MakeMyTrip (MMYT) Q1 2026 earnings summary

Executive summary

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

• Diversified business mix enabled above-market growth in international travel, corporate offerings, and ancillary services, offsetting domestic weakness.

• International business now contributes 27% of revenue, up from 24% last year, with international air and hotel revenues growing 27% and 45% year-on-year, respectively.

• Leading travel services provider in India with strong brands, over 83 million lifetime transacted customers, and 520 million+ app downloads.

• Market leader in online air ticketing, accommodation booking, and bus ticketing, with a growing international presence.

Financial highlights

• Revenue grew 7.8% year-on-year in constant currency to $268.8 million; gross bookings increased 12.4% YoY to $2.61 billion in Q1 FY26.

• Adjusted operating profit reached $47.3 million, up 21% year-on-year; adjusted net profit rose to $49.4 million.

• Air ticketing adjusted margin was $97 million (+11.5% YoY); hotels and packages adjusted margin was $121.9 million (+16.3% YoY); bus ticketing adjusted margin was $42.6 million (+34.1% YoY); ancillary services margin grew 47.4% to $21.5 million.

• Cash and cash equivalents stood at $804 million at quarter end.

• Profit for the period was $25.8 million, up from $21.0 million year-over-year; diluted EPS was $0.22 vs $0.19.

Outlook and guidance

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

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

• Consumer sentiment and supply are recovering post-Q1 disruptions, with no structural change in long-term travel demand expected.

• Positioned to benefit from India's rapid economic growth and increasing digital adoption; online travel market in India projected to grow 5x from $12 billion in 2022 to $60 billion by 2030.

• Continued focus on technology, product innovation, and international expansion to drive future growth.