Makemytrip Stock Earnings Reports

MakeMyTrip reported Q1 FY26 results with resilient performance despite several macro and operational shocks in May–June. IFRS revenue grew 7.8% year‑on‑year in constant currency to $268.8M; adjusted operating profit was $47.3M, up 21% YoY; net profit was $25.8M (22.6% YoY). Early‑season April booking momentum weakened in May–June due to a regional security incident and an airplane crash, which disproportionately hit domestic leisure and holiday packages. Offsets included stronger international travel (international air revenue +27% YoY; international hotels +45% YoY) and broad‑based growth in bus, ground ancillaries and corporate travel (myBiz and Quest2Travel). Domestic air market share inched up to ~30.8%. Gross booking value growth was mid‑teens for hotels & packages and high‑teens for standalone hotels (room nights +19% YoY CC). The company ended the quarter with $804M cash and completed a large capital raise and subsequent repurchase/cancellation of 34.3M Class B shares, reducing shares outstanding to 95.4M; Trip.com is now the largest minority holder (~16.9% voting). Management reiterated confidence that the headwinds are temporary, reiterated full‑year growth ambition in the high teens to ~20% (expecting stronger H2 seasonality), and maintained an adjusted operating margin target in the ~1.8%–2% of GBV range. Strategic priorities include expanding international direct hotel contracting, growing ancillary products (activities, insurance, forex), deeper supply in Tier‑3 cities, and product/Gen‑AI investments to personalize bookings and improve efficiency.