MakeMyTrip posts $235.2 million in revenue, adjusted EPS matches expectations
Key Facts
MakeMyTrip reported on October 26 results for its second fiscal quarter, ended September 30, 2026, with revenue of $235.2 million and adjusted earnings per share of $0.47. Investing.com’s coverage said adjusted EPS matched analysts’ estimates, while revenue fell short of consensus of $267.4 million. Revenue rose 2.5% from $229.3 million in the same period a year earlier. But growth would have been 11.2% on a constant-currency basis, according to the company’s filing. The gap between business growth and the reported figure highlights the impact of exchange rates on results at a company operating primarily in India’s travel market.
The company said the Indian rupee fell about 10% against the dollar year over year, and its filing showed that currency translation reduced revenue by $19.842 million during the quarter. This made revenue growth in dollar terms slower than growth on a constant-currency basis, a measure that excludes the effect of exchange-rate changes. In the first half of the fiscal year, reported revenue rose 4.5% to $520.734 million from $498.187 million, compared with growth of 13.7% on a constant-currency basis. The company said the translation impact included $9.100 million in hotels and packages and $4.727 million in air travel. The gap underscores the importance of distinguishing business expansion from revenue value after conversion into dollars.
Profitability metrics improved alongside revenue growth, with adjusted operating profit rising 4.7% to $46.241 million. Adjusted net profit before tax climbed 27% to $46.170 million, from $36.352 million in the year-earlier quarter. Under IFRS, the company swung to a profit of $1.8 million after a loss of $5.7 million a year earlier. Investing.com’s coverage attributed the stock’s rise on results day to strong domestic demand and improved profitability, despite revenue missing expectations. The company also said strong domestic demand offset some weakness in long-haul international travel from India, which was pressured by high fuel prices and airfares.
Performance varied by segment, with growth in hotels and packages and buses, while long-haul international travel remained weak. Adjusted margin in hotels and packages rose 10.4% to $116.8 million, alongside an 18.5% increase in hotel room nights. In buses, adjusted margin increased 29% on a constant-currency basis to $45.1 million, while the number of tickets sold rose 24.7%. The company said higher fuel prices drove up airfares, and the weaker rupee raised the cost of international travel for Indian travelers. The hotels and buses figures point to tangible business growth drivers, while limited affordability for international travel is weighing on the strength of air revenue.
Weakness in travel activity extended to the broader Indian market during the quarter, with domestic departures down 7% year over year and international departures down 4%, amid supply constraints and higher prices, according to the earnings-call transcript. Management said it nevertheless maintained a share of more than 30% of the domestic air-ticket market. On October 26, Investing.com reported that the stock rose 4.78% after results, as investors focused on domestic demand and profitability despite revenue falling short of consensus. EL7 data recorded a close of $41.2 per share that day; the investor-relations page also showed a price of $41.20 and a negative daily change of 2.11%, after opening at $42.30. The differing price directions reflect differences between the session data published in market coverage and on the investor-relations page.
The company had announced on October 16 that it would publish its second-quarter fiscal results on October 26, when it reported figures for the period ended September 30. The results put the analyst consensus ahead of the announcement in context: revenue of $235.2 million came in below the forecast of $267.4 million, while adjusted EPS of $0.47 matched expectations. On October 26, EL7 had published a headline highlighting revenue below expectations despite improved earnings. The quarter’s results therefore combine modest reported growth in dollar terms, faster constant-currency growth, improved adjusted profitability and a return to profit under IFRS. The next results date and any company guidance are not included in the information available here.