MakeMyTrip (MMYT) Q3 2026 earnings summary

Executive summary

• Q3 FY26 saw strong demand recovery in leisure travel, driven by festive season, long weekends, and robust domestic and international travel, despite temporary air supply disruptions due to new pilot duty rules.

• Diversified product portfolio, market leadership, and advanced technology, including AI-driven innovations like the Myra digital assistant, enhanced customer experience and mitigated macro disruptions.

• Expansion into tours and activities now offers over 200,000 bookable experiences across 1,100 cities in 130 countries.

• Gross bookings increased 11.8% YoY to $2,784.5 million in Q3 FY26, with strong seasonal demand and successful marketing campaigns.

• Adjusted Net Profit rose 14.4% YoY to $51.4 million, while reported profit declined 73.1% YoY to $7.3 million due to higher finance costs.

Financial highlights

• Air ticketing adjusted margin reached $107.9 million, up 20.4% YoY in constant currency, with international air ticketing now 43% of the segment.

• Hotels and packages segment saw 20.3% volume growth YoY, with standalone hotels up 20.6%.

• Bus ticketing adjusted margin was $42.4 million, up 26.1% YoY in constant currency.

• Adjusted operating profit improved to $50.7 million in Q3 FY26, up 10.2% YoY.

• Adjusted net profit was $51.4 million, with adjusted diluted EPS up to $0.52 from $0.39 YoY.

Outlook and guidance

• Domestic air supply recovery is expected to stabilize in the next fiscal year, with gradual improvement as pilot rosters and new aircraft deliveries normalize.

• GST impact on hotel segment will persist for four quarters, with growth expected to align with volume trends after that period.

• Management remains focused on expanding wallet share among Indian travelers, enhancing customer experience through AI, and investing in organic growth initiatives.

• Online travel market expected to grow 5x from $12 billion in 2022 to $60 billion by 2030, supported by government infrastructure investment and digital adoption.

• India is projected to be the fastest-growing large economy in 2026, with GDP growth of 8.2% in Q2 FY26.