MakeMyTrip (MMYT) Q2 2026 earnings summary

Executive summary

• Q2 FY26 saw a rebound in travel demand across most segments, with strong growth in hotels, international air, and bus, despite supply constraints in domestic aviation.

• Diversified product portfolio, omni-channel strategy, and advanced technology, including AI initiatives, drove user engagement and operational efficiency.

• Gross bookings increased 13.1% year-over-year to $2,447.3 million for the quarter, with robust non-flight and international travel growth.

• The company is a leading travel services provider in India, with a strong management team and expanding international presence.

• Net loss of $5.7 million for the quarter, mainly due to $28.3 million in notional interest costs and $14.3 million in forex losses, despite strong operating performance.

Financial highlights

• Adjusted operating profit reached $44.2 million, up 18% year-on-year.

• Revenue for the quarter was $229.3 million, up 8.7% year-over-year.

• Cash and cash equivalents increased to $835.4 million as of September 30, 2025.

• Diluted loss per share was $0.06, compared to earnings per share of $0.16 last year.

• Adjusted net profit was $36.4 million, down from $40.7 million year-on-year.

Outlook and guidance

• Management expects government tax concessions and GST benefits to boost discretionary spending and drive growth in the second half of the fiscal year.

• Guidance for adjusted margin growth in the 20% range for the full fiscal year, with potential upside if domestic air rebounds.

• Continued expansion into international markets, including UAE, LATAM, and Southeast Asia.