Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q4 FY21
| ₹ crore | Q1 FY27 | Q4 FY26 | Q3 FY26 | Q2 FY26 | Q1 FY26 | Q4 FY25 | Q3 FY25 | Q2 FY25 | Q1 FY25 | Q4 FY24 | Q3 FY24 | Q2 FY24 | Q1 FY24 | Q4 FY23 | Q3 FY23 | Q2 FY23 | Q4 FY22 | Q3 FY22 | Q2 FY22 | Q1 FY22 | Q4 FY21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 135 | 152 | 152 | 232 | 114 | 139 | 151 | 145 | 153 | 164 | 161 | 142 | 124 | 117 | 136 | 108 | 60.9 | 86.6 | 43.7 | 18.7 | 57.4 |
| Other income | 6.6 | 14.1 | 9.6 | 14 | 5.9 | 3.8 | 3.2 | 5.3 | 3.6 | 8.5 | 4.5 | 2.9 | 2.6 | 4.2 | 3.7 | 3.6 | 4.6 | 3.2 | 16.1 | 16.1 | 11.8 |
| Total expenses | 153 | 181 | 153 | 238 | 118 | 131 | 108 | 113 | 109 | 117 | 105 | 79.9 | 91.6 | 76.4 | 82.6 | 73.3 | 33 | 35.9 | 23.4 | 13.9 | 27.2 |
| EBITDA | −12.9 | −24.1 | 4.3 | 4.9 | 1 | 13.5 | 47.8 | 37 | 47 | 49.2 | 60.9 | 64.8 | 34.9 | 42.4 | 55.2 | 36.7 | 29.4 | 51.5 | 20.8 | 5.2 | 32.4 |
| EBITDA margin | -9.6% | -15.9% | 2.8% | 2.1% | 0.8% | 9.7% | 31.7% | 25.6% | 30.8% | 30.0% | 37.8% | 45.7% | 28.1% | 36.4% | 40.6% | 33.8% | 48.3% | 59.5% | 47.6% | 27.7% | 56.4% |
| Finance costs | 1.1 | 1.9 | 1.6 | 2.6 | 1.3 | 1.5 | 1.7 | 1.4 | 1.1 | 1.1 | 1.4 | 2 | 1.4 | 1.3 | 1 | 0.8 | 0.8 | 0.7 | 0.3 | 0.1 | 1.9 |
| Depreciation | 4.1 | 3.5 | 4.3 | 8.2 | 3.5 | 3.4 | 3.2 | 3.6 | 2.3 | 1.5 | 3.7 | 1 | 1 | 0.9 | 0.6 | 0.7 | 0.7 | 0.2 | 0.2 | 0.2 | 0.2 |
| Profit before tax | −11.4 | −15.5 | 8.1 | −42.8 | 2 | 12.3 | 46.2 | 37.2 | 47.2 | −17.4 | 60.3 | 64.7 | 35.1 | 44.4 | 57.3 | 38.8 | 32.5 | 53.9 | 36.4 | 20.9 | 42.1 |
| Tax | −0.3 | −0.7 | 5 | −8.6 | 1 | −1.6 | 12.2 | 10.4 | 13.3 | −2.3 | 14.6 | 17.7 | 9.2 | 13.4 | 15.6 | 10.6 | 9.1 | 13.8 | 9.3 | 5.4 | 11.6 |
| Net profit | −11.7 | −15.4 | 3.4 | −35.6 | 0.4 | 13.9 | 34 | 26.8 | 33.9 | −15.1 | 45.7 | 47 | 25.9 | 31.1 | 41.7 | 28.2 | 23.3 | 40 | 27.1 | 15.4 | 30.5 |
| Net margin | -8.7% | -10.1% | 2.3% | -15.3% | 0.4% | 10.0% | 22.6% | 18.5% | 22.2% | -9.2% | 28.4% | 33.1% | 20.9% | 26.6% | 30.6% | 26.0% | 38.4% | 46.2% | 62.1% | 82.5% | 53.0% |
| EPS (₹) | -0.03 | -0.04 | 0.02 | 0.31 | 0.00 | 0.04 | 0.09 | 0.15 | 0.19 | -0.09 | 0.26 | 0.27 | 0.15 | 0.18 | 0.24 | 1.30 | 1.07 | 3.68 | 2.50 | 1.42 | 2.80 |
| Net profit YoY | −2738.4% | −210.8% | −90.0% | −232.9% | −98.7% | +192.2% | −25.5% | −42.9% | +31.0% | −148.5% | +9.6% | +66.4% | – | +33.1% | +4.2% | +4.0% | −23.4% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Revenue from operations | 536 | 587 | 591 | 449 | 235 | 107 |
| Other income | 37.8 | 15.9 | 18.5 | 15.4 | 14.4 | 44 |
| Total expenses | 573 | 460 | 394 | 279 | 106 | 67.4 |
| EBITDA | −14.9 | 145 | 210 | 176 | 132 | 43.5 |
| EBITDA margin | -2.8% | 24.7% | 35.5% | 39.2% | 56.3% | 40.8% |
| Finance costs | 6.1 | 5.8 | 6 | 3.4 | 1.9 | 3.5 |
| Depreciation | 16 | 12.5 | 7.2 | 2.9 | 1.3 | 0.7 |
| Profit before tax | −50.2 | 143 | 143 | 185 | 144 | 83.4 |
| Tax | −4.3 | 34.3 | 39.2 | 50.8 | 37.6 | 22.4 |
| Net profit | −47.6 | 109 | 103 | 134 | 106 | 61 |
| Net margin | -8.9% | 18.5% | 17.5% | 29.9% | 45.0% | 57.2% |
| EPS (₹) | -0.11 | 0.30 | 0.58 | 0.77 | 4.87 | 5.62 |
| Net profit YoY | −143.8% | +5.0% | −22.8% | +26.6% | +73.6% | – |
EPS is as filed for each period and is not restated for later bonus issues or splits.
Cash flow
annual · ₹ crore| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Operating cash flow | −4.1 | 112 | 124 | −110 | 20.2 |
| Investing cash flow | −42.2 | −92.3 | −43.2 | 72.8 | −56.4 |
| Financing cash flow | −9.7 | 15.8 | 55.7 | 4.6 | −31.1 |
| Capital expenditure | 114 | 66.3 | 11.5 | 14.4 | 0 |
| Free cash flow (CFO − capex) | −118 | 45.6 | 113 | −125 | 20.2 |
Net profit trend
annual, ₹ croreFY21
₹61
FY22
₹106+74%
FY23
₹134+27%
FY24
₹103−23%
FY25
₹109+5%
FY26
₹−47.6−144%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 14 Aug 2026 | PDF on NSE XBRL |
| Q1 FY27 | Standalone | 14 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Consolidated · audited | 31 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 31 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 14 Feb 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 14 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | – | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 14 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 14 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | – | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 57.8×-36.3×
P/B5Y avg 12.08×2.69×
ROEFY26, on average equity-6.3%
Net margin-8.9%
Debt / equity0.04×
Revenue CAGR (3Y)6.1%
Profit CAGR (3Y)–
EPS (TTM)₹-0.16
Market cap₹2,153 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
2.69×
vs 8-point avg 12.08× (−78%)
2.66× low12.08× avg28.66× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹1,208 Cr+5%
Net worth₹801 Cr+11%
Total borrowings₹31 Cr−10%
Cash & bank balances₹80 Cr−41%
Investments₹60 Cr+26%
Inventories₹3 Cr+47%
Trade receivables₹274 Cr−8%
Trade payables₹108 Cr−17%
Change vs the same date a year earlier.
Revenue mix FY26
(a) Air passage57.2%result ₹−6.1 Cr
(b) Hotel packages31.4%result ₹1 Cr
(c) Other services11.4%result ₹−9.8 Cr
Segment revenue as reported, before inter-segment eliminations.