Capital Raise Shifts MakeMyTrip’s Q2 FY2025 to $5.7M Net Loss

Indian online travel agency MakeMyTrip has reported a net loss of $5.7 million for the second quarter of fiscal year 2026, marking a reversal from the $17.9 million profit recorded during the same period last year.

Still, operating revenue grew by 9 percent year-over-year, reaching $229.3 million, up from $211 million during the same period in 2025.

The company attributed the loss primarily to accounting effects linked to a $3.1 billion capital raise completed earlier in 2025. The funds were used to repurchase and cancel 34.4 million shares from Trip.com Group in July, a move that strengthened the ownership structure but led to reduced quarterly net income.

Additionally, the company recorded a foreign exchange loss of $14.3 million due to the weakening of the Indian rupee against the US dollar during the period.

Despite the loss, MakeMyTrip reported robust performance across core segments. International hotel revenue grew 42 percent year-over-year, now representing 28 percent of total revenue, while bus ticketing and ancillary services achieved adjusted margin growth above 20 percent.

MakeMyTrip also added 49,000 new rooms to its accommodation portfolio, marking a 35 percent year-over-year increase in supply.

The company continues investing in new travel routes (such as direct flights between India and Vietnam planned for December 2025), digital customer engagement, and AI tools. For example, in August 2025, MakeMyTrip introduced an AI trip-planning agent, expanding its Myra chatbot into a multilingual, conversational assistant.

Photo by Rafael Garcin on Unsplash