Core Insights - MakeMyTrip reported a net loss of $5.7 million in Q2 FY26, a significant decline from a net profit of $17.9 million in the same quarter last year and a profit of $25.8 million in Q1 FY26 [2][4] - Operating revenue increased by 9% year-over-year to $229.3 million, but showed a 15% decline sequentially from $268.9 million [2][3] - The company's net finance cost surged to $35.9 million, up from $500,000 in the previous year, primarily due to a $24.3 million increase in interest expenses and $11.2 million in foreign exchange losses [1][3] Financial Performance - The operating revenue for Q2 FY26 was $229.3 million, compared to $211 million in the same quarter last year [2] - The net loss of $5.7 million in Q2 FY26 contrasts sharply with the net profit of $17.9 million reported in Q2 FY25 [2] - The sequential decline in revenue of 15% from $268.9 million in Q1 FY26 indicates potential challenges in maintaining growth [2] Financial Liabilities - The increase in interest expenses is attributed to a liability of $1.1 billion related to 0.00% convertible senior notes due 2030, issued on June 23, 2025 [4] - The company raised $3.1 billion through a combination of primary equity follow-on and convertible bonds in June, which included the issuance of these notes [4] Share and Debt Repurchase Program - MakeMyTrip has extended its share and debt repurchase program until March 31, 2030 [5] - The board has authorized the repurchase of convertible senior notes due 2028 and 2030, with a total repurchase limit of $200 million, including a sub-limit of $100 million per fiscal year [6]

Core Insights - MakeMyTrip has shifted its focus from air ticket bookings to hotels and homestays, building a significant inventory of 95,000 accommodations across India, which allows it to cater to travelers venturing into less populated areas [3][6][21] - The hotel sector is crucial for MakeMyTrip's future growth, with hotels offering higher margins compared to air ticket bookings, and the company aims to become a comprehensive travel platform [5][6][14] - MakeMyTrip commands a dominant market share of 55.3% in the online travel agency (OTA) space, significantly outpacing competitors like Cleartrip and iXigo [11][8] Market Overview - The gross booking value (GBV) for India's air market is projected at $27.5 billion for 2023-24, with hotels and rail at $14.6 billion and $8.5 billion respectively, indicating a robust travel market [4] - The hotel sector has substantial growth potential, with only 27% of the total hotel GBV sourced through online channels, highlighting a fragmented industry [21][22] Competitive Landscape - MakeMyTrip faces increasing competition in the hotel segment, exemplified by Prosus acquiring a 15% stake in rival iXigo, which plans to expand its hotel offerings [5][6] - The company has executed a $3.1 billion share buyback to reduce the influence of Trip.com, its largest shareholder, which has decreased its stake from over 45% to between 16.90% and 19.99% [8] Financial Performance - MakeMyTrip is nearing $1 billion in revenue, with a 25% growth in topline for 2024-25, and is on track to cross $10 billion in GBV this fiscal year [8][14] - The adjusted margins for the hotel and package segment have become the largest contributor to profitability, accounting for 42.7% compared to the air category's 38.9% [14][15] Strategic Initiatives - The company is investing in technology and support systems to enhance its homestays and vacation rentals business, which is currently about 10% of its daily business-to-consumer volumes [35][36] - MakeMyTrip is focusing on quality control and customer service by providing dedicated account managers to homestay operators, ensuring accurate listings and customer support [31][35] Challenges and Risks - MakeMyTrip faces challenges in scaling its supply, maintaining quality across a fragmented hotel market, and navigating technological disruptions from competitors [37][39] - The company has been fined for unfair business practices related to price parity clauses, which could impact its relationships with hotel partners [41][42]

Core Insights - MakeMyTrip's stock price increased by 1.92% to $90.73, outperforming the S&P 500's gain of 1.07% [1] - The company has experienced a decline of 12.59% prior to the recent trading session, lagging behind the Computer and Technology sector's gain of 2.68% [1] Earnings Performance - MakeMyTrip is expected to report earnings on October 28, 2025, with an estimated EPS of $0.45, reflecting a 25% growth year-over-year [2] - The Zacks Consensus Estimate for revenue is projected at $264.28 million, indicating a 25.26% increase from the same quarter last year [2] - For the full year, analysts anticipate earnings of $2.16 per share and revenue of $1.19 billion, representing increases of 38.46% and 21.79% respectively [3] Analyst Forecasts - Recent revisions to analyst forecasts for MakeMyTrip are important as they indicate changing business trends, with positive revisions suggesting an optimistic outlook [4] - Estimate revisions are correlated with near-term share price momentum, which can be leveraged by investors using the Zacks Rank system [5] Zacks Rank and Valuation - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has shown that 1 ranked stocks have an average annual return of +25% since 1988 [6] - MakeMyTrip currently holds a Zacks Rank of 3 (Hold), with the EPS estimate remaining unchanged over the last 30 days [6] - The company's Forward P/E ratio is 41.21, significantly higher than the industry average of 13.31, indicating that MakeMyTrip is trading at a premium [7] Industry Context - MakeMyTrip operates within the Internet - Delivery Services industry, which is part of the Computer and Technology sector, currently ranked 31 in the Zacks Industry Rank, placing it in the top 13% of over 250 industries [7][8] - The Zacks Industry Rank suggests that the top 50% of rated industries outperform the bottom half by a factor of 2 to 1 [8]

Core Insights - Ixigo has achieved 200% stock gains since its IPO and maintains over 10% EBITDA margins, positioning itself as a competitor to MakeMyTrip and EaseMyTrip in the Indian travel market [1][7] - The company has developed a strong rail-focused business model, leveraging strategic acquisitions and a multi-modal approach to expand its services across trains, flights, and buses [1][5][17] Financial Performance - Ixigo reported a record revenue of INR 914.2 Cr for FY25, marking a 39% increase year-on-year, with adjusted EBITDA rising 71% to INR 94.8 Cr [2][10] - The gross transaction value (GTV) reached INR 14,972 Cr, a 65% increase, driven by a 183% surge in flight bookings [11] - In Q1 FY26, revenues soared 73% to INR 314.5 Cr, and net profit increased by 76% to INR 28.7 Cr [10][33] Market Position and Strategy - Ixigo holds a 51% market share in the online train ticketing space, benefiting from a large consumer base of over 5 million daily users [5][24] - The company has integrated its services through a flywheel strategy, enhancing customer experience and cross-selling opportunities among its various platforms [21][22] - The focus on Tier II and III cities aligns with India's growing consumer market, projected to reach $4.3 Tn by 2030 [3][24] Competitive Landscape - Ixigo's disciplined approach to profitability and AI-driven personalization has allowed it to outperform competitors like EaseMyTrip, which reported a revenue decline in FY25 [7][33] - Despite challenges in scaling its flight booking segment, Ixigo has shown stronger growth momentum compared to its peers [30][29] - The competitive environment includes established players like MakeMyTrip and Yatra, which have significant market presence and diversified offerings [7][32] Future Outlook - The company is raising INR 1,296 Cr from Prosus to further fuel its growth, indicating robust financial health and potential for expansion [17] - Ixigo's focus on AI and technology-driven solutions aims to enhance user experience and operational efficiency, positioning it well for future challenges [16][18]

Group 1 - MakeMyTrip Limited plans to report its fiscal 2026 second quarter financial and operating results [1] - The financial results will be announced before markets open on Tuesday, October 28, 2025 [1]

Company Performance - MakeMyTrip's stock closed at $92.68, reflecting a -1.46% change from the previous day's closing price, which is less than the S&P 500's daily gain of 0.58% [1] - The stock has decreased by 3.92% over the past month, underperforming compared to the Computer and Technology sector's gain of 6.37% and the S&P 500's gain of 3.68% [1] Earnings Estimates - The upcoming EPS for MakeMyTrip is projected at $0.45, indicating a 25.00% increase compared to the same quarter of the previous year [2] - The consensus estimate for revenue is $264.28 million, representing a 25.26% increase from the same quarter last year [2] Full-Year Projections - Zacks Consensus Estimates forecast earnings of $2.16 per share and revenue of $1.19 billion for the full year, reflecting year-over-year changes of +38.46% and +21.79%, respectively [3] - Recent changes to analyst estimates for MakeMyTrip are noteworthy, as positive revisions typically indicate a favorable business outlook [3] Valuation Metrics - MakeMyTrip currently has a Forward P/E ratio of 43.54, which is a premium compared to the industry average Forward P/E of 14.07 [6] - The Internet - Delivery Services industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 53, placing it in the top 22% of over 250 industries [6]

Group 1 - MakeMyTrip's stock increased by 2.17% to $94.34, outperforming the S&P 500's daily gain of 0.06% [1] - Prior to the recent trading session, MakeMyTrip shares had declined by 7.69%, underperforming the Computer and Technology sector's gain of 8.78% and the S&P 500's gain of 3.94% [1] Group 2 - MakeMyTrip is expected to report an EPS of $0.45, reflecting a 25% increase from the prior-year quarter, with projected net sales of $264.28 million, up 25.26% from the year-ago period [2] - For the full year, earnings are projected at $2.16 per share and revenue at $1.19 billion, indicating increases of 38.46% and 21.79% respectively from the previous year [3] Group 3 - Recent adjustments to analyst estimates for MakeMyTrip are important as they reflect near-term business trends, with upward revisions indicating analysts' positive outlook on the company's operations [3] - The Zacks Rank system, which evaluates estimate changes, provides actionable ratings, with 1 stocks historically yielding an average annual return of 25% since 1988 [4][5] Group 4 - MakeMyTrip is currently trading at a Forward P/E ratio of 42.75, significantly higher than the industry average of 14.77, suggesting it is trading at a premium [6] - The Internet - Delivery Services industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 169, placing it in the bottom 32% of over 250 industries [6][7]

Company Performance - MakeMyTrip (MMYT) ended the recent trading session at $96.70, demonstrating a -5.07% change from the preceding day's closing price, lagging the S&P 500's daily loss of 0.55% [1] - Over the past month, shares of MakeMyTrip had lost 0.39%, underperforming the Computer and Technology sector's gain of 9.88% and the S&P 500's gain of 3.64% [1] Earnings Expectations - Analysts expect MakeMyTrip to post earnings of $0.45 per share in the upcoming release, marking year-over-year growth of 25% [2] - The Zacks Consensus Estimate for revenue is projecting net sales of $264.28 million, up 25.26% from the year-ago period [2] Fiscal Year Projections - For the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.16 per share and revenue of $1.19 billion, indicating changes of +38.46% and +21.79%, respectively, from the former year [3] - Recent revisions to analyst estimates reflect optimism about the business and profitability [3] Valuation Metrics - MakeMyTrip is currently trading at a Forward P/E ratio of 47.16, which is a premium compared to its industry average Forward P/E of 16.02 [5] Industry Context - The Internet - Delivery Services industry, part of the Computer and Technology sector, carries a Zacks Industry Rank of 103, placing it within the top 42% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [6]

Core Insights - The online train food ordering market, valued at $500 million, is expected to grow at a CAGR of 15% by 2033 [5] - Zomato has partnered with MakeMyTrip to enhance food delivery services on trains, expanding to 130 additional railway stations [1][2] - The collaboration aims to improve the travel experience for passengers and capitalize on the growing e-catering market [4] Company Developments - Zomato's parent company, Eternal, reported a 90% YoY decline in net profit to INR 25 crore in Q1 FY26, while operating revenue increased by over 70% to INR 7,167 crore [7] - MakeMyTrip's net profit rose by 23% to $25.8 million in Q1 FY26, with a top-line growth of 5.6% to $268.9 million [8] Market Trends - The e-catering services of Indian Railways saw over 90,000 daily users, reflecting a 66% YoY growth [4] - Major players in the train food delivery market include IRCTC E-catering, Travelkhana, and Zomato, collectively holding more than half of the market share [5]

Group 1 - MakeMyTrip Ltd. (NASDAQ: MMYT) has a positive demand outlook and is well-positioned to capitalize on it despite short-term disruptions, achieving a 19% year-over-year growth [1] - The investment approach discussed includes fundamental investing, technical investing, and momentum investing, highlighting the merits of each strategy [1] Group 2 - The article serves as a platform for tracking investment ideas and connecting with like-minded investors [1]