I wrote about MakeMyTrip Ltd ( MMYT ) previously with a buy, based on the view that MMYT had evolved beyond being a simple domestic air proxy. My view has been strengthened by theI am an individual investor that is now fully focus on managing my own capital that I have saved up over the years. My investing background spreads across a wide spectrum as I believe there are merits to each approach, for instance: Fundamental investing [Bottoms-up etc.], Technical investing [historical charts analysis], and to so ...

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Core Insights - MakeMyTrip Limited (MMYT) is a significant player in the online travel services industry, offering various travel services and competing with companies like Expedia and Booking Holdings [1] Financial Performance - MMYT reported an earnings per share (EPS) of $0.52, surpassing the estimated $0.39, marking a 33.33% positive surprise and a notable improvement from last year's EPS of $0.39 [2][6] - The company's revenue for the quarter was approximately $311 million, slightly below the Zacks Consensus Estimate of $313.62 million, resulting in a negative surprise of 5.72%. However, this represents a 10.6% increase compared to the same period last year [3][6] Financial Metrics - MMYT has a price-to-earnings (P/E) ratio of 83.91, indicating high investor expectations for future growth, while the price-to-sales ratio is 6.17 and the enterprise value to sales ratio is 7.29, suggesting a premium valuation [4] - The company has a negative debt-to-equity ratio of -6.71, indicating reliance on equity financing [4] - A current ratio of 1.91 suggests a strong ability to cover short-term liabilities, reflecting financial stability [5] - The enterprise value to operating cash flow ratio is 43.94, and the earnings yield is 1.19%, providing additional context for evaluating the company's financial health [5]

For the quarter ended December 2025, MakeMyTrip (MMYT) reported revenue of $295.69 million, up 10.6% over the same period last year. EPS came in at $0.52, compared to $0.39 in the year-ago quarter.The reported revenue represents a surprise of -5.72% over the Zacks Consensus Estimate of $313.62 million. With the consensus EPS estimate being $0.39, the EPS surprise was +33.33%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Stree ...

Core Viewpoint - MakeMyTrip reported quarterly earnings of $0.52 per share, exceeding the Zacks Consensus Estimate of $0.39 per share, marking a year-over-year increase from $0.39 per share [1] Group 1: Earnings Performance - The earnings surprise for the recent quarter was +33.33%, while the previous quarter saw an earnings miss of -17.78% [1][3] - Over the last four quarters, MakeMyTrip has surpassed consensus EPS estimates two times [2] Group 2: Revenue Performance - The company reported revenues of $295.69 million for the quarter, which was 5.72% below the Zacks Consensus Estimate, but an increase from $267.36 million year-over-year [2] - MakeMyTrip has not beaten consensus revenue estimates in the last four quarters [2] Group 3: Stock Performance and Outlook - MakeMyTrip shares have declined approximately 9.2% since the beginning of the year, contrasting with the S&P 500's decline of 0.7% [3] - The current consensus EPS estimate for the upcoming quarter is $0.50, with expected revenues of $296.73 million, and for the current fiscal year, the estimate is $1.55 on $1.11 billion in revenues [7] Group 4: Industry Context - The Internet - Delivery Services industry, to which MakeMyTrip belongs, is currently ranked in the top 41% of over 250 Zacks industries, indicating a favorable industry outlook [8]

Rajesh highlighted the company’s AI trip-planning assistant, Myra, which he said is powered by large language models and MakeMyTrip’s proprietary traveler data. Myra has scaled to more than 50,000 conversations daily, with roughly 72% categorized by the company as “good conversations,” and a quality score of 3.9 out of 5 discussed later in Q&A. He said about 15% of Myra conversations occur during early-stage trip planning, and in Q&A he placed trip-planning interactions closer to 23%–24% of total interactio ...

On a sequential basis, the company recovered after posting a loss of $5.7 Mn.MakeMyTrip’s operating revenue increased 11% to $ 295.7 million in quarter three of this fiscal compared to $267 million in quarter three of fiscal year 2025. The company posted an adjusted operating profit of $ 50.7 million in quarter three of this fiscal compared to $ 46 million in quarter three of the corresponding period of fiscal year 2025.The company said its hotels and packages business witnessed 'strong' volume growth of 2 ...

The company had posted an adjusted net profit of USD 44.9 million in the corresponding quarter of the last fiscal, MakeMyTrip Ltd said in a statement.Its revenue, as per IFRS, grew by 15.4 per cent year-on-year to USD 295.7 million in Q3 FY26 from USD 267.4 million in Q3 FY25, it added."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," MakeMyTr ...

Financial Data and Key Metrics Changes - The company reported a strong performance in Q3, with adjusted operating profit exceeding $50 million for the first time, standing at $50.7 million, and adjusted net profit at approximately $51.4 million, reflecting a year-on-year growth of 33% in adjusted diluted EPS [20][21] - The adjusted margin for air ticketing was $107.9 million, showing a year-on-year growth of 20.4% in constant currency, with international air ticketing now accounting for about 43% of the adjusted margin [17][18] - The hotels and packages segment recorded a volume growth of 20.3% year-on-year, while gross booking value growth was more moderate at about 15.9% due to a reduction in GST rates impacting pricing [18][10] Business Line Data and Key Metrics Changes - The air ticketing business experienced a mixed performance, with domestic daily departures growing by 2% and 5% year-on-year in October and November, but declining by 5% in December due to new flight duty rules [8][17] - The accommodation business, including hotels and holiday packages, saw a strong demand driven by leisure travel, with the highest-ever check-ins recorded on December 25 [9][10] - The bus ticketing business witnessed strong growth, aided by festive travel, with inventory addition buoyant throughout Q3, crossing 45,000 daily schedules [13] Market Data and Key Metrics Changes - The company noted that over 45% of Myra users are from tier-two cities and beyond, indicating a growing penetration into smaller markets [5] - The corporate travel business is also witnessing strong growth, with active corporate customers on MyBiz increasing to over 77,500, compared to 64,000 in the same quarter last year [14] Company Strategy and Development Direction - The company is focusing on leveraging AI to enhance customer experience across all aspects of the travel journey, from planning to post-sales support [4][6] - A one-stop-shop strategy is being implemented to meet all travel-related needs, with the recent launch of tours and activities, providing access to over 200,000 bookable activities [7] - The company aims to improve its product relevance and effectiveness through proprietary data and AI-driven insights [5] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the Indian travel market's expansion, driven by economic, social, and technological factors, despite temporary disruptions [3][4] - The company anticipates that the disruption in flight operations will stabilize, with a return to positive growth in domestic air traffic expected in the upcoming quarters [16][46] - Management highlighted the importance of maintaining direct traffic to the company's platforms amidst emerging competition from AI tools in travel planning [56] Other Important Information - The company has repurchased approximately $41.5 million worth of shares during the quarter as part of its capital allocation strategy [21] - The integration of the travel expense management platform Happay has been completed, enhancing the company's corporate travel offerings [14] Q&A Session Summary Question: Can you break down the hotel segment growth by premium and budget segments? - The standalone hotel room nights grew by 20.6%, with the non-premium segment growing at about 23% year-on-year, while margins remained stable at about 17.7% [24][25] Question: What is the underlying margin for the growth in ancillary services? - The growth in ancillary services has been strong, with various new services being added, contributing to overall growth, but specific margins were not disclosed [30] Question: How should we think about normalized growth in the hotel business? - The GST rationalization has impacted growth, but the company expects growth to normalize and potentially return to previous levels over the next four quarters [39][43] Question: What is the outlook for domestic air traffic growth given the capacity cuts by IndiGo? - The company expects domestic air traffic to stabilize and return to positive growth, albeit at a modest rate, as supply issues are resolved [46][47] Question: How is Myra performing since its launch? - Myra has seen significant growth in interactions, with 50,000 daily interactions and a quality score of 3.9, indicating positive user engagement [50][51] Question: What are the implications of AI tools like Google and ChatGPT for the company? - The company views AI as an opportunity rather than a threat, focusing on enhancing its own AI tools while maintaining direct traffic to its platforms [56][57]

Financial Data and Key Metrics Changes - The company reported a strong performance in Q3, with adjusted operating profit reaching $50.7 million, marking a year-on-year growth of 20.4% in constant currency [17][20] - The adjusted net profit was approximately $51.4 million, with adjusted diluted EPS growing by about 33% year-on-year [20] - The adjusted operating margin improved from 1.76% to 1.82% of gross bookings compared to the same quarter last year [20] Business Line Data and Key Metrics Changes - The air ticketing segment saw an adjusted margin of $107.9 million, with international air ticketing now accounting for about 43% of the adjusted margin [17] - The hotels and packages segment recorded a strong volume growth of 20.3% year-on-year, driven by leisure travel demand and a reduction in GST rates for hotel rooms priced under INR 7,500 [18] - The bus ticketing business achieved an adjusted margin of $42.4 million, reflecting a year-on-year growth of over 26.1% in constant currency [19] Market Data and Key Metrics Changes - Domestic air market growth was impacted by new flight duty rules, leading to a year-on-year decline of 5% in daily departures in December [8] - Despite disruptions, the company managed to capture demand through other transport modes, indicating resilience in the overall travel market [3][8] - The company reported strong growth in international travel, which presents significant opportunities for expansion [8] Company Strategy and Development Direction - The company is focusing on leveraging AI to enhance customer experience and streamline operations, with the AI model "Mira" now handling over 50,000 conversations daily [4][5] - A one-stop-shop strategy is being implemented to meet all travel-related needs, including the recent launch of tours and activities, providing access to over 200,000 bookable activities [7] - The company aims to deepen penetration into tier-two cities, with over 45% of Mira users coming from these areas [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the Indian travel market, driven by economic, social, and technological factors [4] - The festive season and long weekends have fueled demand, reinforcing the trend of increased spending on travel among Indian consumers [3] - Management acknowledged the impact of regulatory changes on operations but remains optimistic about future growth opportunities [16] Other Important Information - The company has repurchased 0.55 million shares for approximately $41.5 million as part of its buyback program, which totaled about $46.1 million for the quarter [21] - Cash equivalents at the end of the quarter stood at over $800 million, allowing for continued investment in growth capabilities [21] Q&A Session Summary Question: Can you break down the growth in the standalone hotels segment by premium and budget segments? - The standalone hotel room nights grew by 20.6%, with the non-premium segment seeing stronger growth at about 23% year-on-year, while margins remained stable at around 17.7% [24][25] Question: Can you quantify the underlying margin for the growth in ancillary services? - The growth in ancillary services has been strong, with various new services being added, contributing to overall growth, but specific margins were not disclosed [30] Question: What is the outlook for hotel revenue growth given the recent slowdown? - The slowdown is attributed to GST impacts, but management expects growth to normalize over the next four quarters [39][43] Question: How will the disruption in domestic air traffic affect future growth? - Management anticipates a return to positive growth in domestic air traffic, with estimates suggesting a 1-2% year-on-year growth in the upcoming quarter [46] Question: What is the feedback on the AI tool "Mira" and its competition? - "Mira" has shown promising growth, with a significant increase in interactions and quality scores, and management views the rise of AI tools as an opportunity rather than a threat [49][53]