MakeMyTrip reported a consolidated net profit of $1.8 million for the second quarter of fiscal 2027, reversing a net loss of $5.7 million a year earlier. The Nasdaq-listed online travel company recorded revenue of $235.2 million for the quarter ended September 30, 2026, with bus ticketing emerging as a key growth driver as the business navigated higher airfares, currency depreciation and subdued international long-haul travel demand.
Revenue increased 2.5% year over year in reported US dollar terms, or 11.2% on a constant-currency basis. Gross bookings reached $2.72 billion, rising 11.3% in reported terms and 20.9% on a constant-currency basis. Bus ticketing revenue climbed 16.6%, while the air ticketing and hotels and packages businesses recorded declines in reported dollar revenue. Strong domestic travel demand helped offset pressure on international travel and the company’s reported financial performance.
Key Takeaways
- Returned to profitability: MakeMyTrip recorded a $1.8 million net profit against a $5.7 million loss in Q2 FY26.
- Revenue increased: Quarterly revenue reached $235.2 million, up 2.5% in reported terms and 11.2% in constant-currency terms.
- Bus ticketing strengthened: Revenue from the segment rose 16.6% to $39.1 million, or 25.7% in constant-currency terms.
- Gross bookings grew: Total gross bookings reached $2.72 billion, increasing 20.9% on a constant-currency basis.
- Air travel remained under pressure: High fares, constrained capacity and a weaker rupee affected international travel demand and reported results.
- Operating performance improved: Adjusted operating profit increased to $46.2 million from $44.2 million a year earlier.
MakeMyTrip Q2 FY27 Results: Financial Performance
MakeMyTrip’s quarterly results showed a return to net profitability alongside growth in bookings and operating performance. The figures also illustrate why reported dollar growth and constant-currency growth need to be considered separately.
The company reports its results in US dollars, although the Indian rupee is the functional currency of its material subsidiaries. The rupee depreciated approximately 10% against the dollar year over year during the quarter, affecting reported revenue growth.
Key financial figures
| Financial metric | Q2 FY26 | Q2 FY27 | Year-over-year change |
|---|---|---|---|
| Revenue | $229.3 million | $235.2 million | +2.5% reported |
| Revenue, constant currency | — | — | +11.2% |
| Net profit/(loss) | -$5.7 million | $1.8 million | Turned profitable |
| Adjusted operating profit | $44.2 million | $46.2 million | +4.7% |
| Adjusted EBITDA | $48.3 million | $51.5 million | +6.4% |
| Gross bookings | $2.45 billion | $2.72 billion | +11.3% reported |
| Gross bookings, constant currency | — | — | +20.9% |
Source: MakeMyTrip’s Q2 FY27 earnings release filed with the US Securities and Exchange Commission. Figures are rounded.
The return to profit marks a substantial improvement from the prior-year quarter. Adjusted operating profit and adjusted EBITDA also increased, indicating that the company generated stronger operating results alongside higher bookings.
However, net profit and adjusted operating measures represent different views of financial performance. Investors should consider both the reported profit and the company’s non-IFRS measures when assessing the quarter.
Bus Ticketing Revenue Rises 16.6%
Bus ticketing was one of MakeMyTrip’s strongest reported revenue segments in Q2 FY27. Revenue rose to $39.1 million from $33.5 million in the corresponding quarter a year earlier.
The segment’s growth was stronger on a constant-currency basis, reaching 25.7%. Gross bookings for bus ticketing increased 20% in reported dollar terms to approximately $435.3 million, supported by a 24.7% increase in the number of bus tickets sold.
| Bus ticketing metric | Q2 FY26 | Q2 FY27 | Change |
|---|---|---|---|
| Revenue | $33.5 million | $39.1 million | +16.6% |
| Revenue, constant currency | — | — | +25.7% |
| Gross bookings | $362.7 million | $435.3 million | +20.0% |
| Adjusted margin | $37.7 million | $45.1 million | +19.5% |
Source: MakeMyTrip Q2 FY27 earnings release.
The segment’s performance highlights the importance of ground transport within the company’s broader travel portfolio. Bus bookings can serve customers travelling between cities and destinations where air travel is less convenient or more expensive.
The increase in ticket volumes also suggests that growth was supported by more than changes in reported revenue alone. Nevertheless, revenue, gross bookings and adjusted margin measure different aspects of the business and should not be treated as interchangeable indicators.
Air Ticketing and Hotels Face Different Pressures
While bus ticketing expanded, MakeMyTrip’s other major segments experienced a more mixed quarter.
Air ticketing
Air ticketing revenue declined 7.2% in reported dollar terms to $56.7 million. On a constant-currency basis, however, revenue increased 0.6%.
Management attributed pressure on air travel to high fares and constrained market capacity. The company said domestic departures declined 4% year over year, while higher airfares and rupee depreciation made international long-haul trips more expensive for Indian travellers.
These conditions affected demand for international travel and weighed on the air ticketing business.
Hotels and packages
Hotels and packages generated $107.1 million in revenue, down 1% in reported dollar terms. Constant-currency revenue increased 7.4%, showing how currency movements affected the reported comparison.
The segment remained the company’s largest revenue contributor among the businesses shown in its results. Its adjusted margin also grew 20.2% year over year to $116.8 million.
Segment revenue comparison
| Business segment | Q2 FY26 revenue | Q2 FY27 revenue | Reported change |
|---|---|---|---|
| Air ticketing | $61.0 million | $56.7 million | -7.2% |
| Hotels and packages | $108.2 million | $107.1 million | -1.0% |
| Bus ticketing | $33.5 million | $39.1 million | +16.6% |
| Others | $26.6 million | $32.3 million | +21.6% |
Source: SEC-filed earnings release. Figures are rounded.
The comparison shows that bus ticketing and the company’s other businesses contributed to revenue growth while air ticketing and hotels and packages faced pressure in reported dollar terms.
Gross Bookings Increase to $2.72 Billion
MakeMyTrip’s gross bookings rose to approximately $2.72 billion in Q2 FY27, compared with $2.45 billion a year earlier. The 20.9% constant-currency increase indicates that customer bookings expanded more rapidly than reported dollar revenue.
Gross bookings represent the value of travel products booked through the platform. They are not the same as revenue because the company generally recognizes revenue based on its business model and the services provided rather than treating the full booking value as revenue.
Strong domestic demand helped offset weakness in international long-haul travel. The company also reported growth across several business segments, supporting its overall booking performance.
The gap between gross-booking growth and reported revenue growth is therefore not, by itself, evidence of deteriorating performance. The figures measure different things and are also affected differently by exchange-rate movements.
MakeMyTrip Expands AI-Powered Travel Assistance
MakeMyTrip is also investing in AI to simplify travel planning and customer service. Its AI-powered assistant, Myra, handled more than 90,000 conversations per day during the quarter across multiple Indian languages and English.
More than 55% of those conversations originated from tier-two and tier-three cities, according to the company. Myra resolved more than 53% of post-booking flight and hotel queries and assisted with an average of over 3,000 completed bookings per day during the quarter ended September 30, 2026.
The assistant supports end-to-end trip planning, voice interactions and in-chat payments. These capabilities could help customers discover travel options and manage bookings without navigating multiple separate processes.
The company has not attributed its return to profitability solely to AI. Instead, the figures show that AI is one part of a wider strategy involving customer service, distribution, travel supply and operating efficiency.
The Bigger Picture
MakeMyTrip’s Q2 FY27 results show how a diversified travel platform can deliver growth even when individual segments face different demand conditions. Bus ticketing and other services supported revenue, while strong domestic travel demand helped offset pressure from expensive international trips and currency depreciation.
The return to net profit is a positive financial development, but the quarter also demonstrates why investors need to look beyond a single headline number. Constant-currency revenue, gross bookings, adjusted operating profit and segment-level performance provide different perspectives on the company’s growth and profitability. Future results will depend on demand conditions, travel capacity, currency movements and the company’s ability to sustain growth across its businesses.
FAQs
1. What was MakeMyTrip’s net profit in Q2 FY27?
MakeMyTrip reported a net profit of $1.8 million for the quarter ended September 30, 2026, compared with a net loss of $5.7 million in Q2 FY26.
2. How much did MakeMyTrip’s revenue grow?
Revenue reached $235.2 million, up 2.5% in reported US dollar terms and 11.2% on a constant-currency basis.
3. How much did bus ticketing revenue increase?
Bus ticketing revenue increased 16.6% to $39.1 million in reported dollar terms. Constant-currency growth was 25.7%.
4. Why was MakeMyTrip’s air ticketing business under pressure?
The company cited high airfares, constrained market capacity, a decline in domestic departures and the weaker rupee’s impact on the cost of international travel.
5. What were MakeMyTrip’s gross bookings in Q2 FY27?
Gross bookings reached approximately $2.72 billion, up 11.3% in reported dollar terms and 20.9% on a constant-currency basis.
Looking Ahead
MakeMyTrip’s next quarters will show whether the recovery in profitability can continue amid changing travel demand and currency conditions. Bus ticketing and other businesses have provided growth support, while air ticketing remains sensitive to fares, capacity and international travel costs. Continued investment in hotel supply and AI-powered customer service may also influence its operating performance.
Investors will be watching reported revenue, constant-currency growth, gross bookings and profitability together rather than relying on net profit alone. The company’s ability to sustain booking growth while managing costs and adapting to changing travel patterns will be important in determining whether its Q2 performance develops into a longer-term improvement.
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