MakeMyTrip Q2 FY27 results show a company that is selling far more trips than it is earning from, and one that made a small profit after a loss a year earlier. The Nasdaq-listed travel platform reported a net profit of $1.8 million for the quarter ended September 2026, against a loss of $5.7 million a year ago. Gross bookings rose 20.9% year on year in constant currency to $2.72 billion.
Revenue grew just 2.5% to $235.2 million, though the rise was 11.2% after adjusting for currency. The Indian rupee fell roughly 10% against the US dollar during the quarter, which dragged reported figures. The details behind those headlines point to a business that is changing shape, from flights towards hotels and buses.
MakeMyTrip Q2 FY27 Results: 8 Key Facts
- Net profit: $1.8 million, against a $5.7 million loss a year earlier.
- Gross bookings: Up 20.9% in constant currency to $2.72 billion.
- Revenue: Up 2.5% to $235.2 million, or 11.2% adjusted for currency.
- Rupee: Fell about 10% against the dollar during the quarter.
- Adjusted EBITDA: $51.5 million, up 6.4%.
- Hotels and packages: Adjusted margin up 20.2% in constant currency to $116.8 million.
- Air ticketing: Revenue down 7.2% to $56.7 million, adjusted margin up 14.3% to $108.6 million.
- First half: Net profit down 45.8% to $10.9 million.
MakeMyTrip Q2 FY27 Results in Numbers
| Metric | Q2 FY27 | Change |
|---|---|---|
| Net profit | $1.8 million | Versus a $5.7 million loss a year ago |
| Gross bookings | $2.72 billion | +20.9% (constant currency) |
| Revenue | $235.2 million | +2.5% reported, +11.2% constant currency |
| Adjusted operating profit | $46.2 million | Up from $44.2 million |
| Adjusted net profit before tax | $46.2 million | +26.9% |
| Adjusted EBITDA | $51.5 million | +6.4% |
Revenue was $229.3 million in the same quarter a year earlier.
How Each MakeMyTrip Business Performed
| Segment | Key Figures |
|---|---|
| Hotels and packages | Adjusted margin up 20.2% (constant currency) to $116.8 million. Standalone hotel room nights up 18.6%, with domestic hotel bookings up more than 20%. |
| Air ticketing | Revenue down 7.2% to $56.7 million. Adjusted margin up 14.3% (constant currency) to $108.6 million. |
| Bus ticketing | Revenue up 16.6% to $19.4 million. Adjusted margin up 29% to $45.1 million. |
| Other businesses, including ancillaries | Revenue up 21.6% to $21.2 million. |
Management credited domestic leisure trips, shorter holidays and pilgrimage travel for the hotel growth. In air travel, it cited higher fares, constrained airline capacity and subdued international long-haul travel, saying the business kept its market share and improved unit economics through ancillary services.
MakeMyTrip’s AI Assistant Myra
MakeMyTrip is expanding its AI assistant, Myra. According to the company, during the quarter Myra:
- Handled more than 90,000 conversations a day
- Resolved over 53% of post-booking flight and hotel queries
- Helped complete more than 3,000 bookings a day
- Was linked to customers completing about 1.7 times more bookings than non-users
Why the First-Half Numbers Matter
Despite the quarterly turnaround, first-half net profit fell 45.8% to $10.9 million and free cash flow fell 19.8% to $67.1 million. So the recovery in the quarter has not yet lifted the year-to-date picture.
Our Analysis: What the MakeMyTrip Q2 FY27 Results Really Say
This section is our own analysis and opinion, based on the reported figures. Calculations are simple arithmetic and are not published by MakeMyTrip. It is not investment advice.
1. The “return to profit” is a recovery from last year, not an improvement on last quarter
Here is the angle we think most coverage will miss. First-half net profit was $10.9 million and Q2 was $1.8 million, so Q1 FY27 profit was about $9.1 million (our calculation). That means Q2 profit was roughly 80% lower than the quarter before it. Last year looks different: H1 FY26 works out to about $20.1 million (our calculation from the 45.8% fall), and with Q2 FY26 a loss of $5.7 million, Q1 FY26 was about $25.8 million. The pattern shows a company whose profit has fallen sharply from early last year, with Q2 beating only a weak comparison. The headline is accurate, but it does not mean profits are rising.
2. The rupee cost about 8.7 points of revenue growth
Reported revenue growth was 2.5% and constant-currency growth was 11.2%, a gap of 8.7 percentage points (our calculation). A weaker rupee reduces dollar-reported revenue, because MakeMyTrip earns mostly in rupees. It is a measurement effect, but the same weak rupee also makes foreign trips more expensive for Indian travellers, which may be one reason long-haul international travel was subdued. That link is our reading, and the company did not make it explicitly.
3. Revenue is growing slower than bookings even in constant currency
Gross bookings grew 20.9% and revenue grew 11.2%, both in constant currency. The nine-point gap suggests the company keeps a smaller slice of each booking than before, or that growth is coming from lower-take-rate products. Our estimate of revenue as a share of gross bookings is about 8.6% ($235.2 million divided by $2.72 billion), though we don’t have last year’s ratio to compare. The company hasn’t explained the gap, so this is a question for management, not a conclusion.
4. Hotels are becoming the engine
Adding the three adjusted-margin figures given (hotels $116.8 million, air $108.6 million, bus $45.1 million) gives $270.5 million. Hotels and packages are about 43% of that, air about 40% and bus about 17% (our calculations, excluding other businesses). Hotels are also the fastest-growing of the big two. With flights hurt by capacity limits and high fares, the travel-platform story is shifting towards stays and domestic trips. That is not something a flights-first investor would have expected a few years ago.
5. Air revenue fell while air margin rose, and the two numbers are not directly comparable
Air revenue fell 7.2% to $56.7 million while adjusted margin rose 14.3% to $108.6 million. The adjusted margin is bigger than the revenue, which tells us the company measures them differently. Adjusted margin is a company-defined measure, and we can’t reconcile the two from the information given. What we can say is that the company is earning more per air ticket through add-ons and incentives, while the underlying ticket revenue is shrinking. That is good for margins, but it depends on airlines’ capacity and pricing, which the company doesn’t control.
6. About $44 million separates adjusted profit from reported profit
Adjusted net profit before tax is $46.2 million, yet reported net profit is $1.8 million. The gap is roughly $44 million (our calculation). The source doesn’t say what fills it. In similar companies, items such as share-based compensation, taxes and other adjustments are common, but we can’t confirm that here. Readers should look at the company’s reconciliation table before relying on “adjusted” numbers.
7. Myra’s 1.7x claim shows correlation, not cause
Customers who use Myra book 1.7 times more than those who don’t, but people who talk to an assistant may already be more engaged, so the gap doesn’t prove that Myra creates extra bookings. A rough ratio of 3,000 bookings to 90,000 daily conversations is about 3.3% (our calculation, and the two figures may not describe the same conversations). The more useful number for investors is the cost to run Myra against what it saves in customer-service work, which the company hasn’t disclosed.
8. Free cash flow fell about $16.6 million
Free cash flow of $67.1 million was down 19.8%, which implies about $83.7 million a year earlier (our calculation), a drop of roughly $16.6 million. Rising bookings with falling cash flow can mean heavier spending, changes in working capital or timing differences. We’d want to know which.
9. What we would watch
The most useful signals are whether revenue growth in constant currency moves closer to bookings growth, whether net profit recovers towards the Q1 level and whether hotels keep growing above 20% as the festive season passes.
What We Still Don’t Know
- What explains the gap between adjusted and reported profit
- Why revenue lags bookings after adjusting for currency
- Q3 guidance and festive-season expectations
- How much Myra costs and what it saves
- Hotel versus flight profitability on a like-for-like basis
- Outbound versus domestic mix in bookings
What to Watch Next
- Q3 FY27 results, which cover the festive season
- Airline capacity and fare trends in India
- The rupee, since it shapes reported dollar numbers
- Hotel demand beyond domestic leisure
- Updates on Myra, including bookings and cost
- Free cash flow recovery
Frequently Asked Questions About the MakeMyTrip Q2 FY27 Results
Did MakeMyTrip make a profit in Q2 FY27?
Yes. It reported a net profit of $1.8 million for the quarter ended September 2026, compared with a $5.7 million loss a year earlier.
How much did MakeMyTrip’s gross bookings grow?
Gross bookings rose 20.9% year on year in constant currency to $2.72 billion.
Why was revenue growth only 2.5%?
The Indian rupee fell about 10% against the dollar during the quarter, which reduced reported revenue. In constant currency, revenue grew 11.2%.
Which MakeMyTrip business grew fastest?
Bus ticketing’s adjusted margin rose 29% to $45.1 million. Hotels and packages remained the largest contributor to adjusted margin, at $116.8 million.
What happened to air ticketing?
Revenue fell 7.2% to $56.7 million because of higher fares and constrained airline capacity, though adjusted margin rose 14.3% in constant currency to $108.6 million.
What is Myra?
Myra is MakeMyTrip’s AI assistant. The company says it handled over 90,000 conversations a day and helped complete more than 3,000 bookings a day during the quarter.
Is MakeMyTrip’s profit growing this year?
Not yet. First-half net profit fell 45.8% to $10.9 million despite the Q2 recovery.
Disclaimer
This article is based on Entrackr’s report of MakeMyTrip’s Q2 FY27 results. Figures are company-reported, and “adjusted” measures are non-standard metrics defined by the company. Derived numbers (such as Q1 profit, prior-year profit, shares of margin, ratios and cash-flow comparisons) are our own approximate calculations and are not company data. The “Our analysis” section is opinion and does not constitute investment, financial or legal advice. Readers should consult the company’s official filings before making decisions. This site is not affiliated with MakeMyTrip.
To read more travel and business coverage, see our posts on Startups and Martech. You can also read the original report on Entrackr and the company’s investor relations page.
