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Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 7:30 a.m. ET Senior Vice President, Investor Relations - Vipul Garg Co-Founder and Group Chief Executive Officer - Rajesh Magow Group Chief Operating Officer - Mohit Kabra Group Chief Financial Officer - Dipak Bohra Vipul Garg: Good evening, everyone. Welcome to MakeMyTrip Earnings Call for Q1 FY '27. We will just give a minute for everyone to join. Okay. Hello, everyone. I'm Vipul Garg, Senior Vice President, Investor Relations at MakeMyTrip Limited, and welcome to our fiscal 2027 first quarter earnings webinar. Today's event will be hosted by company's leadership team, comprising Rajesh Magow, our Co-Founder and Group Chief Executive Officer; Mohit Kabra, our Group Chief Operating Officer; and Dipak Bohra, our Group Chief Financial Officer. As a reminder, this live event is being recorded by the company and will be made available for replay on our IR website shortly after the conclusion of today's event. At the end of these prepared remarks, we will also be hosting a Q&A session. Furthermore, certain statements made during today's event may be considered forward-looking statements within the meaning of safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not guarantees of the future performance, are subject to inherent uncertainties, and actual results may differ materially. Any forward-looking information relayed during this event speaks only as of this date, and the company undertakes no obligation to update the information to reflect changed circumstances. Additional information concerning these statements is contained in the Risk Factors and forward-looking statements section of the company's annual report on Form 20-F filed with the SEC on July 27, 2026. Copies of these filings are available from the SEC or from the company's Investor Relations department. I would like to now turn the call over to Rajesh for his remarks. Over to you, Rajesh. Rajesh Magow: Thank you, Vipul. Welcome, everyone, to our first quarter call for fiscal 2027. Before we go into the financial and operating details, I would like to put the quarter in context. This was a quarter in which external events continued to influence where and how customers traveled. The quarter began with the continuing impact of the West Asia conflict. In the initial phase, the impact was broad-based. Flight operations were disrupted and customers became more cautious about international travel, particularly on westbound routes. As flight operations gradually resumed, the nature of the challenge also evolved. Higher fuel costs and ATF prices translated into elevated airfares, affecting westbound international travel as well as price-sensitive domestic air demand to an extent. Higher ATF cost also affected the profitability of airlines, leading to short-term capacity cuts. However, as we moved into the peak summer holiday period, we saw seasonality began to support the underlying resilient travel intent for leisure travel, whereas essential travel and business travel largely continued as uninterrupted, except for long-haul westbound business travel. International leisure travel saw some shift from westbound to East and Far East destinations and domestic leisure travel was a combination of popular leisure destinations and nearby short-distance getaways by road. Thanks to our comprehensive product offerings, we were well positioned to offer our customers alternative transport and accommodation options for their choice across both established and emerging leisure destinations during the quarter. As a result, we delivered a strong performance during Q1 despite significant macro and geopolitical headwinds, reflecting both the resilience of travel demand and the strength of our diversified platform. Growth in hotels and packages and ground transport helped offset softness in air ticketing to deliver targeted adjusted margin growth and profitability. Both our bus ticketing and intercity cabs continue to grow at a strong pace, driven by sustained supply additions, wider route coverage and the continued expansion of India's highway infrastructure. We continue to curate pilgrimage plus leisure itineraries, short duration holidays and drive-down breaks. These formats are increasingly becoming popular for customers looking for convenient, affordable and experience-led travel closer to home. The broader conclusion from this quarter is consistent with what we have observed post-COVID. Travel in India is gradually moving from an occasional purchase to becoming a recurring consumption category. Customers are taking more frequent trips across leisure, family visits, pilgrimage, short breaks and extended weekends. We have seen external events impacting the demand sentiment initially. But when macroeconomic or geopolitical environment starts to show some improvement, demand recovers quickly. This quarter was another validation of this behavior among Indian travelers. The long-term structural growth drivers also remain unchanged. Growth in the aspirational middle class, increasing participation from Tier 2 and Tier 3 cities, expanding physical infrastructure and great digital continue to support the long-term positive outlook of the travel market in India. Let me now give an update on the progress we are making on our AI-first transformation. We view AI as a foundational layer across travel discovery, planning, booking, payments, servicing and loyalty. During the quarter, we launched Myra 2.0, the next version of our AI-powered travel assistant to enable end-to-end conversational booking within the Myra interface possible now. Customers can now search, compare, ask contextual questions, upload documents and complete bookings, including agentic payments through a single conversational interface via text chat, voice-only chat or a combination of voice or text chat across 8 Indian languages. In the meantime, customer adoption of Myra being used as an assistant in the existing funnel continues to scale well. It has handled over 8 million conversations during the quarter, including more than 3 million conversations in June alone. Over 45% of usage came from Tier 2 and smaller cities. We believe conversational AI feature will continue to simplify and personalize travel planning, improve customer engagement and serve as a key long-term differentiator for our platform. We are also expanding the use of AI and automation across customer support, content creation, supply onboarding and operational processes. These investments are intended to reduce friction in the customer journey, improve conversion and enhance organizational productivity. We're already seeing the productivity benefits of AI translate into our operations. AI now generates more than 75% of our code and our AI-powered customer support bot independently resolves over 50% of customer calls, meaningfully improving both engineering velocity and customer service efficiency. During the quarter, we launched AI-powered smart filters on the flights and hotels listing page to enhance discovery, enabling users to express preferences in natural language and instantly refine results using natural language instead of relying only on predefined filters. Travelers can now search for highly specific preferences such as micro locations, early check-in, premium room amenities for hotels or exact baggage allowance, cancellation penalties, seat inclusions, layover preferences, et cetera, in case of flights, thus making discovery more intuitive and personalized for the customers. Looking ahead, higher oil prices and weakening of rupee remain important variables to keep overall travel inflation in control. We remain cautious about the near-term environment while staying positive about structural drivers for long-term growth in the sector. We will continue to navigate the near-term challenging environment by tapping into growth opportunities in our non-air ticketing segments while calibrating our marketing investments in line with market conditions. With this, let me now hand over the call to Mohit for business highlights of the quarter. Mohit Kabra: Thanks, Rajesh, and hello, everyone. As explained by Rajesh, this was a quarter in which the external environment remained challenging, which impacted our outbound and air ticketing businesses. We leveraged the resilient travel sentiment by focusing on domestic travel, drive down on short duration holidays and pilgrimage air travel, supported by our widespread offering across hotels and ground transport. This has helped us deliver strong growth in our hotels and packages business with adjusted margin growth of 21.3% year-on-year in constant currency terms. This was led by stand-alone hotel booking volumes growing just over 20% or 20.2% year-on-year despite the weakness on the international demand side. This was coupled with strong growth in our ground transport business. Our bus ticketing business delivered strong adjusted margin growth of 22.4% year-on-year in constant currency, supported by strong volume growth of 23.9%. Similarly, our intercity cabs business grew in the 40s, albeit on a smaller base. This strong performance in an impacted quarter demonstrates the strength of our diversified and comprehensive bouquet of travel services, which is helping drive growth much ahead of the industry and also driving increased customer engagement. Our ability to serve multiple accommodation and transport options across price points allows us to ensure that we curate travel experiences customized to the budget options of our customers. As customers book multiple travel segments on our platforms, we also gain better understanding of their travel preferences, and this helps us get better and better at offering more relevant, connected and personalized travel solutions. Let me share some more details on the holidays and packages segment. To drive the growth in hotels, we have significantly scaled up the breadth of stay options we offer in India to improve the coverage across destinations, price points and travel needs. We now have over 11,000 accommodation options available on the platform, covering over 2,070 cities in the country. We continue to innovate and solve for unique requirements of the Indian traveling customer. To better serve families and travelers, we have made it easier to discover multi-bedroom properties along with better understanding of room layouts, which is resulting in higher booking confidence with more relevant room combinations being showcased during the booking process. We also launched probably an industry-first feature around guaranteed early check-in or guaranteed late checkout, a facility which is a paid feature enabling travelers to have assured room access aligned with their travel schedules right at the time of booking. This feature is helping address one of the most common pain points for travelers. This is even more relevant for Indians traveling overseas as the landing or takeoff times for most of our international connections have a significant gap with the usual check-in or checkout times offered by hotels in those destinations. One of the long-standing pain points in the accommodation segment has been inability to optimize hotel reward programs, both for travelers as well as for accommodation service providers. As we entered the new fiscal year 2027, we're trying to address this with the launch of OneCircle. OneCircle is our cross-network hotel rewards program. Initially spanning over 13,000 properties across Indian and international destinations, OneCircle will enable travelers to earn and redeem rewards seamlessly across a large network of hotels, homestays and villas. This will help them access wider array of properties on a single reward program, driving loyalty and repeat of stays across our accommodation ecosystem. Equally importantly for our hotel partners, OneCircle provides access to a broader base of loyal travelers, which can help drive both new always as well as repeat demand to their properties. We believe this will allow our domestic hotel partners to showcase their properties as well as drive demand, particularly from India's fast-growing Tier 2 and Tier 3 markets. For our international hotel partners, this will be of great relevance in cities which see high travel demand from India. In Home, we continue to invest and build the category and are enhancing our product proposition to improve customer experience as well as drive the appeal of such properties. We launched our Star Host program to recognize and reward hosts who consistently deliver outstanding guest experiences. Hosts meeting defined quality benchmarks across guest ratings, responsiveness, booking performance and content quality are rewarded the Star Host badge, which is prominently surfaced across search results, property pages and host profiles to improve trust and discovery. The Star Host badge also helps customers spot properties from these hosts and book with confidence, particularly in case of new properties. Our holiday packages business continues to scale well and we are witnessing a shift towards shorter duration and nearby gateways in line with the current market trends. On the outbound side, destinations across Southeast Asia and Far East are driving the growth charter. Leveraging on the opportunity, we scaled up our group tours to over 15 destinations and generated about 90 departures or operated about 90 departures across Vietnam, Singapore, Georgia, Almaty, et cetera. During the quarter, we continued to build our tours and attractions business by strengthening customer acquisition, expanding our experiences portfolio and investing in platform-led differentiation. Our international experiences portfolio now spans across 1,100 cities, spanning 139 countries with a catalog of over 250,000 tours and attractions covering sightseeing, tickets, buses, performances, day trips, food experiences and unique local activities. Building on this portfolio, we have launched domestic experiences as well, spanning across 50-plus Indian cities, offering 3,000-plus products and strengthening our presence in a segment where we see significant growth potential in the future. This will help broaden our addressable market while strengthening our position as a one-stop platform for relevant travel experiences across both domestic and international destinations. 1/4 of our tours and activities are currently being bought while the customers are on a trip. This highlights the strong relevance being built with the platform for our customers while they are on the ground and looking for last mile things to do. As mentioned, we delivered strong growth in our bus ticketing business, driven by robust growth in the private bus inventory in line with the summer holiday demand. During the quarter, we reinitiated our partnership with PhonePe, which is helping us expand our distribution footprint and reach a larger base of high-intent digital customers, which bodes well for our new customer acquisition initiatives in the Indian travel market. We introduced several product enhancements to further strengthen the customer proposition. We introduced Comfort Score, a customer-generated rating based on seat and sleep comfort over the previous 6 months as the market continues to move towards premium experiences with an increasing shift towards sleeper buses, Comfort Score provides customers with a clear signal of expected seat quality, helping position the bus travel more of a comfort and hospitality-led experience rather than a purely transportation choice. Coming to our bus air ticketing business segment. During the quarter, domestic departures were flat year-on-year, but international flight departures witnessed a degrowth of 13%. In line with our call-out strategy, we continue to maintain a leading 30% share of the market of the domestic air ticketing industry. We also continue to enhance the product features or offerings in this segment. We recently launched a new addition to our flexibility suite of products called Price Drop Protection, which eases the fare anxiety of the customers and gives them confidence to book early without having to guess if they should wait for a better fare in the future. We also launched Visa Guide on the listing page to help users understand destination-specific visa policies and processes. During the quarter, after a hiatus of about 2 years, we reintroduced seamless native flight booking experience on PhonePe powered by our Goibibo brand. This enables PhonePe customers to search, book and manage flights directly within the PhonePe app. This partnership strengthens our distribution strategy by expanding our reach among high-intent customer base and driving incremental demand beyond our own homegrown channels. Let me now share some color on our non-B2C corporate demand platforms that is myBiz and Quest2Travel, both of which saw growth coming in not only from existing accounts but as well as from acquisitions. Our active SME and MSME corporate customer count on myBiz has grown by almost 19% year-on-year to over 79,000 customers. The count for our large corporates on our Quest2Travel platform has now increased to over 550 accounts. Overall, this was a strong operating quarter despite the challenging external environment, and we'll continue to dial up our ability to serve the traveling customers across the entire travel ecosystem to capture demand linked with market trends. With this, let me now hand over the call to Dipak for sharing the financial highlights of the quarter. Dipak Bohra: Thanks, Mohit, and hello, everyone. Before I begin the financial highlights, I want to call out the significant Y-o-Y currency movements during the quarter, which has impacted our reported numbers. Our functional and operating currency is in INR, but we report in USD. As USD and INR significantly depreciated during the quarter compared to same quarter last year, due to this, our reported Y-o-Y growth numbers look much lower than the actual growth. This is largely due to translation related and has no bearing on the operations of the company. In quarter 1, there was an impact of around 10% due to currency movement. And accordingly, our constant currency growth numbers are the best representation of our financial and operating health of the company. Gross booking value for the quarter grew 19.9% Y-o-Y in constant currency terms, and the IFRS revenue grew 16.1% Y-o-Y in constant currency coming at $285.6 million. The quarter performance was supported by strong growth in hotels and packages and bus ticketing business, which helped offset the softer operating environment in air ticketing. Adjusted operating profit for the quarter was $51.4 million, with profitability margins maintained at 1.8% of gross booking. Moving on to our segment results. Our air ticketing adjusted margin stood at $98.5 million, registering a growth of 10.8% Y-o-Y in constant currency terms. While the volume declined marginally due to macro headwinds, we achieved robust growth in adjusted margin on the back of a strong ancillary attach and better unit economics. For the Hotels and Packages segment, we recorded strong volume growth of 19.9% Y-o-Y with stand-alone hotels growing faster at 20.2% Y-o-Y on the back of strong demand in domestic hotels segment. We benefited from the shift in leisure demand towards domestic travel, including short duration and drive down holidays. Our expanding supply across established and emerging domestic markets allowed us to participate effectively in this shift. International hotel segment growth was impacted this quarter due to the conflict like international air. Hotels and Packages gross booking growth was at 19.6% Y-o-Y and adjusted margin growth was at 21.3% Y-o-Y in constant currency coming at $134.5 million. Ground transport continued to grow at a strong pace during the quarter. Elevated airfares supported increased consideration of more affordable ground transport options, while supply additions, wider route coverage and the continued development of India's highway infrastructure supported the category's structural growth. Bus ticketing adjusted margin was at $51.8 million for the quarter, registering a strong growth of 32.4% in constant currency terms. Our ancillaries business, which is part of the other segment is scaling up well, helping us get a larger share of wallet of our customers by building the attach of ancillary services. As a result, adjusted margin from other segment came in at $24.9 million, witnessing a strong growth of 27.2% Y-o-Y in constant currency terms. Moving onto expense side, most expenses came in line. Marketing and sales promotion expense for the quarter was 5.4% of gross booking compared to 5.2% in the previous quarter, which is in line with seasonality. At the same time, the initial benefits from our AI-led productivity initiatives are becoming now visible with efficiencies in personnel and general and administrative costs offsetting the higher marketing intensity and enabling us to maintain our overall profitability margins. The noncash interest cost on our 0 coupon convertible bonds for the quarter in P&L was $29.3 million, and the translation-related foreign currency loss was $5.1 million. Consequently, reported PAT for the quarter was $9.1 million. The adjusted net profit before tax came in at $52.2 million. We have a strong balance sheet and our cash flow generation continues to be robust. We ended the quarter with a cash and cash equivalent balance of $794 million. We also deployed $7.8 million in the buyback program during the quarter. Further to the update in the last earnings calls, our wholly owned subsidiary, MakeMyTrip India Limited, has confidentially filed a pre-filed Draft Red Herring Prospectus on 17 July with SEBI and stock exchanges in relation to the proposed initial public offering and listing of the equity shares of MMT India. Upon completion of the proposed initial public offering, MMT India will continue to be a subsidiary of MakeMyTrip and will be included in MakeMyTrip's consolidated financial statements. The net proceeds received by MakeMyTrip Mauritius from the sale of shares in MMT India will further strengthen the cash position and are expected to be utilized for long-term growth, strategic inorganic initiatives and repurchases of different classes of securities, including convertible securities by MakeMyTrip. We expect the proposed initial public offering and listing of MMT India to also enhance brand visibility and support our ability to incentivize and promote talent in a competitive technology recruitment landscape. Subject to regulatory approvals, both entities may evaluate alternatives in medium term to enable our respective shareholders to enjoy the benefits of a security at MMT India level that is fungible and listed across India and U.S. capital markets. We are working with our advisers and shall keep sharing periodical updates. With that, I would like to turn the call to Vipul for Q&A. Vipul Garg: Thanks, Dipak. [Operator Instructions] We already have a couple of questions. We will -- the first question is from the line of Sachin Salgaonkar of Bank of America. Sachin Salgaonkar: Congrats management for a good set of numbers. I have 3 questions. First question, unfortunately, this entire Iran conflict continues. In that context, I want to understand what's happening on the ground from a domestic air supply easing. And again, government has passed a bit of higher fuel prices to consumers. So are we seeing impact on overall travel consumption spend. So basic question out here is, obviously, the base is favorable. So should we continue to see a constant currency growth of 20% plus? Or are there other factors like a domestic air supply, which is impacting this growth? Mohit Kabra: Maybe I can respond to that, Sachin. And as far as the air industry is concerned, at least on the domestic side, see the DGCA data is kind of available on a monthly basis, and it is showing that the change in seasonality and every time between JAS and say, AMJ, JAS being a slightly flatter season on kind of leisure travel, which usually kind of see some amount of compression on the number of segments being grown. It does look like that the overall drop in segments is likely to be higher than what was kind of generally has been historically. So we don't know. I mean we are just kind of 1 month into the quarter, but we'll have to kind of take it by the week, by the month. However, like we called out in the call, kind of focusing on a variety of transport options, just not kind of banking on air transport or flights per se, trying to see how we can kind of unlock or drive demand across transport options and therefore, kind of help suit the travel options to the customers' budgets. But it is needless to mention that flights continues to be such a large part of the travel category, a little uncertainty or degrowth on flights does have an impact on the overall kind of growth for the industry. And therefore, it's kind of a little difficult to predict what kind of growth do we look at for every quarter. Last quarter had a similar kind of a structure and year-on-year kind of a framework, and we have come almost close to the kind of growth expectation that we had set out for ourselves -- and we are hopeful that we'll kind of remain on the trajectory even in the quarters to come. One quarter could be better or worse off. But overall, directionally, that will be the intent to kind of keep it largely in line with the trajectory. And we continue to focus a lot more on growth from non-flight segment. So I think the focus or narrative at least in the short term will have to be more around growth from non-flight segments, which is either holidays, hotels and packages or bus ticketing or other transport options. Rajesh Magow: And, if I can just build a little bit more on what Mohit just said, Sachin, we tried to sort of highlight some of that dramatic shift on our call as well. See, the good news is that it is not necessarily entire which used to be the case perhaps some time back that everything is sort of dependent on only air travel. And I think for the last couple of quarters where the disruption has been continuing off and on, we've seen sort of that shift developing into some kind of a pattern with our customers on our platform as well, where people are happily making alternative choices. If the air travel is expensive, then internationally expensive, then you end up picking up domestic destination or short-haul destination where relatively it is cheaper or you just take an alternative mode of transport and maybe just go for a nearby staycation and all, but not necessarily completely abandoned travel as far as leisure is concerned. And we saw that sort of playing out even in this quarter. That is point number one. Point number two, also, I think it's worth mentioning that while the disruption cycle would disturb the sentiment initially, and we saw in a couple of weeks, there was a relief on when the MOU was signed and the oil prices dropped significantly, like significantly and very quickly, we saw the recovery also happening swiftly as well. So these are some of the noticeable trends that are sort of pointing to the fact that the underlying desire or intent to travel is not necessarily changing. That is a bit of a structural shift that has happened, and that, coupled with the fact that we are a comprehensive platform able to service every possible travel service is kind of helping. And that to Mohit's point, that directionally, we continue to keep sort of navigating these short-term headwinds and keep at least from an execution standpoint, make sure that we stay on course on whatever is our directional targeted growth that we had shared. The only exception could be 1 quarter here and there. But in general, we should be sort of continue to keep driving that. Sachin Salgaonkar: My second question is on the disruptions what we are seeing. And clearly, on the back of it, your inducements are high. So when we think about marketing spend as a percentage of GMV, should we actually now expect slightly higher than the guided range or at the higher end? Or as Dipak mentioned in his opening remarks, should we see some AI-led benefits, which keeps marketing spends under control? Mohit Kabra: On the marketing side, Sachin, no significant change from what the trending has been over the last few quarters. And there will be small kind of changes coming in from the shift in mix, particularly as the airline mix goes down, as you know, the spending is slightly higher on the higher margin categories. And therefore, this is largely in line with the mix of the business. Therefore, as you see the overall the bottom line also the 1.8% kind of continues to be delivered as a percentage of gross bookings in terms of AOP. So largely in line. And when it comes to AI, I think the larger focus is more on driving much better personalization or much better curation of options or discovery for our customers and also kind of impacting the post-sales experiences, not necessarily kind of looking at sharply bringing any specific reduction in the customer action cost through that. Sachin Salgaonkar: Clear. And last question on your India listing and congrats on filing -- upon filing so fast. One of the comments what your press release also had was you may evaluate alternatives in medium term to enable shareholders to enjoy fungibility between the 2 names. Can you give more color in terms of what kind of fungibility are we thinking about? And by medium term, what are some of the key events that need to happen for that fungibility to come? Mohit Kabra: Sure. I think the first important event is for the IPO to go through and then we kind of start looking at it post that. Clearly, a few options that are kind of available. One of the options is to kind of look at a potential kind of an ADR or say there are also options inverting of the structure or a merger of the structure is possible, whether with the NCLT route with the RBI route. In fact, actually, today's articles also carry that the parliamentary committee is also looking at inverting of the structure and they would kind of come up with very specific recommendations around this. So like we've been saying in the past, we have been evaluating a variety of such options and also been kind of passing on our recommendations wherever possible. So we'll keep an open eye to it. The whole intent is ISP kind of -- while India does not have a dual listing kind of structure currently in place, we want to kind of keep pressing for that or kind of want to get to a structure which is as close to it as possible in line with what the regulatory environment is. So that's what it is. Also, most of these efforts we have to start once the -- once the India listing kind of happens and it settles down and then we can start working on some of these parts. It's just that we're kind of keeping an early eye also kind of trying to see if any regulatory kind of changes can help us in this time. Vipul Garg: Thank you, Sachin. The next question is from the line of Manish Adukia of Goldman Sachs. Manish Adukia: My first question is a follow-on from the previous question response, Mohit. So when you talk about fungibility, is it safe to say that you would start the process for that fungibility soon after the IPO happens? Or would there be a few other consideration factors before you will take a call on whether you want to enable fungibility or not? And my second question on the same topic is from the convertible bond standpoint, which combined is about $1.6 billion that you have at the Make Mauritius level, in the event where you talked about potentially inverting or merger of the structure, what would happen to those convertible bonds? Mohit Kabra: Yes. Sure, Manish. Like I said in my previous response, this is something that we can only kind of undertake or kind of think about in real terms once the India listing goes through, right? And therefore, we need to understand. And again, what we have done currently is only a confidential filing. There will be an opportunity to do an updated filing or a public filing. And therefore, there is kind of get involved in kind of taking this process through. And like I also mentioned, there are kind of looking like there are moving parts to this piece and the regulatory kind of environment may not necessarily remain what it is today. So we'll keep an eye open on all possibilities, including the ones that I called out. Now could there be variables which would kind of impact this? Depending upon the time line involved, there could be multiple variables which could be impacting this. But the overall objective largely remains the same. The underneath objective remains the same. If we can facilitate our investors to kind of participate between the 2 listed options, right, in a much more seamless manner without having to exit from one to get to the other. So that's the broader thought process. With respect to your question on the convertible bonds, the first round of bonds, which is in 2028 kind of maturing bonds, that $200 million, that's kind of reasonably well into the money. So that should not kind of really kind of have any impact as such. But the second round of bonds which we have issued last year, which is close to about $1.4 billion, that is still not in the money, right? And potential India listing, which also means that for the group as a whole, it would mean a strong addition to the cash that we have on the balance sheet, which keeps us well prepared to handle both a redemption or conversion as might kind of happen on the bond issue in the previous year. So I think from that point of view, this listing kind of only helps in remaining even more prepared, although the cash on the balance sheet currently also is reasonably strong at over $800 million. So overall, good situation to be in with or without the kind of IPO proceeds. Manish Adukia: Very clear. Maybe just a quick follow-on. I mean, again, I'm just trying to push my luck here. In terms of just the fungibility and completely appreciate that the process can only start once the India IPO actually goes through. But from a time line perspective, is there like a realistic time line that how long that could take like 6 months, 1 year, 2 years after the IPO or it's very hard to call that out given just the number of variables involved? Mohit Kabra: I think the regulatory changes that we have proposed come through, it could happen in a very short span, right? That's the least I can say. But we'll have to keep in mind how the regulatory environment is at that point in time. And therefore, like I said, since it's quite a few quarters away, it will be more relevant to speak of it on a periodical basis as we have more color around it. Manish Adukia: No, I appreciate that color, Mohit. My second question is on just the EBITDA or operating profit growth in dollar terms, it's in the single-digit range, not too dissimilar from the revenue growth profile in dollar terms, right? So like at least for the quarter, we are not seeing any operating leverage play out. Why should that be the case? I mean when the business in underlying constant basis is growing at 20% in rupee terms, why should cost grow at the same pace and there should be no operating leverage in the business? Mohit Kabra: No, interesting observation, Manish. And like I think Dipak pointed out, it is important to kind of look at the growth in constant currency, not in USD, right? Like you called out, it is more single digit in constant currency. And like yourself called out in the subsequent part of your question, it's close to kind of the 20% mark when you look at it in constant currency terms. Now you also need to kind of keep it in mind that the profitability is not necessarily a key challenge for us right now in the current environment where the industry growth is muted. In fact, if you look at it, the largest segment, which is flights is actually seeing a degrowth in the market, right, almost minus 2%, which is almost -- it has been unprecedented, right? And while you're riding through such a rough environment, one is to kind of try and optimize on the profitability. The other is to try and make most of the market conditions and actually increase your lead in terms of market share. As a market leader as an aggressive kind of in the segment, is very clear that we want to kind of press on building market share during these turbulent times rather than kind of focus on building profitability. It will be a decent range on the profitability side at about 1.8. We'll be happy to kind of remain there or gradually increase this, but we want to make the most of these uncertain times in terms of increasing our lead or increasing our market share across segments. And as you know, most of the other domestic OTAs are heavily skewed on the ticketing side. And therefore, this provides us a much better opportunity to kind of invest behind customer acquisition, invest behind growth opportunities or tech capabilities in terms of handling such growth and make the most of it. And therefore, we're kind of gearing towards that rather than trying to drive more operating leverage. This also comes with the fact that we are doing a sizable investment on the AI side to kind of continuously keep building on the tech capabilities to drive future growth. Rajesh Magow: And there are some newer segments as well, Manish. There are new segments as well as like attractions. At any point in time, we will have at least a couple of new segments that we would have invested behind. And it's important to sort of keep investing in for future growth as well and not necessarily sort of every penny try to sort of add to the profitability, given the overall market condition because there's significant headroom still across the board on overall sort of many segments being online, low penetrated. And therefore, I think it's from our point of view, a very balanced strategy. Wherever we see an opportunity, we end up redeploying it. Wherever then the opportunity -- I mean, there will be time and phase where the headroom will keep reducing and then you will see that it is sort of more flowing through the bottom line rather than relatively just incrementally lower addition to the bottom line right now. Vipul Garg: The next question is from the line of Aditya Suresh of Macquarie. Aditya Suresh: So 2 questions. First is on cash from operations, that was down due to some working capital impacts this quarter. Can you just help us understand why that was the case? That's one. Second is your volume trends are strong, right? Like hotels at 20%, bus at 24%, 25%. Can you speak about the market share you're seeing in volume terms in these categories? Mohit Kabra: So let me -- maybe, Dipak, you can take? Dipak Bohra: Yes, I'll take the first question, Mohit. So if you see -- you're right, your observation, the working capital deployment has taken up cash. And this is because if you see we have a corporate business, which we do the B2B corporate business and myBiz-based business, that has been growing relatively quite fast. Over the last 12 months, the growth has been very high. And the expansion in the working capital has happened because in line with the growth we have achieved in the business, with a normal DSO terms, which remains in that business as a multiplier of that, that has expanded the working capital. And some working capital gets expanded because of seasonality in this quarter because you tend to receive advances from customers for bookings for the next quarter. Now you know July, August and September is a low seasonality and you receive lesser advances, so it shows up in lesser advances from customers. So that has impacted the working capital, but it's a seasonality feature and in line with the growth of our corporate business. Mohit Kabra: Yes. Coming to your second one, Aditya, on the strong growth on the volumetric side, yes, absolutely like we called out, we're trying to drive market share gains across non-flight segment, right, whether it is hotels, whether it is alternative accommodations represented in our stand-alone hotels growth number, which kind of includes both. And similarly, on ground transport, whether it is our bus segment or our intercity or outstation cabs business, all are reporting kind of very strong growth numbers. Unfortunately, unlike in the air ticketing business where DGCA kind of comes out with a market report, the size of the market and the moving market share is a little difficult to kind of calculate in the accommodation or in the ground transport category. And -- but I think I would just say the growth that we've called out over here compared to what we expect the growth in the respective segments to be, which is likely to be more in like potentially single digit to maybe like double digit overall in the respective segments. Clearly, is that our market shares would have improved significantly through the quarter as well. Vipul Garg: The next question is from the line of Parash Jain of HSBC. Parash Jain: I have 2 questions, and one of that has partially been answered. First, with respect to Indian subsidiary raising capital, is there any tax implication involved in taking that money out for repayment of convertibles? Or I mean, I just wanted to understand how that mechanism will work? And secondly, with respect to the different businesses growth, with the capacity cut by the Indian airlines, when you talked about 30% market share, maybe if you can share some color in the international business, how much is it with the Indian carriers versus the non-Indian carriers? And are you seeing a shift in market share in those segments? Mohit Kabra: Maybe I'll start on that and Rajesh or Dipak can add. But when it comes to the filing that we have done, it's a confidential filing, it will be difficult for us to share more color right now in terms of likely addition of funds and at which entity level, et cetera. But suffice to say -- sorry. Parash Jain: Please go ahead. Mohit Kabra: Suffice to say it will be addition for the group as a whole, right? And therefore, I don't see too much of a concern over there in terms of using it for a variety of requirements, whether it is organic or inorganic growth or whether it is for repurchase or redemption of the convertible notes. So in either of these cases, it should kind of pretty easily be usable irrespective of how it is raised. So that was the first part. Now when it comes to good growth, like I said, on the ground transport side, I've already called out the strong growth both in bus ticketing in the 30s and kind of travel market in the 40s. Now when it comes to the international air travel, if that was the other part of your question, we kind of work equally well across airlines, whether it is domestic airlines or whether it is international airlines. Two things which are impacting over there. One, like Rajesh had called out in his part of the earnings script that initially, there was a significant impact coming in from the availability of flights or kind of the flight scheduling. And secondly, due to the significant increase in crude oil pricing situation overall, the prices or fares in these sectors, international sectors have gone up very significantly. Both of these are kind of impacting. In fact, if you also would have picked up some of the Indian carriers are kind of trying to prune down their kind of services, particularly the wide-bodied kind of aircraft. So that is also likely to kind of have an impact going forward. So some of these are like ongoing challenges, which we'll have to keep navigating around. But we kind of keep -- remain focused on driving growth as per kind of market trends, whether it is on the international side or on the domestic side. Vipul Garg: The next question is from the line of Prateek Kumar of Jefferies. Prateek Kumar: My first question is on your AI initiatives. So you said Myra is handling 8 million conversations and AI is now resolving around 50% of the customer calls. But how do you think is this translating into business outcomes, particularly from conversion customer acquisition cost or customer satisfaction? And are these investments heating up certain bps of operating leverage, which you mentioned earlier? Rajesh Magow: Yes, Prateek, maybe I can take that. As far as the booking, end-to-end booking is concerned on Myra, I mean, there are 2 separate cases that you mentioned, right? One is, of course, customer service that we had shared as part of the script as well. And the other one is just the booking conversational interface where now the new version of Myra, which we launched recently also takes care of end-to-end discovery till the payments to actually closing the booking in the single interface as well. Now Myra has 2 sort of avatars, if you will. One part of which is the heavy use right now and growing actually quite -- scaling up quite well from a consumer adoption standpoint is when customers invoke Myra for taking assistance when they are already in the funnel, which is the current booking interface. That part is sort of helping improve the conversion. on the funnel side incrementally because you are able to sort of answer all the open questions that the customer might have, which is then helpful for the customer to quickly close the booking. So that part is from a consumer adoption standpoint, scaling well as well as improving conversion. As far as end-to-end booking, which is just a very recent launch, it's early days on that, and that is going to be largely start with Myra and don't really go to the existing funnel and complete the transaction completely on Myra in the same interface, either using text chat or voice complete voice interaction or voice come text chat. That part is early. So there, the traction has started to just about started to come. We will have to see, I think 1 quarter, 2 quarters down the line, we should be able to give you more color on that. So this one is more on the customer-facing side, which is basically helping the consumer experience overall, making it smoother, convenient, personalized, which effectively improves conversion. On the other side, which is the customer service, where our voice bot is handling almost about 50% of the total calls now frictionless completely on its own, no human intervention. That is the one which is sort of helping on reducing the outsourcing cost quite significantly. And that's sort of reflecting in our overall SG&A improvement, if you really see, while the business keeps growing, our SG&A and a significant portion of the SG&A is the outsourcing cost is not growing at all. In fact, we've had some goodness that has come in, in there and likely to come in more because we do think this whole 50% can go to about 65%, 70% without just too much of additional work on the development side, while the balance being the complexity of the use cases might still remain hybrid or sort of with human interaction. So I think on an overall basis, it will be fair to say that the journey of seeing some of the productivity gains have started to reflect slowly and gradually in the overall performance, overall financial performance of the company. While on the booking interface, we will see how it's sort of especially the end-to-end booking scale up along with the consumer adoption over the next few quarters. And once we have more sort of data around it, we will continue to keep sharing with you. Prateek Kumar: Yes. The third question was a related question was like are these investments also eating into the operating leverage you mentioned earlier in the call? Rajesh Magow: Actually, not really. But again, if you really see the overall and I think Dipak was trying to make that point as part of his commentary, we've been able to -- of course, there has been investments. And over the last several quarters, we've been able to optimize on 2 counts. One, using the hybrid of open source and frontier models to optimize the cost per se of the token because AI, our focus is, like I was saying as part of my commentary, is the core focus area where we are trying to become absolutely AI first or AI native across the organization. And so we've worked quite a lot on sort of optimizing our cost, just sort of balancing the usage of the models. And on the other side, the productivity gains has started to show. So right now, it's sort of whatever is the incremental cost on the AI front is almost offsetting -- the gains are almost offsetting the increase in cost, both from a cost optimization, both from acting on the cost optimization side of it itself as well as some of the productivity gains put together. And we think that we should be able to sort of keep that under control with this strategy of ours even in future. Prateek Kumar: I have one other question on -- is there any change in booking patterns or like booking curve change versus pre-conflict levels, this pre-conflict? Rajesh Magow: This consumer spending -- yes, pre-Middle East conflict, I would have thought. Yes, Prateek? Prateek Kumar: Yes, of course, yes. Rajesh Magow: Yes, yes. So some behavioral shifts that we have noticed. One of them, I was again mentioning earlier, these short-term getaways have picked up significantly. because of the fact -- some part of it is because of the fact that overall air travel cost is becoming expensive. So therefore, why not look for an alternative because they still want to travel out. That behavior is not sort of changing. And therefore, a lot more short-term weekend getaways, whether it is just a weekend or a long-ish kind of weekend when there is some festival holiday or some other holiday that gets combined with the weekend and drivable distance holiday patterns. And that we've seen significantly going up using ground transport, any mode of ground transport, including self-driving, taking intercity cab or taking a luxury bus, et cetera. So that is one pattern that has changed. The second, not specific to this conflict, but post-COVID, the significant sort of new segment that has emerged even more specifically focusing specifically from Gen Z cohorts is they're traveling in groups, and the use case could be celebration use case, whether it is birthday or any festival celebration, just getting together and traveling and the choice of the accommodation will be more homestays than hotel for that particular specific use case. So some of these sort of new segments, particularly post-COVID have emerged, and they continue to sort of keep growing. And because of which, as we've been sort of highlighting in the past that our Homestay supply has also been significantly growing. The market is also growing, and we have also been acquiring and growing our homestays sort of overall inventory on our platform. Vipul Garg: Thanks, Prateek. We are almost out of time. This was our last question. Over to you, Rajesh, for the closing comments. Rajesh Magow: Thanks, Vipul, and thank you for all the relevant questions. Thanks for your patience listening in quietly and look forward to stay in touch with you. We'll come back to you in the next quarter. Thanks. Vipul Garg: Thank you, Rajesh. Thank you, everyone. We are now at the end of the hour. You may please disconnect the call. Thank you. Before you buy stock in MakeMyTrip, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and MakeMyTrip wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $399,832!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,374,595!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 10, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends MakeMyTrip. The Motley Fool has a disclosure policy. MakeMyTrip (MMYT) Q1 2027 Earnings Call Transcript was originally published by The Motley Fool

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. MakeMyTrip (NasdaqGS:MMYT) reported first quarter 2026 results on 3 August, with sales of US$151.18 million and revenue of US$285.58 million. Net income declined to US$8.35 million, with diluted EPS at US$0.09. See our latest analysis for MakeMyTrip. Following the earnings release, MakeMyTrip’s share price has been volatile, with a 1-day share price return that declined 1.88% but a 90-day share price return of 25.52%. Over a longer horizon, total shareholder return is mixed, with a decline of 37.16% over 1 year but gains of 64.79% over 3 years and 116.55% over 5 years, suggesting earlier momentum has faded more recently. If this earnings reaction has you reassessing your watchlist, it may be a good moment to look at other travel and experience platforms through the 21 top founder-led companies For MakeMyTrip, the combination of stronger top line figures and weaker earnings has left investors questioning whether the recent share price swings reflect business fundamentals or a shift in sentiment. How does the current valuation compare in that context? At a last close of $60.05, the most followed narrative for MakeMyTrip points to a fair value of about $70.73, which frames the recent share price swings in a different light. Read the complete narrative. There is a detailed earnings roadmap behind that fair value. It leans on faster revenue growth, rising margins, and a richer profit profile than today. Curious which assumptions really move the needle. Analysts behind this narrative apply a discount rate of about 12.36% and build in a multi year step up in profitability to arrive at that $70.73 figure. For investors tracking MakeMyTrip after Q1, the key question is whether those growth and margin assumptions still feel realistic in light of the latest softness in net income, or whether expectations need to be tempered from here. Result: Fair Value of $70.73 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the MakeMyTrip narrative also faces pressure if competition pushes up customer acquisition costs or if regional shocks disrupt travel demand and squeeze margins. Find out about the key risks to this MakeMyTrip narrative. The fair value narrative puts MakeMyTrip at $70.73 and calls the stock undervalued at $60.05. Our DCF model tells a different story. It points to a future cash flow value of $30.79, which would make the current price look expensive instead. Which framework do you trust more when earnings are this sensitive to assumptions? Look into how the SWS DCF model arrives at its fair value. Mixed signals around MakeMyTrip can feel confusing, so it helps to look at the numbers yourself and move quickly to build your own view. A good next step is to weigh both the upside potential and the areas of concern by checking the 2 key rewards and 3 important warning signs If you are reassessing MakeMyTrip after these results, broaden your view with fresh stock ideas pulled from focused screens that highlight different strengths and risk profiles. Spot potential value opportunities early by reviewing companies that currently screen as 50 high quality undervalued stocks. Prioritise resilience by focusing on businesses highlighted in the solid balance sheet and fundamentals stocks screener (49 results). Hunt for off-the-radar opportunities by tapping into the screener containing 19 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MMYT. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the quarter's resilience to a diversified business model that successfully offset softness in international and domestic air ticketing with strong growth in hotels, packages, and ground transport. The West Asia conflict and elevated fuel prices (ATF) created a challenging macro environment, leading to higher airfares and short-term capacity cuts by airlines, particularly impacting westbound international routes. A structural shift is occurring where travel in India is moving from an occasional purchase to a recurring consumption category, characterized by more frequent leisure, pilgrimage, and short-break trips. The platform's AI-first transformation is yielding operational efficiencies, with AI now generating over 75% of code and resolving more than 50% of customer support calls independently. Strategic positioning in ground transport, including bus ticketing and intercity cabs, capitalized on India's expanding highway infrastructure and a consumer shift toward affordable, road-based getaways. Management noted that while external events initially dampen demand sentiment, recovery tends to be swift once macroeconomic or geopolitical conditions show signs of improvement. Near-term guidance remains cautious due to high oil prices and a weakening rupee, which are expected to keep travel inflation elevated and impact price-sensitive segments. The company plans to continue prioritizing market share gains over aggressive margin expansion during turbulent periods, leveraging its scale to outpace competitors heavily reliant on air ticketing. The launch of 'OneCircle,' a cross-network hotel rewards program, is intended to drive long-term customer loyalty and repeat stays across 13,000 domestic and international properties. Management expects conversational AI (Myra 2.0) to serve as a key long-term differentiator by simplifying end-to-end booking through natural language across eight Indian languages. The proposed IPO of the India subsidiary is strategically designed to enhance brand visibility, attract tech talent, and provide capital for future inorganic growth and debt management. The company has confidentially pre-filed for an IPO of its India subsidiary (MMT India) to strengthen its cash position and potentially enable future security fungibility between Indian and U.S. markets. Reported financial growth was significantly impacted by a 10% currency translation headwind due to the depreciation of the INR against the USD. A $29.3 million non-cash interest cost was recorded related to zero-coupon convertible bonds, impacting reported net profit despite strong operating performance. Working capital saw a seasonal increase driven by the rapid growth of the B2B corporate business (myBiz) and typical fluctuations in customer advances. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed that while air travel is seeing unprecedented degrowth, the platform is successfully steering customers toward alternative transport and domestic staycations. The intent to travel remains structurally intact; consumers are modifying destinations and modes of transport rather than canceling trips entirely. Post-IPO, the company will evaluate options like ADRs or merging structures to allow seamless investor participation between the two listings, subject to regulatory evolution. Management is monitoring potential Indian regulatory changes regarding 'inverting' structures that could simplify this process. AI investments are currently 'offsetting' their own costs through productivity gains in engineering and customer service, keeping SG&A growth flat despite business expansion. Marketing spend as a percentage of gross bookings is expected to remain stable, though slight mix shifts may occur as the business leans into higher-margin non-air categories.

Interested in MakeMyTrip Limited? Here are five stocks we like better. MakeMyTrip delivered solid fiscal Q1 growth: Constant-currency gross bookings rose 19.9% and IFRS revenue increased 16.1% to $285.6 million, while adjusted operating profit reached $51.4 million. Hotels and packages, bus ticketing and ancillary businesses offset softer air-ticketing demand. Non-air travel remained resilient amid disruptions: Hotels and packages bookings grew 19.6%, standalone hotel volumes rose 20.2% and bus volumes increased 23.9%, supported by domestic travel, shorter trips and more affordable ground transportation. The company is investing in AI and expansion: Myra 2.0 handled more than 8 million conversations during the quarter, while AI tools now generate over 75% of code and resolve more than half of customer-support calls. MakeMyTrip also confidentially filed for a proposed IPO of its Indian subsidiary to help fund growth, acquisitions and security repurchases. TripAdvisor is on AI-powered recovery from record lows MakeMyTrip (NASDAQ:MMYT) reported fiscal 2027 first-quarter growth in its hotels, packages and ground transportation businesses, helping offset softer air-ticketing trends amid geopolitical disruptions, higher fuel costs and elevated airfare levels. Group Chief Executive Officer Rajesh Magow said the quarter began with the continuing effects of the West Asia conflict, which disrupted flight operations and made travelers more cautious about international travel, particularly on westbound routes. As flight operations resumed, higher fuel and aviation turbine fuel costs contributed to higher fares and short-term airline capacity reductions. → Lost in Space: Why Aerospace Valuations Are Plummeting Right Now Are These 3 Travel-Related Stocks Actionable After Big Rallies? Magow said leisure travel demand remained resilient during the peak summer period, although international leisure travelers shifted some demand toward eastern and Far East destinations. Domestic leisure demand also included travel to popular destinations as well as shorter road-based getaways. Essential and business travel remained largely uninterrupted, except for long-haul westbound business trips, he said. Chief Financial Officer Dipak Bohra said gross bookings grew 19.9% year over year in constant-currency terms, while IFRS revenue increased 16.1% on the same basis to $285.6 million. Adjusted operating profit was $51.4 million, with adjusted operating profit margin maintained at 1.8% of gross bookings. → MarketBeat Week in Review – 07/27- 07/31 MakeMyTrip Stock is an Under-the-Radar Play Bohra noted that MakeMyTrip reports in U.S. dollars but operates primarily in Indian rupees. Currency translation reduced reported year-over-year growth figures by about 10 percentage points during the quarter, he said, making constant-currency metrics a more representative measure of operating performance. Air-ticketing adjusted margin totaled $98.5 million, up 10.8% year over year in constant currency. Flight volumes declined marginally, but the company cited stronger ancillary product attachment and improved unit economics. Hotels and packages adjusted margin rose 21.3% in constant currency to $134.5 million. Segment gross bookings increased 19.6%, while volume rose 19.9% and standalone hotel booking volumes grew 20.2%. Bus-ticketing adjusted margin increased 32.4% in constant currency to $51.8 million, supported by 23.9% volume growth. Adjusted margin in the company’s other segment, including ancillary offerings, rose 27.2% in constant currency to $24.9 million. Reported profit after tax was $9.1 million, after including $29.3 million of non-cash interest expense on zero-coupon convertible bonds and a $5.1 million translation-related foreign-currency loss. Adjusted net profit before tax was $52.2 million. → GE HealthCare Stock Climbs on Vital Diagnostics Demand The company ended the quarter with $794 million in cash and cash equivalents and deployed $7.8 million toward its share-buyback program. Group Chief Operating Officer Mohit Kabra said MakeMyTrip benefited from travelers choosing domestic stays, shorter holidays, pilgrimage-oriented trips and more affordable ground transportation alternatives. The company now offers more than 101,000 accommodation options across over 2,070 Indian cities, he said. During the quarter, the company introduced features intended to help travelers identify multi-bedroom properties and understand room layouts. It also launched a paid guaranteed early check-in or late check-out feature, which allows travelers to secure room access aligned with their schedules at the time of booking. MakeMyTrip also launched One Circle, a cross-network hotel rewards program initially covering more than 13,000 properties in India and international destinations. The program is intended to allow travelers to earn and redeem rewards across hotels, homestays and villas, while giving participating accommodation providers access to a wider base of customers, Kabra said. In homestays, the company launched its Star Host program to identify hosts meeting specified standards for guest ratings, responsiveness, booking performance and content quality. In tours and activities, MakeMyTrip said its international experiences catalog spans more than 250,000 offerings across 1,100 cities and 139 countries. It also launched domestic experiences across more than 50 Indian cities, with more than 3,000 products. Kabra said group tours expanded to more than 15 destinations, with about 90 departures during the quarter across destinations including Vietnam, Singapore, Georgia and Almaty. About one-fourth of the company’s tours and activities are purchased while travelers are already on a trip, he said. The company renewed its partnership with PhonePe for bus ticketing and reintroduced a native Goibibo-powered flight-booking experience within the PhonePe app after a roughly two-year hiatus. MakeMyTrip also introduced a customer-generated “Comfort Score” for bus seats and sleepers, along with a flight “Price Drop Protection” product and destination-specific Visa Guide. Magow said MakeMyTrip is pursuing an “AI-first” strategy across discovery, planning, booking, payments, service and loyalty. The company launched Myra 2.0, an updated AI travel assistant that supports conversational booking through text, voice or a combination of both across eight Indian languages. Myra handled more than 8 million conversations during the quarter, including more than 3 million in June, according to Magow. More than 45% of usage came from tier 2 and smaller cities. The company also launched AI-powered natural-language filters for hotel and flight listings. Management said AI now generates more than 75% of the company’s code, while its AI customer-support bot independently resolves more than 50% of customer calls. Magow said the support automation is reducing outsourcing costs and that the company believes the automated resolution rate could rise to 65% to 70% without substantial additional development work. Marketing and sales-promotion expense was 5.4% of gross bookings, compared with 5.2% in the preceding quarter, a change Bohra attributed to normal seasonality. Management said initial AI-led efficiency gains in personnel and general and administrative expenses helped offset higher marketing intensity. MakeMyTrip India Ltd., a wholly owned subsidiary, confidentially filed a pre-filed draft red herring prospectus with India’s Securities and Exchange Board and stock exchanges on July 17 for a proposed initial public offering and listing. Bohra said the Indian unit would remain a subsidiary and continue to be included in MakeMyTrip’s consolidated financial statements after the offering. The company said proceeds received by MakeMyTrip Mauritius from the sale of shares in the Indian subsidiary are expected to support long-term growth, strategic acquisitions and repurchases of securities, including convertible securities. Management also said it may consider future alternatives that could enable investors to participate more seamlessly between securities listed in India and the U.S., subject to regulatory conditions. Looking ahead, Magow said higher oil prices and rupee weakness remain important variables for travel inflation. The company said it would remain cautious about near-term conditions while continuing to emphasize growth opportunities in non-air-ticketing categories and calibrating marketing investments to market conditions. MakeMyTrip Inc is an online travel company that provides a comprehensive suite of travel products and services through its website and mobile app platform. The company's offerings include air ticketing, hotel reservations, holiday packages, rail and bus ticket bookings, ancillary travel services such as travel insurance and visa assistance, and corporate travel management solutions. By leveraging technology-driven platforms, MakeMyTrip aims to deliver convenience, competitive pricing, and a seamless booking experience for both retail and business customers. Founded in June 2000 by Deep Kalra, MakeMyTrip has grown to become one of India's leading travel technology firms. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "MakeMyTrip Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Gross Bookings: Increased from $3.2 billion in FY '22 to $10.4 billion in FY '26, a compound annual growth rate of approximately 34% over four years. IFRS Revenue Growth: 10.7% year-over-year in constant currency for the full year FY '26. Operating Activities (EBIT): $156 million in FY '26, a growth of 30.1% year-over-year. Adjusted Operating Profit Margin: Expanded to 1.82% of gross bookings in FY '26 from 1.71% in FY '25. Air Ticketing Adjusted Margin: $99.3 million for the quarter, a year-over-year growth of 10.7% in constant currency. Hotels and Packages Volume Growth: 15.2% year-over-year, with stand-alone hotels growing at 15.5% year-over-year. Bus Ticketing Adjusted Margin: $41.1 million, a year-over-year growth of 17.1% in constant currency. Other Segment Adjusted Margin: $25.4 million for Q4 FY '26, a growth of 27.1% year-over-year in constant currency. Cash from Operating Activities: $182.5 million for the full year FY '26. Cash and Cash Equivalents: Over $782 million at the end of the quarter. Share Buyback: Repurchased 0.9 million ordinary shares for approximately $50.3 million during the quarter. Warning! GuruFocus has detected 3 Warning Signs with MMYT. Is MMYT fairly valued? Test your thesis with our free DCF calculator. Release Date: May 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. MakeMyTrip Ltd (NASDAQ:MMYT) reported a significant increase in gross bookings, reaching $10.4 billion in fiscal year 2026, reflecting a compound annual growth rate of approximately 34% over four years. The company has successfully leveraged AI to enhance customer experience, with Myra, their conversational interface, scaling to over 80,000 conversations per day, improving conversion rates by 10% compared to traditional methods. MakeMyTrip Ltd (NASDAQ:MMYT) has expanded its accommodation options, now offering over 100,000 choices across more than 2,050 cities in India, contributing to a 15.2% year-on-year growth in their accommodation business. The company has maintained strong profitability, with an adjusted operating profit margin of 1.82% of gross bookings in fiscal year 2026, despite external disruptions. MakeMyTrip Ltd (NASDAQ:MMYT) has a robust cash position, ending the quarter with over $782 million in cash and cash equivalents, and has effectively converted 97% of adjusted operating profit into cash flow from operating activities. The West Asia conflict has negatively impacted MakeMyTrip Ltd (NASDAQ:MMYT)'s international travel segment, particularly affecting westbound travel and leading to a decline in international passenger traffic by 6% year-on-year. Elevated crude oil prices and a depreciating rupee have put pressure on international travel demand and profitability for airlines, leading to some airlines curtailing their international capacity. The domestic aviation market experienced a 1.5% year-on-year decline in flown passenger market for the quarter, reflecting challenges in the air ticketing business. Despite efforts to mitigate disruptions, the company anticipates continued impact on growth trajectory due to ongoing geopolitical issues and external headwinds. The potential listing of MakeMyTrip Ltd (NASDAQ:MMYT) in India is still in early stages, with no clear timeline, and the process involves multiple regulatory and structural challenges. Q: Given the headwinds from the West Asia conflict, is it fair to assume that things will get worse in the near term from a numbers perspective? Does this disruption in demand to outbound travel have a negative impact on margins? A: The West Asia crisis continues to impact us, and we expect some impact on growth. However, margins have remained stable across segments, and we expect this to continue. We are focusing on domestic travel offerings to mitigate the impact and capture demand. - Mohit Kabra, Group Chief Operating Officer Q: Can you provide the growth in your overall outbound portfolio versus domestic, maybe at a revenue or GBV level? A: Due to the West Asia crisis, international travel has been significantly impacted, and the mix hasn't improved during this quarter. Growth has been largely domestic-led. - Mohit Kabra, Group Chief Operating Officer Q: Regarding the potential listing in India, is there a timeline in mind? How will the potential fungibility between MakeMyTrip India and MakeMyTrip Limited be handled? A: The India listing is a long-term strategy, and we are working on multiple streams. There is no clear timeline yet. India does not allow dual listing, so initially, there will be multiple listings. Over time, we aim to create a singular fungible structure, subject to regulatory conditions. - Mohit Kabra, Group Chief Operating Officer Q: With the shift from West to East travel, is there enough capacity on the East to support a surge? A: Capacity on the East is not as constrained, and we are leveraging that. We are focusing on domestic demand through various strategies, including offering more accommodation options and transport alternatives. - Mohit Kabra, Group Chief Operating Officer Q: How is AI being integrated into your operations, and what efficiencies are you seeing? A: We are using proprietary data with AI to improve customer interactions through Myra. We measure quality and conversion rates, which have improved. AI is also driving efficiencies in customer service and engineering, and we expect these to reflect in financials over time. - Rajesh Magow, Group Chief Executive Officer For the complete transcript of the earnings call, please refer to the full earnings call transcript.

MakeMyTrip Limited has reported its fourth-quarter and full-year results for the period ended March 31, 2026, showing slightly lower quarterly sales but higher quarterly and full-year revenue compared with a year earlier, alongside lower net income and earnings per share. The earnings release also highlighted external headwinds such as the Maha Kumbh Mela and the West Asia conflict, as well as continued investments in areas like domestic travel, buses, accommodations and related businesses, which together shaped operating performance across the year. We’ll now examine how resilient full-year revenue growth despite these travel disruptions may influence MakeMyTrip’s investment narrative and longer-term outlook. Uncover the next big thing with 27 elite penny stocks that balance risk and reward. To own MakeMyTrip, you need to believe that online travel in India can keep expanding, and that the company can convert that traffic into profitable, higher margin bookings despite volatility. The latest results show revenue up for the year but net income and earnings per share under pressure, which makes near term margin recovery the key catalyst and rising demand shocks from events like the West Asia conflict the most immediate risk. For now, this news does not appear to change that balance in a material way. Among recent developments, the push toward an India listing by consolidating RedBus into MakeMyTrip (India) Private Limited and exploring IDRs is particularly relevant here. If this eventually broadens access to local capital and strengthens brand visibility, it could support the company’s ability to keep investing in buses, accommodations and AI tools, which sit at the heart of the margin and growth catalysts investors are watching. Yet beneath the revenue growth, investors should be aware that rising geopolitical and regional shocks could... Read the full narrative on MakeMyTrip (it's free!) MakeMyTrip's narrative projects $1.8 billion revenue and $175.3 million earnings by 2029. This requires 19.2% yearly revenue growth and about a $118.5 million earnings increase from $56.8 million today. Uncover how MakeMyTrip's forecasts yield a $88.10 fair value, a 112% upside to its current price. Some of the most optimistic analysts were assuming MakeMyTrip could reach about US$2.0 billion in revenue and roughly US$218 million in earnings by 2029, which is far rosier than the baseline view and puts a lot of weight on AI driven products like Myra scaling smoothly, even as the latest results and recent disruptions suggest both this bullish scenario and the more cautious narrative may need to be revisited. Explore 4 other fair value estimates on MakeMyTrip - why the stock might be worth just $42.26! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your MakeMyTrip research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision. Our free MakeMyTrip research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate MakeMyTrip's overall financial health at a glance. Opportunities like this don't last. These are today's most promising picks. Check them out now: AI is about to change healthcare. These 29 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. Outshine the giants: these 14 early-stage AI stocks could fund your retirement. Capitalize on the AI infrastructure supercycle with our selection of the 43 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include MMYT. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

For the quarter ended March 2026, MakeMyTrip (MMYT) reported revenue of $250.12 million, up 1.9% over the same period last year. EPS came in at $0.32, compared to $0.42 in the year-ago quarter. The reported revenue represents a surprise of -9.82% over the Zacks Consensus Estimate of $277.35 million. With the consensus EPS estimate being $0.31, the EPS surprise was +4.92%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how MakeMyTrip performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Gross Bookings - Air Ticketing: $1.44 billion versus the two-analyst average estimate of $1.39 billion. Gross Bookings - Hotels and Packages: $638.91 million versus $660.67 million estimated by two analysts on average. Gross Bookings - Bus Ticketing: $403.54 million versus $411.84 million estimated by two analysts on average. Bus Ticketing - Bus tickets: 36.8 million versus the two-analyst average estimate of 35.96 million. Gross Bookings - Total: $2.55 billion compared to the $2.55 billion average estimate based on two analysts. Air Ticketing - Flight segments: 14.46 million compared to the 14.96 million average estimate based on two analysts. Hotels and Packages - Room nights: 11.01 million versus 11 million estimated by two analysts on average. Gross Bookings - Other Transport Services: $71.23 million compared to the $88.29 million average estimate based on two analysts. Adjusted Margin- Air Ticketing: $99.32 million versus $95.73 million estimated by two analysts on average. Adjusted Margin- Others: $25.37 million versus the two-analyst average estimate of $26.2 million. Adjusted Margin- Bus Ticketing: $41.13 million compared to the $43.07 million average estimate based on two analysts. Adjusted Margin- Hotels and Packages: $115.93 million versus the two-analyst average estimate of $118.69 million. View all Key Company Metrics for MakeMyTrip here>>> Shares of MakeMyTrip have returned -9.5% over the past month versus the Zacks S&P 500 composite's +4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MakeMyTrip Limited (MMYT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research