Multi-year Gross Booking Growth
Gross bookings rose to $10.4B in FY26 from ~$3.2B in FY22 and $6.6B in FY23, compounding at ~34% over four years, reflecting strong structural demand tailwinds in India.
Makemytrip
· MMYT
May 19th, 2026
Summary
- Earnings Call Date:
- 2026-05-19
- Change Since:
- +28.75%
- Next Earnings Date:
- 2026-07-28
Earnings Call Sentiment
PositiveThe call conveyed a predominantly constructive operating and financial picture: FY26 showed solid revenue growth, meaningful EBIT improvement (+30.1% YoY), margin expansion, strong cash generation, robust segmental gains (hotels, bus, ancillaries), accelerated AI adoption (Myra, automation) and strategic investments. At the same time, material near-term headwinds from the West Asia conflict, higher fuel costs, INR depreciation and airline capacity reductions have depressed international volumes and created demand volatility in March/April, tempering near-term guidance. Overall the positives on profitability, cash flow, product/AI momentum and diversified domestic demand outweigh the current external challenges, though management remains cautious about the near-term outlook.
Company Guidance
Management guided that, in normal market conditions, they expect revenue growth "in the 20s" and plan to maintain adjusted operating‑profit margins around 1.8%–2% of gross bookings (FY26 adjusted operating‑profit margin 1.82% of GBV; Q4 adjusted operating profit $46.5M), noting FY26 results included $10.4B of gross bookings (≈34% CAGR over four years), IFRS revenue +10.7% YoY in constant currency and EBIT (results from operating activities) of $156M (+30.1% YoY). They emphasized cash strength and conversion—$182.5M cash from operations in FY26 and conversion of 97% of adjusted operating profit, with cash & equivalents >$782M—and pointed to segment momentum underpinning the outlook (Q4 air adjusted margin $99.3M, hotels & packages volume +15.2% YoY, standalone hotels +15.5%, bus volumes +27.6% Q4 and +32.9% FY, other segment Q4 adjusted margin $25.4M). Management also highlighted AI and product levers driving efficiency and growth (Myra 50k→80k+ conversations/day, >200k bookings assisted in the quarter, ~55% of flight/hotel queries resolved by digital voice agents) as sources of operating leverage to help navigate near‑term geopolitical headwinds.
Revenue and Profitability Improvement
IFRS revenue grew 10.7% YoY in constant currency for FY26; results from operating activities (EBIT) reached $156M, up 30.1% YoY; adjusted operating profit margin expanded to 1.82% of gross bookings (FY26 vs 1.71% in FY25).
Strong Cash Generation and Balance Sheet
Generated $182.5M cash from operating activities in FY26, converting 97% of adjusted operating profit into operating cash flow; ended quarter with over $782M in cash and cash equivalents.
Segmental Momentum — Hotels & Packages
Accommodation volumes grew 15.2% YoY in the quarter (standalone hotels +15.5% YoY); gross booking growth 10.8% YoY in constant currency and adjusted margin growth 11.5% YoY in constant currency for the quarter; full-year hotel & packages adjusted margin growth 15.7% YoY.
Bus and Ground Transport Expansion
Bus ticketing volumes grew 27.6% YoY in the quarter and 32.9% YoY for the full year; bus adjusted margin was $41.1M, up 17.1% YoY in constant currency; intercity cabs grew over 20%.
Ancillary Revenue Scaling
Adjusted margin from 'other' (ancillary) was $25.4M in Q4, up 27.1% YoY in constant currency; full-year 'other' adjusted margin $95M, up 37.1% YoY — indicating higher share of wallet and monetization.
AI Adoption and Product Innovation
Launched upgraded Myra (multilingual voice + payment completion); Myra handled 200k+ bookings in the quarter and scaled to 50k–80k conversations/day. Users interacting with Myra show ~10% higher conversion vs traditional journeys. AI tools now write ~60–70% of new code and digital voice agents resolve ~55% of flight & hotel queries.
Market Share and Distribution Strength
Maintained leading domestic air ticketing market share at 30.8% in the quarter (gain of ~0.2pp); platform lists 100,000+ accommodation options across >2,050 cities and sold room nights for 12,000 new properties during the year.
Capital Allocation and Strategic Investments
Completed $96.4M of buybacks (of $100M plan) including convertible bonds; repurchased 0.9M shares for ~$50.3M in the quarter; made strategic investments — majority stake in Flamingo Transworld and minority investment/visa agreement with Atlys; merged redBus India into MakeMyTrip India to enable future India listing.
Vipul Garg
Hello, everyone. I'm Vipul Garg, Senior Vice President, Investor Relations at MakeMyTrip Limited, and welcome to our fiscal 2026 fourth quarter and full year earnings webinar. Today's event will be hosted by company's leadership team, comprising Rajesh Magow, our Co-Founder and Group Chief Executive Officer; Mohit Kabra, our Group Chief Operating Officer; and Dipak Bohra, our Group Chief Financial Officer. As a reminder, this live event is being recorded by the company and will be made available for replay on our IR website shortly after the conclusion of today's event. At the end of these prepared remarks, we will also be hosting Q&A session. Furthermore, certain statements made during today's event may be considered forward-looking statements within the meaning of the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, are subject to inherent uncertainties, and actual results may differ materially.
Any forward-looking information relayed during this event speaks only as of this date, and the company undertakes no obligation to update the information to reflect changed circumstances. Additional information concerning these statements is contained in the Risk Factors and Forward-looking Statements section of the company's annual report on Form 20-F filed with the SEC on June 16, 2025. Copies of these filings are available from the SEC or from the company's Investor Relations department. I would like to now turn over the call to Rajesh. Over to you, Rajesh.
Rajesh Magow
Thank you, Vipul. Welcome, e...
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