MakeMyTrip (MMYT) investor relations material

Executive summary

• Q1 FY26 began with strong travel demand, but domestic leisure was impacted by geopolitical events and an airline crash in May and June, leading to muted growth in some segments.

• Diversified business mix and operational agility enabled above-market growth in international travel, corporate offerings, and ancillary services.

• International business now contributes 27% of total revenue, up from 24% year-over-year.

• Adjusted operating profit grew 21% year-over-year to $47.3M, with market share gains in domestic air and robust growth in hotels, packages, and bus segments.

• Revenue grew to $268.8M, with strong gains in bus ticketing and other segments offsetting a decline in hotels and packages revenue.

Financial highlights

• Revenue grew 7.8% year-over-year in constant currency to $268.8M.

• Net profit for the quarter was $25.8M, up 22.6% year-over-year.

• Adjusted operating profit reached $47.3M, up from $39.1M in Q1 last year.

• Air ticketing adjusted margin was $97M (+11.5% YoY), hotels and packages adjusted margin $121.9M (+16.3% YoY), bus ticketing margin $42.6M (+34.1% YoY), others margin up 47.4% YoY.

• Gross bookings increased 12.4% YoY to $2.61B; cash and equivalents stood at $804M at quarter end.

Outlook and guidance

• Management remains confident in achieving high teens to 20% growth for the full year, expecting stronger growth in the next three quarters as macro headwinds subside.

• Adjusted operating margin guidance remains at 1.8–2% of gross bookings for the full year.

• Consumer sentiment and supply are recovering post-disruption, with no expected long-term impact on travel demand.

• Recent domestic air passenger numbers indicate easing of short-term headwinds.