MakeMyTrip (MMYT) Q2 2027 earnings summary

Executive summary

• Q2 revenue rose 2.5% YoY to $235.2M reported and 11.2% in constant currency; gross bookings increased 11.3% reported to $2.72B and 20.9% in constant currency.

• Adjusted operating profit reached $46.2M, up 13.8% in constant currency; IFRS profit was $1.8M versus a $5.7M loss.

• Domestic travel, hotels, buses and other non-air categories offset air-market weakness amid subdued international long-haul demand.

Financial highlights

• Q2 revenue was $235.2M versus $229.3M; H1 revenue rose 4.5% reported and 13.7% in constant currency to $520.7M.

• Adjusted net profit before tax was $46.2M, up 27%; results from operating activities rose 6.5% to $36.7M in Q2 and 7.4% to $80.4M in H1.

• H1 gross bookings increased 10.4% reported to $5.58B and 20.3% in constant currency.

• Marketing and sales promotion expense was 5.4% of gross booking value versus 5.2% a year earlier; adjusted operating profit margin was 1.7% versus 1.8%.

• INR depreciation of ~10% against USD reduced reported growth through currency translation; constant-currency results show underlying growth.

Segment performance

• Hotels and Packages revenue fell 1.0% reported but grew 7.4% in constant currency; adjusted margin rose 20.2% to $116.8M and room nights increased 18.5%.

• Bus revenue rose 25.7% in constant currency to $39.1M; adjusted margin grew 29.0% to $45.1M as ticket volumes increased 24.7%.

• Air revenue fell 7.2% reported but grew 0.6% in constant currency; adjusted margin rose 14.3% to $108.6M, with domestic ticketing share above 30%.

• Other-segment revenue grew 32.7% in constant currency to $32.3M; adjusted margin increased 29.8% to $24.4M, led by ancillary services and car bookings.

• Hotels and packages represented 40% of business mix; standalone room nights rose 18.6%, including 20.4% domestic growth.