Strong full-year results with accelerating margin growth across all segments validate MakeMyTrip's competitive positioning in Indian travel. The Q4 gross bookings were basically flat sequentially ($2.55B vs $2.55B) and constant-currency growth decelerated to 4.8%, so near-term momentum is softer. Watch for FY27 guidance on the earnings call — a repeat of 10%+ gross bookings growth would confirm the long-term trend, while any sign of further deceleration could pressure the stock after this strong run.
Price Chart
Executive Summary
MakeMyTrip reported fiscal Q4 and full-year FY26 earnings with record annual gross bookings of $10.4 billion (+10.4% YoY constant currency) and full-year IFRS revenue of $1.04 billion (+10.7% YoY constant currency). Results from operating activities grew 30.1% YoY to $156 million, driven by double-digit adjusted margin growth across all segments. The Q4 performance showed modest gross bookings growth of 4.8% constant currency, while revenue grew 6.7% constant currency, and adjusted EBIT rose 4.0% from the prior year quarter.
Key Facts
- Full-year FY26 gross bookings reached an all-time high of $10.39 billion, up 10.4% YoY in constant currency.
- Full-year IFRS revenue grew 10.7% YoY in constant currency to $1.044 billion.
- Full-year results from operating activities were $156.0 million, up 30.1% YoY.
- Q4 FY26 revenue was $250.1 million, up 6.7% YoY constant currency; Q4 adjusted operating profit was $46.5 million vs $44.7 million in Q4 FY25.
- Full-year adjusted margin growth in constant currency: Air Ticketing +13.4%, Hotels & Packages +15.7%, Bus Ticketing +29.3%, Others +37.1%.
- AI travel assistant Myra reached over 54,000 daily conversations in Q4, with 45% of usage from Tier-2 and smaller cities.
Financial Impact
Full-year revenue of $1,044.0M vs $978.3M (+10.7% constant currency); operating profit $156.0M vs $119.9M (+30.1%); record gross bookings $10.39B.
Risk Factors
- Q4 constant-currency gross bookings growth of only 4.8% YoY, decelerating from full-year trend of 10.4%
- Macroeconomic headwinds and adverse travel sentiment cited by management could persist
- Stock already at $5.0B market cap with 94% analyst bullishness — elevated expectations create downside risk if growth slows further
- No guidance or outlook provided in the filing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-229605 |
| Document: mmyt-6k-pr-2026-may.htm | 0001193125-26-229605 |
| Document: 0001193125-26-229605-index-headers.html | 0001193125-26-229605 |
| Document: 0001193125-26-229605-index.html | 0001193125-26-229605 |
| Document: 0001193125-26-229605.txt | 0001193125-26-229605 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 3, 2026 8w ago | 6-K | $61.78 $58.26 | ▼ −5.70% | ▼ −6.94% | $44.62 (−27.78%) |
Jul 17, 2026 11w ago | 6-K | $54.62 $60.42 | ▲ +10.62% | ▲ +6.17% | $44.62 (−18.31%) |
May 19, 2026 19w ago | 6-K | $41.46 $45.45 | ▲ +9.62% | ▲ +8.64% | $44.62 (+7.62%) |
US Market Status
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