MakeMyTrip (MMYT) Q2 2026 earnings summary

Executive summary

• Q2 FY26 saw a rebound in travel demand across most segments, with revenue growing 8.7% year-over-year to $229.3 million, driven by robust domestic and international travel demand.

• Diversified product portfolio, omni-channel strategy, and advanced technology, including AI-driven innovations, enabled strong performance and enhanced customer engagement.

• Gross bookings increased 13.1% year-over-year to $2,447.3 million, with strong growth in non-flight segments and international travel.

• Adjusted Operating Profit rose 17.9% to $44.2 million, but the quarter saw a net loss of $5.7 million due to higher finance costs and foreign exchange losses.

• The company maintains market leadership in India, supported by a strong management team and scalable technology platform.

Financial highlights

• Adjusted operating profit reached $44.2 million, up 18% year-on-year; revenue was $229.3 million, up 8.7%.

• Net loss of $5.7 million resulted from $28.3 million notional interest cost and $14.3 million forex loss.

• International air ticketing revenue grew 29.6% year-on-year; international hotels revenue up 42%.

• Bus ticketing adjusted margin grew 44.1% year-on-year; hotels and packages adjusted margin up 21.6%.

• Cash and cash equivalents stood at $835.4 million as of September 30, 2025.

Outlook and guidance

• Management expects government tax concessions and GST benefits to boost discretionary spending and drive growth in H2 FY26.

• Continued expansion into international markets, including UAE, LATAM, and Southeast Asia.

• Online travel market projected to grow 5x from $12 billion in 2022 to $60 billion by 2030.

• Focus remains on driving growth ahead of industry, leveraging omni-channel and diversified offerings.

• India expected to remain the fastest-growing large economy, with GDP growth of 7.8% in Q1 FY26.