MakeMyTrip (MMYT) Q3 2026 earnings summary

Executive summary

• Q3 FY2026 saw strong demand recovery in Indian leisure travel, with robust growth in hotels, packages, and bus ticketing, despite temporary domestic air disruptions and new pilot duty rules.

• Diversified product portfolio, market leadership, and AI-driven innovations like the Myra assistant enhanced customer experience and mitigated segment-specific disruptions.

• Expansion into tours, activities, and travel expense management broadened the platform's value proposition.

• Record annual gross bookings of $9,803 million in FY25, with strong operating leverage and margin improvement.

• Advanced, secure technology platform and experienced management support scale and differentiation.

Financial highlights

• Q3 FY26: Air ticketing adjusted margin $107.9M (+20.4% YoY, constant currency); hotels & packages margin +14.6% YoY; bus ticketing margin $42.4M (+26.1% YoY, constant currency); others +45.5% YoY.

• Revenue grew 10.6% YoY to $295.7M; gross bookings up 11.8% YoY to $2,784.5M.

• Adjusted operating profit for Q3 FY26 was $50.7M; adjusted net profit $51.4M (+14.4% YoY); adjusted diluted EPS up 33% YoY.

• Reported PAT for Q3 FY26 was $7.3M, down 73.1% YoY due to higher finance costs.

• Marketing and sales promotion expense was 5.6% of gross bookings; service cost rose 13.6% YoY to $87.9M.

Outlook and guidance

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

• GST rate reduction for hotels under INR 7,500 is expected to drive volume growth for the next four quarters.

• Online travel market projected to grow 5x from $12B in 2022 to $60B by 2030, supported by India's economic expansion and digital adoption.

• Management remains focused on expanding wallet share, enhancing customer experience through AI, and investing in ancillary services.