MakeMyTrip Q1 FY27 profit drops 65% to $9.1M despite 20% gross-bookings growth

MakeMyTrip reported Q1 FY27 revenue of $285.6 million, up 6% year-on-year, while constant-currency gross bookings rose 19.9% to $2.85 billion. Higher service, marketing and finance costs weighed on earnings as domestic travel and hotels offset weaker international demand.

— Source publishedMon, 3 Aug, 2026, 18:35 IST·First seen Mon, 3 Aug, 2026, 19:31 IST·Source Inc42

What happened

MakeMyTrip's Q1 FY27 profit fell 65% to $9.1 million despite 6% revenue growth and 19.9% constant-currency gross-bookings growth. Domestic travel and hotels

Key facts

  • Q1 FY27 net profit: $9.1 million, down 65% YoY from $25.8 million
  • Revenue: $285.6 million, up 6% YoY and 6% QoQ
  • Total income: $285.9 million
  • Gross bookings: $2.85 billion, up 19.9% YoY in constant currency
  • Air ticketing revenue: $55.6 million, down 7.5% YoY
  • Hotels and packages revenue: $151.2 million, up 6.7% YoY
  • Bus ticketing revenue: $44.9 million, up 15.9% YoY
  • Other segment revenue: $33.9 million, up 19.6% YoY
  • Service costs: $82.7 million, up 10.4% YoY
  • Marketing and sales promotion: $48.8 million, up 11.1% YoY
  • Net finance costs: $28.3 million versus $4 million a year earlier

Why this matters

Stronger domestic demand and weaker international travel may favor partnerships or acquisitions that deepen hotel supply, loyalty and distribution in India while limiting exposure to softer cross-border segments.

What to watch

  • Sequential gross-bookings growth versus revenue growth, indicating whether take rates and mix are deteriorating.
  • Marketing, service and finance costs as a percentage of revenue.
  • Domestic hotel-room nights and package bookings growth relative to air-ticketing growth.
  • International booking trends, especially outbound leisure demand and foreign-exchange impacts.
  • Repeat-booker share, app-led transactions and loyalty-program adoption.
  • Competitive fare discounts, hotel incentives and promotional intensity from major travel platforms.
  • Shift marketing toward repeat customers, app engagement and loyalty-led conversion to reduce acquisition cost per booking.
  • Prioritize hotel, package and ancillary products where take rates and cross-sell economics can offset lower-margin air bookings.
  • Tighten promotional spending and supplier incentives in weaker international corridors while protecting high-demand domestic routes.
  • Highlight adjusted margin trajectory, marketing payback periods and hotel supply expansion to reassure investors after the profit decline.

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