MakeMyTrip (MMYT) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 marked a milestone 25th anniversary with record performance, robust growth across all business segments, and over 82 million lifetime transacted customers and 505 million app downloads as of March 2025.

• Gross bookings and revenue reached all-time highs, driven by strong domestic and international travel demand, expanding margins, and strategic investments in new demand segments and personalized experiences.

• Over nine million new customers were added, with strong penetration in tier two and three towns and a repeat rate above 70%.

• The company emphasizes technology-driven growth, customer experience, and ESG initiatives, including GenAI features, climate adaptation, and community engagement.

• International expansion continued, notably in the UAE and through redBus in LATAM and Southeast Asia.

Financial highlights

• FY25 gross bookings reached $9.8 billion, up 25.9% year-on-year; revenue grew 27.4% to $978 million; adjusted operating profit hit $167.3 million, up 34.7%.

• Q4 FY25 revenue was $245.5 million, up 25.6% year-on-year; Q4 adjusted operating profit was $44.7 million, up 37.9%.

• Adjusted net profit rose 29.9% to $178.2 million for FY25; diluted EPS was $0.83, adjusted diluted EPS $1.56.

• Ended FY25 with $763.3 million in cash and equivalents.

• Cost rationalization and margin expansion contributed to robust profitability post-COVID.

Outlook and guidance

• Targeting growth rates in the 20%+ range, aiming to outpace industry growth over the next few years.

• Margin guidance remains at 1.8%-2% of gross bookings, with efficient marketing spend at around 5% of GMV.

• India is projected to be the fastest-growing large economy in 2025, with the online travel market expected to grow 5x to $60 billion by 2030.