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]

Core Viewpoint - MakeMyTrip reported quarterly earnings of $0.42 per share, missing the Zacks Consensus Estimate of $0.45 per share, but showing an increase from $0.39 per share a year ago, indicating a -6.67% earnings surprise [1][2] Financial Performance - The company posted revenues of $268.85 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 2.99%, compared to $254.52 million in the same quarter last year [2] - Over the last four quarters, MakeMyTrip has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Stock Performance - MakeMyTrip shares have declined approximately 13% since the beginning of the year, contrasting with the S&P 500's gain of 7.2% [3] - The current consensus EPS estimate for the upcoming quarter is $0.43 on revenues of $256.02 million, and for the current fiscal year, it is $1.97 on revenues of $1.16 billion [7] Industry Outlook - The Internet - Delivery Services industry, to which MakeMyTrip belongs, is currently ranked in the top 11% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Financial Data and Key Metrics Changes - Revenue for Q1 FY26 grew by 7.8% year on year in constant currency to $268.8 million, impacted by external events [26] - Adjusted operating profit reached $47.3 million, reflecting a 21% year on year growth [27] - Profit for the quarter was $25.8 million, up 22.6% from $21 million in the same quarter last year [27] Business Line Data and Key Metrics Changes - International air ticketing revenue grew over 27% year on year, significantly outpacing industry growth [8] - International hotels revenue increased by over 45% year on year, contributing 27% to overall revenue, up from 24% in the same period last year [8][26] - Gross booking value for hotel and packages business grew by 15.3% year on year in constant currency [10] Market Data and Key Metrics Changes - Domestic air segment market share increased from 30.6% to 30.8% [5] - International air ticketing business volumes grew by over 21% year on year, nearly three times the market growth of 7% [28] - The mix of international air ticketing revenue reached an all-time high of 42%, compared to 37% in the same quarter last year [28] Company Strategy and Development Direction - The company is focusing on enhancing customer experience through new product offerings and expanding its international market presence [9][12] - There is a strategic emphasis on corporate travel and international outbound travel, with a commitment to leveraging consumer insights and technology [6][13] - The company aims to maintain a diversified business portfolio to mitigate risks from macroeconomic challenges [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term growth prospects of the Indian travel sector, driven by rising disposable income and changing consumer behavior [6][22] - Despite recent macro headwinds, management believes the impact is short-term and does not alter the long-term outlook for the travel sector [5][6] - There are signs of improving consumer sentiment and recovery in travel demand, particularly in June [46][49] Other Important Information - The company raised approximately $3.1 billion through primary offerings, which were used for share repurchase initiatives [32][33] - The board composition has changed, with a reduction in nominees from Trip.com and an increase in independent directors [86][88] Q&A Session Summary Question: What is the outlook for revenue and GMV growth for the full year? - Management indicated that despite Q1 growth being at 16%, they remain on target for high teens to 20% growth for the year [39][40] Question: How is consumer sentiment trending post recent events? - Management noted an improvement in consumer sentiment and booking trends, indicating a recovery from temporary disruptions [46][49] Question: What is the company's stance on a potential IPO in India? - Management reiterated that an IPO remains a mid-term opportunity, contingent on capital market conditions and fundraising plans [51][52] Question: How does the company view competition in the market? - Management stated that while competition remains, they maintain a strong market share and focus on long-term growth rather than short-term fluctuations [66][68] Question: What is the strategy for capital allocation and buybacks? - Management expressed openness to opportunistic buybacks while maintaining a focus on deploying capital effectively [72][73]

Financial Data and Key Metrics Changes - Revenue for Q1 FY26 grew by 7.8% year on year in constant currency to $268.8 million, impacted by external events [24] - Adjusted operating profit reached $47.3 million, reflecting a 21% year on year growth [24][25] - Profit for the quarter was $25.8 million, up from $21 million in the same quarter last year, marking a 22.6% increase [25] Business Line Data and Key Metrics Changes - International air ticketing revenue grew over 27% year on year, significantly outpacing industry growth [6] - International hotels revenue increased by over 45% year on year, contributing approximately 27% to overall revenue, up from 24% in the same period last year [6][24] - Gross booking value for hotel and packages business grew by 15.3% year on year in constant currency [9] Market Data and Key Metrics Changes - Domestic air market share increased from 30.6% to 30.8% despite macro challenges [4][26] - International air ticketing business volumes grew by over 21% year on year, nearly three times the market growth of 7% [26] - The mix of international air ticketing revenue reached an all-time high of 42%, compared to 37% during the same quarter last year [26] Company Strategy and Development Direction - The company is focusing on enhancing customer experience through new product offerings and expanding its international market presence [10][12] - There is a strategic emphasis on diversifying the business portfolio to mitigate risks from domestic market fluctuations [23] - The company aims to leverage rising disposable income and changing consumer behavior towards experiential travel to drive long-term growth [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term growth prospects of the Indian travel sector, despite short-term macro headwinds [4][21] - There is an expectation of recovery in consumer sentiment and travel demand, particularly in the international segment [44][46] - Management indicated that the impact of recent events on travel demand is temporary and does not alter the long-term growth narrative [44] Other Important Information - The company successfully raised approximately $3.1 billion through primary offerings, which were used for share repurchase initiatives [31][32] - The board composition has changed with a reduction in Trip.com's nominees, increasing the number of independent directors [88][91] Q&A Session All Questions and Answers Question: What is the outlook for revenue and GMV growth for the upcoming quarters? - Management indicated that despite Q1's 16% revenue growth, they remain on target for high teens to 20% growth for the full year [35][38] Question: Is there an improvement in consumer sentiment following recent events? - Management noted that consumer sentiment is improving, with booking trends for leisure destinations gradually returning [44][46] Question: What is the competitive landscape like, particularly regarding OTAs? - Management stated that they maintain a strong market share of over 30% in the domestic air market and do not see significant changes in competitive dynamics [66][68] Question: What is the company's approach to capital allocation and buybacks? - Management confirmed an opportunistic approach to buybacks, with plans to deploy capital as opportunities arise [73][74]