Nasdaq-listed online travel major MakeMyTrip reported a 16.8% decline in profit for the March quarter of 2026 (Q4 FY26) to $24.3 Mn from $29.2 Mn in the year-ago quarter. On a sequential basis, profit plunged 74.5% from $95.3 Mn in Q3 FY26.
Revenue rose 1.9% YoY to $250.1 Mn during the quarter under review from $245.5 Mn in Q4 FY25. However, revenue declined 4.2% on a quarter-on-quarter (QoQ) basis from $261 Mn in the preceding quarter.
The company said while it recorded strong YoY growth in January 2026, growth in February and March 2026 was lower due to the impact of the Maha Kumbh Mela in February 2025 and the ongoing West Asia conflict.
Segment-wise, air ticketing revenue fell 4.7% YoY to $58.7 Mn, while hotels and packages revenue declined 1.2% to $121.8 Mn. Bus ticketing revenue increased 7.3% YoY to $35.9 Mn and other revenue jumped 24.5% to $33.7 Mn.
Gross bookings remained largely flat at $2.6 Bn in Q4 FY26.
Adjusted margin for the air ticketing segment increased 5.4% YoY to $99.3 Mn, while hotels and packages adjusted margin rose 5.8% to $115.9 Mn.
Bus ticketing adjusted margin climbed 12.7% to $41.1 Mn and adjusted margin for the other segment grew 21.3% YoY to $25.4 Mn. Total adjusted margin increased 7.9% YoY to $281.7 Mn from $261.2 Mn.
Total expenses increased marginally by 0.3% YoY to $219.8 Mn in Q4 FY26 from $219.4 Mn in the corresponding quarter last year.
Procurement cost of hotels and packages services declined 6.8% YoY to $51 Mn from $54.7 Mn. However, other costs of providing services rose 16.2% YoY to $8.6 Mn from $7.4 Mn.
Personnel expenses fell 11% YoY to $38 Mn from $42.8 Mn, primarily due to lower share-based compensation costs. Marketing and sales promotion expenses remained largely flat at $42.1 Mn. However, customer inducement costs recorded as reduction of revenue surged 17.2% YoY to $91.2 Mn from $77.8 Mn.
Other operating expenses increased 5.4% YoY to $63.6 Mn from $60.3 Mn, mainly due to higher distribution costs, website hosting charges, and technology and maintenance expenses linked to higher bookings.
Finance income declined 8.7% YoY to $6.5 Mn, while finance costs more than doubled to $16.6 Mn from $7.5 Mn. Consequently, net finance costs widened sharply to $10.1 Mn compared to $0.3 Mn in Q4 FY25.
The increase in finance costs was primarily due to a $27.5 Mn interest expense on financial liabilities measured at amortised cost related to the company’s 2030 Notes, along with higher foreign exchange losses due to rupee depreciation.
For the full fiscal year FY26, MakeMyTrip’s revenue rose 6.7% YoY to $1.04 Bn from $978.3 Mn in FY25. However, annual profit declined 45.8% YoY to $51.7 Mn from $95.3 Mn. Adjusted net profit stood at $170.9 Mn in FY26 compared to $178.2 Mn in FY25.
During Q4 FY26, the company repurchased 900,000 ordinary shares worth $50.3 Mn under its ongoing buyback programme. As of March 31, 2026, it retained authorisation to repurchase up to $103.6 Mn worth of shares and convertible notes.
The post MakeMyTrip Q4: Profit Falls 17% To $24.3 Mn, Revenue Rises 1.9% YoY appeared first on Inc42 Media.
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