MakeMyTrip (MMYT) Earnings Date & Reports

Key Takeaways

• MakeMyTrip swung to a net profit of $1.8 million in its fiscal second quarter ended September 30, 2026, reversing a $5.7 million net loss a year earlier.
• Gross bookings grew 20.9% year over year in constant currency to $2.7 billion, driven by hotels and ground transport despite a softer air-travel environment.
• Adjusted earnings per share of $0.47 matched analyst estimates, while revenue of $235.2 million came in below the consensus forecast of $267.4 million.
• Adjusted operating profit rose to $46.2 million from $44.2 million, and adjusted net profit before tax climbed 27% to $46.2 million.
• Non-air business now represents 63.2% of total bookings, up from 61.5%, reflecting the company's ongoing diversification away from air ticketing.
• For more detail on MakeMyTrip's Major News, Today's Price Move, Price Targets, and Forecast, explore the dedicated analysis pages.
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Earnings Context and Why It Matters

MakeMyTrip's fiscal second quarter results land at a pivotal moment for India's online travel market, where strong domestic demand is colliding with rising airfares, elevated fuel costs, and a weaker rupee. As India's largest online travel company—operating brands such as MakeMyTrip, Goibibo, and redBus—the company's performance is widely viewed as a barometer of Indian travel consumption. The quarter matters because it tests whether the company's shift toward higher-margin, non-air categories such as hotels, buses, and packages can offset a pressured air-ticketing segment. With management continuing to invest in AI-powered tools while navigating a challenging macro backdrop, investors are watching closely whether resilient booking growth can translate into durable profitability.

Reported Results

For its fiscal second quarter ended September 30, 2026 (Q2 FY27), MakeMyTrip reported revenue under IFRS (International Financial Reporting Standards) of $235.2 million, up 2.5% on a reported basis and 11.2% in constant currency, which strips out the effect of currency swings. The result missed the consensus estimate of $267.4 million, partly reflecting an approximate 10% year-over-year depreciation of the Indian rupee against the U.S. dollar and subdued international long-haul outbound travel.

Adjusted earnings per share came in at $0.47, in line with analyst expectations. Gross bookings increased 20.9% in constant currency to roughly $2.7 billion ($2,724.7 million). Adjusted operating profit reached $46.2 million, up from $44.2 million a year ago, while adjusted net profit before tax rose 27% to $46.2 million from $36.4 million. The company posted a net profit of $1.8 million, reversing a prior-year net loss of $5.7 million, and ended the quarter with about $815 million in cash and cash equivalents.

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Market Reaction and Investor Sentiment

Investors responded positively to the results, with MakeMyTrip shares rising roughly 4.8% on the day of the announcement. The reaction suggests the market chose to focus on the company's profitability improvements and robust gross bookings growth rather than the revenue shortfall. Strong domestic travel demand and expanding margins in hotels and ground transport helped offset concerns about the top-line miss and weakness in international bookings. Sentiment was further supported by the return to net profitability and steady growth in non-air segments. Still, the revenue miss and ongoing pressure from high airfares, elevated aviation turbine fuel (ATF) prices, and currency depreciation kept the rally measured, indicating investors remain cautious about the near-term travel environment.

Forward Outlook and Key Factors to Monitor

Looking ahead, investors should monitor whether MakeMyTrip can sustain its momentum in non-air businesses while air travel faces near-term headwinds. Management attributed softer international demand to higher fuel costs, elevated airfares, and rupee depreciation—factors that increased the cost of travel for Indian consumers. A key question is whether domestic leisure and short-haul demand can continue to offset these pressures in the coming quarters.

The company's AI initiatives also warrant attention. Its travel assistant, Myra, now handles more than 90,000 daily conversations and assists over 3,000 bookings per day, with users converting at roughly 1.7 times the rate of non-users. As AI adoption expands, especially in smaller cities, it could support both conversion and operating efficiency.

Finally, watch currency movements and fuel prices, which directly influence reported revenue and travel demand, as well as the mix shift toward higher-margin hotels, buses, and packages. Margin trends, booking volume growth, and the trajectory of international travel will be central to assessing whether recent profitability gains are sustainable.

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