Whalesbook
Strong Quarterly Performance
MakeMyTrip Limited unveiled impressive operational results for its fiscal third quarter ending December 31, 2025. The travel services provider, listed on the NASDAQ, saw gross bookings increase by 11.8% year-on-year in constant currency, reaching $2,784.5 million. This growth significantly outpaced the $2,612.4 million reported in the prior year's comparable period.
Revenue and Margin Expansion
Revenue, as per IFRS, jumped 15.4% to $295.7 million, up from $267.4 million in Q3 FY25. Adjusted margins demonstrated strength across all business segments. Air ticketing contributed $107.9 million, a 20.4% year-on-year increase. The hotels and packages division was a key driver, posting $133.2 million in adjusted margin, a 14.6% rise. Bus ticketing and other services recorded even sharper growth rates of 26.1% and 45.5%, respectively.
Business Drivers and Profitability
The company's hotels and packages business experienced substantial volume growth, with hotel room nights soaring by 20.3% compared to the previous year. Results from operating activities grew 17.9% to $40.9 million. Adjusted operating profit saw an increase to $50.7 million from $46.0 million in Q3 FY25. While reported profit for the period was $7.3 million, down from $27.1 million, adjusted net profit rose to $51.4 million from $44.9 million.
Management Commentary
Group Chief Executive Officer Rajesh Magow attributed the strong overall growth in a seasonal quarter to the company's diversified portfolio. He noted that a wide array of transport and accommodation options helped mitigate the impact of slower domestic air travel. Group Chief Operating Officer Mohit Kabra highlighted the company's capacity to meet diverse travel needs and the rapid expansion of ancillary services as crucial to this quarter's success. He also pointed to the ‘Travel Ka Muhurat’ sale as instrumental in capturing seasonal demand.
Recovery from Previous Quarter
This performance marks a significant recovery from the fiscal second quarter of FY26, when MakeMyTrip reported a net loss of $5.7 million despite an 8.7% revenue increase. That loss was largely due to non-cash finance costs, including substantial interest expenses on zero-coupon notes and foreign exchange losses stemming from rupee depreciation.
Market Performance
MakeMyTrip shares concluded the trading session with a gain of 0.93%, closing at $74.59 on the NASDAQ. The stock added $0.69 during the day's trading.