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 - 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]