India Travel: 1QFY27 Preview: Decent Outcome despite Turbulence

Research evidence excerpt

India Travel: 1QFY27 Preview: Decent Outcome despite Turbulence

India | Lodging EquityJulyResearch1, 2026

Exhibit 1 - Travel Preview: YoY GrowthIndia Travel: 1QFY27 Preview: Decent

Numbers - 1QFY27

Revenue EBITDA PATOutcome despite Turbulence GMR Airports 19% 13% NM

IndiGo 18% -27% -80%

1Q was impacted by war-related disruptions, though these disruptions are IHCL 14% 14% 14%

now easing. Travel Cos perf was mixed, with IndiGo likely the weakest ITCChaletHotelsHotels 15%12% 18%15% 27%22%

(ex-forex PAT -86% YoY) due to higher fuel costs & weak traffic. Despite . TBO Tek 61% 46% 20% Source: Company; Jefferies

soft traffic, GMR should deliver ~13% YoY EBITDA growth on non-aero

& platform growth. Hotels rebound was strong, with DD RevPAR growth Exhibit 2 - IndiGo's Quarterly RASK-CASK spread estimated at Rs0.01 for 1QFY27

1.50driving 11-14% YoY EBITDA growth. We expect TBO to report ~20% YoY (Rs)

PAT growth, with mid-teen LFL GTV growth. 1.000.50 0.54 0.01

-

Air Traffic Weak, Hotel Demand Strong: India's domestic aviation traffic growth remained (0.50)

subdued at 0-2% YoY in 1QFY27, similar to the 1% YoY in 4QFY26, reflecting air travel (1.00)

1QFY182QFY183QFY184QFY181QFY192QFY193QFY194QFY191QFY202QFY203QFY204QFY201QFY212QFY213QFY214QFY211QFY222QFY223QFY224QFY221QFY232QFY233QFY234QFY231QFY242QFY243QFY244QFY241QFY252QFY253QFY254QFY251QFY262QFY263QFY264QFY261QFY27disruptions & capacity cuts implemented during June. Int'l traffic has seen a sharper decline

due to capacity reductions by both Air India/IndiGo. However, with ME-related disruptions . RASK-CASK Source: Company; Jefferies

easing, air traffic growth is expected to normalize, with a stronger recovery likely in 2HFY27.

The weak air traffic would weigh on growth for both IndiGo / GMR in 1Q.