Financial Data and Key Metrics Changes - The company reported an adjusted operating profit of $50.7 million, marking the first time it exceeded $50 million in a quarter, with an adjusted net profit of approximately $51.4 million, reflecting a year-on-year growth of 33% in adjusted diluted EPS [18][19][20] - The adjusted operating margin improved from 1.76% to 1.82% of gross bookings year-on-year, indicating better profitability despite disruptions [18][19] - The gross booking value (GBV) growth was about 15.9%, which was impacted by a reduction in the tax component due to GST changes, rather than indicating structural weakness [9][16] Business Segment Data and Key Metrics Changes - The air ticketing segment saw an adjusted margin of $107.9 million, with a year-on-year growth of 20.4% in constant currency, driven by international air ticketing, which now accounts for 43% of the adjusted margin [15][16] - The accommodation business, including hotels and packages, recorded a strong volume growth of 20.3% year-on-year, with standalone hotels growing at 20.6% [15][16] - The bus ticketing business achieved an adjusted margin of $42.4 million, with a year-on-year growth of over 26.1% in constant currency [17] Market Data and Key Metrics Changes - Domestic air market growth was only 0.9% year-on-year, while the company managed to achieve a 2.2% growth, gaining market share to over 31% [15][16] - The company reported strong demand recovery in the Indian travel market, particularly during the festive season, despite temporary disruptions in December due to new flight duty time limitation rules [3][4] 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 [5][6] - The introduction of new features, such as end-to-end visa guidance for international flights, aims to improve user engagement and conversion rates [8] - The company is expanding its product offerings, including tours and activities, to provide a comprehensive travel experience for Indian travelers [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term growth potential of the Indian travel market, driven by economic, social, and technological factors [4] - The company anticipates that the disruption in flight operations will stabilize, with a return to positive growth in the domestic air market expected in the upcoming quarters [44] - Management highlighted the importance of maintaining direct traffic to the platform amidst increasing competition from AI tools in trip planning [51][55] Other Important Information - The company has repurchased approximately $46.1 million worth of shares as part of its buyback program, which is the highest in-market buyback to date [19][20] - The integration of the travel expense management platform Happay has been completed, enhancing the corporate travel offerings [13] Q&A Session Summary Question: Can you break down the growth in the standalone hotels segment by premium and budget segments? - Management noted that the non-premium segment saw stronger growth at about 23% year-on-year, while overall margins remained stable at around 17.7% [22][23] Question: What is the underlying margin for the growth in ancillary services? - Management indicated that the growth in ancillary services has been a continuing trend, with various new services being added to the platform, contributing to overall growth [25][27] Question: How should we think about the normalized growth for the hotel business? - Management explained that the GST rationalization has impacted growth, but they expect to see a return to previous growth rates over the next few quarters [36][41] Question: What is the outlook for domestic air traffic growth given the capacity cuts by IndiGo? - Management expects a return to positive growth in domestic air traffic, albeit at a modest rate, as the industry stabilizes [42][44] Question: How is the feedback on Mira, and how does the company view competition from AI tools? - Management reported encouraging metrics for Mira, with significant user engagement and a focus on trip planning, while viewing AI tools as an opportunity rather than a threat [48][51]

MakeMyTrip’s net finance cost in the quarter surged to $27.7 Mn from $4.8 Mn primarily due to an increase of $24.2 Mn in interest expense on financial liabilities measured at amortised cost related to convertible senior notes due 2030On a sequential basis, the company recovered after posting a loss of $5.7 MnNasdaq-listed online travel aggregator (OTA) MakeMyTrip (MMT) reported a 73% decline in its net profit to $7.3 Mn for the quarter ended December 31, 2025 (Q3 FY26) from $27.1 Mn in the year-ago period, ...

Core Viewpoint - MakeMyTrip's stock has recently underperformed compared to major indices, and upcoming earnings are anticipated to be a focal point for investors [1][2]. Group 1: Stock Performance - MakeMyTrip's stock closed at $74.32, down 3.01%, which is less than the S&P 500's daily gain of 0.26% [1] - Prior to the latest trading session, MakeMyTrip shares had declined by 9.18%, underperforming the Computer and Technology sector's gain of 1.58% and the S&P 500's gain of 1.57% [1]. Group 2: Upcoming Earnings - The earnings report for MakeMyTrip is expected on January 21, 2026, with an anticipated EPS of $0.43, reflecting a 10.26% increase from the prior-year quarter [2]. - Quarterly revenue is projected to be $313.62 million, which is a 17.3% increase from the same period last year [2]. Group 3: Fiscal Year Estimates - For the entire fiscal year, Zacks Consensus Estimates predict earnings of $1.55 per share and revenue of $1.11 billion, indicating changes of -0.64% and +13.49% respectively from the previous year [3]. - Recent changes to analyst estimates suggest a positive outlook on business performance and profit potential [3]. Group 4: Analyst Ratings - The Zacks Rank system currently rates MakeMyTrip at 4 (Sell), following a 5.56% decline in the Zacks Consensus EPS estimate over the past month [5]. - The Zacks Rank system has a strong historical performance, with 1 stocks averaging an annual return of +25% since 1988 [5]. Group 5: Valuation Metrics - MakeMyTrip is trading with a Forward P/E ratio of 49.6, significantly higher than the industry average of 13.51, indicating a premium valuation [6]. - The Internet - Delivery Services industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 190, placing it in the bottom 23% of over 250 industries [6].

Core Viewpoint - MakeMyTrip Limited has issued a Repurchase Right Notice to holders of its 0.00% Convertible Senior Notes due 2028, allowing them to require the company to repurchase the notes on specified dates [1][3]. Group 1: Repurchase Right Details - The Repurchase Right allows holders to require the company to repurchase all or a portion of their notes at par value on February 15, 2026 [3]. - The total outstanding principal amount of the notes as of January 12, 2026, is US$230 million, meaning if all notes are repurchased, the total cash purchase price will also be US$230 million [3]. - The Repurchase Right expires at 11:59 p.m. Eastern Time on February 12, 2026, and holders must follow specific procedures to exercise this right [4]. Group 2: Company Overview - MakeMyTrip Limited is a leading travel service provider in India, operating well-known brands such as MakeMyTrip, Goibibo, and redBus [9]. - The company offers a wide range of travel services, including air ticketing, hotel bookings, holiday planning, rail ticketing, and car hire, both domestically and internationally [9][10]. - MakeMyTrip provides access to major airlines and accommodation properties in India and abroad, as well as services like travel insurance and visa processing [10].

Group 1 - MakeMyTrip Limited plans to report its fiscal 2026 third quarter financial and operating results on January 21, 2026, before market opening [1] - A live Zoom Webinar with the senior management team will be hosted on the same day at 7:30 am EDT or 6:00 pm IST [2] - A replay of the webinar will be available on the company's Investor Relations website approximately two hours after the live event [3] Group 2 - MakeMyTrip Limited operates well-recognized online travel brands, including MakeMyTrip, Goibibo, and redBus [4] - The company provides a wide range of travel services, including air ticketing, hotel bookings, holiday planning, bus and rail ticketing, car hire, and ancillary travel services [4] - MakeMyTrip offers access to all major domestic airlines in India and a comprehensive selection of accommodation properties both domestically and internationally [4]

Core Insights - MakeMyTrip's stock closed at $78.63, down 4.7% from the previous trading session, underperforming the S&P 500's gain of 0.65% [1] - Over the last month, MakeMyTrip's shares increased by 5.09%, outperforming the Computer and Technology sector's decline of 1.6% and the S&P 500's gain of 1.15% [1] Earnings Performance - The upcoming earnings disclosure is expected to show an EPS of $0.43, a 10.26% increase year-over-year, with projected revenue of $313.62 million, reflecting a 17.3% rise from the same quarter last year [2] - For the full year, analysts expect earnings of $1.62 per share and revenue of $1.11 billion, representing increases of 3.85% and 13.49% respectively from the previous year [3] Analyst Estimates - Recent adjustments to analyst estimates for MakeMyTrip indicate positive sentiment regarding the company's business operations and profit generation capabilities [4] - Estimate revisions are correlated with near-term share price momentum, and the Zacks Rank system is designed to leverage this relationship [5] Zacks Rank and Valuation - MakeMyTrip currently holds a Zacks Rank of 3 (Hold), with the consensus EPS estimate remaining unchanged over the past month [6] - The company is trading at a Forward P/E ratio of 50.93, which is a premium compared to its industry's Forward P/E of 14.33 [7] - The Internet - Delivery Services industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 110, placing it in the top 45% of over 250 industries [7][8]

Core Viewpoint - MakeMyTrip Limited (MMYT) has experienced a stock price decline from approximately $120, prompting an assessment of whether this correction presents an attractive entry point for investors [1]. Company Analysis - The recent performance of MakeMyTrip Limited is under scrutiny to determine potential investment opportunities following the stock's correction [1]. Analyst Background - The analysis is conducted by an individual with over 25 years of investment experience, including 10 years in entrepreneurship, with expertise in technology, retail, and banking sectors [1]. - The analyst holds a B.S. in Economics and an MBA from Manchester Business School, along with a CFA designation [1]. Investment Philosophy - The investment approach combines rigorous bottom-up analysis with an awareness of macroeconomic dynamics, focusing on uncovering sustainable, long-term value [1].

Group 1: Stock Performance - MakeMyTrip (MMYT) stock decreased by 1.72% to $83.25, underperforming the S&P 500, which fell by 0.03% [1] - Over the past month, MakeMyTrip shares increased by 20.48%, significantly outperforming the Computer and Technology sector's gain of 1.66% and the S&P 500's gain of 2.57% [1] Group 2: Earnings Expectations - Analysts anticipate MakeMyTrip to report earnings of $0.43 per share, reflecting a year-over-year growth of 10.26% [2] - The consensus estimate for quarterly revenue is $313.62 million, representing a 17.3% increase from the previous year [2] Group 3: Full Year Projections - For the full year, earnings are projected at $1.62 per share and revenue at $1.11 billion, indicating increases of 3.85% and 13.49% respectively from the prior year [3] - Recent changes in analyst estimates suggest a favorable outlook on MakeMyTrip's business health and profitability [3] Group 4: Valuation Metrics - MakeMyTrip has a Forward P/E ratio of 52.29, which is significantly higher than the industry average Forward P/E of 14.39, indicating a premium valuation [6] - The Internet - Delivery Services industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 202, placing it in the bottom 19% of over 250 industries [6] Group 5: Analyst Ratings - MakeMyTrip currently holds a Zacks Rank of 3 (Hold), with the consensus EPS estimate remaining unchanged over the last 30 days [5] - The Zacks Rank system has a strong track record, with stocks rated 1 (Strong Buy) delivering an average annual return of +25% since 1988 [5]

Company Overview - MakeMyTrip (MMYT) shares increased by 5.2% to close at $82.6, with notable trading volume compared to typical sessions [1] - The stock has gained 3.2% over the past four weeks, driven by growth in international air ticketing and hotel revenues [1] Financial Performance Expectations - The company is expected to report quarterly earnings of $0.43 per share, reflecting a year-over-year increase of 10.3% [2] - Revenues are anticipated to reach $313.62 million, representing a 17.3% increase from the same quarter last year [2] Earnings Estimate Trends - The consensus EPS estimate for MakeMyTrip has remained unchanged over the last 30 days, indicating a potential lack of momentum in stock price movement [3] - Trends in earnings estimate revisions are correlated with near-term stock price movements, suggesting the need to monitor future revisions closely [3] Industry Context - MakeMyTrip is part of the Zacks Internet - Delivery Services industry, which includes other companies like QuinStreet (QNST) [4] - QuinStreet's consensus EPS estimate has also remained unchanged, with a year-over-year change of 5% [5]

Core Insights - The cancellation of IndiGo flights has led to a surge in demand for bus travel, with private operators and online ticketing platforms capitalizing on the situation to attract more users [1][4]. Group 1: Market Response - Bookings at redBus increased by 17% from December 5 to 8, following flight cancellations from December 1 to 4, with over 30% surge in bookings across 70+ routes in major cities [2][3]. - Demand for short-haul routes, typically dominated by flights, has risen significantly, particularly in Andhra Pradesh and Telangana, indicating a shift in traveler preferences due to airline disruptions [3][4]. - Search volumes for major metro routes increased by 36%, reflecting heightened travel anxiety among users [3]. Group 2: Company Performance - Leafybus, an electric bus operator, reported an increase in occupancy from 90% to 99% due to the rise in demand [6]. - AbhiBus noted a 10-15% increase in bookings across key intercity routes in recent days [7][8]. - FlixBus India experienced a slight increase in demand but is prepared to add capacity as needed [7]. Group 3: Pricing Dynamics - Bus operators have implemented dynamic pricing, with an average fare increase of 25% on high-demand routes; Leafybus raised its ticket price from ₹500 to ₹750 [9]. - Operators are focusing on maintaining customer service and punctuality to retain travelers even after the flight disruptions end [10][11]. Group 4: Industry Growth - The intercity bus ecosystem in India has seen significant growth, with private bus operators selling 140 million seats from April to September, up from 112 million the previous year [11]. - Gross ticket value rose from ₹10,718 crore in 2024 to ₹13,216 crore this year, indicating a robust market expansion [12]. - The number of active private bus operators increased by over 1,000 to 6,073, highlighting the growing competitiveness in the sector [12].