MakeMyTrip Posts Solid Q3 Results, Driven by Broad-Based Growth Across Travel Segments

MakeMyTrip Limited (NASDAQ: MMYT), India’s largest online travel company, reported another quarter of steady and profitable growth for the three months ended December 31, 2025, despite softer trends in domestic air travel.

In its fiscal third quarter (Q3 FY26), the company recorded gross bookings of $2.78 billion, up 11.8% year-on-year on a constant currency basis. Revenue under IFRS rose 15.4% to $295.7 million, reflecting strong demand across hotels, ground transport, and ancillary services.

Adjusted margins expanded at a double-digit pace across all business lines. The air ticketing segment delivered adjusted margins of $107.9 million, a 20.4% increase over the same period last year. Hotels and packages generated adjusted margins of $133.2 million, growing 14.6% year-on-year, supported by a 20.3% rise in hotel room nights booked. Bus ticketing continued to be a standout performer, with adjusted margins climbing 26.1% to $42.4 million, while other segments saw a sharp 45.5% increase to $27.5 million.

Operating performance also strengthened, with results from operating activities increasing 17.9% year-on-year to $40.9 million. Adjusted operating profit (Adjusted EBIT) rose to $50.7 million, compared with $46.0 million in Q3 FY25. Adjusted net profit came in at $51.4 million, up from $44.9 million a year earlier, even as reported profit for the period declined due to non-operational factors.

Commenting on the performance, Group Chief Executive Officer Rajesh Magow said the company’s diversified product portfolio helped offset slower growth in domestic air travel. “Our mix of transport and accommodation offerings allowed us to deliver strong overall growth in this seasonal quarter,” he said. “We continue to focus on increasing wallet share among Indian travelers through differentiated offerings, while advancing our AI initiatives to enhance customer experience and organizational efficiency.”

Group Chief Operating Officer Mohit Kabra highlighted the role of ancillary services and marketing innovation. “Our ability to cater to a wide spectrum of travel needs, combined with rapid expansion in ancillaries, has driven another strong quarter,” he said, adding that the company’s newly launched “Travel Ka Mahurat Sale” campaign successfully tapped into seasonal travel demand.

The unaudited financial results have been filed with the U.S. Securities and Exchange Commission and are available on MakeMyTrip’s investor relations website.