MakeMyTrip (NASDAQ: MMYT) grows Q1 revenue as earnings pressured by interest

Rhea-AI Filing Summary

MakeMyTrip Limited reported fiscal 2027 first-quarter results for the quarter ended June 30, 2026. Revenue was $285.6 million, up 6.2% year over year, or 16.1% in constant currency, as more than 10% Indian rupee depreciation against the U.S. dollar reduced reported growth. Gross Bookings rose to $2,854.7 million, a 19.9% increase in constant currency, with strong domestic travel partly offsetting subdued international outbound demand linked to the West Asia conflict.

Profit for the period declined to $9.1 million from $25.8 million, and diluted earnings per share fell to $0.09 from $0.22, mainly because net finance costs increased to $28.3 million, driven by higher interest expense on convertible senior notes due 2030. Operating performance remained solid: results from operating activities were $43.7 million versus $40.4 million, Adjusted Operating Profit was $51.4 million, Adjusted Net Profit Before Tax was $52.2 million, Adjusted EBITDA was $55.5 million versus $51.6 million, and Adjusted Diluted Earnings per Share rose to $0.53 from $0.42.

By segment, hotels and packages revenue increased to $151.2 million with Adjusted Margin of $134.5 million; bus ticketing revenue rose to $44.9 million with Adjusted Margin of $51.8 million; air ticketing revenue decreased to $55.6 million, although Adjusted Margin edged up to $98.5 million; and others revenue grew to $33.9 million with Adjusted Margin of $24.9 million. Free Cash Flow fell to $19.9 million from $37.9 million. Liquidity remained sizable, with $370.7 million in cash and cash equivalents and $423.6 million in term deposits as of June 30, 2026. During the quarter the company repurchased 200,000 ordinary shares for $7.8 million and retained authority to repurchase up to $95.8 million of shares and convertible notes under its existing program.

Positive

• Constant-currency growth remained strong, with revenue up 16.1% and Gross Bookings up 19.9% year over year in 1Q27, highlighting robust underlying travel demand despite foreign-exchange headwinds.
• Profitability on an adjusted basis improved: Adjusted EBITDA rose to $55.5 million from $51.6 million and Adjusted Diluted Earnings per Share increased to $0.53 from $0.42, indicating stronger core earnings.
• Key segments delivered solid growth, including Hotels and Packages Adjusted Margin up 21.3% in constant currency to $134.5 million and Bus Ticketing Adjusted Margin up 32.4% in constant currency to $51.8 million.

Negative

• IFRS net income declined sharply, with profit for the period falling to $9.1 million from $25.8 million and diluted EPS decreasing to $0.09 from $0.22.
• Financing costs increased substantially, as net finance costs rose to $28.3 million from $4.0 million, mainly due to higher interest expense on convertible senior notes measured at amortized cost.
• Free Cash Flow weakened, dropping to $19.9 million from $37.9 million, while net cash generated from operating activities decreased to $26.7 million from $41.8 million.
• Foreign-exchange and geopolitical factors weighed on results, with more than 10% year-on-year Indian rupee depreciation and subdued international outbound travel from India due to the West Asia conflict.

Filing Explained

The August 3 filing adds information to an existing resale shelf; it does not disclose a completed share sale, issuance, or resulting dilution.

On August 3, 2026, MakeMyTrip incorporated this 6-K’s information by reference into its automatically effective resale shelf registration statement on Form F-3, dated June 16, 2025, as amended.

This is a registration and disclosure step supporting a potential future resale under the existing shelf, not a completed sale or issuance of securities in this filing.

The filing does not state an amount of securities, consideration, proceeds, or dilution tied to this incorporation, so the economic effect on existing common holders cannot be sized from this disclosure.

The relevant follow-up would be a separate disclosure identifying whether securities covered by the F-3 are actually resold and on what terms; this filing provides no such transaction terms or timing.

Key Figures

Revenue: $285.6 million Profit for the period: $9.1 million Adjusted EBITDA: $55.5 million +5 more

8 metrics

Revenue $285.6 million Quarter ended June 30, 2026; 6.2% year-over-year growth, 16.1% in constant currency

Profit for the period $9.1 million Quarter ended June 30, 2026, down from $25.8 million a year earlier

Adjusted EBITDA $55.5 million Fiscal 2027 first quarter, up from $51.6 million in the prior-year quarter

Gross Bookings $2,854.7 million Fiscal 2027 first quarter; 19.9% year-over-year growth in constant currency

Net finance costs $28.3 million Quarter ended June 30, 2026, versus $4.0 million in the prior-year quarter

Free Cash Flow $19.9 million Fiscal 2027 first quarter, compared with $37.9 million a year earlier

Cash and cash equivalents $370.7 million Balance as of June 30, 2026, including $2.6 million of restricted cash

Share repurchases 200,000 shares for $7.8 million Ordinary shares repurchased during the first quarter of fiscal 2027

Key Terms

Adjusted Margin, Gross Bookings, Free Cash Flow, constant currency, +2 more

6 terms

Adjusted Margin financial

"Adjusted Margin represents IFRS revenue after adding back customer inducement costs"

Adjusted margin measures a company’s profitability after removing or altering certain charges or gains that management believes obscure its regular results, such as one‑time costs, unusual gains, or accounting items. Investors care because it aims to show the business’s recurring profit rate — like looking at a household budget but ignoring a single big, unexpected expense — which helps compare performance across periods and between companies more fairly.

Gross Bookings financial

"Gross Bookings increased by 19.9% YoY in 1Q27 to $2,854.7 million"

Gross bookings is the total dollar value of transactions a company records from sales, reservations, or orders before subtracting cancellations, refunds, taxes, or fees. Think of it as the full amount put into a shopping cart at checkout rather than the final receipt; it shows raw customer demand and sales momentum but does not equal actual revenue or profit, so investors use it to gauge growth and market interest while also watching conversion to net revenue.

Free Cash Flow financial

"Free Cash Flow (which is a non-IFRS measure) is most directly comparable"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

constant currency financial

"Constant currency refers to our financial results assuming constant foreign exchange rates"

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

customer inducement costs financial

"Adjusted Margin represents IFRS revenue after adding back customer inducement costs"

convertible senior notes financial

"related to our convertible senior notes due 2030"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/03/2026 - 06:08 AM Accepted by SEC EDGAR 08/03/2026 - 06:07 AM Learn about SEC filing dates

FAQ

How did MakeMyTrip (MMYT) perform financially in fiscal 2027 Q1?

MakeMyTrip reported revenue of $285.6 million, up 6.2% year over year, or 16.1% in constant currency. Gross Bookings reached $2,854.7 million, reflecting 19.9% constant-currency growth, supported mainly by strong domestic travel demand.

Why did MakeMyTrip (MMYT) profit decline in fiscal 2027 Q1?

Profit for the period fell to $9.1 million from $25.8 million mainly because net finance costs rose to $28.3 million. This was driven by a $23.4 million increase in interest expense on financial liabilities related to convertible senior notes due 2030.

How did MakeMyTrip’s key segments perform in fiscal 2027 Q1?

Hotels and packages revenue climbed to $151.2 million with Adjusted Margin of $134.5 million, while bus ticketing revenue rose to $44.9 million with Adjusted Margin of $51.8 million. Air ticketing revenue declined to $55.6 million, but Adjusted Margin increased slightly to $98.5 million.

What were MakeMyTrip (MMYT)’s adjusted profitability metrics for fiscal 2027 Q1?

Adjusted Operating Profit was $51.4 million versus $47.3 million a year earlier, Adjusted Net Profit Before Tax was $52.2 million, and Adjusted EBITDA reached $55.5 million compared with $51.6 million, indicating better underlying operating performance.

What is MakeMyTrip (MMYT)’s liquidity position as of June 30, 2026?

As of June 30, 2026, MakeMyTrip held $370.7 million in cash and cash equivalents, including restricted cash, and $423.6 million in term deposits. Bank overdrafts totaled $0.8 million, providing substantial available liquidity for operations and strategic flexibility.

Did MakeMyTrip (MMYT) repurchase any securities in fiscal 2027 Q1?

Yes. MakeMyTrip repurchased 200,000 ordinary shares for an aggregate price of $7.8 million. No 2028 or 2030 convertible notes were repurchased, and the company retained $95.8 million of remaining repurchase authority across shares and notes.

How did foreign exchange and geopolitics affect MakeMyTrip (MMYT) in fiscal 2027 Q1?

The company noted that the Indian rupee depreciated by more than 10% year over year versus the U.S. dollar, significantly impacting reported revenue growth, while international outbound travel from India remained subdued due to the ongoing West Asia conflict.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the quarter ended June 30, 2026

Commission File Number 001-34837

MAKEMYTRIP LIMITED

(Translation of registrant’s name into English)

19th Floor, Building No. 5

DLF Cyber City

Gurugram, India, 122002

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

MakeMyTrip Limited (“MakeMyTrip” or the “Company”) is incorporating by reference the information set forth in this Form 6-K into its automatically effective resale shelf registration statement on Form F-3 (File No. 333-288084) dated June 16, 2025, as amended.

Other Events

Announcement of Unaudited Financial Results for the quarter ended June 30, 2026

On August 3, 2026, MakeMyTrip issued an earnings release announcing its unaudited financial results for the first quarter of fiscal 2027 (i.e. quarter ended June 30, 2026). A copy of the earnings release dated August 3, 2026 is attached hereto as Exhibit 99.1.

Exhibit

99.1 Earnings release of MakeMyTrip Limited dated August 3, 2026.

EXHIBIT INDEX

99.1 Earnings release of MakeMyTrip Limited dated August 3, 2026.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 3, 2026

MAKEMYTRIP LIMITED
By:		/s/ Rajesh Magow
Name:		Rajesh Magow
Title:		Group Chief Executive Officer

Exhibit 99.1

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2027 FIRST QUARTER RESULTS

Gurugram, India and New York, August 3, 2026 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading travel service provider, today announced its unaudited interim financial and operating results for its fiscal first quarter ended June 30, 2026.

(in thousands)		For the three months  ended June  30, 2025				For the three months  ended June  30, 2026				YoY Change				YoY Change in constant currency(1)
Financial Summary as per IFRS
Revenue		$	268,846			$	285,579				6.2	%			16.1	%
Air Ticketing		$	60,125			$	55,607				-7.5	%			1.1	%
Hotels and Packages		$	141,648			$	151,179				6.7	%			16.7	%
Bus Ticketing		$	38,753			$	44,933				15.9	%			26.1	%
Others		$	28,320			$	33,860				19.6	%			31.5	%
Results from Operating Activities		$	40,361			$	43,706				8.3	%
Profit for the period		$	25,805			$	9,105				-64.7	%
Financial Summary as per non-IFRS measures
Adjusted Margin(2)
Air Ticketing		$	97,060			$	98,547				1.5	%			10.8	%
Hotels and Packages		$	121,881			$	134,462				10.3	%			21.3	%
Bus Ticketing		$	42,593			$	51,836				21.7	%			32.4	%
Others		$	21,495			$	24,892				15.8	%			27.2	%
Adjusted Operating Profit(2)		$	47,341			$	51,396				8.6	%
Adjusted Net Profit Before Tax(2)		$	49,429			$	52,167				5.5	%
Adjusted EBITDA(2)		$	51,633			$	55,501				7.5	%
Free Cash Flow(2)		$	37,930			$	19,920				-47.5	%
Gross Bookings		$	2,608,479			$	2,854,678				9.4	%			19.9	%
Air Ticketing		$	1,433,383			$	1,542,340				7.6	%			17.7	%
Hotels and Packages		$	687,712			$	746,388				8.5	%			19.6	%
Bus Ticketing		$	415,541			$	501,938				20.8	%			31.4	%
Other Transport Services		$	71,843			$	64,012				-10.9	%			-1.5	%

Notes:

(1)Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the rates in effect during the comparable fiscal period in the prior fiscal year. This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. IFRS refers to IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.

(2)This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.

Financial Highlights for Fiscal 2027 First Quarter

(Year over Year (YoY) growth % is based on constant currency(1))

•Gross Bookings increased by 19.9% YoY in 1Q27 to $2,854.7 million.

•Adjusted Margin(2) – Air Ticketing increased by 10.8% YoY in 1Q27 to $98.5 million.

•Adjusted Margin(2) – Hotels and Packages increased by 21.3% YoY in 1Q27 to $134.5 million.

•Adjusted Margin(2) – Bus Ticketing increased by 32.4% YoY in 1Q27 to $51.8 million.

•Adjusted Margin(2) – Others increased by 27.2% YoY in 1Q27 to $24.9 million.

•Adjusted Operating Profit(2) improved to $51.4 million in 1Q27 versus $47.3 million in 1Q26, reflecting an improvement of $4.1 million YoY.

•Adjusted Net Profit Before Tax(2) improved to $52.2 million in 1Q27 versus $49.4 million in 1Q26, reflecting an improvement of $2.8 million YoY.

Reconciliation of revenue and Adjusted Margin in terms of reported and constant currency amount and growth

The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported amount and constant currency(1) amount for the period indicated:

(Unaudited)		For the three months ended June 30, 2026
		Revenue																				Adjusted Margin
Reported Amount and Constant Currency Amount (YoY)		Air Ticketing				Hotels and Packages				Bus  Ticketing				Others				Total				Air Ticketing				Hotels and Packages				Bus  Ticketing				Others
		(Amounts in USD thousands)
Reported Amount			55,607				151,179				44,933				33,860				285,579				98,547				134,462				51,836				24,892
Impact of Foreign Currency Translation			5,163				14,165				3,917				3,389				26,634				9,028				13,351				4,575				2,442
Constant Currency Amount			60,770				165,344				48,850				37,249				312,213				107,575				147,813				56,411				27,334

The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported growth and constant currency(1) growth for the period indicated:

(Unaudited)		For the three months ended June 30, 2026
		Revenue																				Adjusted Margin
Reported Growth and Constant Currency Growth (YoY)		Air Ticketing				Hotels and Packages				Bus  Ticketing				Others				Total				Air Ticketing				Hotels and Packages				Bus  Ticketing				Others
Reported Growth			-7.5	%			6.7	%			15.9	%			19.6	%			6.2	%			1.5	%			10.3	%			21.7	%			15.8	%
Impact of Foreign Currency Translation			8.6	%			10.0	%			10.2	%			11.9	%			9.9	%			9.3	%			11.0	%			10.7	%			11.4	%
Constant Currency Growth			1.1	%			16.7	%			26.1	%			31.5	%			16.1	%			10.8	%			21.3	%			32.4	%			27.2	%

Fiscal 2027 First Quarter Financial Results

Our overall results and growth for the quarter ended June 30, 2026 were impacted by several factors. While the Group reports its financial results in U.S. Dollars (USD), the functional currency of its material subsidiaries is the Indian Rupee (INR). During the quarter ended June 30, 2026, the INR depreciated against the USD by more than 10% year-on-year compared to the quarter ended June 30, 2025, which had a significant impact on our reported revenues and year-on-year growth rates. On the demand side, international outbound travel from India remained subdued due to the ongoing West Asia conflict, affecting growth in our international travel business and our results for the quarter ended June 30, 2026. Nevertheless, strong seasonal demand and improved domestic travel activity during the current quarter partially mitigated this impact, enabling us to maintain resilient overall performance.

Revenue. We generated revenue of $285.6 million in the quarter ended June 30, 2026, an increase of 6.2% (16.1% in constant currency(1)) over revenue of $268.8 million in the quarter ended June 30, 2025.

This increase in revenue was primarily attributable to an increase of 6.7% (16.7% in constant currency) in revenue from our hotels and packages business, an increase of 15.9% (26.1% in constant currency) in revenue from our bus ticketing business, and an increase of 19.6% (31.5% in constant currency) in revenue from our others business, partially offset by a decrease of 7.5% in revenue from our air ticketing business (an increase of 1.1% in constant currency), each as further described below.

The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. For more information on non-IFRS measures and segment profitability measures, see “About Key Performance Indicators and Non-IFRS Measures” and “Information About Reportable Segments” in our condensed consolidated interim financial statements included elsewhere in this release.

		For the three months ended  June 30
		Air ticketing								Hotels and packages								Bus ticketing								Others
		2025				2026				2025				2026				2025				2026				2025				2026
		(Amounts in USD thousands)
Revenue as per IFRS			60,125				55,607				141,648				151,179				38,753				44,933				28,320				33,860
Add: Customer inducement costs recorded as a reduction of revenue			36,935				42,940				47,415				55,955				3,840				6,903				880				1,035
Less: Service cost			—				—				67,182				72,672				—				—				7,705				10,003
Adjusted Margin(2)			97,060				98,547				121,881				134,462				42,593				51,836				21,495				24,892

Air Ticketing. Revenue from our air ticketing business decreased by 7.5% (an increase of 1.1% in constant currency) to $55.6 million for the quarter ended June 30, 2026 compared to $60.1 million for the quarter ended June 30, 2025. Our Adjusted Margin – Air ticketing increased by 1.5% (10.8% in constant currency) to $98.5 million in the quarter ended June 30, 2026, from $97.1 million in the quarter ended

June 30, 2025. Adjusted Margin – Air ticketing includes customer inducement costs of $42.9 million in the quarter ended June 30, 2026 and $36.9 million in the quarter ended June 30, 2025, recorded as a reduction of revenue. The increase in revenue (in constant currency) from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to an increase in Gross Bookings by 7.6% (17.7% in constant currency) in the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025. Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of Gross Bookings) – Air ticketing decreased to 6.4% in the quarter ended June 30, 2026 as compared to 6.8% in the quarter ended June 30, 2025.

Hotels and Packages. Revenue from our hotels and packages business increased by 6.7% (16.7% in constant currency) to $151.2 million in the quarter ended June 30, 2026, from $141.6 million in the quarter ended June 30, 2025. Our Adjusted Margin – Hotels and packages increased by 10.3% (21.3% in constant currency) to $134.5 million in the quarter ended June 30, 2026 from $121.9 million in the quarter ended June 30, 2025. Adjusted Margin – Hotels and packages include customer inducement costs of $56.0 million in the quarter ended June 30, 2026 and $47.4 million in the quarter ended June 30, 2025, recorded as a reduction of revenue. The increase in revenue from our hotels and packages business and Adjusted Margin – Hotels and packages was primarily due to an increase in Gross Bookings by 8.5% (19.6% in constant currency), which was primarily driven by a 19.9% increase in the number of hotel-room nights in the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025. Our Adjusted Margin % – Hotels and packages increased marginally to 18.0% in the quarter ended June 30, 2026 as compared to 17.7% in the quarter ended June 30, 2025.

Bus Ticketing. Revenue from our bus ticketing business increased by 15.9% (26.1% in constant currency) to $44.9 million in the quarter ended June 30, 2026, from $38.8 million in the quarter ended June 30, 2025. Our Adjusted Margin – Bus ticketing increased by 21.7% (32.4% in constant currency) to $51.8 million in the quarter ended June 30, 2026 from $42.6 million in the quarter ended June 30, 2025. Adjusted Margin – Bus ticketing includes customer inducement costs of $6.9 million in the quarter ended June 30, 2026 and $3.8 million in the quarter ended June 30, 2025, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was primarily due to an increase in Gross Bookings by 20.8% (31.4% in constant currency) driven by a 23.9% increase in the number of bus tickets in the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025. Our Adjusted Margin % – Bus ticketing remained constant at 10.3% in the quarter ended June 30, 2026 as compared to 10.3% in the quarter ended June 30, 2025.

Others. Revenue from our others business increased by 19.6% (31.5% in constant currency) to $33.9 million in the quarter ended June 30, 2026, from $28.3 million in the quarter ended June 30, 2025. Our Adjusted Margin – Others increased by 15.8% (27.2% in constant currency) to $24.9 million in the quarter ended June 30, 2026 from $21.5 million in the quarter ended June 30, 2025. Adjusted Margin – Others includes customer inducement costs of $1.0 million in the quarter ended June 30, 2026 and $0.9 million in the quarter ended June 30, 2025, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was primarily led by growth in our ancillary services.

Other Income. Other income was $0.3 million in the quarter ended June 30, 2026 and $1.5 million in the quarter ended June 30, 2025.

Service Cost. Service cost increased by 10.4% to $82.7 million in the quarter ended June 30, 2026 from $74.9 million in the quarter ended June 30, 2025, primarily due to robust travel demand, particularly for our packages and car booking businesses in India, in the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025.

Personnel Expenses. Personnel expenses decreased by 3.4% to $38.8 million in the quarter ended June 30, 2026 from $40.2 million in the quarter ended June 30, 2025, primarily due to the impact of foreign currency translation, particularly the depreciation of the Indian rupee against the U.S. dollar during the period, and a decrease in the share-based compensation costs in the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025. These decreases were partially offset by the annual wage increases effected in the quarter ended June 30, 2026.

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 11.1% to $48.8 million in the quarter ended June 30, 2026 from $43.9 million in the quarter ended June 30, 2025, primarily due to an increase in variable costs and discretionary expenditures such as expenses on events and brand building initiatives. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $106.8 million in the quarter ended June 30, 2026 and $89.1 million in the quarter ended June 30, 2025. The details are as follows:

		For the three months ended June 30
		2025				2026
		(Amounts in USD thousands)
Marketing and sales promotion expenses			43,925				48,785
Customer inducement costs recorded as a reduction of revenue			89,070				106,833

Other Operating Expenses. Other operating expenses increased by 2.3% to $65.3 million in the quarter ended June 30, 2026 from $63.8 million in the quarter ended June 30, 2025, primarily due to an increase in operating expenses, including distribution costs, website hosting charges and payment gateway charges linked to an increase in bookings, which was partially offset by a decrease in outsourcing expenses in the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025.

Depreciation and Amortization. Our depreciation and amortization expenses were $6.5 million in the quarter ended June 30, 2026 and $7.2 million in the quarter ended June 30, 2025.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were $43.7 million in the quarter ended June 30, 2026 as compared to $40.4 million in the quarter ended June 30, 2025. Our Adjusted Operating Profit was $51.4 million in the quarter ended June 30, 2026 as compared to $47.3 million in the quarter ended June 30, 2025. For a description of the components and calculation of “Adjusted Operating Profit” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Results from operating activities”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Net Finance Costs. Our net finance costs were $28.3 million in the quarter ended June 30, 2026 as compared to $4.0 million in the quarter ended June 30, 2025, primarily due to an increase of $23.4 million in interest expense on financial liabilities measured at amortized cost related to our convertible senior notes due 2030.

Income Tax Expense. Our income tax expense was $6.3 million in the quarter ended June 30, 2026 as compared to $10.6 million in the quarter ended June 30, 2025, primarily due to reversal of deferred tax liabilities, partially offset by an increase in tax expense resulting from an increase in our taxable income in the quarter ended June 30, 2026.

Profit for the Period. As a result of the foregoing factors, our profit for the quarter ended June 30, 2026 was $9.1 million as compared to $25.8 million in the quarter ended June 30, 2025. Our Adjusted Net Profit Before Tax was $52.2 million in the quarter ended June 30, 2026, as compared to $49.4 million in the quarter ended June 30, 2025. Our Adjusted EBITDA was $55.5 million in the quarter ended June 30, 2026, as compared to $51.6 million in the quarter ended June 30, 2025. For a description of the components and calculation of “Adjusted Net Profit Before Tax” and “Adjusted EBITDA” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Profit for the period”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Diluted Earnings per Share. As a result of the foregoing factors, diluted earnings per share was $0.09 for the quarter ended June 30, 2026 as compared to diluted earnings per share of $0.22 in the quarter ended June 30, 2025. Our Adjusted Diluted Earnings per Share was $0.53 in the quarter ended June 30, 2026 as compared to $0.42 in the quarter ended June 30, 2025. For a description of the components and calculation of “Adjusted Diluted Earnings per Share” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Diluted earnings per share”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Liquidity. As at June 30, 2026, we had $370.7 million of cash and cash equivalents (including restricted cash and cash equivalents of $2.6 million) and $423.6 million in term deposits with various banks (including term deposits amounting to $9.6 million marked as a lien with the National Company Law Appellate Tribunal and pledged with banks for bank guarantees, against court orders and credit facilities). As at June 30, 2026, we had $0.8 million in bank overdrafts.

Repurchases of Shares and Convertible Notes

The Company’s share repurchase program, pursuant to which the Company can repurchase its ordinary shares at any price determined by its board of directors from time to time, is effective until March 31, 2030. Furthermore, the board of directors has authorized the Company to repurchase its convertible senior notes due 2028 (the “2028 Notes”) and its convertible senior notes due 2030 (the “2030 Notes”) from time to time until March 31, 2030. In each case, repurchases may be made using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with applicable securities laws and regulations. The Company may also, from time to time, enter into plans that are compliant with Rule 10b5- 1 of the U.S. Securities Exchange Act of 1934, as amended, to facilitate repurchases of its securities under the above-mentioned authorizations. The aggregate amount of ordinary shares, 2028 Notes and 2030 Notes that may be repurchased by the Company pursuant to this existing program shall not exceed $200.0 million, with a sub-limit of $100.0 million during each fiscal year. The price and timing of any such repurchases will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors as determined by the board of directors from time to time. There can be no assurance that we will execute any such repurchase pursuant to this existing program.

Pursuant to the repurchase program, during the first quarter of fiscal 2027, we repurchased 200,000 ordinary shares for an aggregate price of $7.8 million. There were no repurchases of 2028 Notes and 2030 Notes during the first quarter of fiscal 2027. As at June 30, 2026, we had remaining authority to repurchase an aggregate of up to $95.8 million of our outstanding ordinary shares, 2028 Notes and 2030 Notes (with a sub-limit of $92.2 million for fiscal 2027).

Conference Call

MakeMyTrip will host a live Zoom webinar to discuss the Company’s results for the quarter ended June 30, 2026 beginning at 7:30 AM EDT or 5:00 PM IST on August 3, 2026 through the Company’s Investor Relations website at https://investors.makemytrip.com/. To participate, please use the following link https://makemytrip.zoom.us/webinar/register/WN_NJmJWELTQ82iBjrf-l8_Sg to register for the live event. Registered participants will receive a confirmation email containing the Zoom access link and alternative phone dial-in details. A replay of the event will be available on the “Investor Relations” section of the Company’s website at http://investors.makemytrip.com, approximately two hours after the conclusion of the live event.

About Key Performance Indicators and Non-IFRS Measures

We refer to certain non-IFRS measures in various places within this release, including “Adjusted Operating Profit”, “Adjusted Net Profit (Loss) Before Tax”, “Adjusted EBITDA”, “Adjusted Diluted Earnings per Share”, “Free Cash Flow” and constant currency results.

We evaluate our financial performance in each of our reportable segments based on our key performance indicators, Adjusted Margin and Adjusted Margin %, which are non-IFRS measures and segment profitability measures. Adjusted Margin represents IFRS revenue after adding back customer inducement costs recorded as a reduction of revenue, and deducting service costs primarily relating to sales to customers where we act as the principal, for the relevant segment. Adjusted Margin % represents Adjusted Margin as a percentage of Gross Bookings.

As certain parts of our revenues are recognized on a “net” basis when we are acting as an agent, and other parts of our revenue are recognized on a “gross” basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. For our air ticketing (other than air tickets sold as part of a package), standalone hotel reservations, bus ticketing, rail ticketing and others businesses (excluding car bookings through our subsidiary, Savaari), we recognize revenue on a “net” basis (i.e., the amount billed to a traveler less the amount paid to a supplier), as the supplier is primarily responsible for providing the underlying travel services and we do not control the service provided by the supplier to the traveler. For our holiday packages (including air tickets, hotel room nights, car bookings, and tours and attractions sold as part of packages) and car bookings through our subsidiary, Savaari, we recognize revenue on a “gross” basis as we act as the principal and control the services before such services are transferred to the traveler.

Adjusted Operating Profit (Loss) (which is a non-IFRS measure) is most directly comparable to results from operating activities (which is an IFRS measure). Adjusted Net Profit (Loss) Before Tax and Adjusted EBITDA (each of which are non-IFRS measures) are most directly comparable to profit (loss) for the period (which is an IFRS measure). Adjusted Diluted Earnings (Loss) per Share (which is a non-IFRS measure) is most directly comparable to diluted earnings (loss) per share for the period (which is an IFRS measure). Free Cash Flow (which is a non-IFRS measure) is most directly comparable to net cash generated from operating activities (which is an IFRS measure).

A limitation of using Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings (Loss) per Share and Free Cash Flow instead of results from operating activities, profit (loss) for the period, diluted earnings (loss) per share for the period and net cash generated from operating activities calculated in accordance with IFRS as issued by the IASB is that these non-IFRS financial measures exclude certain recurring costs. For example:

•Adjusted EBITDA excludes charges such as depreciation, amortization and impairment, and share-based compensation costs;

•Adjusted Net Profit (Loss) Before Tax excludes, among others, share-based compensation costs and acquisition related intangibles amortization; and

•Free Cash Flow does not reflect the impact of equity or debt raises or repayment of debt or dividends paid.

Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA and Adjusted Diluted Earnings (Loss) per Share and Free Cash Flow. Because of varying available valuation methodologies and subjective assumptions that companies can use when applying IFRS 2 “Share-based payment,” management believes that providing non-IFRS measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies. In addition, reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.

Constant currency results are financial measures that are not prepared in accordance with IFRS and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year. Because the impact of changing foreign currency exchange rates may not provide an accurate baseline for analyzing trends in our business, management believes that percentage growth in constant currency is an important metric for evaluating our operations. Constant currency is a non-IFRS measure and it should not be considered as a substitute for measures prepared in accordance with IFRS.

We believe that our current calculations of Adjusted Operating Profit, Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings per Share, Free Cash Flow, Adjusted Margin, Adjusted Margin % and constant currency results represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items and other items such as customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which we believe are representative of our operating results and provide useful information to investors and analysts. We believe that investors and analysts in our industry use these non-IFRS measures and key performance indicators to compare our company and our performance to that of our global peers.

However, the presentation of these non-IFRS measures and key performance indicators is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures and key performance indicators may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation. The IFRS measures that are most directly comparable to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) Before Tax, Adjusted EBITDA, Adjusted Diluted Earnings (Loss) per share and Free Cash Flow are results from operating activities, profit (loss) for the period, diluted earnings (loss) per share for the period and net cash generated from operating activities.

Safe Harbor Statement

This release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “aim”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “is/are likely to”, “intend”, “may”, “potential”, “plan”, “project”, “should”, “seek”, “will”, or other similar expressions. Such statements include, among other things, quotations from management as well as the Company’s strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, a slowdown of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of the Company’s shares, the Company’s reliance on its relationships with travel suppliers and strategic alliances, failure to further increase the Company’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop the Company’s corporate travel business, damage to or failure of the Company’s infrastructure and technology, loss of services of the Company’s key executives, and inflation in India and in other countries. These and other factors are more fully discussed in the “Risk Factors” section of the Company’s 20-F dated July 27, 2026, filed with the United States Securities and Exchange Commission. All information provided in this release is provided as of the date of issuance of this release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About MakeMyTrip Limited

We are a leading travel service provider in India. Our travel technology platform enables transactions across a range of travel needs, empowering customers with seamless and integrated experiences.

Our comprehensive suite of travel products and services includes air tickets, hotels and alternative accommodations, holiday packages, bus tickets, rail tickets, car hire, tours and attractions and ancillary services. We serve a broad and diverse customer base, ranging from individuals to enterprises and small and medium-sized businesses. Our customers can discover, compare, plan, book and manage a wide range of travel products and services through our digital-first, omni-channel distribution platform. Our MakeMyTrip, Goibibo and redBus mobile applications are available on Android and iOS and our primary websites are www.makemytrip.com, www.goibibo.com and www.redbus.in.

We operate an asset-light marketplace model, connecting travelers with a broad network of suppliers, including airlines, hotels, accommodation providers and ground transport operators. In addition, we offer foreign exchange, prepaid forex cards, cross-border remittances, visa-processing and travel assurance services, and facilitate access to third-party travel credit and travel insurance products for travelers. Outside India, we have a growing presence in the United Arab Emirates, where we offer localized travel products and services such as air ticketing and hotels. In addition, redBus operates in certain countries in Southeast Asia and Latin America.

For more details, please contact:

Vipul Garg

Senior Vice President - Investor Relations

MakeMyTrip Limited

Vipul.garg@go-mmt.com

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

(UNAUDITED)

(Amounts in USD thousands)

		As at March 31, 2026				As at June 30, 2026
Assets
Property, plant and equipment			21,654				21,902
Intangible assets and goodwill			552,245				550,031
Trade and other receivables			9,182				9,345
Investment in equity-accounted investees			1,586				1,577
Other investments			12,756				12,971
Term deposits			17,704				18,052
Non-current tax assets, net			22,693				16,440
Deferred tax assets, net			70,503				62,861
Other non-current assets			75				138
Total non-current assets			708,398				693,317
Inventories			612				425
Contract assets			83				1,995
Trade and other receivables			163,011				186,986
Term deposits			340,297				405,527
Other current assets			117,654				124,530
Cash and cash equivalents			424,826				370,656
Total current assets			1,046,483				1,090,119
Total assets			1,754,881				1,783,436
Equity
Share capital			48				48
Share premium			2,714,138				2,716,492
Other components of equity			10,773				(788	)
Accumulated deficit			(2,792,733	)			(2,785,123	)
Total equity attributable to owners of the Company			(67,774	)			(69,371	)
Non-controlling interests			9,313				10,066
Total equity			(58,461	)			(59,305	)
Liabilities
Loans and borrowings(#)			1,399,722				1,428,909
Employee benefits			16,477				16,709
Contract liabilities and related payables			147				166
Deferred tax liabilities, net			47,142				41,922
Other non-current liabilities			6,649				6,527
Total non-current liabilities			1,470,137				1,494,233
Bank overdraft			822				757
Loans and borrowings(#)			5,877				6,459
Trade and other payables			135,777				158,358
Contract liabilities and related payables			113,003				97,449
Other current liabilities			87,726				85,485
Total current liabilities			343,205				348,508
Total liabilities			1,813,342				1,842,741
Total equity and liabilities			1,754,881				1,783,436

# Loans and borrowings include lease liabilities amounting to $12.4 million as at June 30, 2026 (as at March 31, 2026: $11.8 million).

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(UNAUDITED)

(Amounts in USD thousands, except per share data and share count)

		For the three months ended June 30
		2025				2026
Revenue
Air ticketing			60,125				55,607
Hotels and packages			141,648				151,179
Bus ticketing			38,753				44,933
Other revenue			28,320				33,860
Total revenue			268,846				285,579
Other income			1,525				269
Service cost
Procurement cost of hotels and packages services			67,182				72,672
Other cost of providing services			7,705				10,003
Personnel expenses			40,220				38,848
Marketing and sales promotion expenses			43,925				48,785
Other operating expenses			63,811				65,309
Depreciation and amortization			7,167				6,525
Results from operating activities			40,361				43,706
Finance income			6,794				6,734
Finance costs			10,770				35,008
Net finance income (costs)			(3,976	)			(28,274	)
Share of profit (loss) of equity-accounted investees			(6	)			4
Profit before tax			36,379				15,436
Income tax expense			(10,574	)			(6,331	)
Profit for the period			25,805				9,105
Other comprehensive income (loss), net of tax
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences on foreign operations			(2,368	)			(6,764	)
Other comprehensive income (loss) for the period, net of tax			(2,368	)			(6,764	)
Total comprehensive income (loss) for the period			23,437				2,341
Profit (loss) attributable to:
Owners of the Company			25,924				8,350
Non-controlling interests			(119	)			755
Profit for the period			25,805				9,105
Total comprehensive income (loss) attributable to:
Owners of the Company			23,567				1,623
Non-controlling interests			(130	)			718
Total comprehensive income (loss) for the period			23,437				2,341
Earnings per share (in USD)
Basic			0.23				0.09
Diluted			0.22				0.09
Weighted average number of shares (including Class B Shares)
Basic			115,111,656				96,868,152
Diluted			117,286,124				98,198,614

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

(Amounts in USD thousands)

		Attributable to owners of the Company
										Other components of equity
		Share Capital				Share Premium				Equity Component of Convertible Notes				Treasury Shares Reserve				Fair Value Reserves				Share Based Payment Reserve				Foreign Currency Translation Reserve				Accumulated Deficit				Total				Non- Controlling Interests				Total Equity
Balance as at April 1, 2026			48				2,714,138				272,172				(113,451	)			191				129,429				(277,568	)			(2,792,733	)			(67,774	)			9,313				(58,461	)
Total comprehensive income (loss) for the period
Profit (loss) for the period			—				—				—				—				—				—				—				8,350				8,350				755				9,105
Other comprehensive income (loss)
Foreign currency translation differences			—				—				—				—				—				—				(6,727	)			—				(6,727	)			(37	)			(6,764	)
Total other comprehensive income (loss)			—				—				—				—				—				—				(6,727	)			—				(6,727	)			(37	)			(6,764	)
Total comprehensive income (loss) for the period			—				—				—				—				—				—				(6,727	)			8,350				1,623				718				2,341
Transactions with owners of the Company
Contributions by owners
Share-based payment			—				—				—				—				—				5,235				—				—				5,235				35				5,270
Issue of ordinary shares on exercise of share based awards		*					2,354				—				—				—				(2,354	)			—				—				—				—				—
Transfer to accumulated deficit on expiry of share based awards			—				—				—				—				—				(39	)			—				39				—				—				—
Treasury shares acquired			—				—				—				(7,778	)			—				—				—				—				(7,778	)			—				(7,778	)
Total contributions by owners			—				2,354				—				(7,778	)			—				2,842				—				39				(2,543	)			35				(2,508	)
Changes in ownership interests
Change in fair value of financial liability for acquisition of non-controlling interests			—				—				—				—				—				—				102				(779	)			(677	)			—				(677	)
Total changes in ownership interests			—				—				—				—				—				—				102				(779	)			(677	)			—				(677	)
Total transactions with owners of the Company			—				2,354				—				(7,778	)			—				2,842				102				(740	)			(3,220	)			35				(3,185	)
Balance as at June 30, 2026			48				2,716,492				272,172				(121,229	)			191				132,271				(284,193	)			(2,785,123	)			(69,371	)			10,066				(59,305	)

*less than 1

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

(UNAUDITED)

(Amounts in USD thousands)

		For the three months ended June 30
		2025				2026
Profit for the period			25,805				9,105
Adjustments for non-cash items			25,785				46,249
Changes in working capital			(9,747	)			(28,645	)
Net cash generated from operating activities			41,843				26,709
Net cash used in investing activities			(60,691	)			(67,342	)
Net cash used in financing activities			(2,251	)			(10,157	)
Decrease in cash and cash equivalents			(21,099	)			(50,790	)
Cash and cash equivalents (net of bank overdraft) at beginning of the period			508,362				424,004
Effect of exchange rate fluctuations on cash held			(1,354	)			(3,315	)
Cash and cash equivalents (net of bank overdraft) at end of the period			485,909				369,899

MAKEMYTRIP LIMITED

INFORMATION ABOUT REPORTABLE SEGMENTS

(UNAUDITED)

(Amounts in USD thousands)

		For the three months ended June 30
		Reportable segments
		Air ticketing								Hotels and packages								Bus ticketing								All other segments								Total
Particulars		2025				2026				2025				2026				2025				2026				2025				2026				2025				2026
Revenue from external customers			60,125				55,607				141,648				151,179				38,753				44,933				28,320				33,860				268,846				285,579
Add: Customer inducement costs recorded as a reduction of revenue*			36,935				42,940				47,415				55,955				3,840				6,903				880				1,035				89,070				106,833
Less: Service cost			—				—				67,182				72,672				—				—				7,705				10,003				74,887				82,675
Adjusted Margin			97,060				98,547				121,881				134,462				42,593				51,836				21,495				24,892				283,029				309,737
Other income																																			1,525				269
Personnel expenses																																			(40,220	)			(38,848	)
Marketing and sales promotion expenses																																			(43,925	)			(48,785	)
Customer inducement costs recorded as a reduction of revenue*																																			(89,070	)			(106,833	)
Other operating expenses																																			(63,811	)			(65,309	)
Depreciation and amortization																																			(7,167	)			(6,525	)
Finance income																																			6,794				6,734
Finance costs																																			(10,770	)			(35,008	)
Share of (loss) profit of equity-accounted investees																																			(6	)			4
Profit before tax																																			36,379				15,436

* For purposes of reporting to the Chief Operating Decision Maker (CODM), the segment profitability measure i.e. Adjusted Margin represents IFRS revenue after adding back customer inducement costs recorded as a reduction of revenue, and deducting service costs primarily relating to sales to customers where we act as the principal, for the relevant segment.

MAKEMYTRIP LIMITED

RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS

(Unaudited)

(Amounts in USD thousands, except per share data)

The following tables reconcile our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) for the periods indicated:

		For the three months ended  June 30
		Air ticketing								Hotels and packages								Bus ticketing								Others
		2025				2026				2025				2026				2025				2026				2025				2026
Revenue as per IFRS			60,125				55,607				141,648				151,179				38,753				44,933				28,320				33,860
Add: Customer inducement costs recorded as a reduction of revenue			36,935				42,940				47,415				55,955				3,840				6,903				880				1,035
Less: Service cost			—				—				67,182				72,672				—				—				7,705				10,003
Adjusted Margin(2)			97,060				98,547				121,881				134,462				42,593				51,836				21,495				24,892

The following table reconciles our results from operating activities (an IFRS measure) to Adjusted Operating Profit (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted Operating Profit		For the three months ended June 30
(Unaudited)		2025				2026
Results from operating activities as per IFRS			40,361				43,706
Add: Acquisition related intangibles amortization			2,875				2,420
Add: Employee share-based compensation costs			5,466				5,270
Less: Gain on discontinuation of equity accounted investment			(1,361	)			—
Adjusted Operating Profit			47,341				51,396

The following table reconciles our profit for the period (an IFRS measure) to Adjusted Net Profit Before Tax (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted Net Profit Before Tax		For the three months ended June 30
(Unaudited)		2025				2026
Profit for the period as per IFRS			25,805				9,105
Add: Acquisition related intangibles amortization			2,875				2,420
Add: Employee share-based compensation costs			5,466				5,270
Less: Gain on discontinuation of equity accounted investment			(1,361	)			—
Add (Less): Change in fair value of financial asset measured at FVTPL			—				(174	)
Add: Interest expense on financial liabilities measured at amortized cost			6,064				29,219
Add: Income tax expense			10,574				6,331
Add (Less): Share of (profit) loss of equity-accounted investees			6				(4	)
Adjusted Net Profit Before Tax			49,429				52,167

The following table reconciles our profit for the period (an IFRS measure) to Adjusted EBITDA (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted EBITDA		For the three months ended June 30
(Unaudited)		2025				2026
Profit for the period as per IFRS			25,805				9,105
Add: Income tax expense			10,574				6,331
Add (Less): Share of (profit) loss of equity-accounted investees			6				(4	)
Add: Finance costs			10,770				35,008
Less: Finance income			(6,794	)			(6,734	)
Add: Depreciation and amortization			7,167				6,525
Add: Employee share-based compensation costs			5,466				5,270
Less: Gain on discontinuation of equity accounted investment			(1,361	)			-
Adjusted EBITDA			51,633				55,501

The following table reconciles our diluted earnings per share for the period (an IFRS measure) to Adjusted Diluted Earnings per Share (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted Diluted Earnings per Share		For the three months ended June 30
(Unaudited)		2025				2026
Diluted Earnings per Share for the period as per IFRS			0.22				0.09
Add: Acquisition related intangibles amortization			0.02				0.02
Add: Employee share-based compensation costs			0.05				0.05
Less: Gain on discontinuation of equity accounted investment			(0.01	)			—
Add (Less): Change in fair value of financial asset measured at FVTPL			—			*
Add: Interest expense on financial liabilities measured at amortized cost			0.05				0.31
Add: Income tax expense			0.09				0.06
Add (Less): Share of (profit) loss of equity-accounted investees		*				*
Adjusted Diluted Earnings per Share			0.42				0.53

* Less than $0.01.

The following table reconciles our net cash generated from operating activities (an IFRS measure) to Free Cash Flow (a non-IFRS measure) for the periods indicated:

Reconciliation of Free Cash Flow		For the three months ended June 30
(Unaudited)		2025				2026
Net cash generated from operating activities			41,843				26,709
Less: Acquisition of property, plant and equipment			(1,606	)			(480	)
Less: Acquisition of intangible assets			(2,307	)			(6,309	)
Free Cash Flow			37,930				19,920

MAKEMYTRIP LIMITED

SELECTED OPERATING AND FINANCIAL DATA

(Unaudited)

		For the three months ended June 30
		2025				2026
		(in thousands, except percentages)
Unit Metrics
Air Ticketing – Flight segments(1)			14,479				14,185
Hotels and Packages – Room nights(2)			10,657				12,773
Standalone Hotels – Room nights(2)			10,387				12,481
Bus Ticketing – Bus tickets(3)			35,205				43,629
Adjusted Margin
Air Ticketing(4)		$	97,060			$	98,547
Hotels and Packages			121,881				134,462
Bus Ticketing			42,593				51,836
Others			21,495				24,892
Gross Bookings
Air Ticketing(4)		$	1,433,383			$	1,542,340
Hotels and Packages			687,712				746,388
Bus Ticketing			415,541				501,938
Other Transport Services			71,843				64,012
		$	2,608,479			$	2,854,678
Adjusted Margin %
Air Ticketing(4)			6.8	%			6.4	%
Hotels and Packages			17.7	%			18.0	%
Bus Ticketing			10.3	%			10.3	%

Notes:

(1)“Flight segments” means a flight between two cities, including flights booked as part of a longer itinerary or a package, and is reported net of cancellations.

(2)“Hotels and Packages – Room nights” refers to the number of room nights booked on a standalone basis and as part of a package that includes elements of travel and accommodation services booked through our online and offline channels.

“Standalone Hotels – Room nights” refers to the number of room nights booked through our online and offline channels on a standalone basis (excluding room nights booked as part of a package that includes elements of travel and accommodation services).

“Room nights” refers to the total number of hotel rooms occupied by a customer or group, multiplied by the number of nights/days that such customer or group occupies those rooms, and is presented net of cancellations.

(3)“Bus tickets” means tickets issued to customers for bus journeys, and is reported net of cancellations.

(4)Excludes flight segments booked as a component of bookings for our Hotels and Packages segment.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 1.5 MB