MakeMyTrip returned to profitability in the second quarter of FY27, reporting a net profit of $1.8 Mn for the 3 months ended September 30, 2026, against a loss of $5.7 Mn in the year ago quarter. The Nasdaq listed travel platform benefited from stronger bus bookings, improved hotel margins and growing use of its AI-powered travel assistant, Myra.
Revenue rose 2.5% YoY to $235.2 Mn from $229.3 Mn. On a constant-currency basis, which adjusts for exchange-rate movements, revenue grew 11.2%. Gross bookings increased 20.9% on the same basis to $2.72 billion, signalling stronger transaction activity despite pressure on parts of the travel market.
The results were announced on October 26, 2026. Deep Kalra, MakeMyTrip’s founder and chairman, and Rajesh Magow, co-founder and group CEO, lead the company’s leadership team.
Bus Ticketing and Hotels Support MakeMyTrip’s Performance
Bus ticketing was among the strongest performers during the quarter. Revenue from the segment increased 16.6% to $39.1 Mn, while its adjusted margin rose 19.5% to $45.1 million. In constant-currency terms, the respective increases were 25.7% and 29%.
The hotels and packages business generated $107.1 million in revenue, down 1% in reported dollar terms. However, revenue increased 7.4% at constant currency, while adjusted margin rose 10.4% to $116.8 Mn, or 20.2% in constant-currency terms.
The company’s Others segment also recorded growth, with revenue rising 21.6% to $32.3 million and adjusted margin increasing 19.1% to $24.4 million. Constant-currency growth in these two measures stood at 32.7% and 29.8%, respectively.
Air ticketing remained under pressure on reported revenue, which declined 7.2% to $56.7 million. Yet its adjusted margin increased 5.6% to $108.6 million, with constant-currency growth of 14.3%.
The contrast across segments suggests that MakeMyTrip’s performance cannot be judged by reported revenue alone. Currency movements weighed on dollar-denominated figures, while stronger adjusted margins across the business point to better underlying performance.
Profitability Improves as Gross Bookings Cross $2.7 Billion
MakeMyTrip’s adjusted operating profit, also referred to as adjusted EBIT, increased to $46.2 Mn from $44.2 Mn a year earlier. Adjusted net profit before tax rose to $46.2 Mn from $36.4 Mn, an improvement of $9.8 Mn.
Profit for the period, however, was much smaller at $1.8 million. The gap between adjusted profitability and reported net profit is important for investors because it highlights the effect of financing, tax and other items on the final result.
Gross bookings reached $2,724.7 million, compared with $2,447.3 million in Q2 FY26. The 20.9% increase at constant currency points to higher booking activity, although gross bookings represent the value of transactions rather than revenue earned by the company.
MakeMyTrip said the rupee weakened by approximately 10% against the US dollar year-on-year during the quarter. It also cited subdued international long-haul outbound travel, with strong domestic demand partly offsetting the pressure.
MakeMyTrip’s Myra AI Assistant Gains Traction
Artificial intelligence is becoming a more visible part of MakeMyTrip’s customer experience strategy. Its AI assistant, Myra, handled more than 90,000 conversations per day during the quarter across multiple Indian languages and English. More than 55% of these conversations came from Tier II and Tier III cities.
Myra resolved over 53% of post-booking queries related to flights and hotels and assisted with an average of more than 3,000 completed bookings per day. Its capabilities include end-to-end trip planning, voice interactions and in-chat payments.
The company also reported that customers using Myra completed approximately 1.7 times more bookings than non-users. Among customers from Tier II and Tier III cities, the reported comparison was around 2.1 times.
These are company-reported comparisons and do not, by themselves, prove that using the assistant caused customers to book more. Still, the figures offer an indication of how conversational AI could help users discover travel options, complete purchases and resolve service issues.
What the Results Mean for India’s Online Travel Market
For MakeMyTrip, the quarter highlights two priorities: improving profitability while expanding booking activity, and using AI to make the travel journey easier to navigate.
The performance of bus ticketing and hotels also underlines the value of having multiple travel categories. While international air travel faced headwinds, other parts of the business continued to grow on a constant-currency basis.
The next test will be whether the company can convert rising gross bookings and stronger adjusted margins into sustained growth in reported revenue and net profit. For investors, the distinction between constant-currency growth, adjusted performance and final reported earnings will remain central to assessing the quality of that growth.
Source: MakeMyTrip’s Q2 FY27 results announcement
Disclaimer: This article is for information purposes only and is not investment advice. Investments in securities are subject to market risks. Please read the official offer documents before investing.
