MakeMyTrip (MMYT) Q1 2027 earnings summary

Executive summary

• Q1 FY27 saw strong performance despite macro and geopolitical headwinds, with resilient travel demand and a shift from air to ground and domestic travel options.

• Leading travel services provider in India with well-recognized brands, a strong digital presence, and over 92 million lifetime transacted customers.

• Growth in hotels, packages, and ground transport offset softness in air ticketing, supporting adjusted margin growth and profitability.

• AI-driven transformation advanced, with Myra 2.0 enabling conversational bookings and AI handling over 8 million customer interactions.

• International expansion underway, including a localized OTA platform in the UAE and redBus operations in LATAM and Southeast Asia.

Financial highlights

• Gross booking value grew 19.9% YoY in constant currency to $2,854.7M in Q1 FY27; IFRS revenue up 16.1% YoY in constant currency to $285.6M.

• Adjusted operating profit was $51.4M in Q1 FY27, with profitability margin at 1.8% of gross bookings.

• Hotels and packages segment volume grew 19.9% YoY; adjusted margin up 21.3% YoY to $134.5M.

• Bus ticketing adjusted margin rose 32.4% YoY to $51.8M; other segment margin up 27.2% YoY to $24.9M.

• Reported PAT was $9.1M; adjusted net profit before tax at $52.2M; cash and equivalents at quarter-end were $794M.

Outlook and guidance

• Cautious near-term outlook due to high oil prices, rupee weakness, and currency volatility, but positive on long-term structural growth drivers.

• Positioned to benefit from India's rapid economic growth, increasing internet penetration, and rising disposable incomes.

• Continued investment in AI, technology, and international expansion to drive future growth and productivity.