MakeMyTrip (MMYT) Q4 2026 earnings summary

Executive summary

• Gross bookings reached $10.4 billion in FY 2026, compounding at 34% over four years, with a 10.4% YoY increase, driven by post-pandemic demand and structural shifts in Indian travel habits.

• Revenue grew 6.7% YoY in FY26 to $1,044.0M, with constant currency growth of 10.7%.

• Domestic travel demand remained resilient despite disruptions, with strong growth in accommodation and bus ticketing segments.

• AI initiatives, including the Myra conversational interface, are driving higher engagement, conversion rates, and operational efficiencies.

• The company is preparing for a potential India listing, having completed internal restructuring and brand consolidation.

Financial highlights

• IFRS revenue grew 10.7% year-over-year in constant currency for FY 2026.

• EBIT reached $156 million, up 30.1% year-over-year.

• Adjusted operating profit was $188.8M in FY26, up $21.5M YoY.

• Adjusted operating profit margin expanded to 1.82% of gross bookings, up from 1.71% in FY 2025.

• Adjusted net profit for the quarter was $33.8 million; reported PAT was $24.3 million.

Outlook and guidance

• Revenue growth in the 20%+ range is expected during normal periods, with resilience during external headwinds.

• Margin guidance remains at 1.8%-2% of GMV due to current volatility; will be revisited when stability returns.

• Management highlighted external headwinds such as the West Asia conflict and supply constraints in Indian airlines impacting growth.

• Forward-looking statements caution on risks from economic slowdowns, travel industry disruptions, and inflation.

• Ongoing geopolitical issues and fuel price volatility may impact near-term growth, but domestic demand and alternative travel options are being emphasized.