MakeMyTrip Limited

Good evening, everyone. Welcome to Make My Trip earnings call for Q1 FI27. We will just give a minute for everyone to join. Okay, hello everyone, I'm Vipul Garg, Senior Vice President, Investor Relations at MakeMyTrip Limited, and welcome to our Fiscal 2027 First Quarter Earnings webinar. Today's event will be hosted by a company's leadership team, comprising Rajesh Magow, our Co-Founder and Group Chief Executive Officer, Mohit Kabra, our Group Chief Operating Officer, and Deepak Bora, 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 the US Private Securities Litigation Reform Act of 1995. These statements are not guarantees of the 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 change circumstances. Additional information concerning these statements is contained in the risk factors and forward-looking statements section of the company's annual report on Form 20F filed with the SEC on July 27, 2026. Copies of these filings are available from the SEC or from the company's investor relations department. I would like to now turn the call over to Rajesh for his remarks. Over to you, Rajesh.

Thank you, Vipul. Welcome everyone to our first quarter call for fiscal 2027. Before we go into the financial and operating details, I would like to put the quarter in context. This was a quarter in which External events continue to influence where and how customers travel. The quarter began with the continuing impact of the West Asia conflict. In the initial phase, the impact was broad-based, flight operations were disrupted, and customers became more cautious about international travel, particularly on westbound routes. As flight operations gradually resumed, the nature of the challenge also evolved. Higher fuel cost and ATF prices translated into elevated airfares, affecting westbound international travel as well as price-sensitive domestic air demand to an extent. Higher ATF cost also affected the profitability of airlines, leading to short-term capacity cuts. However, as we moved into the peak summer holiday period, we saw seasonality began to support the underlying resilient travel intent for leisure travel, whereas Essential travel and business travel largely continued as uninterrupted except for long-haul westbound business travel. International leisure travel saw some shift from westbound to east and far east destinations and domestic leisure travel was a combination of popular leisure destinations and nearby short-distance getaways by road. Thanks to our comprehensive product offerings, We were well positioned to offer our customers alternative transport and accommodation options for their choice across both established and emerging leisure destinations during the quarter. As a result, we delivered a strong performance during Q1, despite significant macro and geopolitical headwinds, reflecting both the resilience of travel demand and the strength of our diversified platforms. Growth in hotels and packages and ground transport helped offset softness in air ticketing to deliver targeted adjusted margin growth and profitability. Both our bus ticketing and intercity cabs continue to grow at a strong pace driven by sustained supply additions, wider route coverage and the continued expansion of India's highway infrastructure. We continue to curate pilgrimage plus leisure itineraries, short duration holidays and drive down breaks These formats are increasingly becoming popular for customers looking for convenient, affordable and experience-led travel closer to home. The broader conclusion from this quarter is consistent with what we have observed post-COVID. Travel in India is gradually moving from an occasional purchase to becoming a recurring consumption category. Customers are taking more frequent trips across leisure, family visits, pilgrimage, short breaks and extended weekends. We have seen External events impacting the demand sentiment initially, but when macroeconomic or geopolitical environment starts to show some improvement, demand recovers quickly. This quarter was another validation of this behavior among Indian travelers. The long-term structural growth drivers also remain unchanged. Growth in the aspirational middle class, increasing participation from tier 2 and tier 3 cities, expanding physical infrastructure, great digital and the payments ecosystem continue to support the long-term positive outlook of the travel market in India. Let me now give an update on the progress we are making on our AI-first transformation. We view AI as a foundational layer across travel discovery, planning, booking, payments, servicing and loyalty. During the quarter we launched Myra 2.0 the next version of our AI power travel assistant to enable end-to-end conversational booking within the Myra interface possible now. Customers can now search, compare, ask contextual questions, upload documents and complete bookings including agentic payments through a single conversational interface via text chat, voice-only chat or a combination of voice or text chat across eight Indian languages. In the meantime, Customer adoption of Myra being used as assistant in the existing funnel continues to scale well. Myra handled over 8 million conversations during the quarter, including more than 3 million conversations in June alone. Over 45% of usage came from Tier 2 and smaller cities. We believe conversational AI feature will continue to simplify and personalize travel planning, improve customer engagement, and serve as a key long-term differentiator We are also expanding the use of AI and automation across customer support, content creation, supply onboarding, and operational processes. These investments are intended to reduce friction in the customer journey, improve conversion, and enhance organizational productivity. We are already seeing the productivity benefits of AI translate into our operations. AI now generates more than 75% of our code. and our AI powered customer support bot independently resolves over 50% of customer calls, meaningfully improving both engineering velocity and customer service efficiency. During the quarter, we launched AI powered smart filters on the flights and hotels listing page to enhance discovery, enabling users to express preferences in natural language and instantly refine results using natural language instead of relying only on predefined filters. Travelers can now search for highly specific preferences such as micro locations, early check-in, premium room, amenities for hotels or exact baggage allowance, cancellation penalties, seat inclusions, layover preferences, etc. in case of flights, thus making discovery more intuitive and personalized for the customers. Looking ahead, Higher oil prices and weakening of rupee remain important variables to keep overall travel inflation in control. We remain cautious about the near-term environment while staying positive about structural drivers for long-term growth in the sector. We will continue to navigate the near-term challenging environment by tapping into growth opportunities in our non-air ticketing segments while calibrating our marketing investments in line with market conditions. With this, let me now hand over the call to Mohit for business highlights of the quarter.

Thanks Rajesh and hello everyone. As explained by Rajesh, this was a quarter in which the external environment remained challenging, which impacted our outbound and air ticketing businesses. We leveraged the resilient travel sentiment by focusing on domestic travel, thrived on our short-duration holidays, and pilgrimage-led travel, supported by our widespread offering across hotels and ground transport. This helped us deliver strong growth in our hotels and packages business with adjusted margin growth of 21.3% year on year in constant currency terms. This was led by standard hotel booking volumes growing just over 20% or 20.2% year on year despite the weakness on the international demand side. This was coupled with strong growth in our ground transport business. Our bus ticketing business delivered strong adjusted margin growth of 32.4% year-on-year in constant currency, supported by strong volume growth of 23.9%. Similarly, our intercity cabs business grew in the 40s, albeit on a smaller base. This strong performance in an impacted quarter demonstrates the strength of our diversified and comprehensive bookie of travel services, which is helping drive growth much ahead of the industry and also driving increased customer engagement. Our ability to serve multiple accommodation and transport options across price points allows us to ensure that we curate travel experiences customized to the budget options of our customers. As customers book multiple travel segments on our platforms, we also gain a better understanding of their travel preferences and this helps us get better and better at offering more relevant, connected and personalized travel solutions. Let me share some more details on the holidays and packages segment. To drive the growth in hotels, we have significantly scaled up the breadth of stay options we offer in India to improve the coverage across destinations, price points, and travel needs. We now have over 1,01,000 accommodation options available on the platform, covering over 2,070 cities in the country. We continue to innovate and solve for unique requirements of the Indian traveling customer. To better serve families and travelers, we have made it easier to discover multi-bedroom properties along with better understanding of room layouts, which is resulting in higher booking confidence with more relevant room combinations being showcased during the booking process. We also launched probably an industry-first feature around guaranteed early check-in or guaranteed late checkout, a facility which is a paid feature enabling travelers to have assured room access aligned with their travel schedules right at the time of booking. This feature is helping address one of the most common pain points for travelers. This is even more relevant for Indians traveling overseas as the landing or takeoff times for most of our international connections have a significant gap with the usual check-in or check-out times offered by hostels in those destinations. One of the long-standing pain points in the accommodation segment has been inability to optimize hotel reward programs both for travelers as well as for accommodation service providers. As we entered the new fiscal year 2027, we are trying to address this with the launch of OneCircle. OneCircle is a cross-network hotel rewards program. Initially spanning over 30,000 properties across Indian and international destinations, OneCircle will enable travelers to earn and redeem rewards seamlessly across a large network of hotels, homestays, and villas. This will help them access a wider array of properties on a single reward program driving loyalty and repeat of stays across our accommodations ecosystem. Equally importantly for our hotel partners, OneCircle provides access to a broader base of loyal travelers which can help drive both new as well as repeat demand to their properties. We believe this will allow our domestic hotel partners to showcase their properties as well as drive demand particularly from India's fast-growing tier 2 and tier 3 markets. For our international hotel partners, this will be of great relevance in cities which see high travel demand from India. In homestays, we continue to invest and build the category and are enhancing our product proposition to improve customer experience as well as drive the appeal of such properties. We launched our Star Host program to recognize and reward hosts who consistently deliver outstanding guest experiences. Hosts meeting defined quality benchmarks across guest ratings, responsiveness, booking performance, and content quality are rewarded the Star Host badge, which is prominently surfaced across search results, property pages, and host profiles to improve trust and discovery. The Star Host Badge also helps customers export properties from these hosts and book with confidence, particularly in case of new properties. Our holiday packages business continues to scale well, and we are witnessing a shift towards shorter duration in nearby gateways in line with the current market trends. On the outbound side, destinations across Southeast Asia and Far East are driving the growth chart. Leveraging on the opportunity, we scaled up our group tours to over 15 destinations and generated about 90 departures or operated about 90 departures across Vietnam, Singapore, Georgia, Almaty, etc. During the quarter, we continue to build our tours and attractions business by strengthening customer integration, expanding our experiences portfolio, and investing in platform-led differentiation. Our international experiences portfolio now spans and many more, spanning 139 countries with a catalogue of over 250,000 tours and attractions covering sightseeing, tickets, Classes, performances, day trips, food experiences and unique local activities. Building on this portfolio, we have launched domestic experiences as well, spanning across 50 plus Indian cities, offering 3,000 plus products and strengthening our presence in a segment where we see significant growth potential in the future. This will help broaden our addressable market while strengthening our position as a one-stop platform for relevant travel experiences across both domestic and international destinations. A fourth of our tools and activities are currently being bought while the customers are on trip. This highlights the strong relevance being built with the platform for our customers while they're on the ground and looking for last minute things to do. As mentioned, we delivered strong growth in our bus ticketing business driven by robust growth in the private bus inventory in line with the summer holiday demand. During the quarter, we re-initiated our partnership with PhonePe, which is helping us expand our distribution footprint and reach a larger base of high intent digital customers, which bodes well for our new customer acquisition initiatives in the Indian travel market. We introduced several product enhancements to further strengthen the customer proposition. We introduced Comfort Score, a customer-generated rating based on seat and sleep comfort over the previous six months. As the market continues to move towards premium experiences with an increasing shift towards sleeper buses, Comfort Score provides customers with a clear signal of expected seat quality, helping position the bus travel more of a comfort and hospitality-led experience rather than a purely transportation choice. Coming to our bus air ticketing business segment, during the quarter, domestic departures were flat year on year, but international flight departures witnessed a degrowth of 13%. In line with our call-out strategy, we continue to maintain a leading 30% share of the market of the domestic air ticketing industry. We also continue to enhance The product features or offerings in this segment. We recently launched a new addition to our flexibility suite of products called Price Drop Protection, which eases the fare anxiety of the customers and gives them confidence to book early without having to guess if they should wait for a better fare in the future. We also launched Visa Guide on the listing page to help users understand Destination-specific visa policies and processes. During the quarter, after a hiatus of about two years, we reintroduced seamless native flight booking experience on PhonePe, powered by our GoiBeaver brand. This enables PhonePe customers to search, book, and manage flights directly within the PhonePe app. This partnership strengthens our distribution strategy by expanding our reach among high-intent customer base and driving incremental demand beyond our own homegrown channels. Let me now share some color on our non-B2C corporate demand platforms that is MyBiz and Quest2Travel. Both of which saw growth coming in not only from existing accounts, but as well as from acquisitions. Our active SME and MSME corporate customer count on MyBase has grown by almost 19% year-on-year to over 79,000 customers. The count for our large corporates on our Quest2Travel platform has now increased to over 550 accounts. Overall, this was a strong operating quarter despite the challenging external environment and we'll continue to develop our ability to serve The traveling customers across the entire travel ecosystem to capture demand linked with market trends. With this, let me now hand over the call to Deepak for sharing the financial highlights of the quarter.