MakeMyTrip Limited

and Group Chief Executive Officer, and Mohit Kabra, our Group Chief Financial Officer. As a reminder, this live event is being recorded by the company and will be made available for replay on our IR website shortly after the conclusion of today's event. At the end of these prepared remarks, we will also be hosting a Q&A session. Furthermore, certain statements made during today's event may be considered forward-looking statements within the meaning of safe harbor provision of US Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, are subject to inherent uncertainties, and actual results may differ materially. Any forward-looking information relayed during this event speaks only as of this date, and the company undertakes no obligation to update the information to reflect changed circumstances. Additional information concerning these statements is contained in the risk factors forward-looking statements section of the company's annual report on Form 20-F filed with the SEC on June 16, 2025. Copies of these filings are available from the SEC or from the company's investor relations department. I would like to now turn over the call to Rajesh. Over to you, Rajesh.

Thank you, Vipul. Welcome, everyone, to our first quarter call of fiscal 2026. The first quarter of the fiscal year is typically a high season for leisure travel, and this quarter also started on a similar note, with strong demand momentum and booking growth in mid-20s in the month of April. However, domestic demand was impacted due to the unfortunate incident in Palgaon, leading to geographical escalations in the month of May and the tragic crash of a passenger airplane in June. While domestic demand for leisure travel was particularly weak for domestic leisure destinations for air travel and holiday packages, being a one-stop shop on travel allowed us to drive growth from other travel services, other modes of transport, as well as ancillary travel services catering to non-leisure travel use cases. We also continued to drive growth in international travel, where online booking behavior is growing and the overall demand was relatively less impacted. And last but not the least, we managed to continue the growth momentum in our corporate offerings. As a result, despite the exceptional macro headwinds during the reported quarter, I'm pleased to report that we delivered very good top-line growth on our hotels and packages, bus and ancillary business segments, and also managed to grow market share in domestic air segment marginally from 30.6% to 30.8%. Our adjusted operating profit for the quarter was also at $47.3 million, witnessing growth of 21% year on year. We believe this impact is short-term in nature and doesn't materially alter our view of the travel sector's long-term growth prospects of the Indian travel and tourism market. India's travel sector is poised for strong long-term growth driven by rising disposable income, infrastructure upgrades, and fundamental shift in consumer behavior to spend more on travel. Indian consumers are increasingly prioritizing experiential travel activities and experiences. There's a clear shift toward taking multiple holidays and short breaks throughout the year, signaling a structural change in travel consumption patterns which bode well for us. International outbound travel from India presents a significant growth opportunity as well. With more Indians eager to explore global destinations, short-haul markets are gaining traction driven by better air connectivity, simplified visa processes, and rising preferences for quick getaways. For Q1 fiscal year 26, our international air ticketing revenue grew by over 27% year-on-year, far outpacing industry growth. Similarly, our international hotels revenue grew by over 45% year-on-year. Our international business now contributes about 27% to the overall revenue, up from 24% during the same period last year. Let me now turn to the business segment starting with the ticketing business. As mentioned before, this quarter was impacted by operational disruptions, particularly for domestic market due to uncontrollable factors. However, we delivered above market growth and gained share in our air business. As part of our ongoing efforts to enhance customer experience, we have launched a new version of our zero cancellation product for domestic flights designed to boost user confidence and repeat usage for frequent domestic flyers. We've also further streamlined the airport transfer booking process for domestic flights. Travelers can now conveniently reserve a cab of their choice from a wide range of options while booking their flight. For our international travelers, we also expanded our lounge offerings to include debauchers from 131 international airports. Customers can now conveniently purchase airport lounge access while booking their international flights, enhancing their pre-flight experience. Our accommodation business, which includes hotels, homestays, and packages, delivered healthy growth despite a lower share of leisure bookings this quarter due to macro disruptions, particularly for our 100% leisure focused packages business. Jammu and Kashmir, a key summer travel destination, saw a dip in tourist inflow this quarter due to the unfortunate incident in Balgaon that's affecting our growth. Gross booking value of hotel and packages business grew by 15.3% year-on-year in constant currency for Q1 fiscal year 26. Gross bookings for standalone hotels business, however, grew by 19.4% year-on-year on constant currency basis. While domestic leisure travel faced a win this quarter, other segments including corporate travel and international outbound delivered strong growth. As we deepen our reach across the country, we see good traction from tier three cities reflecting rising travel adoption in smaller cities. In line with this trend, we continue to expand our supply base in the domestic market. We now have 91,000 plus accommodation options available on the platform covering 2,000 plus cities in the country. For international market on the other hand, we have been expanding our international hotel supply through a direct contracting strategy focused on high-demand outbound destinations. In the past year, we have added over 2,000 directly contracted hotels across 50 cities in 20 countries. These 50 cities collectively account for more than half of India's outbound travel. During the quarter, we partnered with Premier Inn, the UK's largest hotel chain. This addition further strengthens our international hotel portfolio with a brand known for its scale, reliability, and value, offering Indian travelers more relevant choices across key cities in the United Kingdom. Our product strategy is built on deep consumer insights and leveraging GenAI. This is helping us transform hotel booking experience on our brands through a robust and comprehensive knowledge graph that integrates hotel data, reviews, images, location insights, and user intent. This enables natural language search and context-aware recommendations as well. As the graph evolves, it will unlock more personalized and relevant results for our customers. Recognizing the influence of food and hotel selection by Indian travelers, we have made dining-related content a key product priority on MakeMyTrip. From showcasing on-property dining options like rooftop lounges and specialty cuisines, for premium travelers to highlighting availability of vegetarian and Jain meals in religious destinations. We have scaled food-related data coverage to over 21,000 properties across India. This allows us to deliver more context-aware hotel recommendations based on travelers' culinary preferences. Another emerging trend among Indian travelers is wildlife tourism. We have prioritized this insight by enriching our content and discovery signals. With increasing interest in Nature-based experiences among families and small groups, the proximity of a hotel to a national park, safari gate or forest buffer zone has become a key factor in trip planning. For over 2,000 properties, especially near wildlife hotspots, we now surface these details prominently driving higher engagement and conversion. In our holiday packages business, international outbound packages continue to scale well with Japan leading the growth followed by Africa. For international, we continue to add destinations and options for travelers. We launched packages for Jordan with the start of direct flights from Mumbai on Royal Jordanian Airlines. We also launched packages for Tashkent. Our homestay business continues to scale. We continue to build the category and expand our homestay supply. We added more supply in our top 18 pilgrimage cities led by Varanasi, Ayodhya and Tirupati, which witnessed a 103% increase in new rooms on the platform versus same quarter last year. The supply in business cities grew 46% year-on-year, with notable growth in new rooms in Mumbai, Delhi, Bangalore, Hyderabad and Gurgaon. Among international travelers, particularly solo travelers, families and groups, have observed a rising preference for alternative accommodations such as hostels and apartments. To cater to this shift, we implemented targeted interventions to surface these property types to relevant customer cohorts in Europe and other key destinations. As a result, we saw an improvement in the share of alternative accommodation with our international business. In our bus business, growth further improved in Q1 fiscal year 26 with all regions growing in double digits. Our growth continues to be broad-based with all regions growing in double digits with north and east outpacing traditional bus markets like south and west during the quarter. We are also noticing significantly higher growth from pilgrimage and tier 3 destinations. Inventory addition remained buoyant throughout Q1 fiscal year 26 with private inventory crossing 44,000 daily schedules by the end of the quarter. This was driven by new bus addition by existing operators, which are predominantly sleeper buses in long routes, including the addition of 90 plus premium Volvo buses in the quarter. This trend of investment in new buses is likely to continue in the coming quarters. For RTCs, government buses too, we saw significant increase in inventory with the acquisition of GSRTC Gujarat, State Roadways Transport Corporation, and an almost 4x increase in digitized inventory from UPS RTC. This has resulted in RTC inventory crossing 40,000 daily schedules as of June. Our international bus business continues to be promising. In Malaysia, which is a big market and where we are the market leader, with a healthy market share in online bus booking, we are adding more adjacent products such as ferries and activities. In other countries, we are in the market-making mode and seeing steady progress. We continue to strengthen the customer proposition within our trains business. This quarter, we launched an industry-first seat availability prediction feature powered by a machine learning-based forecasting model. By integrating real-time seat availability signals within the booking funnel and deploying targeted notifications, we have enabled more confident and timely booking decisions. For our cabs business, we continue to scale both airport transfer and intercity cabs. During the quarter, we launched flight track cabs to ensure seamless airport to city rides for our customers. By using real-time flight data, we dynamically adjust cab pickup times, guaranteeing timely service whether a flight is delayed or arrives early. This initiative has improved our service reliability and has led to higher NPS. We plan to enhance accuracy using data science, increase supply participation, and scale this across all our platforms. Our corporate travel business via both our platforms, that is MyBiz and Quest2Travel, is witnessing strong growth. Our active corporate customer count on MyBiz is now over 66,500 plus, compared to 59,700 customers during the same quarter last year. And for Quest2Travel, the active customer count has reached 515 large corporates, compared to 458 customers in the same quarter last year. Looking ahead, we remain optimistic about the long-term growth prospects of the Indian travel sector and are firmly committed to delivering sustained value to our customers, partners, and stakeholders. Before I conclude, I want to extend my sincere thanks to all our existing and new shareholders and investors for their trust and support in our recent capital raise, which contributed to making it a very successful offering. With this, let me now hand over the call to Mohit for the financial highlights of the quarter.

Thanks Rajesh and hello everyone. We started the quarter with strong gross booking growth of 25.3% during April, which tapered off during May and June due to multiple macro challenges that Rajesh has already spoken about. What stands out during the quarter is that within the Indian travel market, we were able to leverage our diversified mix to grow faster in other segments when domestic air ticketing and holiday packages demand was muted. Secondly, dial up our corporate platforms when leisure demand was impacted. Also, push international offerings when domestic demand was subdued. And lastly, drive operating leverage by impacting cost leavers when growth seemed to have muted despite peak travel seasonality. This performance underscores the importance of our diversified business portfolio, disciplined financial management, and operational agility. For the reported quarter, revenue as per IFRS grew by 7.8% year-on-year in constant currency to $268.8 million from $254.5 million in the same quarter last year. The growth was impacted due to a series of external events. Profit for the quarter was 25.8 million compared to 21 million during the same quarter last year, registering 22.6% year-on-year growth. Registered operating profit reached a growth of 21% year-on-year and reached $47.3 million compared to $39.1 million in Q1 of last year. Moving on to our segment results, our A-ticketing adjusted margin stood at $97 million, raising a growth of 11.5% year-on-year in cost and currency. Take rates for the A-ticketing business were in line at 6.8%. In the domestic air market, we maintained our market share despite the macro challenges at over 30%. Our international A-ticketing business continues to grow faster than the market with increasing market share. Volumes in this segment grew by over 21% year-on-year, which was almost three times the market growth of 7% during the quarter. The mix of international air ticketing business revenue has now reached an all-time high of 42% compared to 37% during the same quarter last year. In the hotels and packages segment, adjusted margin growth was 16.3% year-on-year in constant currency, resulting in adjusted margin of $121.9 billion during the quarter. The growth was lower than expected as the holidays packages business was largely flat year-on-year because of domestic leisure travel being impacted, despite the accessibility. Acreates for the quarter were in line at 17.7% in this segment, As Rajesh has already explained, we have also been increasing directly contracted international accommodation options, particularly in destinations where direct flight connectivity has been established and select long-haul destinations which are of great interest to Indians. As a result, the mix of international hotels and packages revenue reached an all-time high of 25.2% during this quarter, up from 21% during the same quarter last year. In a bus ticketing business, the adjusted margin stood at $42.6 million, registering a strong year-on-year growth of over 34.1% in constant currency terms. Take rates for the business were in line at 10.3%. A ground transport business, which includes rail and intercity cabs, and is reported under the Others category, witnessed strong growth. Gross booking for the quarter stood at $71.8 million, witnessing a growth of 31.6% year-on-year, in constant currency for the ground transport businesses. Most of the ancillary services reported in the Others category, such as travel insurance, Forex, et cetera, also grew very well during the quarter. As a result, adjusted margin from Others category came in at $21.5 million, witnessing a strong growth of 47.4% year-on-year in constant currency. We remain focused on building operating cost efficiencies and driving operating leverage in our fixed costs including personal, selling, and general administrative expenses. Similarly, our customer acquisition costs, that is our marketing and sales promotion expenses, continue to remain efficient. Quarter one and quarter three are generally higher brand marketing expense quarters in line with the seasonality. In this quarter, we were able to partially roll this back through the tepid months of May and June. As a result, our customer acquisition costs came in at 5.1% of gross booking value. All other expenses were in line and helped us expand the overall adjusted operating margin from 1.64% of gross booking value during Q1 of last year to 1.8% of gross booking value during the current reported quarter. We ended the quarter with cash and cash equivalents of $804 million and will continue to look for inorganic investment opportunities during the year. During the quarter, we were also able to significantly dial up on our share repurchase initiatives. We raised additional capital of approximately $3.1 billion through primary offering of ordinary shares and zero coupon convertible serial notes. The entire net proceeds from the offerings were used for repurchase of Class B shares. After the completion of the reported quarter on 2nd July 2025, we have completed the repurchase and cancellation of 34.3 million Class B shares. As a result of the repurchase, we have a total of 95.4 million shares outstanding compared to 111.3 million shares outstanding as on 31st March, 2025. Trip.com is now the largest minority shareholder with approximately 16.9% voting shares in the company. We would like to take this opportunity to thank our existing and new incoming investors who have participated in the aforesaid primary offerings. With that, I'd like to turn the call back to Vipul for Q&A.