MakeMyTrip Q1 FY27 revenue rises 6.2%, while profit drops 65%

MakeMyTrip posted $285.6 million in Q1 FY27 revenue, supported by hotel, package and bus bookings. Net profit fell 64.7% to $9.1 million as convertible-note finance costs increased, while international outbound travel stayed subdued amid the West Asia conflict.

— Source publishedMon, 3 Aug, 2026, 21:46 IST·First seen Mon, 3 Aug, 2026, 21:47 IST·Source Entrackr · Newsletter

What happened

MakeMyTrip’s Q1 FY27 revenue rose 6.2% to $285.6 million as domestic travel supported hotels and bus bookings, but profit fell 64.7% to $9.1 million after

Key facts

  • Q1 FY27 revenue: $285.6 million, up 6.2% YoY
  • Constant-currency revenue growth: 16.1%
  • Net profit: $9.1 million, down 64.7% YoY
  • Gross bookings: $2.85 billion, up 9.4%
  • Hotel and packages revenue: $151.2 million, up 6.7%
  • Bus ticketing revenue: $44.9 million, up 15.9%
  • Air ticketing revenue: $55.6 million, down 7.5%
  • Adjusted EBITDA: $55.5 million
  • Cash and cash equivalents: $370.7 million

Why this matters

Weak outbound travel amid the West Asia conflict strengthens the strategic case for partnerships or acquisitions in domestic lodging, ground transport and value-led holiday offerings.

What to watch

  • Monthly international outbound booking trends and cancellation rates, especially for West Asia-connected routes.
  • Domestic hotel room-night growth, package bookings and bus-ticket volumes.
  • Airfare inflation, route suspensions, visa constraints and any escalation or de-escalation in the West Asia conflict.
  • Contribution-margin and adjusted EBITDA trends relative to reported net income.
  • Convertible-note interest, fair-value or accounting charges, refinancing activity and free-cash-flow conversion.
  • Competitive discounting by Indian online travel agencies and travel suppliers' commission policies.
  • Emphasize domestic hotels, bus bookings and short-haul destinations to replace lost international demand.
  • Use targeted rather than broad-based promotions to defend share while preserving contribution margins.
  • Increase supplier coordination on domestic inventory, cancellation flexibility and alternative international routings.
  • Provide clearer investor disclosure separating operating profitability, cash generation and non-cash or financing-related convertible-note costs.
  • Prioritize higher-repeat and higher-margin accommodation/package customers over low-margin flight-led acquisition.

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