GET DAILY SIGNALSMakeMyTrip (MMYT) Swings to Net Profit on +20.9% Gross Bookings Growth
Key Takeaways
- MakeMyTrip posted a net profit of $1.8 million in its fiscal second quarter ended September 30, 2026, compared with a $5.7 million net loss in the same period a year earlier.
- Gross bookings rose 20.9% year over year in constant currency to $2.7 billion, supported by hotels and ground transport even as air travel remained soft.
- Adjusted earnings per share of $0.47 aligned with analyst estimates, though revenue of $235.2 million fell short of the $267.4 million consensus forecast.
- Adjusted operating profit increased to $46.2 million from $44.2 million, and adjusted net profit before tax climbed 27% to $46.2 million.
- Non-air business accounted for 63.2% of total bookings, up from 61.5%, underscoring the ongoing shift away from air ticketing.
- For additional detail on MakeMyTrip's Major News, Today's Price Move, Price Targets, and Forecast, review the dedicated analysis pages.
- Explore automated strategies and market signals through Trending AI Robots.
Why These Results Matter Right Now
MakeMyTrip's fiscal second-quarter numbers arrive at an interesting time for India's online travel sector. Strong domestic demand is running into higher airfares, rising fuel costs, and a weaker rupee. As the country's largest online travel company with brands including MakeMyTrip, Goibibo, and redBus, its performance often serves as a useful gauge of broader travel trends. The quarter provides a useful test of whether the company's move into higher-margin non-air categories such as hotels, buses, and packages can offset pressure in air ticketing. I also checked this using Tickeron's AI Screener to see how the stock compares with others in the industry.
Breaking Down the Reported Figures
For the fiscal second quarter ended September 30, 2026, MakeMyTrip reported revenue of $235.2 million under IFRS, reflecting a 2.5% increase on a reported basis and an 11.2% rise in constant currency. The figure came in below the consensus estimate of $267.4 million, influenced in part by an approximate 10% year-over-year depreciation of the Indian rupee against the U.S. dollar and softer international long-haul travel.
Adjusted earnings per share reached $0.47, matching expectations. Gross bookings grew 20.9% in constant currency to approximately $2.7 billion. Adjusted operating profit rose to $46.2 million from $44.2 million, while adjusted net profit before tax increased 27% to $46.2 million from $36.4 million. The company returned to a net profit of $1.8 million after the prior-year loss of $5.7 million and closed the quarter with roughly $815 million in cash and cash equivalents.
Market Reaction and Investor Response
Shares of MakeMyTrip climbed about 4.8% on the day the results were released. The positive move indicates investors focused more on the profitability turnaround and solid gross bookings growth than on the revenue shortfall. Resilient domestic demand and margin expansion in hotels and ground transport helped counter concerns about the top-line miss and weaker international bookings. The return to net profitability and continued expansion of non-air segments added support. At the same time, the revenue miss and ongoing challenges from elevated airfares, higher aviation turbine fuel prices, and currency weakness kept the advance contained, showing investors are still cautious about near-term conditions.
What to Monitor Going Forward
Looking ahead, attention will center on whether MakeMyTrip can maintain momentum in its non-air businesses while air travel faces near-term pressures. Management linked softer international demand to higher fuel costs, elevated airfares, and rupee depreciation, all of which raise the cost of travel for Indian consumers. A key question remains whether domestic leisure and short-haul demand can continue to offset these factors in upcoming quarters.
The company's AI initiatives also deserve watching. Its travel assistant, Myra, now manages more than 90,000 daily conversations and supports over 3,000 bookings per day, with users converting at roughly 1.7 times the rate of non-users. As adoption grows, particularly in smaller cities, it could aid both conversion rates and operating efficiency. Currency movements and fuel prices will also matter, given their direct impact on reported revenue and travel demand, along with the ongoing shift toward higher-margin hotels, buses, and packages. Margin trends, booking volume growth, and the path of international travel will help determine whether the recent profitability gains hold up.
Using AI Tools in My Research Process
When analyzing names like MakeMyTrip, I frequently rely on Tickeron's AI Screener to quickly filter stocks and ETFs by technical patterns, fundamentals, and AI-driven signals. The tool makes it straightforward to compare peers and spot relevant opportunities without spending hours on manual screens. In this case, it helped confirm how MakeMyTrip's metrics stack up against other travel and consumer discretionary companies.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
MMYT sees its 50-day moving average cross bearishly below its 200-day moving average
The 50-day moving average for MMYT moved below the 200-day moving average on October 14, 2026. This could be a long-term bearish signal for the stock as the stock shifts to an downward trend.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on October 23, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on MMYT as a result. In 58 of 82 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 71%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where MMYT declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 77%.
The Aroon Indicator for MMYT entered a downward trend on October 16, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Bullish Trend Analysis
The RSI Oscillator points to a transition from a downward trend to an upward trend -- in cases where MMYT's RSI Indicator exited the oversold zone, 17 of 24 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are 71%.
The Stochastic Oscillator is in the oversold zone. Keep an eye out for a move up in the foreseeable future.
The Moving Average Convergence Divergence (MACD) for MMYT just turned positive on October 09, 2026. Looking at past instances where MMYT's MACD turned positive, the stock continued to rise in 41 of 52 cases over the following month. The odds of a continued upward trend are 79%.
Following a +3.04% 3-day Advance, the price is estimated to grow further. Considering data from situations where MMYT advanced for three days, in 230 of 301 cases, the price rose further within the following month. The odds of a continued upward trend are 76%.
MMYT may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
Fundamental Analysis (Ratings)
The Tickeron PE Growth Rating for this company is 28 (best 1 - 100 worst), pointing to outstanding earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron SMR rating for this company is 72 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Price Growth Rating for this company is 76 (best 1 - 100 worst), indicating slightly worse than average price growth. MMYT’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Valuation Rating of 81 (best 1 - 100 worst) indicates that the company is slightly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: MMYT's P/B Ratio (-55.862) is very low in comparison to the industry average of (0.533). MMYT has a moderately high P/E Ratio (111.351) as compared to the industry average of (24.573). MMYT's Projected Growth (PEG Ratio) (6.680) is very high in comparison to the industry average of (1.617). Dividend Yield (0.000) settles around the average of (0.187) among similar stocks. MMYT's P/S Ratio (4.737) is slightly higher than the industry average of (2.686).
The Tickeron Profit vs. Risk Rating rating for this company is 87 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. MMYT’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 80, placing this stock worse than average.
Notable companies
Industry description
Market Cap
High and low price notable news
Volume
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Advertisement
General Information
a provider of online travel and hoteliery services
Industry ConsumerSundries
Advertisement