year 2024. Our Adjusted Net Profit Before Tax was $178.2 million in the fiscal year 2025 as compared to $137.2 million in the fiscal year 2024. For a description of the components and calculation of “Adjusted Net Profit (Loss) Before Tax” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Profit (loss) for the year”, see “—Certain Key Performance Indicators and Non-IFRS Measures” elsewhere in this Annual Report. Diluted Earnings per Share for the Year. As a result of the foregoing factors, diluted earnings per share was $0.83 in the fiscal year 2025 as compared to $1.74 in the fiscal year 2024. Our Adjusted Diluted Earnings per Share was $1.56 in the fiscal year 2025 as compared to $1.22 in the fiscal year 2024. For a description of the components and calculation of “Adjusted Diluted Earnings (Loss) per Share” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Diluted earnings (loss) per share for the year”, see “—Certain Key Performance Indicators and Non-IFRS Measures” elsewhere in this Annual Report. Certain Key Performance Indicators and Non-IFRS Measures We refer to certain non-IFRS measures in various places within this Annual Report, including “Adjusted Operating Profit (Loss)”, “Adjusted Net Profit (Loss) Before Tax”, “Adjusted EBITDA”,“Adjusted Diluted Earnings (Loss) per Share”, “Free Cash Flow” and constant currency results. We evaluate our financial performance in each of our reportable segments based on our key performance indicators, Adjusted Margin and Adjusted Margin %, which are non-IFRS measures and segment profitability measures. Adjusted Margin represents IFRS revenue after adding back customer inducement costs recorded as a reduction of revenue, and deducting service costs primarily relating to sales to customers where we act as the principal, for the relevant segment. Adjusted Margin % represents Adjusted Margin as a percentage of Gross Bookings. As certain parts of our revenues are recognized on a “net” basis when we are acting as an agent, and other parts of our revenue are recognized on a “gross” basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. For our air ticketing (other than air tickets sold as part of a package), standalone hotel reservations, bus ticketing, rail ticketing and others businesses (excluding car bookings through our subsidiary, Savaari), we recognize revenue on a “net” basis (i.e., the amount billed to a traveler less the amount paid to a supplier), as the supplier is primarily responsible for providing the underlying travel services and we do not control the service provided by the supplier to the traveler. For our holiday packages (including air tickets, hotel room nights, car bookings, and tours and attractions sold as part of packages) and car bookings through our subsidiary, Savaari, we recognize revenue on a “gross” basis as we act as the principal and control the services before such services are transferred to the traveler. We also refer to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings (Loss) per Share and Free Cash Flow which are non-IFRS measures and most directly comparable to results from operating activities, profit (loss) for the year, diluted earnings (loss) per share for the year and net cash generated from operating activities, each of which is an IFRS measure. We use financial measures that exclude share-based compensation costs, amortization of acquired intangibles, depreciation, amortization and impairment, gain on discontinuation of equity-accounted investment, impairment provision for non-financial assets, net change in value of financial liability relating to acquisitions, change in fair value of financial asset measured at fair value through profit or loss (FVTPL), share of loss (profit) of 89 equity-accounted investees, finance costs, finance income, gain on change in carrying value of financial liabilities measured at amortized cost, interest expense on financial liabilities measured at amortized cost and income tax expense (benefit) for our internal management reporting, budgeting and decision-making purposes, including comparing our operating results to that of our competitors. A limitation of using Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings (Loss) per Share and Free Cash Flow instead of results from operating activities, profit (loss) for the year, diluted earnings (loss) per share for the year and net cash generated from operating activities calculated in accordance with IFRS as issued by the IASB is that these non-IFRS financial measures exclude certain recurring costs. For example: •Adjusted EBITDA excludes charges such as depreciation, amortization and impairment, and share-based compensation costs; •Adjusted Net Profit (Loss) Before Tax excludes, among others, share-based compensation costs and acquisition related intangibles amortization; and •Free Cash Flow does not reflect the impact of equity or debt raises or repayment of debt or dividends paid. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings (Loss) per Share and Free Cash Flow. Because of varying available valuation methodologies and subjective assumptions that companies can use when applying IFRS 2 “Share based payment,” management believes that providing non-IFRS measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies. Constant currency results are financial measures that are not prepared in accordance with IFRS, and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year. Because the impact of changing foreign currency exchange rates may not provide an accurate baseline for analyzing trends in our business, management believes that percentage growth in constant currency is an important metric for evaluating our operations. Constant currency is a non-IFRS measure and it should not be considered as a substitute for measures prepared in accordance with IFRS. We believe that our current calculations of Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings (Loss) per Share, Free Cash Flow, Adjusted Margin, Adjusted Margin % and constant currency results represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items and other items such as customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which we believe are representative of our operating results and provide useful information to investors and analysts. We believe that investors and analysts in our industry use these non-IFRS measures and key performance indicators to compare our company and our performance to that of our global peers. However, the presentation of these non-IFRS measures and key performance indicators is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures and key performance indicators may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation. The IFRS measures that are most directly comparable to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings (Loss) per share and Free Cash Flow are results from operating activities, profit (loss) for the year, diluted earnings (loss) per share for the year and net cash generated from operating activities. 90 Reconciliation of IFRS to Non-IFRS Financial Measures and Key Performance Indicators The following table reconciles our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) for the periods indicated: Air Ticketing Hotels and Packages Bus Ticketing Others Fiscal Year Ended March 31, Fiscal Year Ended March 31, Fiscal Year Ended March 31, Fiscal Year Ended March 31, 2024 2025 2026 2024 2025 2026 2024 2025 2026 2024 2025 2026 (in thousands) Revenue as per IFRS $ 201,246 $ 241,529 $ 239,948 $ 435,542 $ 520,411 $ 533,063 $ 92,693 $ 119,361 $ 145,271 $ 53,043 $ 97,035 $ 125,709 Add: Customer inducement costs recorded as a reduction of revenue 116,423 131,563 167,130 123,695 155,616 184,602 9,432 11,606 18,607 440 2,789 2,178 Less: Service cost — — — 210,357 246,550 240,863 — — — 4,732 27,798 32,988 Adjusted Margin $ 317,669 $ 373,092 $ 407,078 $ 348,880 $ 429,477 $ 476,802 $ 102,125 $ 130,967 $ 163,878 $ 48,751 $ 72,026 $ 94,899 The following table reconciles our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) in terms of reported amount and constant currency amount for the periods indicated: Fiscal year ended March 31, 2026 Revenue Adjusted Margin Reported Amount and Constant Currency Amount Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others (in thousands) Reported Amount $ 239,948 $ 533,063 $ 145,271 $ 125,709 $ 1,043,991 $ 407,078 $ 476,802 $ 163,878 $ 94,899 Impact of Foreign Currency Translation 9,602 19,071 4,675 5,251 38,599 15,980 20,122 5,404 3,866 Constant Currency Amount $ 249,550 $ 552,134 $ 149,946 $ 130,960 $ 1,082,590 $ 423,058 $ 496,924 $ 169,282 $ 98,765 Fiscal year ended March 31, 2025 Revenue Adjusted Margin Reported Amount and Constant Currency Amount Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others (in thousands) Reported Amount $ 241,529 $ 520,411 $ 119,361 $ 97,035 $ 978,336 $ 373,092 $ 429,477 $ 130,967 $ 72,026 Impact of Foreign Currency Translation 4,769 9,866 2,158 1,983 18,776 7,216 8,925 2,407 1,446 Constant Currency Amount $ 246,298 $ 530,277 $ 121,519 $ 99,018 $ 997,112 $ 380,308 $ 438,402 $ 133,374 $ 73,472 91 Fiscal year ended March 31, 2024 Revenue Adjusted Margin Reported Amount and Constant Currency Amount Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others (in thousands) Reported Amount $ 201,246 $ 435,542 $ 92,693 $ 53,043 $ 782,524 $ 317,669 $ 348,880 $ 102,125 $ 48,751 Impact of Foreign Currency Translation 5,837 11,982 2,751 1,402 21,972 9,065 10,590 3,046 1,416 Constant Currency Amount $ 207,083 $ 447,524 $ 95,444 $ 54,445 $ 804,496 $ 326,734 $ 359,470 $ 105,171 $ 50,167 The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported growth and constant currency growth for the periods indicated: Fiscal year ended March 31, 2026 Revenue Adjusted Margin Reported Growth and Constant Currency Growth (YoY) Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Growth -0.7 % 2.4 % 21.7 % 29.6 % 6.7 % 9.1 % 11.0 % 25.1 % 31.8 % Impact of Foreign Currency Translation 4.0 % 3.7 % 3.9 % 5.4 % 4.0 % 4.3 % 4.7 % 4.2 % 5.3 % Constant Currency Growth 3.3 % 6.1 % 25.6 % 35.0 % 10.7 % 13.4 % 15.7 % 29.3 % 37.1 % Fiscal year ended March 31, 2025 Revenue Adjusted Margin Reported Growth and Constant Currency Growth (YoY) Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Growth 20.0 % 19.5 % 28.8 % 82.9 % 25.0 % 17.4 % 23.1 % 28.2 % 47.7 % Impact of Foreign Currency Translation 2.4 % 2.3 % 2.3 % 3.8 % 2.4 % 2.3 % 2.6 % 2.4 % 3.0 % Constant Currency Growth 22.4 % 21.8 % 31.1 % 86.7 % 27.4 % 19.7 % 25.7 % 30.6 % 50.7 % Fiscal year ended March 31, 2024 Revenue Adjusted Margin Reported Growth and Constant Currency Growth (YoY) Air Ticketing Hotels and Packages Bus Ticketing Others Total Air Ticketing Hotels and Packages Bus Ticketing Others Reported Growth 36.2 % 29.0 % 23.8 % 62.3 % 32.0 % 13.4 % 34.3 % 32.1 % 43.0 % Impact of Foreign Currency Translation 3.9 % 3.5 % 3.7 % 4.3 % 3.7 % 3.3 % 4.1 % 4.0 % 4.2 % Constant Currency Growth 40.1 % 32.5 % 27.5 % 66.6 % 35.7 % 16.7 % 38.4 % 36.1 % 47.2 % 92 The following table reconciles our results from operating activities (an IFRS measure) to Adjusted Operating Profit (Loss) (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted Operating Profit (Loss) Fiscal Year Ended March 31, 2024 2025 2026 (in thousands) Results from operating activities as per IFRS $ 65,214 $ 119,889 $ 155,975 Add: Acquisition related intangibles amortization 11,988 11,415 11,168 Add: Employee share-based compensation costs 36,963 36,018 22,976 Less: Gain on discontinuation of equity accounted investment — — (1,361 ) Add: Impairment provision for non-financial assets 10,047 — — Adjusted Operating Profit (Loss) $ 124,212 $ 167,322 $ 188,758 The following table reconciles our profit (loss) for the year (an IFRS measure) to Adjusted Net Profit (Loss) Before Tax (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted Net Profit (Loss) Before Tax Fiscal Year Ended March 31, 2024 2025 2026 (in thousands) Profit (Loss) for the year as per IFRS $ 216,743 $ 95,274 $ 51,670 Add: Acquisition related intangibles amortization 11,988 11,415 11,168 Add: Employee share-based compensation costs 36,963 36,018 22,976 Less: Gain on discontinuation of equity accounted investment — — (1,361 ) Less: Gain on change in carrying value of financial liabilities measured at amortized cost (30,578 ) — (30,578 ) Add: Impairment provision for non-financial assets 10,047 — — Add: Change in fair value of financial asset measured at FVTPL — — 273 Add: Interest expense on financial liabilities measured at amortized cost 15,700 14,835 90,104 Add (Less): Income tax expense (benefit) (123,805 ) 20,616 26,696 Add: Net change in value of financial liability in business combination 215 — — Add (Less): Share of loss (profit) of equity-accounted investees (52 ) 64 2 Adjusted Net Profit (Loss) Before Tax $ 137,221 $ 178,222 $ 170,950 93 The following table reconciles our profit (loss) for the year (an IFRS measure) to Adjusted EBITDA (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted EBITDA Fiscal Year Ended March 31, 2024 2025 2026 (in thousands) Profit (Loss) for the year as per IFRS $ 216,743 $ 95,274 $ 51,670 Add: Depreciation, amortization and impairment 27,267 27,122 27,846 Add: Employee share-based compensation costs 36,963 36,018 22,976 Less: Gain on discontinuation of equity accounted investment — — (1,361 ) Add (Less): Finance costs (3,307 ) 32,191 104,756 Less: Finance income (24,365 ) (28,256 ) (27,149 ) Add: Impairment provision for non-financial assets 10,047 — — Add (Less): Income tax expense (benefit) (123,805 ) 20,616 26,696 Add (Less): Share of loss (profit) of equity-accounted investees (52 ) 64 2 Adjusted EBITDA $ 139,491 $ 183,029 $ 205,436 The following table reconciles our diluted earnings (loss) per share for the year (an IFRS measure) to Adjusted Diluted Earnings (Loss) per Share (a non-IFRS measure) for the periods indicated: Reconciliation of Adjusted Diluted Earnings (Loss) per Share Fiscal Year Ended March 31, 2024 2025 2026 (in $) Diluted Earnings (Loss) per Share for the year as per IFRS $ 1.74 $ 0.83 $ 0.36 Add: Acquisition related intangibles amortization 0.10 0.10 0.10 Add: Employee share-based compensation costs 0.31 0.31 0.21 Less: Gain on discontinuation of equity accounted investment — — (0.01 ) Add: Impairment provision for non-financial assets 0.08 — — Add: Change in fair value of financial asset measured at FVTPL — — * Add: Interest expense on financial liabilities measured at amortized cost# — 0.14 0.68 Add (Less): Income tax expense (benefit)# (1.01 ) 0.18 0.22 Add: Net change in value of financial liability in business combination * — — Add (Less): Share of loss (profit) of equity-accounted investees * * * Adjusted Diluted Earnings (Loss) per Share $ 1.22 $ 1.56 $ 1.56 Note: * Less than $0.01. # For the fiscal year 2024 and 2026, the impact of interest expense on financial liabilities measured at amortized cost related to our 2028 Notes and the gain on change in the carrying value thereof along with the related income tax has already been considered in calculation of diluted earnings (loss) per share for the year as per IFRS. 94 The following table reconciles our net cash generated from operating activities (an IFRS measure) to Free Cash Flow (a non-IFRS measure) for the periods indicated: Reconciliation of Free Cash Flow Fiscal Year Ended March 31, 2024 2025 2026 (in thousands) Net cash generated from operating activities as per IFRS $ 125,740 $ 185,286 $ 182,537 Less: Acquisition of property, plant and equipment (5,904 ) (4,473 ) (4,511 ) Less: Acquisition on intangible assets (6,920 ) (7,289 ) (10,015 ) Free Cash Flow $ 112,916 $ 173,524 $ 168,011 B. Liquidity and Capital Resources Historically, our sources of liquidity have principally been proceeds from the sale of our ordinary shares and convertible notes, overdraft facilities, working capital facilities and cash flows operating activities. As at March 31, 2026, we had $424.8 million of cash and cash equivalents (including restricted cash and cash equivalents of $1.6 million) and $358.0 million in term deposits with various banks (including term deposits amounting to $9.4 million marked as a lien with the National Company Law Appellate Tribunal and pledged with banks for bank guarantees, against court orders and credit facilities). Our cash and cash equivalents and term deposits are mainly held with banks and are mainly denominated in Indian rupees and US dollars. We have fund-based limits with various banks amounting to $28.4 million as at March 31, 2026. As at March 31, 2026, we had drawn $0.8 million against these limits. In addition, we have non-fund based limits of $52.2 million for bank guarantees from various banks, primarily in favour of International Air Transport Association and other travel suppliers, against any payment default by us. No demand has been made against any of these bank guarantees as at March 31, 2026. We have pledged an aggregate of $130.4 million in bank balances, term deposits, property, plant and equipment excluding motor vehicles and buildings (right of use assets) and trade receivables against these limits. In the event of a default, the enforcement of security is limited to the extent of amount due against withdrawn limits. Our trade and other receivables primarily comprise commissions, incentives or other payments owing to us from airline suppliers, receivables from our corporate customers to whom we typically extend credit periods, security deposits paid primarily for our leased premises as well as interest accrued but not due on our term deposits. Our trade and other receivables increased from $150.0 million as at March 31, 2025, to $172.2 million as at March 31, 2026, primarily as a result of an increase in receivables from corporate customers during the fiscal year 2026 in line with the increase in our business volumes. Our other current assets primarily consist of deposits and advances given to our suppliers in the ordinary course of business for utilization against future bookings. Our other current assets decreased from $152.9 million as at March 31, 2025 to $117.7 million as at March 31, 2026. Our liquidity position reflects our net cash generated from operating activities, disciplined capital allocation practices and our asset-light business model. We believe that our current sources of liquidity and capital (including our working capital facilities and undrawn credit facilities) will be sufficient to meet our business needs, including cash needs for working capital requirements and capital expenditures, for the foreseeable future and for at least 12 months subsequent to the filing of this Annual Report. We may, however, require additional cash resources due to changing business conditions or other future developments and any investments or acquisitions we may decide to pursue. 95 Cash Flows The following table sets forth the summary of our cash flows for the years indicated: Fiscal Year Ended March 31, 2024 2025 2026 (in thousands) Net cash generated from operating activities $ 125,740 $ 185,286 $ 182,537 Net cash generated from (used in) investing activities (75,590 ) 26,444 (127,081 ) Net cash used in financing activities (6,236 ) (22,891 ) (107,405 ) Net increase in cash and cash equivalents 43,914 188,839 (51,949 ) Cash and cash equivalents (net of bank overdraft) at beginning of the year 284,018 327,065 508,362 Effect of exchange rate fluctuations on cash held (867 ) (7,542 ) (32,409 ) Cash and cash equivalents (net of bank overdraft) at end of the year 327,065 (1) 508,362 (2) 424,004 (3) Notes: (1)Excludes $280.7 million of term deposits not classified as cash and cash equivalents. As of March 31, 2024, we did not have any amounts outstanding under our bank overdraft. (2)Excludes $254.4 million of term deposits not classified as cash and cash equivalents. As of March 31, 2025, we had $0.5 million outstanding under our bank overdraft. (3)Excludes $358.0 million of term deposits not classified as cash and cash equivalents. As of March 31, 2026, we had $0.8 million outstanding under our bank overdraft. Net Cash Generated From Operating Activities Our net cash generated from operating activities was $182.5 million in fiscal year 2026, as compared to net cash generated from operating activities of $185.3 million in fiscal year 2025, a decrease of $2.8 million in fiscal year 2026. Our net profit adjusted for depreciation, amortization and impairment and other non-cash items was $207.0 million in fiscal year 2026 as compared to $184.4 million in fiscal year 2025. Further, in fiscal year 2026, there was a decrease of $27.0 million in trade and other payables and contract liabilities and related payables, primarily reflecting lower business volumes and extended settlement periods with suppliers and business partners, net income tax paid of $4.4 million and a decrease of $22.6 million in trade and other receivables and contract assets primarily driven by improvement in timing of collections from counterparties and an increase of $29.7 million in other assets mainly due to increase in advances given to our suppliers in the ordinary course of business for utilization against future bookings. Our net cash generated from operating activities was $185.3 million in fiscal year 2025, as compared to net cash generated from operating activities of $125.7 million in fiscal year 2024, an increase of $59.6 million in fiscal year 2025. Our net profit adjusted for depreciation, amortization and impairment and other non-cash items was $184.4 million in fiscal year 2025 as compared to $140.3 million in fiscal year 2024. Further, in fiscal year 2025, there was an increase of $58.5 million in trade and other payables and contract liabilities and related payables, other liabilities, due to higher transaction volumes and an increase in advance collections for future bookings net income tax paid of $5.5 million and an increase of $52.1 million in trade and other receivables and contract assets, reflecting our business growth during the year. Our net cash generated from operating activities was $125.7 million in fiscal year 2024, as compared to net cash generated from operating activities of $32.2 million in fiscal year 2023, an increase of $93.5 million in fiscal year 2024. Our net profit adjusted for depreciation, amortization and impairment and other non-cash items was $140.3 million in fiscal year 2024 as compared to $84.3 million in fiscal year 2023. Further, in fiscal year 2024, there was an increase of $62.8 million in trade and other payables and contract liabilities and related payables, other liabilities, associated with higher business and bookings volumes, net income tax paid of $9.7 million and an increase of $67.7 million in trade and other receivables, contract assets, inventories and other assets reflecting our business growth and expansion during the year. 96 Net Cash Generated From (Used In) Investing Activities In fiscal year 2026, our net cash used in investing activities was $127.1 million, which primarily comprised $460.9 million (computed using average exchange rates for the period) in investment in term deposits with banks, $11.9 million in the acquisition of a business, $10.3 million in investment in equity securities, $10.0 million in the acquisition of intangible assets, $3.2 million in the acquisition of property, plant and equipment, net of sales, and payment of contingent consideration of $0.6 million in connection with our acquisition of the Happay brand along with its travel and expense management business in fiscal year 2025. This was partially offset by the redemption of term deposits with banks amounting to $347.9 million (computed using average exchange rates for the period) for investment and working capital purposes and interest received of $22.0 million mainly on our term deposits, net of income tax. In fiscal year 2025, our net cash generated from investing activities was $26.4 million, which primarily comprised the redemption of term deposits with banks amounting to $403.2 million (computed using average exchange rates for the period) for investment and working capital purposes and interest received of $24.2 million mainly on our term deposits, net of income tax. This was partially offset by investments in term deposits with banks of $379.2 million (computed using average exchange rates for the period), the acquisition of the Happay brand on a going concern basis along with its travel and expense management business of $10.4 million, the acquisition of intangible assets of $7.3 million and the acquisition of property, plant and equipment, net of sales, of $4.1 million. In fiscal year 2024, our net cash used in investing activities was $75.6 million, which primarily comprised investments in term deposits with banks of $423.6 million (computed using average exchange rates for the period), the acquisition of property, plant and equipment, net of sales, of $5.5 million, the acquisition of intangible assets of $6.9 million and the acquisition of a majority stake in Savaari, net of cash acquired, of $6.5 million. This was partially offset by the redemption of term deposits with banks amounting to $345.9 million (computed using average exchange rates for the period) for investment and working capital purposes and interest received of $21.0 million mainly on our term deposits, net of income tax. Net Cash Used In Financing Activities In fiscal year 2026, our net cash used in financing activities was $107.4 million, which primarily comprised our repurchase of 34,372,221 Class B Shares from Trip.com for $3,038.8 million, 1,450,000 ordinary shares for $91.7 million and $5.0 million in aggregate principal amount of our 2030 Notes for $4.6 million, direct cost incurred in relation to the issuance of ordinary shares and 2030 Notes of $57.9 million, payment of principal portion of lease liabilities of $4.7 million, interest paid of $2.6 million and repayment of bank loans of $1.8 million. This was partially offset by proceeds from the issuance of ordinary shares, 2030 Notes and ordinary shares on exercise of share-based awards of $1,656.0 million, $1,437.5 million and $1.3 million, respectively. In fiscal year 2025, our net cash used in financing activities was $22.9 million, which primarily comprised our repurchase of 236,012 ordinary shares for $21.7 million, payment of principal portion of lease liabilities of $3.8 million, interest paid of $2.8 million and repayment of bank loans of $1.5 million. This was partially offset by proceeds from the issuance of ordinary shares on exercise of share-based awards of $7.0 million. In fiscal year 2024, our net cash used in financing activities was $6.2 million, which primarily comprised the acquisition of a non-controlling interest in Quest2Travel for $7.4 million, payment of principal portion of lease liabilities of $3.1 million, interest paid of $2.8 million and repayment of bank loans of $1.0 million. This was partially offset by proceeds from the issuance of ordinary shares on exercise of share-based awards of $6.0 million and proceeds from vehicle loans of $2.1 million. Restrictions on Subsidiaries to Transfer Funds The payment of dividends and the making or repayment of loans and advances by our subsidiaries to our holding company is subject to compliance with applicable laws and regulations. Regulations in certain countries may restrict the ability of our subsidiaries to pay dividends to our holding company. See “Item 4. Information on the Company — B. Business Overview — Regulations — Dividends” for a summary of restrictions on dividend payments by our Indian subsidiaries. In addition, future indebtedness of our subsidiaries may prohibit the payment of dividends or the making or repayment of loans or advances to our holding company. See “— Indebtedness” and “Item 3. Key Information — D. Risk Factors — Risks Related to Our Ordinary Shares — Our holding company will have to rely principally on dividends and other distributions on equity paid by our operating subsidiaries and limitations on their ability to pay dividends to our holding company could adversely impact shareholders’ ability 97 to receive dividends on our ordinary shares”. Indebtedness As at March 31, 2026, we had interest-bearing loans and borrowings of $1,405.6 million, comprising $1,399.7 million in non-current loans and borrowings and $5.9 million in current loans and borrowings. As at March 31, 2026, our loans and borrowings comprised $1,390.2 million in convertible notes, $11.8 million in lease liabilities and $3.6 million in bank loans secured over motor vehicles, each measured at amortized cost. On February 9, 2021, we issued $230.0 million in aggregate principal amount of 0.00% convertible senior notes (the “2028 Notes”). The 2028 Notes are convertible based upon an initial conversion rate of 25.8035 of our ordinary shares per $1,000 principal amount of the 2028 Notes (equivalent to a conversion price of approximately $38.75 per ordinary share). The 2028 Notes will mature on February 15, 2028, unless earlier repurchased, redeemed or converted. Holders of our 2028 Notes will have the right to require us to repurchase such 2028 Notes upon the occurrence of a fundamental change at a repurchase price equal to 100% of the principal amount of the 2028 Notes to be repurchased, plus accrued and unpaid special interest, if any. As of the date of this Annual Report, the aggregate principal amount of the 2028 Notes outstanding is $230.0 million. On June 23, 2025, we issued $1,437.5 million in aggregate principal amount of 0.00% convertible senior notes (the “2030 Notes”). The 2030 Notes are convertible based upon an initial conversion rate of 8.2305 of our ordinary shares per $1,000 principal amount of the 2030 Notes (equivalent to a conversion price of approximately $121.50 per ordinary share). The 2030 Notes will mature on July 1, 2030, unless earlier repurchased, redeemed or converted. Holders of our 2030 Notes will have the right to require us to repurchase such 2030 Notes on July 3, 2028, and upon the occurrence of a fundamental change, in each case, at a repurchase price equal to 100% of the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid special interest, if any. As of the date of this Annual Report, the aggregate principal amount of the 2030 Notes outstanding is $1,432.5 million. For further information on our loans and borrowings, see Note 28 of our consolidated financial statements included elsewhere in this Annual Report. Material Cash Requirements Our material cash requirements as of March 31, 2026 are mainly for our debt obligations and working capital, as well as capital expenditures, contractual obligations, acquisitions and other current liabilities. We intend to fund our existing and future material cash requirements with our existing cash balances and other financing alternatives. We may, however, require additional cash resources due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue. Capital Expenditures We incurred capital expenditures in cash for purchase of property, plant and equipment and intangible assets of $12.8 million, $11.8 million, and $14.5 million in fiscal years 2024, 2025 and 2026, respectively. Our capital expenditures have principally consisted of costs related to our technology platform and infrastructure, upgrades and additions to our websites and mobile platforms, purchases of workstations, computers, computer software, leasehold improvements and others. In the future, we may also incur capital expenditures to expand our products and services offerings, including through strategic acquisitions. As at March 31, 2026, we had committed capital expenditures of $0.5 million. Contractual Obligations We have contract liabilities of $113.1 million as at March 31, 2026, primarily relating to advances received from customers for travel bookings including payable for deferred booking, consideration allocated to customer loyalty programs and advances received from GDS providers for bookings of airline tickets in future, which is deferred. 98 The following table sets forth our contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements as at March 31, 2026. Payment Due by Period Contractual Obligations Total* Less than 1 year 1-3 years 3-5 years More than 5 years (in thousands) Convertible notes due 2028(1) $ 230,000 — $ 230,000 — — Convertible notes due 2030(2) 1,432,500 — 1,432,500 — — Bank Overdraft 822 822 — — — Lease liabilities(3) 13,450 5,535 7,305 610 — Secured bank loans(4) 4,163 1,683 2,035 445 — Trade and other payables 135,777 135,777 — — — Other liabilities(5) 15,207 8,558 6,649 — — Payable for deferred bookings(6) 30,677 30,677 — — — Purchase obligations 136,357 33,359 50,470 29,308 23,220 Refund due to customers 52,634 52,634 — — — Total $ 2,051,587 $ 269,045 $ 1,728,959 $ 30,363 $ 23,220 Notes: * Represents undiscounted cash flows of principal and interest. (1)On February 9, 2021, we issued the 2028 Notes. The 2028 Notes are convertible based upon an initial conversion rate of 25.8035 of our ordinary shares per $1,000 principal amount of the 2028 Notes (equivalent to a conversion price of approximately $38.75 per ordinary share). The 2028 Notes will mature on February 15, 2028, unless earlier repurchased, redeemed or converted. Holders of our 2028 Notes will have the right to require us to repurchase such 2028 Notes upon the occurrence of a fundamental change at a repurchase price equal to 100% of the principal amount of the 2028 Notes to be repurchased, plus accrued and unpaid special interest, if any. (2)On June 23, 2025, we issued the 2030 Notes. The 2030 Notes are convertible based upon an initial conversion rate of 8.2305 of our ordinary shares per $1,000 principal amount of the 2030 Notes (equivalent to a conversion price of approximately $121.50 per ordinary share). The 2030 Notes will mature on July 1, 2030, unless earlier repurchased, redeemed or converted. Holders of our 2030 Notes will have the right to require us to repurchase such 2030 Notes on July 3, 2028, and upon the occurrence of a fundamental change, in each case, at a repurchase price equal to 100% of the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid special interest, if any. (3)Lease liabilities relate to our leasing arrangements for our various office premises. (4)Secured bank loans relate to loans for motor vehicles used in our business. (5)Other liabilities comprise (a) our financial liability relating to the right but not the obligation of the promoters of Simplotel to sell their shares held in Savaari to us based on a valuation linked to the future revenue and profitability of Simplotel, (b) our financial liability relating to the right but not the obligation of the founders of Savaari to sell their shares held in Savaari to us based on a valuation linked to the future revenue and profitability of Savaari and (c) our financial liability in respect our acquisition of an additional equity stake in BookMyForex. For further information, see Notes 7(b), 29 and 30 of our consolidated financial statements included elsewhere in this Annual Report. (6)Payable for deferred bookings represents amounts collected from end customers for future services, which will be settled with travel service providers upon fulfilment of the booking obligations. Other than as discussed above, we do not have any significant capital and other commitments, long-term obligations or guarantees as of March 31, 2026. While the above indicates our material cash requirements as of March 31, 2026, the actual amounts we are eventually required to pay may be different in the event that any agreements are renegotiated, cancelled or terminated. C. Research and Development, Patents and Licenses, etc. See “Item 4. Information on the Company — B. Business Overview — Intellectual Property” of this Annual Report. D. Trend Information Other than as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments or events since March 31, 2026 that are reasonably likely to have a material effect on our net sales or revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition. 99 E. Critical Accounting Estimates Our consolidated financial statements are prepared in conformity with IFRS, as issued by the IASB. In preparing our consolidated financial statements, we make judgements, estimates and assumptions about the application of our accounting policies which affect the reported amounts of assets, liabilities, revenue and expenses. Our critical accounting judgements and sources of estimation uncertainty are deferred taxes and impairment test of intangible assets and goodwill as further described in Note 2(d) of our consolidated financial statements, which are included elsewhere in this Annual Report. 100