TRAVELFOOD

results update

' Q3FY26 results surpassed expectations, driven by 1.6% YoY passenger traffic growth and 28% YoY system sales revenue increase. EBITDA margins expanded 137bps YoY and profit from JVs increased, leading to a 36% YoY PAT growth. Cash flow remained healthy, and estimates maintained with CAGRs of 6% revenue, 12% EBITDA, and 15% PAT over FY25-28E.