v3.26.1
Operating Segments
12 Months Ended
Mar. 31, 2026
Disclosure of operating segments [abstract]  
Operating Segments
6)
OPERATING SEGMENTS

The Group has three reportable segments, as described below, which are the Group’s main Lines of Business (LoBs). The LoBs offer different products and services, and are managed separately because the nature of products and services, and methods used to distribute the services are different. For each of these LoBs, the Group’s executive officers comprising of Group Chief Executive Officer, Group Chief Operating Officer (from September 23, 2025) and Group Chief Financial Officer (up to September 22, 2025) review internal management reports and are construed to be the Chief Operating Decision Maker (CODM). These LoBs assets, liabilities and expenses (other than service cost) are reviewed on an entity-wide basis by the CODM, and hence are not allocated to these LoBs. Adjusted Margin for each of these LoBs is reported to and reviewed by the CODM on a monthly basis.

The following summary describes the operations in each of the Group’s reportable segments:

1. Air ticketing: Primarily through internet based platforms, provides the facility to book domestic and international air tickets.

2. Hotels and packages: Through internet based platforms, call-centers and franchise stores, provides holiday packages and hotel reservations. The revenue related to airline tickets and other services issued as a component of Company developed tours and packages has been assigned to the hotels and packages segment and is recorded on a gross basis.

3. Bus ticketing: Primarily through internet based platforms, provides the facility to book domestic and international bus tickets.

Other operations of the Group primarily include income from sale of rail tickets, car bookings, advertisement income from hosting advertisements on its internet based platforms, fees for technical services from vendors, brand alliance fees, income from facilitating access to its internet based platforms to travel insurance companies and other agents, arranging foreign currency and other travel related ancillary services. None of these segments met the quantitative thresholds for reportable segments for any of the periods presented in these consolidated financial statements.

 

Information about reportable segments:

 

 

 

Reportable segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air ticketing

 

 

Hotels and packages

 

 

Bus ticketing

 

 

All other segments

 

 

Total

 

 

 

For the year ended March 31

 

Particulars

 

2024

 

 

2025

 

 

2026

 

 

2024

 

 

2025

 

 

2026

 

 

2024

 

 

2025

 

 

2026

 

 

2024

 

 

2025

 

 

2026

 

 

2024

 

 

2025

 

 

2026

 

Revenue from external customers

 

 

201,246

 

 

 

241,529

 

 

 

239,948

 

 

 

435,542

 

 

 

520,411

 

 

 

533,063

 

 

 

92,693

 

 

 

119,361

 

 

 

145,271

 

 

 

53,043

 

 

 

97,035

 

 

 

125,709

 

 

 

782,524

 

 

 

978,336

 

 

 

1,043,991

 

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

 

 

 

249,990

 

 

 

301,574

 

 

 

372,517

 

Less: Service cost

 

 

 

 

 

 

 

 

 

 

 

210,357

 

 

 

246,550

 

 

 

240,863

 

 

 

 

 

 

 

 

 

 

 

 

4,732

 

 

 

27,798

 

 

 

32,988

 

 

 

215,089

 

 

 

274,348

 

 

 

273,851

 

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

 

 

 

817,425

 

 

 

1,005,562

 

 

 

1,142,657

 

Other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

770

 

 

 

317

 

 

 

2,043

 

Personnel expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(147,587

)

 

 

(160,065

)

 

 

(158,834

)

Marketing and sales promotion expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(123,304

)

 

 

(165,324

)

 

 

(176,268

)

Customer inducement costs
 recorded as a reduction of revenue*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(249,990

)

 

 

(301,574

)

 

 

(372,517

)

Other operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(204,833

)

 

 

(231,905

)

 

 

(253,260

)

Depreciation, amortization and impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,267

)

 

 

(27,122

)

 

 

(27,846

)

Finance income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,365

 

 

 

28,256

 

 

 

27,149

 

Finance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,307

 

 

 

(32,191

)

 

 

(104,756

)

Share of profit (loss) of equity-accounted investees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52

 

 

 

(64

)

 

 

(2

)

Profit (loss) before tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

92,938

 

 

 

115,890

 

 

 

78,366

 

 

* For purposes of reporting to the CODM, the segment profitability measure i.e. 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 the Company acts as the principal, for the relevant segment.

Assets and liabilities are used interchangeably between segments and these have not been allocated to the reportable segments.

Geographical Information:

In presenting the geographical information, revenue is based on the geographical location of entity providing the services and assets are based on the geographical location of the assets.

 

 

 

Revenue

 

 

Non-Current Assets*

 

 

 

For the year ended March 31

 

 

As at March 31

 

Particulars

 

2024

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

India

 

 

739,652

 

 

 

922,616

 

 

 

944,409

 

 

 

636,989

 

 

 

589,724

 

South East Asia

 

 

14,210

 

 

 

16,753

 

 

 

52,232

 

 

 

4,683

 

 

 

5,405

 

United Arab Emirates

 

 

16,838

 

 

 

24,403

 

 

 

41,054

 

 

 

809

 

 

 

910

 

Others

 

 

11,824

 

 

 

14,564

 

 

 

6,296

 

 

 

213

 

 

 

628

 

Total

 

 

782,524

 

 

 

978,336

 

 

 

1,043,991

 

 

 

642,694

 

 

 

596,667

 

 

* Non-current assets presented above represent property, plant and equipment, intangible assets and goodwill, non-current tax assets and other non-current assets (excluding financial assets).

Major Customers:

Considering the nature of business, customers normally include individuals. Further, none of the corporate and other customers account for more than 10% or more of the Group’s revenues.