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].

Core Insights - MakeMyTrip (MMYT) stock closed at $71.39, up 1.54% from the previous session, outperforming the S&P 500 which gained 0.54% [1] - The stock has seen a decline of 13.11% over the past month, underperforming the Computer and Technology sector's loss of 1.42% and the S&P 500's loss of 0.8% [1] Earnings Forecast - MakeMyTrip is expected to report an EPS of $0.43, reflecting a 10.26% increase from the same quarter last year [2] - Revenue is projected to be $313.62 million, indicating a 17.3% rise compared to the year-ago quarter [2] Full Year Estimates - For the full year, analysts anticipate 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 are indicative of changing short-term business dynamics, with positive revisions suggesting optimism about the company's profitability [4] Zacks Rank and Valuation - MakeMyTrip currently holds a Zacks Rank of 3 (Hold), with a consensus EPS projection having decreased by 29.13% in the last 30 days [6] - The company is trading at a Forward P/E ratio of 43.4, which is significantly higher than the industry average Forward P/E of 12.85 [7] Industry Context - The Internet - Delivery Services industry, part of the Computer and Technology sector, is currently ranked 168 out of over 250 industries, placing it in the bottom 32% [7][8]

Market Overview - The total market capitalization of new-age tech companies decreased to $109.15 billion from $110.93 billion over the past week [2] - A mixed performance was observed among 42 new-age tech companies, with 26 companies experiencing share declines between 0.17% and over 15%, while 16 companies saw gains ranging from 0.01% to over 33% [1][8] Company Performance - ixigo reported a net loss of INR 3.5 crore for Q2, down from a profit of INR 13.1 crore in the same quarter last year, primarily due to one-time ESOP expenses of INR 26.9 crore [21] - Operating revenue for ixigo increased by 36% year-over-year to INR 282.7 crore, but showed a sequential decline of 10% from INR 314.5 crore [21] - CarTrade's shares rose by 18.44% after the company reported a net profit of INR 64.1 crore for Q2, more than doubling from INR 30.7 crore a year ago, with operating revenue increasing by 25% year-over-year to INR 193.4 crore [18][19] IPO and Market Sentiment - Lenskart's IPO opened with a 110% subscription on the first day, despite concerns over high valuations [16] - Fintech unicorn Groww filed for a INR 6,600 crore IPO, while Pine Labs filed for a fresh issue of INR 2,080 crore [16][17] - The Indian equities market saw a decline, with Sensex and Nifty 50 both dipping by 0.3%, attributed to profit booking and regulatory changes proposed by SEBI [14]

Core Viewpoint - MakeMyTrip Ltd (MMYT) continues to show solid growth, with no changes to its long-term drivers as travel demand remains strong [1] Group 1: Company Performance - The company has been previously rated as a buy due to its consistent growth and the ongoing demand for travel [1] - MMYT is actively engaged in managing its capital and investment strategies, indicating a focus on optimizing performance [1] Group 2: Investment Strategy - The investment approach includes a combination of fundamental, technical, and momentum investing, highlighting a diversified strategy to enhance investment outcomes [1] - The author aims to track investment ideas and connect with like-minded investors through the platform, suggesting a community-driven investment philosophy [1]

Core Insights - MakeMyTrip reported quarterly earnings of $0.37 per share, missing the Zacks Consensus Estimate of $0.45 per share, representing an earnings surprise of -17.78% [1] - The company posted revenues of $229.34 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 13.22% [2] - MakeMyTrip shares have declined approximately 19.9% since the beginning of the year, contrasting with the S&P 500's gain of 16.9% [3] Earnings Performance - Over the last four quarters, MakeMyTrip has surpassed consensus EPS estimates only once [2] - The current consensus EPS estimate for the upcoming quarter is $0.59, with expected revenues of $337.09 million, and for the current fiscal year, the estimate is $2.16 on revenues of $1.19 billion [7] Industry Outlook - The Internet - Delivery Services industry, to which MakeMyTrip belongs, is currently in the top 11% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact MakeMyTrip's stock performance [5]

Financial Data and Key Metrics Changes - The adjusted operating profit for Q2 was $44.2 million, reflecting an 18% year-on-year growth [5][32] - The company reported a loss of $5.7 million for the quarter compared to a profit of $17.9 million in the same quarter last year, primarily due to interest and foreign exchange costs [31][32] - The adjusted margin growth for models and packages accelerated from 16.3% in Q1 to 21.6% in Q2 [29] Business Line Data and Key Metrics Changes - The international air ticketing revenue grew by over 29.6% year-on-year in constant currency terms, significantly outpacing industry growth [6] - The accommodation business, including hotels and holiday packages, delivered an 18% volume growth year-on-year [15] - The bus ticketing business saw strong growth, with all regions growing over 20% year-on-year [22] Market Data and Key Metrics Changes - The international business now contributes 28% to overall revenue, up from 25% during the same period last year [7] - Analysts estimate that recent fiscal and monetary measures could unlock an additional consumer spending of $3 billion to $3.5 billion [7] - The domestic air market experienced a decline of 3% year-on-year due to supply constraints [28] Company Strategy and Development Direction - The company is focused on enhancing customer experience through AI, launching an AI-powered travel assistant, Myra, to improve user engagement [8][10] - The strategy includes expanding the international air segment, which is seen as a significant growth opportunity [6] - The company aims to leverage its diversified product portfolio to drive growth across various travel segments [5][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of travel demand, particularly in the international air segment and domestic tourism [5][6] - The company anticipates that the reduction in GST rates and increased disposable income will boost travel demand [7][37] - Despite short-term challenges in the domestic air market, the long-term outlook for the Indian aviation sector remains robust [14] Other Important Information - The company has recently appointed Deepak Bora as the new Group CFO [26] - The company completed the repurchase and cancellation of 34.4 million Class B shares as part of its capital management strategy [30] Q&A Session Summary Question: Air capacity issue and demand outlook for December - Management indicated that domestic air market daily departures are expected to return to about 3,200, similar to the same period last year, with constraints still remaining [41][43] Question: Impact of GST benefits on December bookings - Management noted that while early signs are positive, travel demand typically picks up after Diwali, and they remain optimistic about the impact of GST reductions on consumer spending [45][46] Question: Increase in marketing expenses - Management clarified that the increase in marketing expenses is aligned with improved segment margins and is not solely due to competitive intensity [49][50] Question: Buyback program status - Management confirmed that no buybacks occurred in the current quarter but outlined changes to the buyback program, extending it and increasing the budget [53][54] Question: Growth outlook despite strong base in March - Management remains optimistic about achieving growth in the twenties for the full fiscal year, despite challenges in the first half [64][66] Question: Competitive landscape and new entrants - Management welcomed increased investment interest in the travel industry and expressed confidence in maintaining market leadership despite competition [68][70] Question: Clarification on growth guidance - Management clarified that the 20% growth guidance refers to adjusted margin growth across segments, not gross bookings [80][82] Question: Observations on hotel bookings and revenue - Management highlighted that adjusted margin growth in the standalone hotel business was strong at 23.1%, despite foreign currency impacts [83]

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]

Exhibit 99.1 MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2026 SECOND QUARTER RESULTS Gurugram, India and New York, October 28, 2025 — MakeMyTrip Limited (NASDAQ: MMYT), India's leading travel service provider, today announced its unaudited interim financial and operating results for its fiscal second quarter ended September 30, 2025. "We continued to leverage our travel super-app approach, offering comprehensive travel and related services across our platforms for retail, trade and corporate customers. This strateg ...

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]