MakeMyTrip Reports Mixed FY26 Results: Strong Operational Growth Offset by Significant IFRS Profit Decline
MMYT sits 38% above its 52-week low of $32.67.
Summary
MakeMyTrip announced Q4 and full-year fiscal 2026 results, showing robust constant currency growth in revenue and gross bookings, but a notable decline in IFRS net profit and EPS due to finance costs and FX losses. The company also repurchased $50.3 million in shares.
Key Events · Earnings and Guidance · MMYT
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Full Year FY26 Revenue Growth
Revenue increased by 6.7% year-over-year to $1,044.0 million, or 10.7% in constant currency, for the fiscal year ended March 31, 2026.
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Full Year FY26 Gross Bookings Growth
Gross Bookings grew by 6.0% year-over-year to $10,390.8 million, or 10.4% in constant currency, for the full fiscal year.
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Significant Decline in IFRS Net Profit
Profit for the full fiscal year decreased by 45.8% to $51.7 million, primarily due to a $74.4 million increase in interest expense on 2030 convertible notes and $27.8 million in foreign exchange losses.
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Q4 FY26 IFRS Diluted EPS Drop
Diluted Earnings per Share for Q4 FY26 was $0.02, a significant decrease from $0.25 in Q4 FY25.
Analysis · MMYT · Energy & Transportation
MakeMyTrip reported strong underlying operational growth for Q4 and full fiscal year 2026, with constant currency revenue and gross bookings showing healthy increases. Adjusted Operating Profit also improved. However, IFRS net profit and diluted EPS saw significant declines due to increased interest expenses on convertible notes and foreign exchange losses. The company also executed a substantial share repurchase of $50.3 million in Q4, which is a positive capital allocation signal.
At the time of this filing, MMYT was trading at $45.05 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $4.3B. The 52-week trading range was $32.67 to $106.25. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.