MakeMyTrip (NASDAQ: MMYT) grows Q3 revenue but profit falls sharply

Rhea-AI Filing Summary

MakeMyTrip Limited reported unaudited results for its fiscal third quarter ended December 31, 2025, showing continued growth in bookings and revenue. Gross bookings reached $2,784.5 million, up from $2,612.4 million a year earlier, while revenue as per IFRS rose to $295.7 million from $267.4 million, a 15.4% year-over-year increase in constant currency.

Adjusted margin expanded across all segments, with air ticketing, hotels and packages, bus ticketing and other services all delivering strong double-digit growth in constant currency. Adjusted operating profit increased to $50.7 million from $46.0 million and adjusted net profit rose to $51.4 million from $44.9 million, although profit for the period declined to $7.3 million from $27.1 million. Management highlighted a diversified product portfolio, growing ancillary services and new marketing campaigns as key drivers.

Positive

• Revenue growth: Revenue as per IFRS rose to $295.7 million from $267.4 million, a 15.4% year-over-year increase in constant currency.
• Underlying profitability: Adjusted operating profit increased to $50.7 million from $46.0 million and adjusted net profit rose to $51.4 million from $44.9 million, reflecting stronger core earnings.
• Segment strength: Adjusted margin grew at strong double-digit rates across air ticketing, hotels and packages, bus ticketing and other services, with hotels and packages volume up 20.3% year-over-year.

Negative

• Reported profit decline: Profit for the period fell significantly to $7.3 million from $27.1 million year-over-year, indicating higher charges or non-operational impacts on bottom-line earnings.

Insights

Equity research analyst

MakeMyTrip grew revenue and adjusted profits strongly, but reported profit fell sharply.

MakeMyTrip delivered solid operating momentum in Q3 FY26. Gross bookings increased to $2,784.5 million from $2,612.4 million, and revenue as per IFRS rose to $295.7 million from $267.4 million, a 15.4% year-over-year increase in constant currency. All key segments showed strong double-digit adjusted margin growth, and the hotels and packages business posted 20.3% volume growth in hotel-room nights.

Profitability metrics show a mixed picture. Adjusted operating profit (Adjusted EBIT) increased to $50.7 million from $46.0 million, and adjusted net profit improved to $51.4 million from $44.9 million, underscoring healthier underlying earnings. However, profit for the period dropped to $7.3 million from $27.1 million, indicating higher charges or non-recurring items affecting reported results.

Management emphasized the benefits of a diversified transport and accommodation portfolio, expansion of ancillary services, use of AI to improve efficiency, and marketing initiatives such as the “Travel Ka Mahurat Sale” campaign. Future filings detailing the drivers of the gap between adjusted and reported profit will help investors assess the quality and sustainability of earnings across upcoming quarters such as Q4 FY26.

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 month of January 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 ☐

Other Events

Unaudited Business and Financial Highlights for the quarter ended December 31, 2025

On January 21, 2026, MakeMyTrip Limited (“MakeMyTrip”) issued a press release announcing its unaudited business and financial highlights for the third quarter of fiscal 2026 (i.e. quarter ended December 31, 2025). A copy of the press release dated January 21, 2026 is attached hereto as Exhibit 99.1.

Exhibit

99.1 Press release by MakeMyTrip Limited dated January 21, 2026.

EXHIBIT INDEX

99.1 Press release by MakeMyTrip Limited dated January 21, 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: January 21, 2026

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

Exhibit 99.1

EARNINGS PRESS RELEASE

MakeMyTrip maintains Profitable Growth Momentum

National, January 21, 2026 (NASDAQ: MMYT) — MakeMyTrip Limited, India’s leading travel service provider, today announced its unaudited financial and operating results for its fiscal third quarter ended December 31, 2025 as attached herewith and available at www.sec.gov/ and on our website at http://investors.makemytrip.com.

Business & Financial Highlights | Q3 FY26

	Q3 FY26 ($ Million)	Q3 FY25 ($ Million)	YoY Change (Constant Currency)2
Gross Bookings	2,784.5	2,612.4	11.8%
Revenue as per IFRS	295.7	267.4	15.4%
Adjusted Margin1
Air Ticketing	107.9	93.8	20.4%
Hotels and Packages	133.2	121.9	14.6%
Bus Ticketing	42.4	35.0	26.1%
Others	27.5	19.8	45.5%
Results from Operating Activities	40.9	34.7
Adjusted Operating Profit1 (also referred to as Adjusted EBIT)3	50.7	46.0
Profit for the period	7.3	27.1
Adjusted Net Profit1	51.4	44.9

•Strong double-digit growth (in constant currency) in Adjusted Margin1 across all segments.

•Our Hotels and Packages business witnessed strong volume growth of 20.3% YoY based on the number of hotel-room nights in Q3 FY26 as compared to Q3 FY25.

•Results from Operating Activities grew 17.9% YoY to reach $40.9 million in Q3 FY26 from $34.7 million in Q3 FY25.

Commenting on the results, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said,

“Our diversified product portfolio of transport and accommodation options helped us mitigate the impact of slower growth in the domestic air travel market and deliver strong overall growth in this seasonal quarter. We remain focused on expanding our wallet share with Indian travelers each quarter, with comprehensive and differentiated offerings for new and existing customers. We are also progressing well on our AI journey to continuously improve customer experience and to make our organisation more efficient and agile.”

Commenting on the results, Mohit Kabra, Group Chief Financial Officer, MakeMyTrip, said,

“Our ability to serve a wide range of travel demands, coupled with the rapid expansion of our ancillary services, has allowed us to deliver another quarter of strong performance. We also had a very successful launch of our first of its kind “Travel Ka Mahurat Sale’ campaign to push our offerings to tap into seasonal travel demand.”

Notes:

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

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

(3)Adjusted Operating Profit (AOP) is commonly referred to among investors and analysts in India as Adjusted EBIT.

FAQ

How did MakeMyTrip (MMYT) perform in Q3 FY26 on revenue?

For its fiscal third quarter ended December 31, 2025, MakeMyTrip reported revenue as per IFRS of $295.7 million, up from $267.4 million in Q3 FY25, representing a 15.4% year-over-year increase in constant currency.

What were MakeMyTrip (MMYT) gross bookings in Q3 FY26?

Gross bookings for Q3 FY26 were $2,784.5 million, compared with $2,612.4 million in Q3 FY25, reflecting continued growth in overall travel demand handled by the platform.

How did MakeMyTrip’s profitability metrics change in Q3 FY26?

Adjusted operating profit (Adjusted EBIT) increased to $50.7 million from $46.0 million, and adjusted net profit rose to $51.4 million from $44.9 million. However, profit for the period declined to $7.3 million from $27.1 million year-over-year.

Which MakeMyTrip business segments showed the strongest growth in Q3 FY26?

All major segments recorded strong double-digit adjusted margin growth in constant currency. Air ticketing, hotels and packages, bus ticketing and other services all improved, with hotels and packages achieving 20.3% year-over-year volume growth in hotel-room nights.

What strategic focus areas did MakeMyTrip’s management highlight for Q3 FY26?

Management emphasized a diversified product portfolio across transport and accommodation, efforts to expand wallet share with Indian travelers, ongoing progress on its AI initiatives to enhance customer experience and efficiency, and the successful launch of the “Travel Ka Mahurat Sale” campaign.

Is MakeMyTrip’s Q3 FY26 performance based on audited or unaudited figures?

The Q3 FY26 financial and operating results disclosed are described as unaudited business and financial highlights for the quarter ended December 31, 2025.