MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2026 THIRD QUARTER RESULTS
Gurugram, India and New York, January 21, 2026 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading travel service provider, today announced its unaudited interim financial and operating results for its fiscal third quarter ended December 31, 2025.
(in thousands)
For the three months ended December 31, 2024
For the three months ended December 31, 2025
YoY Change
YoY Change in constant currency(1)
For the nine months ended December 31, 2024
For the nine months ended December 31, 2025
YoY Change
YoY Change in constant currency(1)
Financial Summary as per IFRS
Revenue
$
267,362
$
295,688
10.6
%
15.4
%
$
732,874
$
793,875
8.3
%
12.0
%
Air Ticketing
$
61,336
$
60,068
-2.1
%
2.7
%
$
179,901
$
181,222
0.7
%
4.4
%
Hotels and Packages
$
147,089
$
161,418
9.7
%
14.4
%
$
397,133
$
411,295
3.6
%
7.0
%
Bus Ticketing
$
31,836
$
37,086
16.5
%
21.2
%
$
85,861
$
109,327
27.3
%
31.2
%
Others
$
27,101
$
37,116
37.0
%
43.3
%
$
69,979
$
92,031
31.5
%
36.5
%
Results from Operating Activities
$
34,687
$
40,889
17.9
%
$
88,657
$
115,687
30.5
%
Profit for the period
$
27,069
$
7,284
-73.1
%
$
66,054
$
27,351
-58.6
%
Financial Summary as per non-IFRS measures
Adjusted Margin(2)
Air Ticketing
$
93,762
$
107,880
15.1
%
20.4
%
$
278,900
$
307,758
10.3
%
14.3
%
Hotels and Packages
$
121,860
$
133,175
9.3
%
14.6
%
$
319,869
$
360,873
12.8
%
17.2
%
Bus Ticketing
$
35,028
$
42,411
21.1
%
26.1
%
$
94,492
$
122,753
29.9
%
34.0
%
Others
$
19,792
$
27,533
39.1
%
45.5
%
$
51,107
$
69,528
36.0
%
41.1
%
Adjusted Operating Profit(2)
$
46,004
$
50,707
10.2
%
$
122,610
$
142,234
16.0
%
Adjusted Net Profit(2)
$
44,910
$
51,381
14.4
%
$
130,120
$
137,162
5.4
%
Gross Bookings
$
2,612,414
$
2,784,514
6.6
%
11.8
%
$
7,250,001
$
7,840,311
8.1
%
12.4
%
Air Ticketing
$
1,528,854
$
1,534,238
0.4
%
5.3
%
$
4,336,882
$
4,393,933
1.3
%
5.3
%
Hotels and Packages
$
681,474
$
750,438
10.1
%
15.9
%
$
1,810,023
$
2,022,167
11.7
%
16.3
%
Bus Ticketing
$
328,859
$
420,595
27.9
%
33.2
%
$
908,291
$
1,198,870
32.0
%
36.8
%
Other Transport Services
$
73,227
$
79,243
8.2
%
14.1
%
$
194,805
$
225,341
15.7
%
20.5
%
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 Third Quarter
(Year over Year (YoY) growth % is based on constant currency(1))
•
Gross Bookings increased by 11.8% YoY in 3Q26 to $2,784.5 million.
•
Adjusted Margin(2) – Air Ticketing increased by 20.4% YoY in 3Q26 to $107.9 million.
•
Adjusted Margin(2) – Hotels and Packages increased by 14.6% YoY in 3Q26 to $133.2 million.
•
Adjusted Margin(2) – Bus Ticketing increased by 26.1% YoY in 3Q26 to $42.4 million.
•
Adjusted Margin(2) – Others increased by 45.5% YoY in 3Q26 to $27.5 million.
•
Adjusted Operating Profit(2) improved to $50.7 million in 3Q26 versus $46.0 million in 3Q25, reflecting an improvement of $4.7 million YoY.
•
Adjusted Net Profit(2) improved to $51.4 million in 3Q26 versus $44.9 million in 3Q25, reflecting an improvement of $6.5 million YoY.
Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, commenting on the results, said,
“Our diversified product portfolio of transport and accommodation options helped us mitigate the impact of slower growth in the domestic air travel market and deliver strong overall growth in this seasonal quarter. We remain focused on expanding our wallet share with Indian travelers each quarter, with comprehensive and differentiated offerings for new and existing customers. We are also progressing well on our AI journey to continuously improve customer experience and to make our organisation more efficient and agile”.
Mohit Kabra, Group Chief Operating Officer, MakeMyTrip, commenting on the results, said,
“Our ability to serve a wide range of travel demands, coupled with the rapid expansion of our ancillary services, has allowed us to deliver another quarter of strong performance. We also had a very successful launch of our first of its kind 'Travel Ka Mahurat Sale' campaign to push our offerings to tap into seasonal travel demand”.
Fiscal 2026 Third Quarter Financial Results
Revenue. We generated revenue of $295.7 million in the quarter ended December 31, 2025, an increase of 10.6% (15.4% in constant currency(1)) over revenue of $267.4 million in the quarter ended December 31, 2024, which was primarily attributable to the robust travel demand in India for both domestic and international outbound travel in the quarter ended December 31, 2025 as compared to the quarter ended December 31, 2024.
This increase in revenue was primarily attributable to an increase of 9.7% (14.4% in constant currency) in revenue from our hotels and packages business, an increase of 16.5% (21.2% in constant currency) in revenue from our bus ticketing business, and an increase of 37.0% (43.3% in constant currency) in revenue from our others business, partially offset by a marginal decrease in revenue from our air ticketing business (an increase of 2.7% in constant currency), 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 December 31
Air ticketing
Hotels and packages
Bus ticketing
Others
2024
2025
2024
2025
2024
2025
2024
2025
(Amounts in USD thousands)
Revenue as per IFRS
61,336
60,068
147,089
161,418
31,836
37,086
27,101
37,116
Add: Customer inducement costs recorded as a reduction of revenue
32,426
47,812
44,059
49,621
3,192
5,325
781
417
Less: Service cost
—
—
69,288
77,864
—
—
8,090
10,000
Adjusted Margin(2)
93,762
107,880
121,860
133,175
35,028
42,411
19,792
27,533
Air Ticketing. Revenue from our air ticketing business was $60.1 million for the quarter ended December 31, 2025 compared to $61.3 million for the quarter ended December 31, 2024, a decline of 2.1%, resulting from the depreciation of the Indian rupee against the U.S. Dollar during the quarter ended December 31, 2025. Additionally, growth in revenue from our air ticketing business during the quarter ended December 31, 2025 was muted due to exceptional supply side constraints from Indian airline carriers in the domestic market. In constant currency terms, revenue from our air ticketing business increased by 2.7% for the quarter ended December 31, 2025 compared to the quarter ended December 31, 2024. Our Adjusted Margin – Air ticketing increased by 15.1% (20.4% in constant currency) to $107.9 million in the quarter ended December 31, 2025, from $93.8 million in the quarter ended December 31, 2024. Adjusted Margin – Air ticketing includes customer inducement costs of $47.8 million in the quarter ended December 31, 2025 and $32.4 million in the quarter ended December 31, 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 by 0.4% (5.3% in constant currency) primarily driven by a 4.9% increase in the number of air ticketing flight segments (excluding flight segments booked as a component of bookings for our Hotels and Packages segment) in the quarter ended December 31, 2025 as compared to the quarter ended December 31, 2024. Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of gross bookings) – Air ticketing increased to 7.0% in the quarter ended December 31, 2025 as compared to 6.1% in the quarter ended December 31, 2024.
Hotels and Packages. Revenue from our hotels and packages business increased by 9.7% (14.4% in constant currency) to $161.4 million in the quarter ended December 31, 2025, from $147.1 million in the quarter ended December 31, 2024. Our Adjusted Margin – Hotels and packages increased by 9.3% (14.6% in constant currency) to $133.2 million in the quarter ended December 31, 2025 from $121.9 million in the quarter ended December 31, 2024. Adjusted Margin – Hotels and packages includes customer inducement costs of $49.6 million in the quarter ended December 31, 2025 and $44.1 million in the quarter ended December 31, 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 10.1% (15.9% in constant currency), which was primarily driven by a 20.3% increase in the number of hotel-room nights in the quarter ended December 31, 2025 as compared to the quarter ended December 31, 2024, primarily due to robust travel demand in India for both domestic and international outbound travel. Our Adjusted Margin % – Hotels and packages decreased marginally to 17.7% in the quarter ended December 31, 2025 as compared to 17.9% in the quarter ended December 31, 2024.
Bus Ticketing. Revenue from our bus ticketing business increased by 16.5% (21.2% in constant currency) to $37.1 million in the quarter ended December 31, 2025, from $31.8 million in the quarter ended December 31, 2024. Our Adjusted Margin – Bus ticketing increased by 21.1% (26.1% in constant currency) to $42.4 million in the quarter ended December 31, 2025 from $35.0 million in the quarter ended December 31, 2024. Adjusted Margin – Bus ticketing includes customer inducement costs of $5.3 million in the quarter ended December 31, 2025 and $3.2 million in the quarter ended December 31, 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 27.9% (33.2% in constant currency) driven by a 33.3% increase in the number of bus tickets travelled in the quarter ended December 31, 2025 as compared to the quarter ended December 31, 2024, primarily due to robust travel demand in India. Our Adjusted Margin % – Bus ticketing decreased to 10.1% in the quarter ended December 31, 2025 as compared to 10.7% in the quarter ended December 31, 2024.
Others. Revenue from our others business increased by 37.0% (43.3% in constant currency) to $37.1 million in the quarter ended December 31, 2025, from $27.1 million in the quarter ended December 31, 2024. Our Adjusted Margin – Others increased by 39.1% (45.5% in constant currency) to $27.5 million in the quarter ended December 31, 2025 from $19.8 million in the quarter ended December 31, 2024. Adjusted Margin – Others includes customer inducement costs of $0.4 million in the quarter ended December 31, 2025 and $0.8 million in the quarter ended December 31, 2024, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was primarily led by growth in our ancillary services and other travel services.
Other Income. Other income was $0.07 million in the quarter ended December 31, 2025 and $0.04 million in the quarter ended December 31, 2024.
Service Cost. Service cost increased by 13.6% to $87.9 million in the quarter ended December 31, 2025 from $77.4 million in the quarter ended December 31, 2024, primarily due to robust travel demand, particularly for our packages and car booking businesses in India, in the quarter ended December 31, 2025 as compared to the quarter ended December 31, 2024.
Personnel Expenses. Personnel expenses increased by 1.0% to $40.1 million in the quarter ended December 31, 2025 from $39.7 million in the quarter ended December 31, 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 December 31, 2025 as compared to the quarter ended December 31, 2024.
Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 10.5% to $52.3 million in the quarter ended December 31, 2025 from $47.3 million in the quarter ended December 31, 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 $103.2 million in the quarter ended December 31, 2025 and $80.5 million in the quarter ended December 31, 2024. The details are as follows:
For the three months ended December 31
2024
2025
(Amounts in USD thousands)
Marketing and sales promotion expenses
47,345
52,339
Customer inducement costs recorded as a reduction of revenue
80,458
103,175
Other Operating Expenses. Other operating expenses increased by 9.9% to $67.6 million in the quarter ended December 31, 2025 from $61.5 million in the quarter ended December 31, 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 December 31, 2025 as compared to the quarter ended December 31, 2024.
Depreciation and Amortization. Our depreciation and amortization expenses were $7.0 million in the quarter ended December 31, 2025 and $6.8 million in the quarter ended December 31, 2024.
Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $40.9 million in the quarter ended December 31, 2025 as compared to a profit of $34.7 million in the quarter ended December 31, 2024. Our Adjusted Operating Profit was $50.7 million in the quarter ended December 31, 2025 as compared to $46.0 million in the quarter ended December 31, 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 $27.7 million in the quarter ended December 31, 2025 as compared to $4.8 million in the quarter ended December 31, 2024, primarily due to an increase of $24.2 million in interest expense on financial liabilities measured at amortized cost related to convertible senior notes due 2030, which was partially offset by a decrease of $1.5 million in foreign exchange losses in the quarter ended December 31, 2025 as compared to the quarter ended December 31, 2024.
Income Tax Expense. Our income tax expense was $5.9 million in the quarter ended December 31, 2025 as compared to $2.8 million in the quarter ended December 31, 2024, primarily due to an increase in tax expense resulting from an increase in our taxable income, which was partially offset by a reversal of deferred tax liabilities in the quarter ended December 31, 2025.
Profit for the Period. As a result of the foregoing factors, our profit for the quarter ended December 31, 2025 was $7.3 million as compared to a profit of $27.1 million in the quarter ended December 31, 2024. Our Adjusted Net Profit was $51.4 million in the quarter ended December 31, 2025, as compared to $44.9 million in the quarter ended December 31, 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 for the period”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.
Diluted Earnings per Share. As a result of the foregoing factors, diluted earnings per share was $0.07 for the quarter ended December 31, 2025 as compared to diluted earnings per share of $0.23 in the quarter ended December 31, 2024. Our Adjusted Diluted Earnings per share was $0.52 in the quarter ended December 31, 2025 as compared to $0.39 in the quarter ended December 31, 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 per share”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.
Liquidity. As at December 31, 2025, cash and cash equivalents and term deposits (including restricted cash and cash equivalents and term deposits of $10.4 million) on our balance sheet was $830.0 million. As at December 31, 2025, we had $0.7 million in bank overdrafts.
Recent Developments
On December 19, 2025, the National Company Law Tribunal of India (“NCLT”) approved the composite scheme of amalgamation and arrangement between our wholly-owned Indian subsidiaries, MakeMyTrip (India) Private Limited (“MMT India”) and redBus India Private Limited (“redBus India”), pursuant to which redBus India will merge with MMT India. The merger will be effective following the filing of a certified copy of the NCLT order approving the scheme with the Registrar of Companies, National Capital Territory of Delhi and Haryana, which we expect to complete during the fiscal year ending March 31, 2026.
Repurchases of Shares and Convertible Notes
The Company’s share repurchase program, pursuant to which the Company can repurchase its ordinary shares at any price determined by its board of directors from time to time, is 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 (the “2030 Notes”) 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.
Pursuant to the repurchase program, during the third quarter of fiscal 2026, we repurchased 550,000 ordinary shares for an aggregate price of $41.5 million and an aggregate principal amount of $5.0 million in 2030 Notes at an aggregate price of $4.6 million from the open market. There were no repurchases of 2028 Notes during the third quarter of fiscal 2026. As at December 31, 2025, we had remaining authority to repurchase an aggregate of up to $153.9 million of our outstanding ordinary shares, 2028 Notes and 2030 Notes (with a sub-limit of $53.9 million for fiscal 2026).
Conference Call
MakeMyTrip will host a live Zoom webinar to discuss the Company’s results for the quarter ended December 31, 2025 beginning at 7:30 AM EDT or 6:00 PM IST on January 21, 2026 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_gO7KkRz_QtGP-8pARfPn1Q 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 December 31, 2025
Assets
Property, plant and equipment
26,457
22,726
Intangible assets and goodwill
597,791
561,458
Trade and other receivables
8,879
10,087
Investment in equity-accounted investees
1,914
1,608
Other investments
972
2,581
Term deposits
2,130
15,858
Non-current tax assets, net
18,044
22,608
Deferred tax assets, net
106,431
76,415
Other non-current assets
402
70
Total non-current assets
763,020
713,411
Inventories
363
687
Contract assets
507
9,921
Current tax assets, net
9,140
—
Trade and other receivables
141,143
160,025
Term deposits
252,286
380,217
Other current assets
152,931
161,334
Cash and cash equivalents
508,898
433,889
Total current assets
1,065,268
1,146,073
Total assets
1,828,288
1,859,484
Equity
Share capital
56
48
Share premium
2,203,445
2,711,190
Other components of equity
(71,003
)
95,112
Accumulated deficit
(929,868
)
(2,817,970
)
Total equity attributable to owners of the Company
1,202,630
(11,620
)
Non-controlling interests
5,347
4,268
Total equity
1,207,977
(7,352
)
Liabilities
Loans and borrowings(#)
13,895
1,176,282
Employee benefits
14,705
15,235
Contract liabilities and related payables
175
147
Deferred tax liabilities, net
2,526
45,846
Other non-current liabilities
12,396
11,401
Total non-current liabilities
43,697
1,248,911
Bank overdraft
536
728
Loans and borrowings(#)
222,142
234,111
Trade and other payables
146,999
177,481
Contract liabilities and related payables
120,098
110,389
Other current liabilities
86,839
95,216
Total current liabilities
576,614
617,925
Total liabilities
620,311
1,866,836
Total equity and liabilities
1,828,288
1,859,484
# Loans and borrowings include lease liabilities amounting to $13.2 million as at December 31, 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 December 31
For the nine months ended December 31
2024
2025
2024
2025
Revenue
Air ticketing
61,336
60,068
179,901
181,222
Hotels and packages
147,089
161,418
397,133
411,295
Bus ticketing
31,836
37,086
85,861
109,327
Other revenue
27,101
37,116
69,979
92,031
Total revenue
267,362
295,688
732,874
793,875
Other income
37
74
229
1,851
Service cost
Procurement cost of hotels and packages services
69,288
77,864
191,850
189,887
Other cost of providing services
8,090
10,000
20,390
24,378
Personnel expenses
39,736
40,137
117,314
120,796
Marketing and sales promotion expenses
47,345
52,339
123,221
134,195
Other operating expenses
61,502
67,558
171,556
189,669
Depreciation and amortization
6,751
6,975
20,115
21,114
Results from operating activities
34,687
40,889
88,657
115,687
Finance income
6,634
6,825
21,098
20,616
Finance costs
11,437
34,537
24,714
88,165
Net finance income (costs)
(4,803
)
(27,712
)
(3,616
)
(67,549
)
Share of loss of equity-accounted investees
(19
)
(22
)
(108
)
(51
)
Profit before tax
29,865
13,155
84,933
48,087
Income tax expense
(2,796
)
(5,871
)
(18,879
)
(20,736
)
Profit for the period
27,069
7,284
66,054
27,351
Other comprehensive income (loss), net of tax
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit liability
—
—
(466
)
95
Equity instruments at fair value through other comprehensive income (FVOCI) - net change in fair value
—
—
(452
)
—
—
—
(918
)
95
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences on foreign operations
(19,113
)
(9,623
)
(22,535
)
(44,883
)
Other comprehensive income (loss) for the period, net of tax
(19,113
)
(9,623
)
(23,453
)
(44,788
)
Total comprehensive income (loss) for the period
7,956
(2,339
)
42,601
(17,437
)
Profit (loss) attributable to:
Owners of the Company
27,020
7,247
65,903
27,556
Non-controlling interests
49
37
151
(205
)
Profit for the period
27,069
7,284
66,054
27,351
Total comprehensive income (loss) attributable to:
Owners of the Company
8,027
(2,311
)
42,600
(16,973
)
Non-controlling interests
(71
)
(28
)
1
(464
)
Total comprehensive income (loss) for the period
7,956
(2,339
)
42,601
(17,437
)
Earnings per share (in USD)
Basic
0.24
0.07
0.59
0.27
Diluted
0.23
0.07
0.57
0.26
Weighted average number of shares (including Class B Shares)
Basic
113,031,070
97,701,599
112,408,095
103,554,892
Diluted
115,448,770
99,324,836
114,775,785
105,309,524
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
—
—
—
—
—
—
—
27,556
27,556
(205
)
27,351
Other comprehensive income (loss)
Foreign currency translation differences
—
—
—
—
—
—
(44,624
)
—
(44,624
)
(259
)
(44,883
)
Remeasurements of defined benefit liability
—
—
—
—
—
—
—
95
95
—
95
Total other comprehensive income (loss)
—
—
—
—
—
—
(44,624
)
95
(44,529
)
(259
)
(44,788
)
Total comprehensive income (loss) for the period
—
—
—
—
—
—
(44,624
)
27,651
(16,973
)
(464
)
(17,437
)
Transactions with owners of the Company
Contributions by owners
Share-based payment
—
—
—
—
—
19,955
—
—
19,955
96
20,051
Issue of ordinary shares on exercise of share based awards
*
10,689
—
—
—
(9,361
)
—
—
1,328
—
1,328
Transfer to accumulated deficit on expiry of share based awards
—
—
—
—
—
(49
)
—
49
—
—
—
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
)
Repurchase of convertible notes
—
—
(840
)
—
—
—
—
361
(479
)
—
(479
)
Treasury shares acquired
—
—
—
(41,489
)
—
—
—
—
(41,489
)
—
(41,489
)
Total contributions by owners
(8
)
507,745
240,888
(41,489
)
—
10,545
—
(1,914,436
)
(1,196,755
)
96
(1,196,659
)
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
—
—
—
—
—
—
795
505
1,300
—
1,300
Total changes in ownership interests
—
—
—
—
—
—
795
(1,317
)
(522
)
(711
)
(1,233
)
Total transactions with owners of the Company
(8
)
507,745
240,888
(41,489
)
—
10,545
795
(1,915,753
)
(1,197,277
)
(615
)
(1,197,892
)
Balance as at December 31, 2025
48
2,711,190
272,010
(63,211
)
(84
)
128,957
(242,560
)
(2,817,970
)
(11,620
)
4,268
(7,352
)
*less than 1
MAKEMYTRIP LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
(UNAUDITED)
(Amounts in USD thousands)
For the nine months ended December 31
2024
2025
Profit for the period
66,054
27,351
Adjustments for non-cash items
69,449
127,655
Changes in working capital
(38,062
)
(18,909
)
Net cash generated from operating activities
97,441
136,097
Net cash used in investing activities
(27,216
)
(139,760
)
Net cash generated from (used in) financing activities
943
(54,362
)
Increase (decrease) in cash and cash equivalents
71,168
(58,025
)
Cash and cash equivalents (net of bank overdraft) at beginning of the period
327,065
508,362
Effect of exchange rate fluctuations on cash held
(7,540
)
(17,176
)
Cash and cash equivalents (net of bank overdraft) at end of the period
390,693
433,161
MAKEMYTRIP LIMITED
INFORMATION ABOUT REPORTABLE SEGMENTS
(UNAUDITED)
(Amounts in USD thousands)
For the three months ended December 31
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
61,336
60,068
147,089
161,418
31,836
37,086
27,101
37,116
267,362
295,688
Add: Customer inducement costs recorded as a reduction of revenue*
32,426
47,812
44,059
49,621
3,192
5,325
781
417
80,458
103,175
Less: Service cost
—
—
69,288
77,864
—
—
8,090
10,000
77,378
87,864
Adjusted Margin
93,762
107,880
121,860
133,175
35,028
42,411
19,792
27,533
270,442
310,999
Other income
37
74
Personnel expenses
(39,736
)
(40,137
)
Marketing and sales promotion expenses
(47,345
)
(52,339
)
Customer inducement costs recorded as a reduction of revenue*
(80,458
)
(103,175
)
Other operating expenses
(61,502
)
(67,558
)
Depreciation and amortization
(6,751
)
(6,975
)
Finance income
6,634
6,825
Finance costs
(11,437
)
(34,537
)
Share of loss of equity-accounted investees
(19
)
(22
)
Profit before tax
29,865
13,155
For the nine months ended December 31
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
179,901
181,222
397,133
411,295
85,861
109,327
69,979
92,031
732,874
793,875
Add: Customer inducement costs recorded as a reduction of revenue*
98,999
126,536
114,586
139,465
8,631
13,426
1,518
1,875
223,734
281,302
Less: Service cost
—
—
191,850
189,887
—
—
20,390
24,378
212,240
214,265
Adjusted Margin
278,900
307,758
319,869
360,873
94,492
122,753
51,107
69,528
744,368
860,912
Other income
229
1,851
Personnel expenses
(117,314
)
(120,796
)
Marketing and sales promotion expenses
(123,221
)
(134,195
)
Customer inducement costs recorded as a reduction of revenue*
(223,734
)
(281,302
)
Other operating expenses
(171,556
)
(189,669
)
Depreciation and amortization
(20,115
)
(21,114
)
Finance income
21,098
20,616
Finance costs
(24,714
)
(88,165
)
Share of loss of equity-accounted investees
(108
)
(51
)
Profit before tax
84,933
48,087
* 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 December 31
Air ticketing
Hotels and packages
Bus ticketing
Others
2024
2025
2024
2025
2024
2025
2024
2025
Revenue as per IFRS
61,336
60,068
147,089
161,418
31,836
37,086
27,101
37,116
Add: Customer inducement costs recorded as a reduction of revenue
32,426
47,812
44,059
49,621
3,192
5,325
781
417
Less: Service cost
—
—
69,288
77,864
—
—
8,090
10,000
Adjusted Margin(2)
93,762
107,880
121,860
133,175
35,028
42,411
19,792
27,533
For the nine months ended December 31
Air ticketing
Hotels and packages
Bus ticketing
Others
2024
2025
2024
2025
2024
2025
2024
2025
Revenue as per IFRS
179,901
181,222
397,133
411,295
85,861
109,327
69,979
92,031
Add: Customer inducement costs recorded as a reduction of revenue
98,999
126,536
114,586
139,465
8,631
13,426
1,518
1,875
Less: Service cost
—
—
191,850
189,887
—
—
20,390
24,378
Adjusted Margin(2)
278,900
307,758
319,869
360,873
94,492
122,753
51,107
69,528
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 December 31
For the nine months ended December 31
(Unaudited)
2024
2025
2024
2025
Results from operating activities as per IFRS
34,687
40,889
88,657
115,687
Add: Acquisition related intangibles amortization
2,845
2,757
8,595
8,446
Add: Employee share-based compensation costs
8,472
7,061
25,358
19,462
Less: Gain on discontinuation of equity accounted investment
—
—
—
(1,361
)
Adjusted Operating Profit
46,004
50,707
122,610
142,234
The following table reconciles our profit 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 December 31
For the nine months ended December 31
(Unaudited)
2024
2025
2024
2025
Profit for the period as per IFRS
27,069
7,284
66,054
27,351
Add: Acquisition related intangibles amortization
2,845
2,757
8,595
8,446
Add: Employee share-based compensation costs
8,472
7,061
25,358
19,462
Less: Gain on discontinuation of equity accounted investment
—
—
—
(1,361
)
Add (Less): Change in fair value of financial asset measured at FVTPL
—
187
—
(109
)
Add: Interest expense on financial liabilities measured at amortized cost
3,709
28,199
11,126
62,586
Add: Income tax expense
2,796
5,871
18,879
20,736
Add: Share of loss of equity-accounted investees
19
22
108
51
Adjusted Net Profit
44,910
51,381
130,120
137,162
The following table reconciles our diluted earnings 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 December 31
For the nine months ended December 31
(Unaudited)
2024
2025
2024
2025
Diluted Earnings per Share for the period as per IFRS
0.23
0.07
0.57
0.26
Add: Acquisition related intangibles amortization
0.02
0.03
0.07
0.08
Add: Employee share-based compensation costs
0.07
0.07
0.22
0.18
Less: Gain on discontinuation of equity accounted investment
—
—
—
(0.01
)
Add (Less): Change in fair value of financial asset measured at FVTPL
—
*
—
*
Add: Interest expense on financial liabilities measured at amortized cost
0.04
0.28
0.11
0.59
Add: Income tax expense
0.03
0.07
0.16
0.20
Add: Share of loss of equity-accounted investees
*
*
*
*
Adjusted Diluted Earnings per Share
0.39
0.52
1.13
1.30
* 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 December 31, 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
60,068
161,418
37,086
37,116
295,688
107,880
133,175
42,411
27,533
Impact of Foreign Currency Translation
2,925
6,806
1,496
1,721
12,948
4,999
6,477
1,748
1,269
Constant Currency Amount
62,993
168,224
38,582
38,837
308,636
112,879
139,652
44,159
28,802
(Unaudited)
For the nine months ended December 31, 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
181,222
411,295
109,327
92,031
793,875
307,758
360,873
122,753
69,528
Impact of Foreign Currency Translation
6,633
13,680
3,330
3,514
27,157
11,038
13,944
3,829
2,597
Constant Currency Amount
187,855
424,975
112,657
95,545
821,032
318,796
374,817
126,582
72,125
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 December 31, 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
-2.1
%
9.7
%
16.5
%
37.0
%
10.6
%
15.1
%
9.3
%
21.1
%
39.1
%
Impact of Foreign Currency Translation
4.8
%
4.7
%
4.7
%
6.3
%
4.8
%
5.3
%
5.3
%
5.0
%
6.4
%
Constant Currency Growth
2.7
%
14.4
%
21.2
%
43.3
%
15.4
%
20.4
%
14.6
%
26.1
%
45.5
%
(Unaudited)
For the nine months ended December 31, 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
0.7
%
3.6
%
27.3
%
31.5
%
8.3
%
10.3
%
12.8
%
29.9
%
36.0
%
Impact of Foreign Currency Translation
3.7
%
3.4
%
3.9
%
5.0
%
3.7
%
4.0
%
4.4
%
4.1
%
5.1
%
Constant Currency Growth
4.4
%
7.0
%
31.2
%
36.5
%
12.0
%
14.3
%
17.2
%
34.0
%
41.1
%
MAKEMYTRIP LIMITED
SELECTED OPERATING AND FINANCIAL DATA
(Unaudited)
For the three months ended December 31
For the nine months ended December 31
2024
2025
2024
2025
(in thousands, except percentages)
Unit Metrics
Air Ticketing – Flight segments(1)
14,665
15,356
43,926
44,595
Hotels and Packages – Room nights
9,834
11,828
27,446
32,518
Standalone Hotels – Online(2) – Room nights
9,549
11,514
26,720
31,781
Bus Ticketing – Bus tickets(4)
27,522
36,682
77,638
104,685
Adjusted Margin
Air Ticketing(3)
$
93,762
$
107,880
$
278,900
$
307,758
Hotels and Packages
121,860
133,175
319,869
360,873
Bus Ticketing
35,028
42,411
94,492
122,753
Others
19,792
27,533
51,107
69,528
Gross Bookings
Air Ticketing(3)
$
1,528,854
$
1,534,238
$
4,336,882
$
4,393,933
Hotels and Packages
681,474
750,438
1,810,023
2,022,167
Bus Ticketing
328,859
420,595
908,291
1,198,870
Other Transport Services
73,227
79,243
194,805
225,341
$
2,612,414
$
2,784,514
$
7,250,001
$
7,840,311
Adjusted Margin %
Air Ticketing(3)
6.1
%
7.0
%
6.4
%
7.0
%
Hotels and Packages
17.9
%
17.7
%
17.7
%
17.8
%
Bus Ticketing
10.7
%
10.1
%
10.4
%
10.2
%
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.