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Adjusted Margin by Segment
Shows the profit left after direct costs and one-off adjustments for each business line (air, hotels, packages, etc.), revealing which parts of the business actually generate cash. A widening margin in a segment points to pricing power or better cost control, while shrinking margins signal competitive pressure, rising commissions, or higher fulfillment costs—key for judging sustainable earnings and valuation.Air Ticketing’s adjusted margin rebounded from a mid‑2024 trough to pre‑slump levels, validating management’s claim of improved air economics and higher TTV; Hotels & Packaging delivered a multi‑quarter step‑up in margins (supporting broadened gross margin), but the Q4 pullback exposes lingering sensitivity to MICE/international group volatility—exactly the West Asia risk management flagged. Other Services inch higher, offering steady diversification. Together these trends support management’s medium‑term margin thesis (API/hotel supply/AI), but expect lumpy near‑term H1 performance driven by geopolitical and group booking volatility.
Date | Air Ticketing | Hotels & Packaging | Other Services |
|---|---|---|---|
Jun 30, 2026 | ₹1.07B | ₹472.52M | ₹74.82M |
Mar 31, 2026 | ₹1.18B | ₹365.22M | ₹78.67M |
Dec 31, 2025 | ₹1.20B | ₹502.06M | ₹82.86M |
Sep 30, 2025 | ₹1.02B | ₹514.47M | ₹94.97M |
Jun 30, 2025 | ₹982.52M | ₹380.15M | ₹71.91M |
Mar 31, 2025 | ₹925.78M | ₹357.76M | ₹92.16M |
Dec 31, 2024 | ₹857.60M | ₹438.04M | ₹72.84M |
Sep 30, 2024 | ₹885.86M | ₹400.15M | ₹75.94M |
Jun 30, 2024 | ₹918.95M | ₹277.14M | ₹72.12M |
Mar 31, 2024 | ₹1.25B | ₹288.84M | ₹28.03M |