MakeMyTrip earnings: Q2 bookings rise as currency weighs

MakeMyTrip earnings for the second quarter of fiscal 2027 showed gross bookings reaching $2.72 billion, up 20.9% in constant currency, while reported revenue grew a more modest 2.5%. The travel company announced the unaudited results on October 26, 2026, for the quarter ended September 30. Adjusted operating profit rose 4.7% in reported dollars to $46.2 million.

Key Takeaways

• Rupee depreciation widened the gap between reported and constant-currency growth.
• Bus ticketing and ancillary services supported revenue as reported air and hotel revenue declined.
• MakeMyTrip returned to an IFRS quarterly profit, but adjusted operating profit grew more slowly than bookings.

MakeMyTrip earnings reflect a substantial currency drag

MakeMyTrip’s fiscal 2027 second-quarter results announcement showed revenue of $235.2 million, compared with $229.3 million a year earlier. Revenue increased 11.2% in constant currency, which holds exchange rates at the comparable prior-year period’s levels.

The company said the Indian rupee depreciated approximately 10% against the U.S. dollar year over year. Its material subsidiaries use the rupee as their functional currency, while the group reports in dollars, reducing reported growth when those results are translated.

Gross bookings rose 11.3% in reported dollars. Bookings measure the value of travel transactions rather than the company’s revenue, so the $2.72 billion figure should not be read as sales earned by MakeMyTrip.

MakeMyTrip said elevated fuel prices, higher airfares and rupee weakness increased the cost of overseas trips for Indian customers, keeping international long-haul demand subdued. Strong domestic travel demand partially offset those pressures.

Bus ticketing leads revenue growth

Bus ticketing revenue rose 16.6% in reported dollars to $39.1 million, supported by a 24.7% increase in tickets sold. Revenue from the others segment increased 21.6% to $32.3 million, which the company attributed primarily to ancillary services and car bookings.

Reported air ticketing revenue fell 7.2% to $56.7 million, while hotels and packages revenue declined 1.0% to $107.1 million. Both businesses grew in constant currency, illustrating how translation effects obscured underlying expansion.

Hotel room nights increased 18.5%. The company’s segment Adjusted Margin figures, shown below, are non-IFRS dollar measures of segment profitability, not percentage margins or IFRS revenue.

Profit improves, but bookings outpace operating earnings

IFRS profit for the quarter was $1.8 million, compared with a $5.7 million loss a year earlier. Results from operating activities increased to $36.7 million from $34.4 million, while net finance costs declined to $29.8 million from $35.9 million, primarily because of a smaller net foreign-exchange loss.

Adjusted operating profit increased to $46.2 million from $44.2 million. That growth lagged reported bookings, with adjusted operating profit representing 1.7% of gross bookings versus 1.8% a year earlier.

Other operating expenses rose 9.3% to $63.7 million. MakeMyTrip cited higher distribution, website hosting and payment gateway costs linked to increased bookings, partially offset by lower outsourcing expenses.

Adjusted net profit before tax, a separate non-IFRS measure, rose 27.0% to $46.2 million. It should not be confused with the company’s much smaller IFRS profit after financing costs and tax.

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