2Q27
Filed Oct 26, 2026MakeMyTrip reported fiscal 2027 second-quarter revenue of $235.2 million, up 2.5% reported and 11.2% in constant currency, while returning to IFRS profit of $1.8 million.
Constant-currency demand and segment Adjusted Margin growth were broad-based, but reported revenue growth was held to 2.5% by INR depreciation, air ticketing and hotels and packages revenue declined on a reported basis, and six-month free cash flow fell 19.8%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30, 2026other | $235.2M | – | 2.5 % |
| Total revenue, three months ended September 30, 2026, constant currency growthnon-GAAP | $235.2M | – | 11.2 % |
| Total revenue, six months ended September 30, 2026other | $520.7M | – | 4.5 % |
| Total revenue, six months ended September 30, 2026, constant currency growthnon-GAAP | $520.7M | – | 13.7 % |
| Gross Bookings, three months ended September 30, 2026other | $2.72B | – | 11.3 % |
| Gross Bookings, three months ended September 30, 2026, constant currency growthnon-GAAP | $2.72B | – | 20.9 % |
| Gross Bookings, six months ended September 30, 2026other | $5.58B | – | 10.4 % |
| Gross Bookings, six months ended September 30, 2026, constant currency growthnon-GAAP | $5.58B | – | 20.3 % |
| Results from operating activities, three months ended September 30, 2026other | $36.66M | – | 6.5 % |
| Results from operating activities, six months ended September 30, 2026other | $80.37M | – | 7.4 % |
| Adjusted Operating Profit, three months ended September 30, 2026non-GAAP | $46.24M | – | 4.7 % |
| Adjusted Operating Profit, six months ended September 30, 2026non-GAAP | $97.64M | – | 6.7 % |
| Profit (loss) for the period, three months ended September 30, 2026other | $1.77M | – | – |
| Profit (loss) for the period, six months ended September 30, 2026other | $10.87M | – | -45.8 % |
| Adjusted Net Profit Before Tax, three months ended September 30, 2026non-GAAP | $46.17M | – | 27.0 % |
| Adjusted Net Profit Before Tax, six months ended September 30, 2026non-GAAP | $98.34M | – | 14.6 % |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $51.46M | – | 6.4 % |
| Adjusted EBITDA, six months ended September 30, 2026non-GAAP | $107.0M | – | 7.0 % |
| Diluted earnings (loss) per share, three months ended September 30, 2026other | $0.02 | – | – |
| Adjusted Diluted Earnings per Share, three months ended September 30, 2026non-GAAP | $0.47 | – | – |
| Diluted earnings per share, six months ended September 30, 2026other | $0.10 | – | – |
| Adjusted Diluted Earnings per Share, six months ended September 30, 2026non-GAAP | $1.00 | – | – |
| Free Cash Flow, three months ended September 30, 2026non-GAAP | $47.14M | – | 3.2 % |
| Free Cash Flow, six months ended September 30, 2026non-GAAP | $67.06M | – | -19.8 % |
| Net cash generated from operating activities, three months ended September 30, 2026other | $50.53M | – | – |
| Net cash generated from operating activities, six months ended September 30, 2026other | $77.24M | – | – |
| Adjusted Margin, three months ended September 30, 2026non-GAAP | $294.9M | – | – |
| Adjusted Margin, six months ended September 30, 2026non-GAAP | $604.7M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Air Ticketing, three months ended September 30, 2026Gross Bookings increased by 10.6% reported and 19.9% in constant currency; Adjusted Margin increased by 5.6% reported and 14.3% in constant currency to $ 108,612. Adjusted Margin % decreased to 6.9% from 7.2%. | $56.65M | – | -7.2 % reported; 0.6 % constant currency |
| Hotels and Packages, three months ended September 30, 2026Gross Bookings increased by 9.7% reported and 19.7% in constant currency, primarily driven by an 18.5% increase in hotel room nights. Adjusted Margin increased by 10.4% reported and 20.2% in constant currency to $ 116,779; Adjusted Margin % increased to 18.2% from 18.1%. | $107.1M | – | -1.0 % reported; 7.4 % constant currency |
| Bus Ticketing, three months ended September 30, 2026Gross Bookings increased by 20.0% reported and 29.4% in constant currency, driven by a 24.7% increase in bus tickets. Adjusted Margin increased by 19.5% reported and 29.0% in constant currency to $ 45,116; Adjusted Margin % remained constant at 10.4%. | $39.05M | – | 16.6 % reported; 25.7 % constant currency |
| Others, three months ended September 30, 2026Growth was primarily led by ancillary services and car booking businesses. Adjusted Margin increased by 19.1% reported and 29.8% in constant currency to $ 24,408. | $32.34M | – | 21.6 % reported; 32.7 % constant currency |
| Air Ticketing, six months ended September 30, 2026Gross Bookings were $ 3,119,745, up 9.1% reported and 18.8% in constant currency; Adjusted Margin was $ 207,159, up 3.6% reported and 12.7% in constant currency. | $112.3M | – | -7.3 % reported; 0.8 % constant currency |
| Hotels and Packages, six months ended September 30, 2026Gross Bookings were $ 1,386,768, up 9.0% reported and 19.6% in constant currency; Adjusted Margin was $ 251,241, up 10.3% reported and 20.7% in constant currency. | $258.3M | – | 3.4 % reported; 12.5 % constant currency |
| Bus Ticketing, six months ended September 30, 2026Gross Bookings were $ 937,237, up 20.4% reported and 30.3% in constant currency; Adjusted Margin was $ 96,952, up 20.7% reported and 30.7% in constant currency. | $83.99M | – | 16.3 % reported; 25.8 % constant currency |
| Others, six months ended September 30, 2026Adjusted Margin was $ 49,300, up 17.4% reported and 28.5% in constant currency. Other Transport Services Gross Bookings were $ 135,580, down 7.2% reported and up 2.1% in constant currency. | $66.2M | – | 20.5 % reported; 32.1 % constant currency |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- The Company repurchased 345,158 ordinary shares for an aggregate price of $17.2 million during the second quarter of fiscal 2027.
- There were no repurchases of 2028 Notes or 2030 Notes during the second quarter of fiscal 2027.
- The aggregate repurchase authorization shall not exceed $200.0 million, with a sub-limit of $100.0 million during each fiscal year.
- As at September 30, 2026, remaining authority was up to $78.6 million, with a sub-limit of $75.0 million for fiscal 2027.
- The share repurchase program and authorization to repurchase the 2028 Notes and 2030 Notes are effective until March 31, 2030.
What drove it
- The INR depreciated against the USD by approximately 10% year-on-year during the quarter ended September 30, 2026, affecting reported revenue and growth rates.
- Strong domestic travel demand partially offset subdued international long-haul outbound travel from India.
- Elevated fuel prices led to higher airfares, and INR depreciation increased the cost of international trips for customers in India.
- Hotels and Packages room nights increased 18.5%, and bus tickets increased 24.7%.
- Service cost declined 4.6% to $49.2 million, primarily due to INR depreciation, partly offset by car booking demand.
- Personnel expenses declined 4.9% to $38.4 million, reflecting foreign currency translation and lower share-based compensation costs, partly offset by annual wage increases.
- Net finance costs declined to $29.8 million from $35.9 million, primarily due to a decrease of $8.3 million in net foreign exchange loss.
Concerns
- Reported air ticketing revenue decreased by 7.2% and reported hotels and packages revenue decreased by 1.0%.
- International long-haul outbound travel from India remained subdued.
- Customer inducement costs recorded as a reduction of revenue increased to $108.9 million from $89.1 million.
- Marketing and sales promotion expenses increased 2.6% to $38.9 million, driven by variable costs and discretionary spending on events and brand building.
- Other operating expenses increased 9.3% to $63.7 million, including distribution costs, website hosting charges and payment gateway charges linked to Gross Bookings growth.
- Six-month Free Cash Flow declined to $ 67,062 from $ 83,619.
- Six-month profit for the period declined to $ 10,874 from $ 20,067, while net finance costs increased to $ (58,074 ) from $ (39,837 ).
What to watch
- The effect of INR movement on reported revenue growth versus constant-currency growth.
- Whether international long-haul outbound travel demand improves as fuel prices, airfares and the cost of international trips evolve.
- Air Ticketing Adjusted Margin %, which decreased to 6.9% from 7.2%.
- The level of customer inducement costs, which were $108.9 million in the quarter ended September 30, 2026.
- The trajectory of six-month Free Cash Flow following the decline to $ 67,062.
- Use of the remaining $78.6 million repurchase authority.
Balance sheet and cash flow
- As at September 30, 2026, cash and cash equivalents were $427.9 million, including restricted cash and cash equivalents of $3.7 million.
- As at September 30, 2026, term deposits with various banks were $388.6 million, including $9.8 million marked as a lien with the National Company Law Appellate Tribunal and pledged with banks for bank guarantees, against court orders and credit facilities.
- As at September 30, 2026, bank overdrafts were $0.8 million.
- Loans and borrowings were $ 1,457,720 as at September 30, 2026, including lease liabilities of $12.0 million.
- Total assets were $ 1,837,635 and total liabilities were $ 1,918,750 as at September 30, 2026.
- Net cash generated from operating activities for the six months ended September 30, 2026 was $ 77,238, compared with $ 90,516.
- Net cash used in investing activities for the six months ended September 30, 2026 was $ (34,251 ), compared with $ (57,048 ).
- Net cash used in financing activities for the six months ended September 30, 2026 was $ (32,187 ), compared with $ (3,935 ).
Analysis
MakeMyTrip delivered stronger underlying travel activity than its reported revenue growth suggests. Second-quarter Gross Bookings reached $ 2,724,652, increasing 11.3% reported and 20.9% in constant currency, while total revenue increased 2.5% reported and 11.2% in constant currency to $ 235,155. The company stated that approximately 10% year-on-year INR depreciation against the USD reduced reported growth. Domestic travel demand supported the quarter, while international long-haul outbound travel remained subdued because of elevated fuel prices, higher airfares and the higher INR cost of international trips.
The mix favored bus ticketing and other businesses. Bus Ticketing revenue increased 16.6% reported to $ 39,053, supported by a 24.7% increase in bus tickets, while Others revenue increased 21.6% to $ 32,340, led by ancillary services and car bookings. Air Ticketing revenue decreased 7.2% to $ 56,651 and Hotels and Packages revenue decreased 1.0% to $ 107,111 on a reported basis, although both expanded in constant currency. Hotels and Packages had a particularly strong operating-volume signal, with room nights up 18.5% and Adjusted Margin up 20.2% in constant currency.
Profitability improved at the operating level. Results from operating activities increased to $ 36,663 from $ 34,437, Adjusted Operating Profit increased to $ 46,241 from $ 44,186, and Adjusted EBITDA increased to $ 51,456 from $ 48,344. IFRS profit for the period turned positive at $ 1,769 from a loss of $ (5,738 ), aided by net finance costs declining to $ (29,800 ) from $ (35,861 ), primarily from an $8.3 million decrease in net foreign exchange loss. Customer inducement costs, however, increased to $108.9 million from $89.1 million, while marketing and sales promotion expenses and other operating expenses also increased.
Cash generation was mixed. Quarterly Free Cash Flow increased to $ 47,142 from $ 45,689, but six-month Free Cash Flow fell to $ 67,062 from $ 83,619 as six-month net cash generated from operating activities declined to $ 77,238 from $ 90,516. The company reported $427.9 million of cash and cash equivalents and $388.6 million of term deposits at September 30, 2026, against loans and borrowings of $ 1,457,720. It repurchased 345,158 ordinary shares for $17.2 million during the quarter and retained authority to repurchase up to $78.6 million of ordinary shares and convertible notes.
No forward financial guidance was provided. The principal reported markers for subsequent periods are the pace of domestic and international travel demand, the impact of INR translation, customer inducement costs, Air Ticketing Adjusted Margin %, and conversion of operating growth into Free Cash Flow.
Not in the filing
stated, not guessed- Forward revenue, gross margin, operating expense, tax rate and other financial guidance were not provided.
- Previous-release outlook was not provided.
- Gross margin was not reported.
- A consolidated operating margin was not reported.
- A tax rate was not reported.
- Dividends were not reported.
- Quarter-over-quarter comparisons were not reported.
- Named executive quotations were not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.