MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2026 SECOND QUARTER RESULTS
Gurugram, India and New York, October 28, 2025 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading travel service provider, today announced its unaudited interim financial and operating results for its fiscal second quarter ended September 30, 2025.
(in thousands)
For the three months ended September 30, 2024
For the three months ended September 30, 2025
YoY Change
YoY Change in constant currency(1)
For the six months ended September 30, 2024
For the six months ended September 30, 2025
YoY Change
YoY Change in constant currency(1)
Financial Summary as per IFRS
Revenue
$
210,993
$
229,341
8.7
%
12.6
%
$
465,512
$
498,187
7.0
%
9.9
%
Air Ticketing
$
61,019
$
61,029
0.02
%
3.3
%
$
118,565
$
121,154
2.2
%
5.0
%
Hotels and Packages
$
103,198
$
108,229
4.9
%
8.8
%
$
250,044
$
249,877
-0.1
%
2.6
%
Bus Ticketing
$
24,808
$
33,488
35.0
%
39.6
%
$
54,025
$
72,241
33.7
%
37.1
%
Others
$
21,968
$
26,595
21.1
%
25.7
%
$
42,878
$
54,915
28.1
%
32.1
%
Results from Operating Activities
$
26,112
$
34,437
31.9
%
$
53,970
$
74,798
38.6
%
Profit (loss) for the period
$
17,939
$
(5,738
)
-132.0
%
$
38,985
$
20,067
-48.5
%
Financial Summary as per non-IFRS measures
Adjusted Margin(2)
Air Ticketing
$
96,029
$
102,818
7.1
%
10.6
%
$
185,138
$
199,878
8.0
%
11.0
%
Hotels and Packages
$
90,734
$
105,817
16.6
%
21.6
%
$
198,009
$
227,698
15.0
%
18.7
%
Bus Ticketing
$
27,108
$
37,749
39.3
%
44.1
%
$
59,464
$
80,342
35.1
%
38.7
%
Others
$
16,397
$
20,500
25.0
%
29.7
%
$
31,315
$
41,995
34.1
%
38.2
%
Adjusted Operating Profit(2)
$
37,467
$
44,186
17.9
%
$
76,606
$
91,527
19.5
%
Adjusted Net Profit(2)
$
40,687
$
36,352
-10.7
%
$
85,210
$
85,781
0.7
%
Gross Bookings
$
2,257,229
$
2,447,318
8.4
%
13.1
%
$
4,637,587
$
5,055,797
9.0
%
12.7
%
Notes:
(1)
Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the rates in effect during the comparable fiscal period in the prior fiscal year. This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. IFRS refers to International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.
(2)
This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.
Financial Highlights for Fiscal 2026 Second Quarter
(Year over Year (YoY) growth % is based on constant currency(1))
•
Gross Bookings increased by 13.1% YoY in 2Q26 to $2,447.3 million.
•
Adjusted Margin(2) – Air Ticketing increased by 10.6% YoY in 2Q26 to $102.8 million.
•
Adjusted Margin(2) – Hotels and Packages increased by 21.6% YoY in 2Q26 to $105.8 million.
•
Adjusted Margin(2) – Bus Ticketing increased by 44.1% YoY in 2Q26 to $37.7 million.
•
Adjusted Margin(2) – Others increased by 29.7% YoY in 2Q26 to $20.5 million.
•
Adjusted Operating Profit(2) improved to $44.2 million in 2Q26 versus $37.5 million in 2Q25, reflecting an improvement of $6.7 million YoY.
Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, commenting on the results, said,
“It was encouraging to see travel sentiments improve in Q2, especially in the leisure segment, following a muted Q1 of this fiscal year due to external disruptions. Most of our segments experienced strong growth, although recovery in domestic air travel remained slow due to short-term supply constraints. We delivered strong growth, particularly in international travel as well as non-flight segments within domestic travel”.
Mohit Kabra, Group Chief Operating Officer, MakeMyTrip, commenting on the results, said,
“We continued to leverage our travel super-app approach, offering comprehensive travel and related services across our platforms for retail, trade and corporate customers. This strategy helped us achieve robust growth despite generally weaker travel demand, especially in Q1. We believe that the direct tax concessions and GST benefits introduced by the Government of India will boost discretionary consumer spending and drive growth in the second half of the fiscal year”.
Fiscal 2026 Second Quarter Financial Results
Revenue. We generated revenue of $229.3 million in the quarter ended September 30, 2025, an increase of 8.7% (12.6% in constant currency(1)) over revenue of $211.0 million in the quarter ended September 30, 2024, which was primarily attributable to the robust travel demand in India for both domestic and international outbound travel in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024.
This increase in revenue was primarily attributable to revenue from our air ticketing business exhibiting stable performance in absolute terms despite short-term supply constraints in the domestic market (an increase of 3.3% in constant currency), an increase of 4.9% (8.8% in constant currency) in revenue from our hotels and packages business, an increase of 35.0% (39.6% in constant currency) in revenue from our bus ticketing business, and an increase of 21.1% (25.7% in constant currency) in revenue from our others business, each as further described below.
The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. For more information on non-IFRS measures and segment profitability measures, see “About Key Performance Indicators and Non-IFRS Measures” and “Information About Reportable Segments” in our condensed consolidated interim financial statements included elsewhere in this release.
For the three months ended September 30
Air ticketing
Hotels and packages
Bus ticketing
Others
2024
2025
2024
2025
2024
2025
2024
2025
(Amounts in USD thousands)
Revenue as per IFRS
61,019
61,029
103,198
108,229
24,808
33,488
21,968
26,595
Add: Customer inducement costs recorded as a reduction of revenue
35,010
41,789
31,444
42,429
2,300
4,261
290
578
Less: Service cost
—
—
43,908
44,841
—
—
5,861
6,673
Adjusted Margin(2)
96,029
102,818
90,734
105,817
27,108
37,749
16,397
20,500
Air Ticketing. Revenue from our air ticketing business was $61.0 million for the quarter ended September 30, 2025, exhibiting stable performance in absolute terms despite short-term supply constraints in the domestic market (an increase of 3.3% in constant currency), as compared to $61.0 million in the quarter ended September 30, 2024. Our Adjusted Margin – Air ticketing increased by 7.1% (10.6% in constant currency) to $102.8 million in the quarter ended September 30, 2025, from $96.0 million in the quarter ended September 30, 2024. Adjusted Margin – Air ticketing includes customer inducement costs of $41.8 million in the quarter ended September 30, 2025 and $35.0 million in the quarter ended September 30, 2024, recorded as a reduction of revenue. The increase in revenue (in constant currency) from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to a marginal increase in gross bookings of 1.1% (5.4% in constant currency) in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of gross bookings) – Air ticketing increased marginally to 7.2% in the quarter ended September 30, 2025 as compared to 6.8% in the quarter ended September 30, 2024.
Hotels and Packages. Revenue from our hotels and packages business increased by 4.9% (8.8% in constant currency) to $108.2 million in the quarter ended September 30, 2025, from $103.2 million in the quarter ended September 30, 2024. Our Adjusted Margin – Hotels and packages increased by 16.6% (21.6% in constant currency) to $105.8 million in the quarter ended September 30, 2025 from $90.7 million in the quarter ended September 30, 2024. Adjusted Margin – Hotels and packages includes customer inducement costs of $42.4 million in the quarter ended September 30, 2025 and $31.4 million in the quarter ended September 30, 2024, recorded as a reduction of revenue. The increase in revenue from our hotels and packages business and Adjusted Margin – Hotels and packages was primarily due to an increase in gross bookings by 12.9% (17.8% in constant currency), which was primarily driven by a 18.0% increase in the number of hotel-room nights in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024, primarily due to robust travel demand in India for both domestic and international outbound travel in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. Our Adjusted Margin % – Hotels and packages increased to 18.1% in the quarter ended September 30, 2025 as compared to 17.5% in the quarter ended September 30, 2024.
Bus Ticketing. Revenue from our bus ticketing business increased by 35.0% (39.6% in constant currency) to $33.5 million in the quarter ended September 30, 2025, from $24.8 million in the quarter ended September 30, 2024. Our Adjusted Margin – Bus ticketing increased by 39.3% (44.1% in constant currency) to $37.7 million in the quarter ended September 30, 2025 from $27.1 million in the quarter ended September 30, 2024. Adjusted Margin – Bus ticketing includes customer inducement costs of $4.3 million in the quarter ended September 30, 2025 and $2.3 million in the quarter ended September 30, 2024, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was primarily due to an increase in gross bookings by 37.7% (43.7% in constant currency) driven by a 39.2% increase in the number of bus tickets travelled year over year, primarily due to robust travel demand in India in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024. Our Adjusted Margin % – Bus ticketing increased marginally to 10.4% in the quarter ended September 30, 2025 as compared to 10.3% in the quarter ended September 30, 2024.
Others. Revenue from our others business increased by 21.1% (25.7% in constant currency) to $26.6 million in the quarter ended September 30, 2025, from $22.0 million in the quarter ended September 30, 2024. Our Adjusted Margin – Others increased by 25.0% (29.7% in constant currency) to $20.5 million in the quarter ended September 30, 2025 from $16.4 million in the quarter ended September 30, 2024. Adjusted Margin – Others includes customer inducement costs of $0.6 million in the quarter ended September 30, 2025 and $0.3 million in the quarter ended September 30, 2024, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was primarily due to an increase in other travel services, marketing alliances and ancillary services.
Other Income. Other income was $0.3 million in the quarter ended September 30, 2025 and $0.1 million in the quarter ended September 30, 2024.
Service Cost. Service cost increased by 3.5% to $51.5 million in the quarter ended September 30, 2025 from $49.8 million in the quarter ended September 30, 2024, primarily due to robust travel demand, particularly for our packages and car booking businesses in India, in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024.
Personnel Expenses. Personnel expenses increased by 2.7% to $40.4 million in the quarter ended September 30, 2025 from $39.4 million in the quarter ended September 30, 2024, primarily due to the annual wage increases effected in the quarter ended June 30, 2025, which was partially offset by the decrease in the share-based compensation costs in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024.
Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 6.0% to $37.9 million in the quarter ended September 30, 2025 from $35.8 million in the quarter ended September 30, 2024, primarily due to an increase in variable costs and discretionary expenditures such as expenses on events and brand building initiatives. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $89.1 million in the quarter ended September 30, 2025 and $69.0 million in the quarter ended September 30, 2024. The details are as follows:
For the three months ended September 30
2024
2025
(Amounts in USD thousands)
Marketing and sales promotion expenses
35,800
37,931
Customer inducement costs recorded as a reduction of revenue
69,044
89,057
Other Operating Expenses. Other operating expenses increased by 9.2% to $58.3 million in the quarter ended September 30, 2025 from $53.4 million in the quarter ended September 30, 2024, primarily due to an increase in operating expenses, including distribution costs, website hosting charges, payment gateway charges and technology and maintenance expenses linked to an increase in bookings in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024.
Depreciation and Amortization . Our depreciation and amortization expenses were $7.0 million in the quarter ended September 30, 2025 and $6.7 million in the quarter ended September 30, 2024.
Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $34.4 million in the quarter ended September 30, 2025 as compared to a profit of $26.1 million in the quarter ended September 30, 2024. Our Adjusted Operating Profit was $44.2 million in the quarter ended September 30, 2025 as compared to $37.5 million in the quarter ended September 30, 2024. For a description of the components and calculation of “Adjusted Operating Profit” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Results from operating activities”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.
Net Finance Costs. Our net finance costs were $35.9 million in the quarter ended September 30, 2025 as compared to $0.5 million in the quarter ended September 30, 2024, primarily due to an increase of $24.3 million in interest expense on financial liabilities measured at amortized cost and an increase of $11.2 million in foreign exchange losses in the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024.
The interest expense on financial liabilities measured at amortized cost referenced above is calculated on the liability component of $1,118.6 million related to our 0.00% convertible senior notes due 2030 (“2030 Notes”), which were issued on June 23, 2025 and are accounted for as a compound financial instrument. The present value of amount allocated to the liability component will be accreted to the principal amount of 2030 Notes i.e. $1,437.5 million, from the date of issuance to the earliest optional redemption date of the 2030 Notes in July 2028, with an effective interest rate of 8.63% per annum.
The increase in foreign exchange loss in the quarter ended September 30, 2025, which are primarily unrealized, resulted from translations of monetary assets and liabilities from U.S. Dollars and United Arab Emirates Dirhams to Indian rupees as at September 30, 2025 as compared to September 30, 2024 and was primarily due to the significant depreciation of the Indian Rupee by 3.7% against the U.S. Dollar and the United Arab Emirates Dirham during the quarter ended September 30, 2025.
Income Tax Expense. Our income tax expense was $4.3 million in the quarter ended September 30, 2025 as compared to $7.6 million in the quarter ended September 30, 2024, primarily due to a reversal of deferred tax liabilities recognized in the quarter ended September 30, 2025, which was partially offset by an increase in tax expense resulting from an increase in our taxable income.
Profit (Loss) for the Period. As a result of the foregoing factors, our loss for the quarter ended September 30, 2025 was $5.7 million as compared to a profit of $17.9 million in the quarter ended September 30, 2024. Our Adjusted Net Profit was $36.4 million in the quarter ended September 30, 2025, as compared to $40.7 million in the quarter ended September 30, 2024. For a description of the components and calculation of “Adjusted Net Profit” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Profit (loss) for the period”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.
Diluted Earnings (Loss) per Share. As a result of the foregoing factors, diluted loss per share was $0.06 for the quarter ended September 30, 2025 as compared to diluted earnings per share of $0.16 in the quarter ended September 30, 2024. Our Adjusted Diluted Earnings per share was $0.37 in the quarter ended September 30, 2025 as compared to $0.36 in the quarter ended September 30, 2024. For a description of the components and calculation of “Adjusted Diluted Earnings per Share” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Diluted earnings (loss) per share”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.
Liquidity. As at September 30, 2025, cash and cash equivalents and term deposits (including restricted cash and cash equivalents and term deposits of $15.3 million) on our balance sheet was $835.4 million. As at September 30, 2025, we had $0.5 million in bank overdrafts.
Repurchases of Shares and Convertible Notes
The Company’s share repurchase plan, pursuant to which the Company can repurchase its ordinary shares at any price determined by its board of directors from time to time, was amended on October 28, 2025 and remains effective until March 31, 2030. Furthermore, the board of directors has authorized the Company to repurchase its convertible senior notes due 2028 (the “2028 Notes”) and its convertible senior notes due 2030 from time to time through open market purchases, privately negotiated transactions with individual holders or otherwise, in accordance with applicable securities laws (including Rule 14e-5 of the U.S. Securities Exchange Act of 1934) which remains effective until March 31, 2030. The aggregate amount of ordinary shares, 2028 Notes and 2030 Notes that may be repurchased by the Company pursuant to this existing program shall not exceed $200.0 million, with a sub-limit of $100.0 million during each fiscal year. The price and timing of any such repurchases will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors as determined by the board of directors from time to time. There can be no assurance that we will execute any such repurchase pursuant to this existing program.
There were no repurchases of ordinary shares pursuant to the share repurchase plan or repurchases of 2028 Notes during the second quarter of fiscal 2026. Following the amendment of the repurchase program on October 28, 2025, we have remaining authority to repurchase an aggregate of up to $200.0 million of our outstanding ordinary shares, 2028 Notes and 2030 Notes.
Conference Call
MakeMyTrip will host a live Zoom webinar to discuss the Company’s results for the quarter ended September 30, 2025 beginning at 7:30 AM EDT or 5:00 PM IST on October 28, 2025 through the Company’s Investor Relations website at https://investors.makemytrip.com/. To participate, please use the following link https://makemytrip.zoom.us/webinar/register/WN_ezlSqXmpTw23OnW9DfKO7A to register for the live event. Registered participants will receive a confirmation email containing the Zoom access link and alternative phone dial-in details. A replay of the event will be available on the “Investor Relations” section of the Company’s website at http://investors.makemytrip.com, approximately two hours after the conclusion of the live event.
About Key Performance Indicators and Non-IFRS Measures
We refer to certain non-IFRS measures in various places within this release, including “Adjusted Operating Profit”, “Adjusted Net Profit”, “Adjusted Diluted Earnings per Share” and constant currency results. Our key performance indicators are “Adjusted Margin” and “Adjusted Margin %” which are also non-IFRS measures referred to in various places within this release.
We evaluate our financial performance in each of our reportable segments based on our key performance indicators, Adjusted Margin and Adjusted Margin %, which are non-IFRS measures and segment profitability measures. Adjusted Margin represents IFRS revenue after adding back customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue, and deducting the cost of procurement of services primarily relating to sales to customers where we act as the principal. Adjusted Margin % represents Adjusted Margin as a percentage of gross bookings.
As certain parts of our revenues are recognized on a “net” basis when we are acting as an agent, and other parts of our revenue are recognized on a “gross” basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. Income from packages, including income on airline tickets sold to customers
as a part of tours and packages is accounted for on a “gross” basis as the Company controls the services before such services are transferred to travelers. Revenue from the packages business which is accounted for on a “gross” basis represents the total amount paid by customers for these travel services and products, while our cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost. Similarly, in our car bookings business, we generally recognize revenue on a “gross” basis.
We also refer to Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share which are non-IFRS measures and most directly comparable to results from operating activities, profit for the period and diluted earnings per share for the period, respectively, each of which is an IFRS measure. We use financial measures that exclude share-based compensation costs, amortization of acquired intangibles, gain on discontinuation of equity-accounted investment, change in fair value of financial asset measured at fair value through profit or loss (“FVTPL”), share of loss of equity-accounted investees, interest expense on financial liabilities measured at amortized cost, and income tax expense for our internal management reporting, budgeting and decision making purposes, including comparing our operating results to that of our competitors.
A limitation of using Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share instead of results from operating activities, profit for the period and diluted earnings per share calculated in accordance with IFRS as issued by the IASB is that these non-IFRS financial measures exclude a recurring cost, for example, share-based compensation. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit, Adjusted Net Profit and Adjusted Diluted Earnings per Share. Because of varying available valuation methodologies and subjective assumptions that companies can use when applying IFRS 2 “Share based payment,” management believes that providing non-IFRS measures that exclude such expense allows investors to make additional comparisons between our operating results and those of other companies. In addition, reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.
Constant currency results are financial measures that are not prepared in accordance with IFRS and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year. Because the impact of changing foreign currency exchange rates may not provide an accurate baseline for analyzing trends in our business, management believes that percentage growth in constant currency is an important metric for evaluating our operations. Constant currency is a non-IFRS measure and it should not be considered as a substitute for measures prepared in accordance with IFRS.
We believe that our current calculations of Adjusted Operating Profit, Adjusted Net Profit, Adjusted Diluted Earnings per Share, Adjusted Margin, Adjusted Margin % and constant currency results represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items and other items such as customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which we believe are representative of our operating results and provide useful information to investors and analysts. We believe that investors and analysts in our industry use these non-IFRS measures and key performance indicators to compare our company and our performance to that of our global peers.
However, the presentation of these non-IFRS measures and key performance indicators are not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures and key performance indicators may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.
Safe Harbor Statement
This release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “aim”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “is/are likely to”, “intend”, “may”, “potential”, “plan”, “project”, “should”, “seek”, “will”, or other similar expressions. Such statements include, among other things, quotations from management as well as the Company’s strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, a slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of the Company’s shares, the Company’s reliance on its relationships with travel suppliers and strategic alliances, failure to further increase the Company’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop the Company’s corporate travel business, damage to or failure of the Company’s infrastructure and technology, loss of services of the Company’s key executives, and inflation in India and in other countries. These and other factors are more fully discussed in the “Risk Factors” section of the Company’s 20-F dated June 16, 2025, filed with the United States Securities and Exchange Commission. All information provided in this release is provided as of the date of issuance of this release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About MakeMyTrip Limited
We own and operate well-recognized online travel brands, including MakeMyTrip, Goibibo and redBus. Through our primary websites, www.makemytrip.com, www.goibibo.com and www.redbus.in, and mobile platforms, travelers can research, plan and book a wide range of travel services and products in India and overseas. Our services include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, bus ticketing, rail ticketing, car hire, activities and experiences, and ancillary travel requirements such as facilitating access to third-party travel insurance, forex services and visa processing.
We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, a comprehensive set of domestic accommodation properties in India and a wide selection of properties outside of India, tickets for Indian Railways and bus services operated through all major Indian bus operators.
For more details, please contact:
Vipul Garg
Senior Vice President - Investor Relations
MakeMyTrip Limited
Vipul.garg@go-mmt.com
MAKEMYTRIP LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
(UNAUDITED)
(Amounts in USD thousands)
As at March 31, 2025
As at September 30, 2025
Assets
Property, plant and equipment
26,457
23,927
Intangible assets and goodwill
597,791
570,895
Trade and other receivables
8,879
8,999
Investment in equity-accounted investees
1,914
1,650
Other investments
972
2,821
Term deposits
2,130
5,624
Non-current tax assets, net
18,044
20,747
Deferred tax assets, net
106,431
87,111
Other non-current assets
402
145
Total non-current assets
763,020
721,919
Inventories
363
643
Contract assets
507
9,054
Current tax assets, net
9,140
—
Trade and other receivables
141,143
149,951
Term deposits
252,286
308,110
Other current assets
152,931
145,130
Cash and cash equivalents
508,898
521,707
Total current assets
1,065,268
1,134,595
Total assets
1,828,288
1,856,514
Equity
Share capital
56
48
Share premium
2,203,445
2,708,678
Other components of equity
(71,003
)
142,299
Accumulated deficit
(929,868
)
(2,825,519
)
Total equity attributable to owners of the Company
1,202,630
25,506
Non-controlling interests
5,347
4,265
Total equity
1,207,977
29,771
Liabilities
Loans and borrowings(#)
13,895
1,156,648
Employee benefits
14,705
15,065
Contract liabilities
175
119
Deferred tax liabilities, net
2,526
50,818
Other non-current liabilities
12,396
11,538
Total non-current liabilities
43,697
1,234,188
Bank overdraft
536
461
Loans and borrowings(#)
222,142
230,191
Trade and other payables
146,999
142,505
Contract liabilities
120,098
134,422
Other current liabilities
86,839
84,976
Total current liabilities
576,614
592,555
Total liabilities
620,311
1,826,743
Total equity and liabilities
1,828,288
1,856,514
# Loans and borrowings include lease liabilities amounting to $13.7 million as at September 30, 2025 (as at March 31, 2025: $15.4 million).
MAKEMYTRIP LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(UNAUDITED)
(Amounts in USD thousands, except per share data and share count)
For the three months ended September 30
For the six months ended September 30
2024
2025
2024
2025
Revenue
Air ticketing
61,019
61,029
118,565
121,154
Hotels and packages
103,198
108,229
250,044
249,877
Bus ticketing
24,808
33,488
54,025
72,241
Other revenue
21,968
26,595
42,878
54,915
Total revenue
210,993
229,341
465,512
498,187
Other income
142
252
192
1,777
Service cost
Procurement cost of hotels and packages services
43,908
44,841
122,562
112,023
Other cost of providing services
5,861
6,673
12,300
14,378
Personnel expenses
39,376
40,439
77,578
80,659
Marketing and sales promotion expenses
35,800
37,931
75,876
81,856
Other operating expenses
53,374
58,300
110,054
122,111
Depreciation and amortization
6,704
6,972
13,364
14,139
Results from operating activities
26,112
34,437
53,970
74,798
Finance income
7,283
7,248
14,497
14,042
Finance costs
7,771
43,109
13,310
53,879
Net finance income (costs)
(488
)
(35,861
)
1,187
(39,837
)
Share of loss of equity-accounted investees
(74
)
(23
)
(89
)
(29
)
Profit (loss) before tax
25,550
(1,447
)
55,068
34,932
Income tax expense
(7,611
)
(4,291
)
(16,083
)
(14,865
)
Profit (loss) for the period
17,939
(5,738
)
38,985
20,067
Other comprehensive income (loss), net of tax
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit liability
(466
)
95
(466
)
95
Equity instruments at fair value through other comprehensive income (FVOCI) - net change in fair value
—
—
(452
)
—
(466
)
95
(918
)
95
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences on foreign operations
(3,147
)
(32,892
)
(3,422
)
(35,260
)
Other comprehensive income (loss) for the period, net of tax
(3,613
)
(32,797
)
(4,340
)
(35,165
)
Total comprehensive income (loss) for the period
14,326
(38,535
)
34,645
(15,098
)
Profit (loss) attributable to:
Owners of the Company
17,853
(5,615
)
38,883
20,309
Non-controlling interests
86
(123
)
102
(242
)
Profit (loss) for the period
17,939
(5,738
)
38,985
20,067
Total comprehensive income (loss) attributable to:
Owners of the Company
14,268
(38,229
)
34,573
(14,662
)
Non-controlling interests
58
(306
)
72
(436
)
Total comprehensive income (loss) for the period
14,326
(38,535
)
34,645
(15,098
)
Earnings (loss) per share (in USD)
Basic
0.16
(0.06
)
0.35
0.19
Diluted
0.16
(0.06
)
0.34
0.19
Weighted average number of shares (including Class B Shares)
Basic
112,165,236
97,978,804
112,095,316
106,498,131
Diluted
114,725,904
97,978,804
114,609,805
108,326,036
MAKEMYTRIP LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
(UNAUDITED)
(Amounts in USD thousands)
Attributable to owners of the Company
Other components of equity
Share Capital
Share Premium
Equity Component of Convertible Notes
Treasury Shares Reserve
Fair Value Reserves
Share Based Payment Reserve
Foreign Currency Translation Reserve
Accumulated Deficit
Total
Non- Controlling Interests
Total Equity
Balance as at April 1, 2025
56
2,203,445
31,122
(21,722
)
(84
)
118,412
(198,731
)
(929,868
)
1,202,630
5,347
1,207,977
Total comprehensive income (loss) for the period
Profit (loss) for the period
—
—
—
—
—
—
—
20,309
20,309
(242
)
20,067
Other comprehensive income (loss)
Foreign currency translation differences
—
—
—
—
—
—
(35,066
)
—
(35,066
)
(194
)
(35,260
)
Remeasurements of defined benefit liability
—
—
—
—
—
—
—
95
95
—
95
Total other comprehensive income (loss)
—
—
—
—
—
—
(35,066
)
95
(34,971
)
(194
)
(35,165
)
Total comprehensive income (loss) for the period
—
—
—
—
—
—
(35,066
)
20,404
(14,662
)
(436
)
(15,098
)
Transactions with owners of the Company
Contributions by owners
Share-based payment
—
—
—
—
—
12,908
—
—
12,908
65
12,973
Issue of ordinary shares on exercise of share based awards
*
8,177
—
—
—
(6,849
)
—
—
1,328
—
1,328
Transfer to accumulated deficit on expiry of share based awards
—
—
—
—
—
(28
)
—
28
—
—
—
Issue of convertible notes
—
—
241,728
—
—
—
—
—
241,728
—
241,728
Issue of ordinary shares
9
1,621,010
—
—
—
—
—
—
1,621,019
—
1,621,019
Repurchase of own shares
(17
)
(1,123,954
)
—
—
—
—
—
(1,914,846
)
(3,038,817
)
—
(3,038,817
)
Total contributions by owners
(8
)
505,233
241,728
—
—
6,031
—
(1,914,818
)
(1,161,834
)
65
(1,161,769
)
Changes in ownership interests
Recognition of financial liability for acquisition of non-controlling interest
—
—
—
—
—
—
—
(1,822
)
(1,822
)
(711
)
(2,533
)
Change in fair value of financial liability for acquisition of non-controlling interests
—
—
—
—
—
—
609
585
1,194
—
1,194
Total changes in ownership interests
—
—
—
—
—
—
609
(1,237
)
(628
)
(711
)
(1,339
)
Total transactions with owners of the Company
(8
)
505,233
241,728
—
—
6,031
609
(1,916,055
)
(1,162,462
)
(646
)
(1,163,108
)
Balance as at September 30, 2025
48
2,708,678
272,850
(21,722
)
(84
)
124,443
(233,188
)
(2,825,519
)
25,506
4,265
29,771
*less than 1
MAKEMYTRIP LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
(UNAUDITED)
(Amounts in USD thousands)
For the six months ended September 30
2024
2025
Profit for the period
38,985
20,067
Adjustments for non-cash items
45,428
79,779
Changes in working capital
23,549
(9,330
)
Net cash generated from operating activities
107,962
90,516
Net cash used in investing activities
(28,778
)
(57,048
)
Net cash used in financing activities
(3,879
)
(3,935
)
Increase in cash and cash equivalents
75,305
29,533
Cash and cash equivalents at beginning of the period
327,065
508,362
Effect of exchange rate fluctuations on cash held
(497
)
(16,649
)
Cash and cash equivalents (net of bank overdraft) at end of the period
401,873
521,246
MAKEMYTRIP LIMITED
INFORMATION ABOUT REPORTABLE SEGMENTS
(UNAUDITED)
(Amounts in USD thousands)
For the three months ended September 30
Reportable segments
Air ticketing
Hotels and packages
Bus ticketing
All other segments
Total
Particulars
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
Consolidated Revenue
61,019
61,029
103,198
108,229
24,808
33,488
21,968
26,595
210,993
229,341
Add: Customer inducement costs recorded as a reduction of revenue*
35,010
41,789
31,444
42,429
2,300
4,261
290
578
69,044
89,057
Less: Service cost
—
—
43,908
44,841
—
—
5,861
6,673
49,769
51,514
Adjusted Margin
96,029
102,818
90,734
105,817
27,108
37,749
16,397
20,500
230,268
266,884
Other income
142
252
Personnel expenses
(39,376
)
(40,439
)
Marketing and sales promotion expenses
(35,800
)
(37,931
)
Customer inducement costs recorded as a reduction of revenue*
(69,044
)
(89,057
)
Other operating expenses
(53,374
)
(58,300
)
Depreciation and amortization
(6,704
)
(6,972
)
Finance income
7,283
7,248
Finance costs
(7,771
)
(43,109
)
Share of loss of equity-accounted investees
(74
)
(23
)
Profit (loss) before tax
25,550
(1,447
)
For the six months ended September 30
Reportable segments
Air ticketing
Hotels and packages
Bus ticketing
All other segments
Total
Particulars
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
Consolidated Revenue
118,565
121,154
250,044
249,877
54,025
72,241
42,878
54,915
465,512
498,187
Add: Customer inducement costs recorded as a reduction of revenue*
66,573
78,724
70,527
89,844
5,439
8,101
737
1,458
143,276
178,127
Less: Service cost
—
—
122,562
112,023
—
—
12,300
14,378
134,862
126,401
Adjusted Margin
185,138
199,878
198,009
227,698
59,464
80,342
31,315
41,995
473,926
549,913
Other income
192
1,777
Personnel expenses
(77,578
)
(80,659
)
Marketing and sales promotion expenses
(75,876
)
(81,856
)
Customer inducement costs recorded as a reduction of revenue*
(143,276
)
(178,127
)
Other operating expenses
(110,054
)
(122,111
)
Depreciation and amortization
(13,364
)
(14,139
)
Finance income
14,497
14,042
Finance costs
(13,310
)
(53,879
)
Share of loss of equity-accounted investees
(89
)
(29
)
Profit before tax
55,068
34,932
* For purposes of reporting to the Chief Operating Decision Maker (CODM), the segment profitability measure i.e. Adjusted Margin represents IFRS revenue after adding back certain customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue and reducing service cost.
MAKEMYTRIP LIMITED
RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS
(Unaudited)
(Amounts in USD thousands, except per share data)
The following tables reconcile our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) for the periods indicated:
For the three months ended September 30
Air ticketing
Hotels and packages
Bus ticketing
Others
2024
2025
2024
2025
2024
2025
2024
2025
Revenue as per IFRS
61,019
61,029
103,198
108,229
24,808
33,488
21,968
26,595
Add: Customer inducement costs recorded as a reduction of revenue
35,010
41,789
31,444
42,429
2,300
4,261
290
578
Less: Service cost
—
—
43,908
44,841
—
—
5,861
6,673
Adjusted Margin(2)
96,029
102,818
90,734
105,817
27,108
37,749
16,397
20,500
For the six months ended September 30
Air ticketing
Hotels and packages
Bus ticketing
Others
2024
2025
2024
2025
2024
2025
2024
2025
Revenue as per IFRS
118,565
121,154
250,044
249,877
54,025
72,241
42,878
54,915
Add: Customer inducement costs recorded as a reduction of revenue
66,573
78,724
70,527
89,844
5,439
8,101
737
1,458
Less: Service cost
—
—
122,562
112,023
—
—
12,300
14,378
Adjusted Margin(2)
185,138
199,878
198,009
227,698
59,464
80,342
31,315
41,995
The following table reconciles our results from operating activities (an IFRS measure) to Adjusted Operating Profit (a non-IFRS measure) for the periods indicated:
Reconciliation of Adjusted Operating Profit
For the three months ended September 30
For the six months ended September 30
(Unaudited)
2024
2025
2024
2025
Results from operating activities as per IFRS
26,112
34,437
53,970
74,798
Add: Acquisition related intangibles amortization
2,869
2,814
5,750
5,689
Add: Employee share-based compensation costs
8,486
6,935
16,886
12,401
Less: Gain on discontinuation of equity accounted investment
—
—
—
(1,361
)
Adjusted Operating Profit
37,467
44,186
76,606
91,527
The following table reconciles our profit (loss) for the period (an IFRS measure) to Adjusted Net Profit (a non-IFRS measure) for the periods indicated:
Reconciliation of Adjusted Net Profit
For the three months ended September 30
For the six months ended September 30
(Unaudited)
2024
2025
2024
2025
Profit (loss) for the period as per IFRS
17,939
(5,738
)
38,985
20,067
Add: Acquisition related intangibles amortization
2,869
2,814
5,750
5,689
Add: Employee share-based compensation costs
8,486
6,935
16,886
12,401
Less: Gain on discontinuation of equity accounted investment
—
—
—
(1,361
)
Less: Change in fair value of financial asset measured at FVTPL
—
(296
)
—
(296
)
Add: Interest expense on financial liabilities measured at amortized cost
3,708
28,323
7,417
34,387
Add: Income tax expense
7,611
4,291
16,083
14,865
Add: Share of loss of equity-accounted investees
74
23
89
29
Adjusted Net Profit
40,687
36,352
85,210
85,781
The following table reconciles our diluted earnings (loss) per share for the period (an IFRS measure) to Adjusted Diluted Earnings per Share (a non-IFRS measure) for the periods indicated:
Reconciliation of Adjusted Diluted Earnings per Share
For the three months ended September 30
For the six months ended September 30
(Unaudited)
2024
2025
2024
2025
Diluted Earnings (Loss) per Share for the period as per IFRS
0.16
(0.06
)
0.34
0.19
Add: Acquisition related intangibles amortization
0.03
0.03
0.05
0.05
Add: Employee share-based compensation costs
0.07
0.07
0.15
0.11
Less: Gain on discontinuation of equity accounted investment
—
—
—
(0.01
)
Less: Change in fair value of financial asset measured at FVTPL
—
*
—
*
Add: Interest expense on financial liabilities measured at amortized cost
0.03
0.29
0.06
0.32
Add: Income tax expense
0.07
0.04
0.14
0.13
Add: Share of loss of equity-accounted investees
*
*
*
*
Adjusted Diluted Earnings per Share
0.36
0.37
0.74
0.79
* Less than $0.01.
The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported amount and constant currency(1) amount for the period indicated:
(Unaudited)
For the three months ended September 30, 2025
Revenue
Adjusted Margin
Reported Amount and Constant Currency Amount
Air Ticketing
Hotels and Packages
Bus Ticketing
Others
Total
Air Ticketing
Hotels and Packages
Bus Ticketing
Others
Reported Amount
61,029
108,229
33,488
26,595
229,341
102,818
105,817
37,749
20,500
Impact of Foreign Currency Translation
2,008
4,079
1,147
1,016
8,250
3,377
4,504
1,323
759
Constant Currency Amount
63,037
112,308
34,635
27,611
237,591
106,195
110,321
39,072
21,259
(Unaudited)
For the six months ended September 30, 2025
Revenue
Adjusted Margin
Reported Amount and Constant Currency Amount
Air Ticketing
Hotels and Packages
Bus Ticketing
Others
Total
Air Ticketing
Hotels and Packages
Bus Ticketing
Others
Reported Amount
121,154
249,877
72,241
54,915
498,187
199,878
227,698
80,342
41,995
Impact of Foreign Currency Translation
3,387
6,679
1,834
1,715
13,615
5,661
7,344
2,110
1,274
Constant Currency Amount
124,541
256,556
74,075
56,630
511,802
205,539
235,042
82,452
43,269
The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported growth and constant currency(1) growth for the period indicated:
(Unaudited)
For the three months ended September 30, 2025
Revenue
Adjusted Margin
Reported Growth and Constant Currency Growth (YoY)
Air Ticketing
Hotels and Packages
Bus Ticketing
Others
Total
Air Ticketing
Hotels and Packages
Bus Ticketing
Others
Reported Growth
0.02
%
4.9
%
35.0
%
21.1
%
8.7
%
7.1
%
16.6
%
39.3
%
25.0
%
Impact of Foreign Currency Translation
3.3
%
3.9
%
4.6
%
4.6
%
3.9
%
3.5
%
5.0
%
4.8
%
4.7
%
Constant Currency Growth
3.3
%
8.8
%
39.6
%
25.7
%
12.6
%
10.6
%
21.6
%
44.1
%
29.7
%
(Unaudited)
For the six months ended September 30, 2025
Revenue
Adjusted Margin
Reported Growth and Constant Currency Growth (YoY)
Air Ticketing
Hotels and Packages
Bus Ticketing
Others
Total
Air Ticketing
Hotels and Packages
Bus Ticketing
Others
Reported Growth
2.2
%
-0.1
%
33.7
%
28.1
%
7.0
%
8.0
%
15.0
%
35.1
%
34.1
%
Impact of Foreign Currency Translation
2.8
%
2.7
%
3.4
%
4.0
%
2.9
%
3.0
%
3.7
%
3.6
%
4.1
%
Constant Currency Growth
5.0
%
2.6
%
37.1
%
32.1
%
9.9
%
11.0
%
18.7
%
38.7
%
38.2
%
MAKEMYTRIP LIMITED
SELECTED OPERATING AND FINANCIAL DATA
(Unaudited)
For the three months ended September 30
For the six months ended September 30
2024
2025
2024
2025
(in thousands, except percentages)
Unit Metrics
Air Ticketing – Flight segments(1)
15,105
14,760
29,261
29,239
Hotels and Packages – Room nights
8,504
10,033
17,612
20,690
Standalone Hotels – Online(2) – Room nights
8,341
9,880
17,171
20,267
Bus Ticketing – Bus tickets(4)
23,558
32,798
50,116
68,003
Adjusted Margin
Air Ticketing(3)
$
96,029
$
102,818
$
185,138
$
199,878
Hotels and Packages
90,734
105,817
198,009
227,698
Bus Ticketing
27,108
37,749
59,464
80,342
Others
16,397
20,500
31,315
41,995
Gross Bookings
Air Ticketing(3)
$
1,410,958
$
1,426,312
$
2,808,028
$
2,859,695
Hotels and Packages
517,218
584,017
1,128,549
1,271,729
Bus Ticketing
263,459
362,734
579,432
778,275
Other Transport Services
65,594
74,255
121,578
146,098
$
2,257,229
$
2,447,318
$
4,637,587
$
5,055,797
Adjusted Margin %
Air Ticketing(3)
6.8
%
7.2
%
6.6
%
7.0
%
Hotels and Packages
17.5
%
18.1
%
17.5
%
17.9
%
Bus Ticketing
10.3
%
10.4
%
10.3
%
10.3
%
Notes:
(1)
“Flight segments” means a flight between two cities, including flights booked as part of a longer itinerary or a package, and is reported net of cancellations.
(2)
“Standalone Hotels – Online” refers to Standalone Hotels booked on desktops, laptops, mobiles and other online platforms. Hotels and Packages – Room nights includes Standalone Hotels – Online – Room nights and is reported net of cancellations.
(3)
Excludes flight segments booked as a component of bookings for our Hotels and Packages segment.
(4)
“Bus tickets” means tickets issued to customers for bus journeys, and is reported net of cancellations. Prior to the quarter ended March 31, 2025, we reported “Travelled tickets” which was the total number of bus journeys undertaken by our customers for the relevant period.