MakeMyTrip Revenue of $235.2 Million Misses Estimates Despite Profit Improvement
Key Facts
MakeMyTrip reported results on October 26 for the second quarter of its fiscal year 2027, ended September 30, posting revenue of $235.2 million, below the consensus estimate of $267.4 million. Revenue rose 2.5% from the same period a year earlier, or 11.2% in constant currency. At the same time, the results showed improvement in profitability metrics compared with last year. Profit for the period was $1.8 million, following a loss of $5.7 million in the second quarter of fiscal year 2026. Adjusted operating profit also rose to $46.2 million from $44.2 million.
On another profitability measure, adjusted net profit before tax rose 27% to $46.2 million from $36.4 million in the corresponding period, according to Investing.com. The figures reflect improved profits despite the gap between reported revenue and analysts’ expectations. Reported dollar revenue growth was slower than constant-currency growth, while the company said the rupee’s depreciation affected reported results. The Indian currency fell about 10% against the dollar year over year during the quarter, according to Investing.com. The company did not attribute the shortfall against expectations to a change in commissions or product mix.
Hotels and packages, buses, and other activities stood out among the company’s segments for growth in adjusted margins in constant currency. The hotels and packages margin rose 20.2% to $116.8 million, while the buses margin climbed 29.0% to $45.1 million. The margin for other activities increased 29.8% to $24.4 million, according to the company’s results filed with the U.S. Securities and Exchange Commission. In terms of activity, hotel room nights rose 18.5% year over year, and bus tickets sold increased 24.7%. The company’s data links these figures to activity growth in those categories, without providing comparable detail here for the air travel segment.
The company said weak long-haul outbound travel from India weighed on revenue, as travel costs rose due to fuel prices and the rupee’s depreciation. By contrast, strong domestic demand helped offset some of these pressures and supported overall performance during the quarter. Investing.com quoted Chief Executive Rajesh Magow as saying, "Strong domestic travel demand during the quarter partially offset these factors and supported our overall performance." The statement sets demand within India against the factors that affected long-haul outbound travel. The currency impact also explains why revenue growth measured in dollars differed from constant-currency growth.
In digital services, the Myra assistant handled more than 90,000 conversations a day during the quarter ended September 30, 2026, across multiple Indian languages and English. More than 55% of those conversations came from Indian cities classified as Tier 2 and Tier 3, according to the company’s results. The figures point to use of the assistant beyond India’s largest cities and show the volume of its interactions during the period. The reported data did not provide a comparison with the previous quarter or the year-earlier period. The metric is therefore limited to the reported level of usage for the quarter.
MakeMyTrip shares rose 4.78% after the results were announced, according to Investing.com, as investors focused on improved profitability and domestic demand despite the revenue miss. The company had announced on October 16 that it would release its second-quarter results on October 26. The results, released on the announced date, showed constant-currency revenue growth and improved profits compared with the prior period. They also revealed differing performance across segments, with margin growth in hotels and packages, buses, and other activities. The available information does not include a date for the company’s next results announcement.