Earning Call Transcript - Q1 FY2026-27 Results

AI summary - Q1 FY27 system-wide sales grew 18% y-y to INR8.4bn; consolidated PAT rose 35.6% y-y to INR1.3bn - Consolidated revenue from operations up 20.6% y-y to INR4.5bn; like-for-like sales growth 4.2% - EBITDA INR1.6bn, up 11% y-y; EBITDA margin 35.8%, impacted by higher employee and operating costs from new outlets - Network expanded to 21 airports with 580 outlets and lounges; 87 new outlets and 2 lounges added in last 12 months - 50 outlets under development expected to contribute over next 12-18 months as they ramp up - Passenger traffic flat y-y due to Middle East conflict; domestic traffic showed strong resilience with record monthly domestic air traffic in May - JV portfolio ramping up; focus on Asia and Middle East markets with new entities in Dubai and Indonesia - Debt-free balance sheet with INR9.7bn cash provides headroom for growth investments - Management expects H2 FY27 to see passenger traffic bounce back and earnings uplift from new outlets - Multiple analyst questions on contract economics, cost inflation, and highway expansion strategy; management emphasized disciplined capital allocation and medium-long term highway opportunity