• Margin and investment strategy: Margin contraction is driven by front-loaded investments in AI technology and hotel expansion, which are being funded through operating leverage from core businesses while maintaining net profitability.
• Transportation vertical trends: Flight GTV grew 27% despite 22% higher domestic airfares and capacity cuts, while ground transportation led overall growth with bus bookings jumping 39% year-on-year.
• Hotel segment expansion: Management expects hotels to be the primary growth driver over the next 4 to 5 years following the Brevistay acquisition, with 90% of hotel bookings originating organically from its base of 56.9 crore annual active users.
• Guidance and investment horizon: The company refrained from giving specific FY27 earnings guidance but reaffirmed its commitment to remain the fastest-growing OTA player, stating that future spending will be paced according to product-market fit traction.