Hotel Bookings Drive MakeMyTrip’s $51M Profit Despite Air Slump

MakeMyTrip has reported its financial and operating results for the third quarter of fiscal year 2026, which ended on December 31, 2025, showing continued top-line growth across most of its core businesses.

Revenue and profit growth

Revenue for the quarter reached $295.7 million, representing a year-over-year increase of 10.6 percent compared with $267.4 million in the same period in 2024.

A closer look shows differing trends across product categories.

• Air Ticketing revenue came in at $60.1 million, down 2.1 percent year over year, reflecting softer demand in India’s domestic aviation market.
• Hotels and Packages generated $161.4 million in revenue, up 9.7 percent, as travelers continued to prioritize accommodation-led bookings and bundled travel experiences.
• Bus Ticketing delivered one of the strongest performances, with revenue rising 16.5 percent to $37.1 million, supported by growing adoption of ground transportation for regional travel.

Net profit for the quarter rose to $51.4 million, marking a 14.4 percent year-over-year increase.

Gross bookings expand across key travel categories

Gross bookings for the quarter reached $2.78 billion, an increase of 6.6 percent compared with the previous year.

• Air Ticketing bookings totaled $1.53 billion, up 0.4 percent, signaling relatively flat growth.
• Hotels and Packages bookings climbed to $750.4 million, up 10.1 percent.
• Bus Ticketing stood out again, with bookings rising 27.9 percent to $420.6 million.
• Other Transport Services, which include rail and additional mobility options, generated $79.2 million in bookings, up 8.2 percent.

Leadership highlights diversification and AI progress

Commenting on the results, Group CEO Rajesh Magow said: “Our diversified product portfolio of transport and accommodation options helped us mitigate the impact of slower growth in the domestic air travel market and deliver strong overall growth in this seasonal quarter [...] We are also progressing well on our AI journey to continuously improve customer experience."

Group COO Mohit Kabra agreed by explaining that the company’s ability to address varied travel needs while rapidly expanding ancillary services played a key role in delivering a quarter of solid financial performance.

Prior quarter loss linked to capital restructuring

MakeMyTrip reported a net loss of $5.7 million for the second quarter of fiscal year 2026. The company attributed this loss primarily to accounting impacts related to a $3.1 billion capital raise completed earlier in 2025. Those funds were used to repurchase and cancel 34.4 million shares from Trip.com Group in July, a transaction that strengthened MakeMyTrip’s ownership structure but temporarily reduced reported quarterly net income.

Still, operating revenue grew by 9 percent year-over-year, reaching $229.3 million.

Photo by ikhbale on Unsplash