Fiscal 2027 First Quarter
Filed Aug 3, 2026MakeMyTrip reported fiscal 2027 first-quarter IFRS revenue of $ 285,579 and profit for the period of $ 9,105, while Gross Bookings increased by 19.9% year over year in constant currency to $2,854.7 million.
Constant-currency demand and segment Adjusted Margin growth remained strong, led by hotels and packages and bus ticketing, but reported revenue growth was reduced by foreign-currency translation and IFRS profit for the period declined to $ 9,105 as net finance costs rose to $ 28,274.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueother | $ 285,579 | – | 6.2 % |
| Total revenue growth in constant currencynon-GAAP | 16.1 % | – | 16.1 % |
| Results from operating activitiesother | $ 43,706 | – | 8.3 % |
| Adjusted Operating Profitnon-GAAP | $ 51,396 | – | 8.6 % |
| Profit before taxother | $ 15,436 | – | – |
| Profit for the periodother | $ 9,105 | – | -64.7 % |
| Adjusted Net Profit Before Taxnon-GAAP | $ 52,167 | – | 5.5 % |
| Adjusted EBITDAnon-GAAP | $ 55,501 | – | 7.5 % |
| Diluted earnings per shareother | $0.09 | – | – |
| Adjusted Diluted Earnings per Sharenon-GAAP | $0.53 | – | – |
| Gross Bookingsother | $ 2,854,678 | – | 9.4 % |
| Gross Bookings growth in constant currencynon-GAAP | 19.9 % | – | 19.9 % |
| Total Adjusted Marginnon-GAAP | $ 309,737 | – | – |
| Other incomeother | $ 269 | – | – |
| Service costother | $ 82,675 | – | 10.4% |
| Personnel expensesother | $ 38,848 | – | -3.4% |
| Marketing and sales promotion expensesother | $ 48,785 | – | 11.1% |
| Customer inducement costs recorded as a reduction of revenueother | $ 106,833 | – | – |
| Other operating expensesother | $ 65,309 | – | 2.3% |
| Depreciation and amortizationother | $ 6,525 | – | – |
| Finance incomeother | $ 6,734 | – | – |
| Finance costsother | $ 35,008 | – | – |
| Net finance income (costs)other | ($ 28,274) | – | – |
| Income tax expenseother | ($ 6,331) | – | – |
| Net cash generated from operating activitiesother | $ 26,709 | – | – |
| Free Cash Flownon-GAAP | $ 19,920 | – | -47.5 % |
| Net cash used in investing activitiesother | ($ 67,342) | – | – |
| Net cash used in financing activitiesother | ($ 10,157) | – | – |
| Flight segmentsother | 14,185 | – | – |
| Hotels and Packages – Room nightsother | 12,773 | – | – |
| Standalone Hotels – Room nightsother | 12,481 | – | – |
| Bus Ticketing – Bus ticketsother | 43,629 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Air TicketingGross Bookings increased by 7.6% and 17.7% in constant currency; Adjusted Margin increased by 1.5% and 10.8% in constant currency. | $ 55,607 | – | -7.5 % |
| Hotels and PackagesGross Bookings increased by 8.5% and 19.6% in constant currency, primarily driven by a 19.9% increase in the number of hotel-room nights. | $ 151,179 | – | 6.7 % |
| Bus TicketingGross Bookings increased by 20.8% and 31.4% in constant currency, driven by a 23.9% increase in the number of bus tickets. | $ 44,933 | – | 15.9 % |
| OthersGrowth was primarily led by ancillary services. | $ 33,860 | – | 19.6 % |
Capital returns
- During the first quarter of fiscal 2027, the Company repurchased 200,000 ordinary shares for an aggregate price of $7.8 million.
- There were no repurchases of 2028 Notes and 2030 Notes during the first quarter of fiscal 2027.
- As at June 30, 2026, remaining authority to repurchase outstanding ordinary shares, 2028 Notes and 2030 Notes was up to $95.8 million, with a sub-limit of $92.2 million for fiscal 2027.
- The aggregate repurchase authorization shall not exceed $200.0 million, with a sub-limit of $100.0 million during each fiscal year, and is effective until March 31, 2030.
What drove it
- The INR depreciated against the USD by more than 10% year-on-year during the quarter ended June 30, 2026, significantly affecting reported revenue and year-on-year growth rates.
- Strong seasonal demand and improved domestic travel activity partially mitigated subdued international outbound travel from India.
- Robust travel demand, particularly for packages and car booking businesses in India, increased service cost.
- Marketing and sales promotion expenses increased due to variable costs and discretionary expenditures on events and brand building initiatives.
- Personnel expenses declined due to foreign-currency translation and lower share-based compensation costs, partially offset by annual wage increases.
Concerns
- International outbound travel from India remained subdued due to the ongoing West Asia conflict, affecting growth in international travel business.
- Reported air ticketing revenue decreased by 7.5 %, while its Adjusted Margin % decreased to 6.4 % from 6.8 %.
- Net finance costs increased to $ 28,274 from ($ 3,976), primarily due to a $23.4 million increase in interest expense on financial liabilities measured at amortized cost related to convertible senior notes due 2030.
- Profit for the period decreased to $ 9,105 from $ 25,805 and diluted earnings per share decreased to $0.09 from $0.22.
- Free Cash Flow decreased by -47.5 % to $ 19,920 from $ 37,930.
What to watch
- International outbound travel demand and the effect of the ongoing West Asia conflict on international travel business.
- The effect of INR depreciation against the USD on reported revenue and growth rates.
- Air Ticketing Adjusted Margin % following the decline to 6.4 %.
- Hotels and Packages room nights and Gross Bookings growth.
- The impact of interest expense on financial liabilities measured at amortized cost related to convertible senior notes due 2030.
- Free Cash Flow and net cash generated from operating activities.
Balance sheet and cash flow
- As at June 30, 2026, cash and cash equivalents were $370.7 million, including restricted cash and cash equivalents of $2.6 million.
- As at June 30, 2026, term deposits were $423.6 million, including $9.6 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 June 30, 2026, bank overdrafts were $0.8 million.
- Loans and borrowings were $ 1,428,909 in non-current liabilities and $ 6,459 in current liabilities as at June 30, 2026.
- Loans and borrowings included lease liabilities amounting to $12.4 million as at June 30, 2026.
- Net cash generated from operating activities was $ 26,709, net cash used in investing activities was ($ 67,342), and net cash used in financing activities was ($ 10,157).
- Cash and cash equivalents, net of bank overdraft, were $ 369,899 at end of the period.
Analysis
MakeMyTrip delivered resilient underlying travel demand in fiscal 2027 first quarter despite currency translation and weaker international outbound travel. IFRS revenue increased 6.2 % to $ 285,579, while constant-currency revenue growth was 16.1 %. Gross Bookings increased 9.4 % to $ 2,854,678 and 19.9 % in constant currency. The company stated that INR depreciation against the USD by more than 10% year-on-year had a significant effect on reported revenues and growth rates.
Hotels and Packages and Bus Ticketing led growth. Hotels and Packages revenue reached $ 151,179, up 6.7 %, with Gross Bookings up 8.5 % and a 19.9% increase in hotel-room nights. Bus Ticketing revenue rose 15.9 % to $ 44,933, supported by Gross Bookings growth of 20.8% and a 23.9% increase in bus tickets. Air Ticketing revenue declined 7.5 % to $ 55,607, although its constant-currency revenue growth was 1.1 % and Gross Bookings grew 17.7 % in constant currency.
Segment profitability expanded across all reported segments, with total Adjusted Margin increasing to $ 309,737 from $ 283,029. Hotels and Packages Adjusted Margin increased to $ 134,462 and its Adjusted Margin % increased to 18.0 % from 17.7 %. Bus Ticketing Adjusted Margin increased to $ 51,836, while its Adjusted Margin % remained at 10.3 %. Air Ticketing Adjusted Margin rose to $ 98,547, but its Adjusted Margin % fell to 6.4 % from 6.8 %. Customer inducement costs recorded as a reduction of revenue increased to $ 106,833 from $ 89,070.
Operating profitability improved, as results from operating activities increased to $ 43,706 and Adjusted Operating Profit increased to $ 51,396. Personnel expenses declined to $ 38,848, while marketing and sales promotion expenses increased to $ 48,785 and service cost increased to $ 82,675. IFRS profit for the period nevertheless fell to $ 9,105 from $ 25,805 because net finance costs increased to $ 28,274 from ($ 3,976), which the company attributed primarily to higher interest expense on financial liabilities measured at amortized cost related to its convertible senior notes due 2030.
Cash generation weakened versus the comparable period. Net cash generated from operating activities was $ 26,709 and Free Cash Flow was $ 19,920, compared with $ 41,843 and $ 37,930, respectively. The company repurchased 200,000 ordinary shares for $7.8 million during the quarter and retained authority to repurchase up to $95.8 million of ordinary shares, 2028 Notes and 2030 Notes. The release provided no forward financial guidance.
Not in the filing
stated, not guessed- Forward revenue guidance
- Forward gross-margin guidance
- Forward operating-expense guidance
- Forward tax-rate guidance
- Prior-period guidance for comparison
- Reported gross margin
- Reported tax rate
- Quarter-over-quarter comparisons
- Dividend information
- Named executive quotations
AlphaAI 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.