Financial Data and Key Metrics Changes - For FY 2025, the company reported annual revenues of INR 7,900 million (approximately USD 93.1 million), up 90% year over year [4] - Adjusted EBITDA for the year increased by 28% to INR 344 million (approximately USD 4 million) [27] - Net profit turned positive, reaching INR 24 million (approximately USD 300,000), a 106.5% improvement from the previous year [27] - For Q4, revenues were INR 2,200 million (approximately USD 25.7 million), up 114% year over year [5] Business Line Data and Key Metrics Changes - The corporate travel and MICE (Meetings, Incentives, Conferences, and Exhibitions) businesses were pivotal in driving growth [5] - The MICE business showed significant growth and margin expansion, with the combined platform handling over 600 trips and serving more than 80,000 travelers in the last nine months of FY 2025 [11] - The expense management platform, Recap, is gaining traction and is expected to drive deeper customer engagement [12] Market Data and Key Metrics Changes - The Indian corporate travel market is projected to grow from USD 42 billion to USD 80 billion by 2033, driven by globalization and rising investments in travel infrastructure [6] - The Indian MICE market is estimated at USD 3.3 billion in 2023 and is expected to grow to USD 10 billion by 2030, representing a CAGR of 18% [11] Company Strategy and Development Direction - The company aims to expand its corporate travel business and continue scaling its MICE and hotel segments [22] - The integration of new distribution capabilities (NDC) aims to enhance the booking experience and improve cost efficiency for corporate travelers [13][15] - The company is focused on high-margin growth, operational excellence, and strategic innovation [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a preliminary guidance of 20% growth in revenue and 30% growth in adjusted EBITDA for FY 2026 [22] - The company is navigating geopolitical challenges that temporarily impacted travel demand but has seen a prompt recovery [23][24] Other Important Information - The company has made substantial progress on its path to share convertibility, with a defined structure in place [21] - Recent accolades from international airlines highlight the strength of the brand and its operational efficiency [20] Q&A Session Summary Question: How much of the business is tied to the Northern part of India? - Management indicated that approximately 30-35% of overall business volumes are tied to the Northern part of India, which could be impacted by regional tensions [30] Question: What can you tell us about the proposed corporate structure? - Management confirmed that a structure is in place that works across multiple jurisdictions, and they are focused on implementing the necessary procedures [31][32] Question: Are there acquisition opportunities in the MICE segment? - Management is evaluating acquisition opportunities and is in the process of integrating a recent acquisition [36] Question: How much capacity is there for future revenue growth without significant OpEx investments? - Management believes they can achieve 30-40% growth without needing to change the cost structure significantly [37]