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'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 article discusses the growing trend of co-branded credit card partnerships between airlines and banks in India, highlighting their role in enhancing customer loyalty and engagement [1][8] - It notes that while such partnerships are still relatively rare in India, they have been successful in other markets, generating significant revenue [8] Airline Partnerships - The first co-branded partnership in India was between Jet Airways and Citibank in 2003, with many airlines following suit to offer attractive perks [1][8] - Currently, IndiGo is the only major Indian airline with co-branded card partnerships, specifically with Kotak Mahindra Bank and IDFC First Bank, offering rewards in the form of BluChips [2][8] - Air India is expected to launch a new co-branded partnership for its Maharaja Club loyalty program soon [2][8] International Airline Strategies - International airlines are leveraging co-branded cards to attract Indian customers, with major West Asian carriers and airlines like Lufthansa and Singapore Airlines already established in this space [3][8] - The KrisFlyer SBI Card offers significant benefits, including 10,000 KrisFlyer Miles upon activation and eligibility for the KrisFlyer Gold Tier with substantial spending [3][8] - Emirates has a strong co-branded card program with ICICI Bank, providing tier status based on spending, while other airlines like British Airways and Qatar Airways offer Avios co-branded cards [3][4][8] Hotel Partnerships - Marriott and Taj Hotels are also engaging in co-branded card partnerships, offering various perks to attract customers [5][6][9] - The Marriott co-branded card provides a free night stay and Silver Status, while Taj's card offers access to exclusive lounges and upgrades [6][9] Market Trends - The article emphasizes the increasing interest in travel post-pandemic, with co-branded credit cards playing a significant role in encouraging travel and loyalty [8] - Online travel agents are adopting similar strategies to deepen customer relationships and drive bookings [7][9]